Sterling Bancorp Announces Earnings, Prepares for Sale

Sterling Bank & Trust ( (SBT) ) has released its Q4 earnings. Here is a breakdown of the information Sterling Bank & Trust presented to its investors.

Sterling Bancorp, Inc. is a unitary thrift holding company, operating through its wholly owned subsidiary Sterling Bank and Trust, F.S.B., offering a variety of loan products and banking services primarily across California and New York. In its latest earnings report, Sterling Bancorp announced a fourth-quarter net income of $1.2 million, translating to $0.02 per share, with a full-year net income totaling $2.1 million, or $0.04 per share. This marks a notable decrease from the previous year’s net earnings.

Key financial highlights from the report include a net interest margin of 2.24% for the fourth quarter and 2.37% for the full year, alongside total deposits standing at $2.1 billion and total gross loans of $1.2 billion. The company noted a recovery in credit losses amounting to $4.2 million for the fourth quarter and $8.5 million for the entire year. Nonperforming loans represented 1.26% of total loans, with shareholders’ equity reaching $334 million.

A significant strategic development is the approved plan for Sterling’s dissolution following the anticipated sale of Sterling Bank to EverBank Financial Corp for $261 million, expected to conclude in the first quarter of 2025. This transaction, pending regulatory approvals, marks a major transition for the company.

Looking ahead, Sterling Bancorp’s management maintains a cautious yet strategic outlook, focusing on completing the transaction with EverBank and navigating through the evolving financial landscape. The company remains committed to maintaining liquidity and competitive offerings in its deposit products.