Sterling Bancorp Stock Price, News & Analysis

Sterling Bancorp, Inc. (NASDAQ: SBT) has appointed Michael Donahue and Eboh “Duke” Okorie to its Board of Directors as of March 24, 2022. Both appointments are set for the duration until the 2022 Annual Meeting, where they will seek re-election. Donahue brings extensive banking and legal experience as a former Global Head of Securitization at BNP Paribas, while Okorie offers over 30 years in financial services, including leadership roles in regulatory compliance. Their expertise is expected to enhance the Board's governance and strategic direction.

Sterling Bancorp, Inc. (NASDAQ: SBT) has completed the sale of a pool of 21 commercial real estate loans valued at approximately $56.8 million as of December 31, 2021. These loans, primarily secured by single-room occupancy hotel properties, were sold to a third-party purchaser. The transaction represents a strategic move for Sterling, aimed at enhancing liquidity and streamlining its loan portfolio. The company's subsidiary, Sterling Bank and Trust, operates mainly in California and New York City, offering a variety of banking services.

Sterling Bancorp, Inc. (NASDAQ: SBT) announced that Sterling Bank and Trust has entered an agreement to sell a pool of 21 commercial real estate loans valued at approximately $56.8 million as of December 31, 2021. The loans, primarily secured by single-room occupancy hotel properties, will be sold for $4.4 million more than their carrying amount. This transaction aims to remove classified loans from the balance sheet, helping restore the company’s financial and regulatory standing.

Sterling Bancorp reported strong financial performance for Q4 and full year 2021, with net income of $4.8 million for Q4, equating to $0.10 per diluted share, and a total net income of $20.1 million, or $0.40 per diluted share, for the year. The company achieved a net interest margin of 2.94% for Q4 and 2.71% for the year. Notable improvements included a recovery of loan losses totaling $1.6 million in Q4. Total assets decreased to $2.9 billion, while total deposits stood at $2.3 billion. The company remains well-capitalized against regulatory requirements.

Sterling Bancorp, Inc. (NASDAQ: SBT) announced it will release its fourth quarter financial results for the period ending December 31, 2021, prior to the market's opening on February 3, 2022. A conference call and webcast will follow at 11 a.m. ET on the same day to discuss these results. Investors can access the call via telephone or webcast, with a replay available until February 10, 2022. Sterling Bancorp operates primarily through its subsidiary, Sterling Bank and Trust, with branch locations across California and New York.

Sterling Bancorp, Inc. (NASDAQ: SBT) has reached a settlement regarding a shareholder derivative action initiated in July 2020. The agreement includes the implementation of corporate governance reforms and the payment of attorneys' fees, with the defendants released from all claims. Although the Company denies any wrongdoing, the Board believes this settlement is the best resolution. The settlement is pending court approval, and the associated legal expenses will be covered by insurance policies.

Sterling Bancorp, Inc. (NASDAQ: SBT) reported a net income of $9.6 million, or $0.19 per diluted share, for Q3 2021, up from $3.5 million in Q2 2021. The net interest margin improved to 2.83%, while non-interest expenses decreased significantly to $11.1 million, aided by $6.5 million in employee retention credits from the CARES Act. Total assets decreased to $3.1 billion and total deposits fell by 10% to $2.3 billion, partially due to branch sales. Nonperforming loans increased slightly to 3.58% of total loans, but the company remains well-capitalized, exceeding regulatory requirements.

Sterling Bancorp, Inc. (NASDAQ: SBT) will release its third-quarter financial results for the period ending September 30, 2021 on Monday, November 1, 2021, before market open. A conference call and webcast to discuss these results will take place at 11 a.m. ET on the same day. The call can be accessed via telephone or an online webcast. Sterling Bancorp operates primarily through its wholly owned subsidiary, Sterling Bank and Trust, with locations in San Francisco, Los Angeles, and New York City.

Sterling Bancorp, Inc. (NASDAQ: SBT) announced the promotion of Karen Knott to Chief Financial Officer, effective upon regulatory approval. Knott has over 20 years of experience and has served as Senior Vice President and Controller since March 2021. Stephen Huber, the former CFO, will step down to pursue other interests. The announcement highlights Knott's critical role in the bank’s strategy execution and appreciation for Huber’s service. The bank operates branches in San Francisco, Los Angeles, and New York City, offering diverse financial products and services.