Sterling Bancorp, Inc. - SBT STOCK NEWS

Sterling Bank & Trust, a subsidiary of Sterling Bancorp (NASDAQ: SBT), is eliminating non-sufficient fund (NSF) fees starting June 1, 2022. This initiative aims to improve customer financial stability, as NSF fees can worsen financial difficulties. Senior VP William Vowler emphasized that the change aligns with the bank's goal of enhancing customer experience. Additionally, Sterling has launched a modern digital home loan platform, further demonstrating its commitment to empowering customers with user-friendly financial services.

Sterling Bancorp reported first-quarter 2022 net income of $5.3 million or $0.10 per diluted share, compared to $8.1 million or $0.16 per diluted share in Q4 2021. The bank's net interest margin increased to 3.03%. Nonperforming loans decreased to 2.50% of total loans. Total assets fell to $2.8 billion, and total deposits decreased 3% to $2.2 billion. Despite a decline in total loans, capital ratios remain strong, exceeding required minimums. Management indicated progress on regulatory matters and improving credit quality.

Sterling Bancorp, Inc. (NASDAQ: SBT) will release its financial results for the first quarter ended March 31, 2022 prior to market open on May 2, 2022. A conference call and webcast will take place on the same day at 1 p.m. ET to discuss these results. U.S. callers can access the call at (833) 535-2201 or (412) 902-6744 for international callers. The call will be available for replay until May 9, 2022. More information can be found on the Company’s website.

Sterling Bancorp, Inc. (NASDAQ: SBT) has revised its financial results for Q4 and the full year 2021, following the sale of commercial real estate loans. The new estimates show a net income increase to $8.1 million for Q4 and $23.4 million for the year, translating to $0.16 and $0.47 per diluted share, respectively. The allowance for loan losses is adjusted to $56.5 million, with provisions recovering $6.1 million in Q4 and $8.3 million for the year. Returns on average assets improved to 1.07% for Q4.

Sterling Bancorp, Inc. (NASDAQ: SBT) has appointed Michael Donahue and Eboh “Duke” Okorie to its Board of Directors as of March 24, 2022. Both appointments are set for the duration until the 2022 Annual Meeting, where they will seek re-election. Donahue brings extensive banking and legal experience as a former Global Head of Securitization at BNP Paribas, while Okorie offers over 30 years in financial services, including leadership roles in regulatory compliance. Their expertise is expected to enhance the Board's governance and strategic direction.

Sterling Bancorp, Inc. (NASDAQ: SBT) has completed the sale of a pool of 21 commercial real estate loans valued at approximately $56.8 million as of December 31, 2021. These loans, primarily secured by single-room occupancy hotel properties, were sold to a third-party purchaser. The transaction represents a strategic move for Sterling, aimed at enhancing liquidity and streamlining its loan portfolio. The company's subsidiary, Sterling Bank and Trust, operates mainly in California and New York City, offering a variety of banking services.

Sterling Bancorp, Inc. (NASDAQ: SBT) announced that Sterling Bank and Trust has entered an agreement to sell a pool of 21 commercial real estate loans valued at approximately $56.8 million as of December 31, 2021. The loans, primarily secured by single-room occupancy hotel properties, will be sold for $4.4 million more than their carrying amount. This transaction aims to remove classified loans from the balance sheet, helping restore the company’s financial and regulatory standing.

Sterling Bancorp reported strong financial performance for Q4 and full year 2021, with net income of $4.8 million for Q4, equating to $0.10 per diluted share, and a total net income of $20.1 million, or $0.40 per diluted share, for the year. The company achieved a net interest margin of 2.94% for Q4 and 2.71% for the year. Notable improvements included a recovery of loan losses totaling $1.6 million in Q4. Total assets decreased to $2.9 billion, while total deposits stood at $2.3 billion. The company remains well-capitalized against regulatory requirements.

Sterling Bancorp, Inc. (NASDAQ: SBT) announced it will release its fourth quarter financial results for the period ending December 31, 2021, prior to the market's opening on February 3, 2022. A conference call and webcast will follow at 11 a.m. ET on the same day to discuss these results. Investors can access the call via telephone or webcast, with a replay available until February 10, 2022. Sterling Bancorp operates primarily through its subsidiary, Sterling Bank and Trust, with branch locations across California and New York.