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Sterling Bancorp reported a net income of $96.4 million for Q2 2021, down slightly from $97.2 million in Q1 2021. Adjusted net income rose to $100.5 million or $0.52 per diluted share, surpassing last year’s $48.8 million. Net interest income was $218.5 million, maintaining a net interest margin of 3.30%. Total deposits stood at $23.1 billion, with core deposits increasing by 3.2%. However, commercial loans decreased by 4.8%. The company declared a dividend of $0.07 per share and has a merger with Webster Financial planned by Q4 2021.
Sterling Bancorp (NYSE: STL) announced a quarterly cash dividend of $0.07 per share, payable on August 16, 2021, to shareholders of record as of August 2, 2021. This decision reflects the company's ongoing commitment to returning value to shareholders. Sterling Bancorp, through its principal subsidiary Sterling National Bank, provides a full range of banking services to businesses and consumers.
Sterling Bancorp (NYSE: STL) will announce its second-quarter results for 2021 on July 21, after market close. A teleconference and webcast will follow on July 22 at 8:00 AM ET, hosted by President and CEO Jack Kopnisky. The event will be accessible via the company’s website and is open to analysts and investors. Sterling Bancorp, through Sterling National Bank, provides a range of banking solutions for businesses and consumers. For more details, visit www.sterlingbancorp.com.
Sterling Bancorp (NYSE: STL) announced a strategic investment in Verdigris Holdings, parent company of BrightFi, a provider of digital banking services. This investment supports Sterling's efforts in the Banking as a Service (BaaS) sector and aims to enhance its digital offerings. BrightFi focuses on delivering cost-effective financial solutions to underbanked communities. The partnership is expected to drive innovation within the banking industry, aligning with Sterling's mission to serve underserved markets.
Sterling Bancorp (NYSE: STL) has declared a quarterly cash dividend of $16.25 per share on its 6.50% Series A Non-Cumulative Perpetual Preferred stock (NYSE: STLPRA). This dividend will be payable on July 15, 2021 to shareholders of record as of June 25, 2021. The announcement reflects the company’s commitment to returning value to its shareholders.
Finitive has received a capital investment from Sterling Bancorp (NYSE:STL) to enhance its automated private credit transaction platform. This strategic partnership aims to improve access for institutional investors and borrowers. Finitive aims to simplify the lending process using technology and data to connect lenders and borrowers across a multi-trillion-dollar market, including various financial sectors. Sterling's commitment to fintech investment reflects its strategy for digital transformation and long-term growth.
Sterling Bancorp (NYSE: STL) announced a capital investment in Finitive, a New York-based financial technology firm, aimed at enhancing its digital offerings. Founded in 2017, Finitive provides institutional investors access to curated private credit transactions through a data-driven platform, simplifying the financing process. This investment reflects Sterling's commitment to partnering with innovative tech firms for long-term growth. Both companies aim to leverage technology to improve the private credit market efficiency, benefiting lenders and borrowers alike.
Sterling National Bank has successfully used Amelia's AI technology to handle over two million customer service requests through its Skye product since its launch in June 2020. Skye addresses routine customer inquiries, resolving nearly 50% of the most common requests from Sterling’s Contact Center. This implementation has expedited service resolution, allowing agents to focus on more complex issues. The partnership highlights the growing importance of AI in enhancing customer experiences in the banking sector.
On April 19, 2021, Webster Financial Corporation and Sterling Bancorp announced a merger agreement valued at approximately $10.3 billion. The deal will merge Sterling into Webster, with share exchanges set at 0.463 Webster shares for each Sterling share. The combined entity will have $63 billion in assets and $52 billion in deposits. Financial projections include a ROAA of 1.40% and ROATCE of 17%, alongside over 20% GAAP EPS accretion for Webster and over 10% for Sterling. The merger aims to unlock growth in commercial lending, health savings, and digital banking, while maintaining a strong commitment to stakeholders.
Sterling Bancorp (STL) reported strong Q1 2021 results with net income available to common stockholders reaching $97.2 million or $0.50 per diluted share, up from $74.5 million or $0.38 in Q4 2020. Total deposits increased by 5.7% year-over-year to $23.8 billion. The net interest margin improved by 5 bps to 3.30%. Despite a 4.9% decline in adjusted PPNR to $123.9 million, tangible book value rose 9.7% to $14.08. The company initiated partnerships with Google Plex, enhancing its digital banking services while maintaining strong credit quality ratios.
