Sterling Bancorp Reports First Quarter 2020 Financial Highlights
Sterling Bancorp, Inc. (SBT)
Last sterling bancorp, inc. earnings: 10/28 04:07 pm
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Source: Business Wire
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today reported unaudited financial highlights for its first quarter ended March 31, 2020 reflecting the establishment of reserves relating to the Bank’s Advantage Loan Program as well as a significant increase to the allowance for loan losses in light of economic conditions due to COVID-19.Q1 2020 Financial HighlightsNet loss of $27.8 millionNet loss per share of $(0.56)Non-interest expense of $47.0 million, reflecting loan repurchase reserves of $7.8 million related primarily to the sale of loans originated under the Bank’s Advantage Loan Program and contingency reserves of $25.0 million related to previously disclosed litigation and investigations stemming from the Advantage Loan Program; these reserves reflect additional information obtained during the course of the previously-disclosed internal review of this programProv
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