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) has reached a settlement regarding a shareholder derivative action initiated in July 2020. The agreement includes the implementation of corporate governance reforms and the payment of attorneys' fees, with the defendants released from all claims. Although the Company denies any wrongdoing, the Board believes this settlement is the best resolution. The settlement is pending court approval, and the associated legal expenses will be covered by insurance policies.
Sterling Bancorp, Inc. (NASDAQ: SBT) reported a net income of $9.6 million, or $0.19 per diluted share, for Q3 2021, up from $3.5 million in Q2 2021. The net interest margin improved to 2.83%, while non-interest expenses decreased significantly to $11.1 million, aided by $6.5 million in employee retention credits from the CARES Act. Total assets decreased to $3.1 billion and total deposits fell by 10% to $2.3 billion, partially due to branch sales. Nonperforming loans increased slightly to 3.58% of total loans, but the company remains well-capitalized, exceeding regulatory requirements.
Sterling Bancorp, Inc. (NASDAQ: SBT) will release its third-quarter financial results for the period ending
Sterling Bancorp, Inc. (NASDAQ: SBT) announced the promotion of Karen Knott to Chief Financial Officer, effective upon regulatory approval. Knott has over 20 years of experience and has served as Senior Vice President and Controller since March 2021. Stephen Huber, the former CFO, will step down to pursue other interests. The announcement highlights Knott's critical role in the bank’s strategy execution and appreciation for Huber’s service. The bank operates branches in San Francisco, Los Angeles, and New York City, offering diverse financial products and services.
Sterling Bancorp, Inc. (NASDAQ: SBT) revised its unaudited financial results for Q2 2021, resulting in an increase in net income by $0.9 million due to adjustments in the allowance for loan losses. The company reported a net income of $3.5 million for the quarter and $5.8 million for the six months ending June 30, 2021. Income per diluted share was $0.07 and $0.12, respectively. The recovery for loan losses was $1.8 million for Q2, with an allowance for loan losses of $70.7 million, maintaining a ratio of 3.00% of total loans held for investment.
Sterling Bancorp reported a net income of $2.6 million for Q2 2021, equating to $0.05 per diluted share, a slight increase from the prior quarter's $2.3 million. Total deposits fell by 10% to $2.6 billion, while total loans decreased by 4% to $2.4 billion. The company maintained strong capitalization with a leverage ratio of 10.52% and a total risk-based capital ratio of 24.50%. Nonperforming assets decreased to 2.71% of total assets. Significant costs were related to a core IT system conversion and ongoing professional fees.
Sterling Bancorp, Inc. (NASDAQ: SBT) will release its financial results for Q2 2021 on August 2, 2021, prior to market open. A conference call is scheduled for the same day at 10 a.m. ET, where management will discuss the results. Investors can access the call via phone or through a live webcast on the company’s website. Sterling Bancorp operates primarily through Sterling Bank and Trust and offers various loan products, along with retail and business banking services across multiple states, including California and New York.
Sterling Bancorp reported a net income of $2.3 million, or $0.05 per diluted share, for Q1 2021, a recovery from a net loss of $11.7 million in Q4 2020. The bank's net interest margin decreased to 2.45%, while non-performing loans slightly improved to 3.71% of total loans. Total assets decreased by 6% to $3.694 billion. The company continues to exceed regulatory capital requirements, with a leverage ratio of 9.60%. A $12.5 million settlement for a securities class action lawsuit is in place, with costs covered by insurance.
Sterling Bancorp, Inc. (NASDAQ: SBT) announced its Q1 financial results for the period ending March 31, 2021 will be released before market open on May 3, 2021. A conference call and webcast to discuss these results is scheduled for the same day at 11 a.m. ET. The call will be accessible via telephone for U.S. and international callers, with replay options available through May 10, 2021. The Company operates primarily in California, New York, and Washington, offering various banking and loan products.
Sterling Bancorp, Inc. (NASDAQ: SBT) has entered into an agreement to sell its Bellevue, Washington branch to First Federal Savings & Loan Association. The transaction, pending regulatory approvals, involves approximately $77.7 million in deposit accounts and includes all branch premises and equipment. The sale aims to streamline Sterling's focus on core markets. CEO Thomas M. O’Brien expressed confidence that First Fed will effectively serve Bellevue's deposit clientele while providing growth opportunities for existing staff. The transfer is expected to complete in H1 2021.
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