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.
Sterling Bancorp, Inc. Common Stock (symbol: SBT) is a prominent financial institution with a rich history dating back to 1984. Initially chartered as Sterling Savings and Loan Association, the company began with a strong focus on residential mortgage lending. Over the years, Sterling Bancorp has significantly expanded its range of services and geographical reach.
In 1990, the company introduced its commercial real estate lending division, marking its foray into the commercial market. By 1992, the addition of a trust division led to the rebranding of the company as Sterling Bank and Trust, FSB. Today, Sterling Bank operates 18 neighborhood branches across the San Francisco Bay Area and an additional branch in Alhambra, California, with plans to expand further into Cupertino and Irvine.
Sterling Bancorp's mission is to deliver exceptional value to its customers, employees, investors, and the community through innovative and creative financial solutions. The company prides itself on offering a comprehensive range of loan products and retail banking services, including saving and current accounts, demand and term deposits, payment cards, trade finance, fund transfers, and treasury and cash management.
The bank provides a variety of loan options such as construction loans, residential and commercial real estate loans, commercial lines of credit, and other consumer loans. Sterling Bancorp continues to grow profitably as an independent, national company by consistently exceeding customer expectations with superior financial solutions.
Recent Achievements and Current Projects
- Expansion plans with new branches anticipated in Cupertino and Irvine, California.
- Successful integration of innovative financial products and services.
- Continued commitment to community involvement and customer satisfaction.
Partnerships
Sterling Bancorp collaborates with various local and national partners to enhance its service offerings and reach.
Sterling Bancorp (NASDAQ: SBT) reported a net loss of $(0.1) million, or $(0.00) per diluted share, for Q3 2024, compared to net income of $1.3 million in Q2 2024. The company announced a definitive agreement with EverBank Financial Corp to purchase Sterling Bank for $261.0 million, expected to close in Q1 2025. Key metrics include: total assets of $2.4 billion (up 3%), total deposits of $2.1 billion (up 3%), and total gross loans of $1.2 billion (down 3%). Net interest margin decreased to 2.30% from 2.44% in Q2. The company maintains strong capital positions with a leverage ratio of 14.18%.
Sterling Bancorp (NASDAQ: SBT) has announced the sale of its subsidiary, Sterling Bank and Trust, to EverBank Financial Corp for $261 million in cash. The transaction is expected to close in Q1 2025, subject to regulatory and shareholder approvals. Concurrently, Sterling has adopted a Plan of Dissolution following the sale.
Key points:
- Sale price: $261 million in cash
- Closing expected: Q1 2025
- 38% of shareholders committed to voting in favor
- Bank's residential tenant-in-common mortgage loans to be sold to Bayview Acquisitions
- Cash distributions to shareholders in two stages post-sale
- Final distribution expected no earlier than 6 months after closing
Sterling Bancorp (NASDAQ: SBT) reported net income of $1.3 million, or $0.03 per diluted share, for Q2 2024. Key highlights include:
- Net interest margin of 2.44%
- Nonperforming loans at 0.97% of total loans
- Recovery of credit losses of $2.1 million
- Total deposits of $2.0 billion
- Total gross loans of $1.3 billion
- Shareholders' equity of $328.9 million
The company's focus remains on protecting book value and financial position while exploring opportunities to reposition and increase net income. Credit quality and capital ratios remain strong, with some growth in the commercial portfolio offsetting declining residential loans.
Sterling Bancorp, the holding company for Sterling Bank and Trust, announced it will release its second-quarter 2024 financial results on July 24, 2024, before the market opens.
The company will host a conference call and webcast at 11 AM Eastern Time on the same day to discuss these results. U.S. callers can access the call at (833) 535-2201, and international callers can dial (412) 902-6744. A replay will be available until July 31, 2024, via (877) 344-7529 for U.S. and (412) 317-0088 for international callers, using conference ID 2233158. Additionally, a live webcast will be available on the company's Investor Relations website, with an archived version accessible shortly after the live call.
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