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, Inc. (NASDAQ: SBT) reported a net loss of $(2.2) million, or $(0.04) per diluted share, for Q2 2022, a decline from net income of $5.3 million in Q1 2022. Total assets decreased by $305.3 million to $2.5 billion. Total deposits fell by 9% to $2.0 billion, primarily driven by a decrease in time deposits. The company exceeded regulatory capital requirements with strong ratios. Nonperforming assets increased to $55 million, or 2.20% of total assets. The firm enacted a transition to an outsourced residential lending platform, incurring severance costs of $0.4 million and a significant reduction in employee benefits.
Sterling Bancorp, Inc. (NASDAQ: SBT) announced its upcoming financial results for Q2 2022, set for release on
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
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
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
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
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.
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