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Sterling Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $143,000 compared to a net income of $314,000 in the same quarter the previous year. This change is attributed to a decrease in net interest income due to higher interest expenses on deposits.
Total assets increased to $2.44 billion from $2.42 billion at the end of 2023, primarily due to an increase in cash and due from banks.
Loans, net of allowance for credit losses, decreased to $1.20 billion from $1.32 billion at the end of 2023, reflecting a decline in residential real estate loans.
The company reported a provision for credit losses of $(2.34) million for the quarter, compared to $(1.94) million in the previous year, due to improved credit quality in the commercial real estate portfolio.
Non-interest income was $379,000 for the quarter, essentially unchanged from $384,000 in the previous year. The decrease in unrealized losses on equity securities was offset by a decline in other non-interest income.
Non-interest expenses decreased to $15.61 million from $17.70 million, primarily due to a reduction in professional fees following the resolution of government investigations.
Sterling's total deposits increased to $2.07 billion from $2.00 billion at the end of 2023, with time deposits rising to $972.17 million.
The filing also details the proposed sale of Sterling Bank and Trust, F.S.B. (SBT+0.63%) to EverBank Financial Corp for $261 million, subject to shareholder and regulatory approvals.
Sterling Bancorp's board has approved a Plan of Dissolution, which will be executed following the completion of the bank sale, with remaining assets expected to be distributed to shareholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sterling Bancorp Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.