Sterling Bancorp reports Q4 EPS 2c vs. 10c last year

The Company reported net income of $1.2M or 2c per diluted share, for the quarter ended December 31 compared to a net loss of $(0.1) M or 0c per diluted share, for the quarter ended September 30. ..As previously disclosed, on September 15, Sterling, the Bank and EverBank Financial entered into a definitive stock purchase agreement providing for the purchase by EverBank of all of the issued and outstanding shares of capital stock of the Bank from Sterling for cash consideration of $261M. Also on September 15 Sterling’s board of directors unanimously approved a plan of dissolution providing for the dissolution of Sterling under Michigan law following the closing of the Transaction. The Company’s shareholders approved the definitive stock purchase agreement for the Transaction and the plan of dissolution at a Special Meeting of Shareholders held on December 18. The Transaction is expected to close in the first quarter of 2025. The Transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. Net interest income for the fourth quarter of 2024 was $13.5 million compared to $13.6 million for the prior quarter of 2024 and $15.1 million for the fourth quarter of 2023. The net interest margin of 2.24% for the fourth quarter of 2024 decreased from the prior quarter’s net interest margin of 2.30% and decreased from the net interest margin of 2.52% for the fourth quarter of 2023. .