Welcome to our dedicated page for Sterling Bancorp news (Ticker: SBT), a resource for investors and traders seeking the latest updates and insights on Sterling Bancorp stock.
This page provides a historical news archive for Sterling Bancorp, Inc. (SBT), a former unitary thrift holding company in the savings institutions segment of the finance and insurance sector. The news flow around SBT focuses on its role as the parent of Sterling Bank and Trust, F.S.B., its financial performance, and the strategic decisions that led to the sale of the Bank and the dissolution of the holding company.
Readers can review announcements detailing the company’s quarterly and annual financial results, including information on net interest income, net interest margin, loan portfolio trends, deposit levels, asset quality metrics and capital ratios. These releases describe how Sterling managed its balance sheet, credit quality and liquidity as a thrift holding company with a subsidiary bank offering a range of loan products and retail and business banking services.
The archive also covers key corporate events, including the September 15, 2024 definitive stock purchase agreement with EverBank Financial Corp for the sale of all of the issued and outstanding shares of capital stock of Sterling Bank and Trust, F.S.B., shareholder approval of that transaction and the Plan of Dissolution, and subsequent regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve Board. Later news items document the closing of the sale, the merger of the Bank into EverBank, National Association, the decision to delist SBT from the Nasdaq Capital Market, and the filing of a certificate of dissolution for Sterling Bancorp, Inc.
For investors and researchers, this news history helps explain how Sterling transitioned from operating a bank-focused thrift holding company to winding down and distributing cash to shareholders under its Plan of Dissolution. Users interested in the evolution of SBT, its strategic alternatives process, and the final sale and liquidation can consult these articles as a detailed chronological record.
Sterling Bancorp, Inc. (NASDAQ: SBT) revised its unaudited financial results for Q2 2021, resulting in an increase in net income by $0.9 million due to adjustments in the allowance for loan losses. The company reported a net income of $3.5 million for the quarter and $5.8 million for the six months ending June 30, 2021. Income per diluted share was $0.07 and $0.12, respectively. The recovery for loan losses was $1.8 million for Q2, with an allowance for loan losses of $70.7 million, maintaining a ratio of 3.00% of total loans held for investment.
Sterling Bancorp reported a net income of $2.6 million for Q2 2021, equating to $0.05 per diluted share, a slight increase from the prior quarter's $2.3 million. Total deposits fell by 10% to $2.6 billion, while total loans decreased by 4% to $2.4 billion. The company maintained strong capitalization with a leverage ratio of 10.52% and a total risk-based capital ratio of 24.50%. Nonperforming assets decreased to 2.71% of total assets. Significant costs were related to a core IT system conversion and ongoing professional fees.
Sterling Bancorp, Inc. (NASDAQ: SBT) will release its financial results for Q2 2021 on August 2, 2021, prior to market open. A conference call is scheduled for the same day at 10 a.m. ET, where management will discuss the results. Investors can access the call via phone or through a live webcast on the company’s website. Sterling Bancorp operates primarily through Sterling Bank and Trust and offers various loan products, along with retail and business banking services across multiple states, including California and New York.
Sterling Bancorp reported a net income of $2.3 million, or $0.05 per diluted share, for Q1 2021, a recovery from a net loss of $11.7 million in Q4 2020. The bank's net interest margin decreased to 2.45%, while non-performing loans slightly improved to 3.71% of total loans. Total assets decreased by 6% to $3.694 billion. The company continues to exceed regulatory capital requirements, with a leverage ratio of 9.60%. A $12.5 million settlement for a securities class action lawsuit is in place, with costs covered by insurance.
Sterling Bancorp, Inc. (NASDAQ: SBT) announced its Q1 financial results for the period ending March 31, 2021 will be released before market open on May 3, 2021. A conference call and webcast to discuss these results is scheduled for the same day at 11 a.m. ET. The call will be accessible via telephone for U.S. and international callers, with replay options available through May 10, 2021. The Company operates primarily in California, New York, and Washington, offering various banking and loan products.
Sterling Bancorp, Inc. (NASDAQ: SBT) has entered into an agreement to sell its Bellevue, Washington branch to First Federal Savings & Loan Association. The transaction, pending regulatory approvals, involves approximately $77.7 million in deposit accounts and includes all branch premises and equipment. The sale aims to streamline Sterling's focus on core markets. CEO Thomas M. O’Brien expressed confidence that First Fed will effectively serve Bellevue's deposit clientele while providing growth opportunities for existing staff. The transfer is expected to complete in H1 2021.
Sterling Bancorp (NASDAQ: SBT) reported a net loss of $11.7 million for Q4 2020, resulting in a full-year net loss of $13.0 million. The Q4 net interest margin was 2.51%, with total deposits increasing to $3.099 billion, a 24% rise YoY. The company recorded $27.6 million in provisions for loan losses, raising the allowance for loan losses to 2.89% of total loans. On a positive note, total shareholders' equity stood at $319.6 million, exceeding regulatory capital requirements. Additionally, the company is progressing toward regulatory compliance and improving profitability.
Sterling Bancorp, Inc. (NASDAQ: SBT) will release its fourth quarter financial results for the period ending December 31, 2020, prior to market opening on February 1, 2021. A conference call to discuss the results is scheduled for the same day at 2 p.m. ET. U.S. callers can access the call at (833) 535-2201, while international callers can dial (412) 902-6744. A replay will be available until February 15, 2021. Sterling Bancorp operates primarily through Sterling Bank and Trust, offering various loan products and banking services across several U.S. cities.
Sterling Bancorp, Inc. (NASDAQ: SBT) reported a net loss of $111,000 for Q3 2020, equating to $(0.00) per share. The net interest margin decreased to 2.74% from 3.08% in Q2. Non-interest expenses rose 25% quarter-over-quarter to $25 million, primarily due to professional fees. The provision for loan losses was $2.1 million, increasing the allowance to 1.80% of total loans. Despite challenges, total deposits increased by 7% to $3.095 billion. The company has taken measures to streamline operations, including the pending sale of QCM, LLC assets.
Sterling Bancorp, Inc. (NASDAQ: SBT) will release its financial results for the third quarter ended September 30, 2020, on October 28, 2020, after market close. A conference call is scheduled for October 29, 2020, at 2:00 p.m. Eastern Time to discuss these results. U.S. callers can access the call at (833) 535-2201, while international callers can dial (412) 902-6744. A replay will be available until November 12, 2020. Detailed information can be found on Sterling Bancorp's website.