Sterling Bancorp Reports First Quarter 2024 Financial Results
Sterling Bancorp, Inc. (SBT)
Last sterling bancorp, inc. earnings: 10/28 04:07 pm
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sterlingbancorp.com
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Source: Business Wire
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today reported its unaudited financial results for the first quarter ended March 31, 2024.First Quarter 2024 HighlightsNet loss of $(0.2) million, or $(0.00) per diluted shareNet interest margin of 2.52%Nonperforming loans of $9.3 million, or 0.72% of total loans and 0.39% of total assetsProvision for credit losses of $41 thousand; ratio of allowance for credit losses to total loans of 2.24%Non-interest expense of $15.4 millionShareholders’ equity of $327.3 millionCompany’s consolidated and Bank’s leverage ratio of 14.10% and 13.58%, respectivelyTotal deposits of $2.0 billionTotal gross loans of $1.3 billionThe Company reported a net loss of $(0.2) million, or $(0.00) per diluted share, for the quarter ended March 31, 2024, compared to net income of $5.1 million, or $0.10 per diluted share, for the quarter ende
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