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Sterling Bancorp Inc. (SBT0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a net income of $2.1 million for the year, a decrease from the previous year's net income of $7.4 million. This decrease is attributed to a decline in net interest income and non-interest income.
Net interest income for the year was $56.5 million, a decrease of $8.5 million from the previous year. The decline was primarily due to a decrease in the average balance of loans and a narrowing net interest margin.
Interest income increased by $8.3 million to $135.1 million, driven by higher yields on loans and investments. However, interest expense also increased by $16.8 million, reflecting higher rates paid on deposits.
Non-interest income was reported at $1.1 million, a decrease of $1.7 million from the prior year. This decrease was largely due to the absence of gains from the sale of mortgage loans held for sale, which contributed significantly to the previous year's income.
Non-interest expense totaled $61.8 million, a reduction of $3.9 million from the previous year. This decrease was primarily due to lower salaries and employee benefits, as well as reduced marketing and professional fees.
The provision for credit losses was a recovery of $8.5 million, consistent with the previous year. This reflects continued improvements in the credit quality of the loan portfolio.
Total assets at year-end were $2.4 billion, with total deposits of $2.1 billion, reflecting a slight increase from the prior year. The loan portfolio decreased by $193.2 million, primarily due to repayments exceeding new originations.
The filing also discusses the pending sale of Sterling Bank to EverBank Financial Corp. for $261 million, with the transaction expected to close in the second quarter of 2025.
Following the completion of the transaction, Sterling Bancorp intends to dissolve and distribute remaining cash to shareholders, subject to regulatory approvals and the satisfaction of all liabilities.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.