Sterling Bancorp: Strong Fundamentals Underpin 40% Upside [Seeking Alpha]
Sterling Bancorp (STL)
Last sterling bancorp earnings: 4/27 04:15 pm
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US:NYSE Investor Relations:
sterlingbancorp.com
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Source: Seeking Alpha
Sterling Bancorp: Strong Fundamentals Underpin 40% UpsideSummarySterling Bancorp has recently reported its financial results for the first quarter.Although the NIM was down on a quarterly basis, management expects the metric to reach the 3.15-3.2% range, thanks to a more favorable loan mix and a low-cost deposit base.Despite the ongoing run-off of Astoria’s credit portfolio, loan growth remains strong and that is an additional tailwind for the group’s net interest income.Importantly, in contrast to its peers in the New York City metropolitan area, Sterling has a conservative loans-to-deposits ratio, which is a competitive advantage in a rising rate environment.While management has already done a good job of improving the legacy Astoria’s cost-efficiency metrics, there is still scope for further cuts. That is another catalyst for the bank’s bottom line.
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