Sterling Bancorp Stock Price, News & Analysis

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.