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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, Inc. (NASDAQ: SBT) announced a Plea Agreement with the U.S. Department of Justice, resolving a securities fraud investigation related to its former Advantage Loan Program. The Company pled guilty to one count of securities fraud and will pay $27.2 million in restitution. Revised financial results show a net loss of $14.2 million for 2022, with a fourth-quarter loss of $18.4 million. The Company has enhanced compliance measures and remains well-capitalized. An SEC investigation continues, but no enforcement action is currently anticipated. A conference call will detail financial results on March 16, 2023.
Sterling Bancorp reported its financial results for the quarter and year ending December 31, 2022. The Company experienced a net loss of $0.2 million in Q4 2022, translating to $(0.00 per diluted share, down from a net income of $1.2 million in Q3 2022. For the full year, net income was $4.0 million or $0.08 per diluted share, significantly reduced from $23.4 million in 2021. The net interest margin was 3.09% for Q4 and 3.06% for 2022. The Company’s total deposits stood at $2.0 billion, with nonperforming assets at $38.3 million. Legal investigations continue to impact financial performance and resources.
Sterling Bancorp, Inc. (NASDAQ: SBT) is set to release its fourth quarter and full year 2022 financial results on January 30, 2023, prior to market opening. A conference call will follow at 11 a.m. ET to discuss these results. Interested parties can access the call via U.S. at (833) 535-2201 and internationally at (412) 902-6744. A replay will be available until February 6, 2023. Sterling Bancorp operates Sterling Bank and Trust, with branches in California and New York City, providing a range of loan products and banking services. For more information, visit sterlingbank.com.
Sterling Bank & Trust, FSB will be affected by Promontory MortgagePath's decision to cease operations, impacting its mortgage programs. Sterling previously outsourced residential lending to Promontory, allowing it to operate without fixed staffing costs. Sterling plans to accept loan applications until November 30, while maintaining support for customers during this transition. CEO Thomas O’Brien acknowledged the challenges faced by Promontory due to economic conditions but reaffirmed Sterling's commitment to its mortgage services.
Sterling Bancorp, Inc. (SBT) reported a net income of $1.2 million, or $0.02 per diluted share, for Q3 2022, a turnaround from a net loss of $2.2 million in Q2 2022. Key highlights include a net interest margin increase to 3.19%, a decrease in nonperforming assets to $42.2 million, and total deposits at $2.0 billion. However, total assets declined 2% to $2.4 billion. The Bank entered a Consent Order with the OCC regarding the Advantage Loan Program, incurring a $6 million penalty. The company’s capital ratios remain well above regulatory requirements.
Sterling Bancorp, Inc. (NASDAQ: SBT) announced that it will release its third quarter financial results for the period ending
Sterling Bancorp, Inc. (SBT) has received final court approval for the settlement of a shareholder derivative action. This lawsuit, based on a demand letter from a shareholder in July 2020, resulted in a settlement agreement announced on January 19, 2022. The settlement includes corporate governance reforms and payment of attorney fees, covered by the company’s insurance. The Board aims to move past legacy issues while enhancing governance standards. CEO Thomas M. O’Brien expressed satisfaction with the approval as a milestone for the company.
Sterling Bancorp, Inc. (SBT) announced a Consent Order with the Office of the Comptroller of the Currency (OCC) regarding its former Advantage Loan Program. The Bank will pay a civil penalty of $6 million, which will be deducted from a previously recorded $15 million liability for contingent losses. This settlement marks the end of the OCC's investigation into the program. However, the Department of Justice and the Securities and Exchange Commission continue investigations, posing potential risks for future financial outcomes.
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