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Sterling Bancorp (NYSE: STL) has announced a quarterly cash dividend of $0.07 per share, set to be paid on February 16, 2021, to shareholders recorded by February 1, 2021. This decision reflects the company's ongoing commitment to returning value to its shareholders and maintaining robust financial practices. As a provider of commercial and consumer banking solutions, Sterling aims to support its clients through dedicated management teams.
Sterling Bancorp (NYSE: STL) announced a management transition in its leadership. Luis Massiani will become Chief Operating Officer while retaining his role as President of Sterling National Bank until February 28, 2021. He will succeed as COO after his tenure as CFO. Bea Ordonez will join as Executive Vice President and assume the CFO role from March 1, 2021. She brings over 20 years of financial services experience, including her previous role at OTC Markets Group. This transition aims to enhance leadership depth and strengthen the company's business operations.
Sterling Bancorp (NYSE: STL) announced plans to release its fourth quarter and full year results for the period ending December 31, 2020, after market close on January 20, 2021.
CEO Jack Kopnisky will host a teleconference on January 21, 2021, at 8:00 AM ET to discuss the results. Analysts and investors can access the webcast on the company's website or by dialing in. A replay will also be available.
Sterling Bancorp (NYSE: STL) announced a quarterly cash dividend of $16.25 per share on its 6.50% Series A Non-Cumulative Perpetual Preferred stock (NYSE: STLPRA). This dividend is set to be paid on January 15, 2021, to shareholders on record as of December 31, 2020. The announcement emphasizes Sterling's ongoing commitment to returning value to its shareholders while providing a range of banking services to the communities it serves through experienced relationship managers.
Sterling Bancorp (NYSE: STL) announced the successful closing of its public offering of $225 million in 3.875% fixed-to-floating rate subordinated notes due 2030. The offering was managed by Piper Sandler & Co., U.S. Bancorp Investments, Inc., and PNC Capital Markets LLC. Proceeds will be utilized for general corporate purposes, including repayment of certain debts. Sterling National Bank provides a range of banking services focused on business owners and consumers.
Sterling Bancorp (NYSE: STL) has priced $225 million of 3.875% fixed-to-floating rate subordinated notes due 2030. The initial fixed interest rate of 3.875% is applicable until November 1, 2025, after which the rate will reset quarterly based on a benchmark rate. The offering, managed by Piper Sandler & Co., U.S. Bancorp Investments, Inc., and PNC Capital Markets LLC, is expected to close on October 30, 2020. Proceeds will be utilized for general corporate purposes, including repaying certain debts.
Sterling Bancorp (NYSE: STL) reported third-quarter 2020 financial results, showing adjusted PPNR of $123.3 million, up 8.3% from the previous quarter. Net interest margin increased to 3.10%. Total commercial loans reached $20.3 billion, a year-over-year growth of 11.7%. Despite a dip in net income, with diluted EPS at $0.43, tangible book value rose to $13.57, marking a 5.2% increase year-over-year. The bank's strong capital position is highlighted by a 9.15% tangible common equity ratio and a reinstated stock repurchase program.
Sterling Bancorp (NYSE: STL) has declared a quarterly cash dividend of $0.07 per share. The dividend will be paid on November 16, 2020 to shareholders of record as of November 2, 2020. This announcement highlights the company's commitment to returning value to its shareholders while providing various banking products and services through Sterling National Bank.
Sterling Bancorp (NYSE: STL) plans to release its third-quarter financial results on October 21, 2020, after market close. A teleconference led by CEO Jack Kopnisky will take place on October 22, 2020, at 8:00 AM ET, inviting analysts and investors to discuss the results. Participants can join the webcast and access accompanying materials via Sterling Bancorp's website. The bank is focused on providing comprehensive banking solutions to businesses and consumers, emphasizing relationship management.
Sterling Bancorp (NYSE: STL) has completed two significant loan portfolio sales totaling $163.7 million, aimed at addressing pandemic impacts. CEO Jack Kopnisky stated that the sold assets didn't align with their risk-adjusted return targets or core strategy, allowing better capital allocation for growth. Loan deferrals reached $704 million, or 3.2% of total loans, reflecting a 59% decrease since June. The sales incurred net charge-offs of $55.1 million but are not expected to materially affect third-quarter loan loss provisions. The company continues to support clients amid ongoing economic challenges.
