Sterling Bancorp Reports Fourth Quarter and Full Year 2023 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 financial results for the quarter and year ended December 31, 2023.Fourth Quarter and Year-End 2023 HighlightsFourth quarter net income of $5.1 million, or $0.10 per diluted share; full year net income of $7.4 million, or $0.15 per diluted shareFourth quarter net interest margin of 2.52%; full year net interest margin of 2.68%Fourth quarter provision for (recovery of) credit losses of $(4.4) million; full year provision for (recovery of) credit losses of $(8.5) millionNonperforming assets of $9.0 million, or 0.37% of total assetsRatio of allowance for credit losses to total loans of 2.18%Total gross loans of $1.3 billionFourth quarter non-interest expense of $12.8 million; full year non-interest expense of $65.7 millionTotal deposits of $2.0 billionShareholders’ equity of $327.7 millionCompan
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