Sterling Bancorp Reports Third Quarter 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 unaudited financial results for the third quarter ended September 30, 2023.Third Quarter 2023 HighlightsNet income of $0.3 million, or $0.01 per diluted shareNet interest margin of 2.62%Recorded provision for (recovery of) credit losses of $(1.9) million; ratio of allowance for credit losses to total loans of 2.42%Nonperforming assets of $6.2 million, 0.25% of total assetsTotal gross loans of $1.4 billionTotal deposits of $2.0 billionNon-interest expense of $17.7 millionShareholders’ equity of $316.1 millionCompany’s consolidated and Bank’s leverage ratio of 13.41% and 12.93%, respectivelyCompleted redemption of all subordinated notes with an aggregate outstanding principal balance of $65.0 millionThe Company reported net income of $0.3 million, or $0.01 per diluted share, for the quarter end
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