Sterling Bancorp

Sterling Bancorp Reports Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Wednesday, January 24, 2024
Banking, Professional Services, Finance, F.S.B, Income tax, Sterling Bancorp, Policy, Bank, Treasury, Expense, Trust, Insurance, Recovery, Currency, Comptroller, Government, SBT, Sterling, DOJ, Sterling Bank, Sale, Environment, Plea, Tax, Investment, Federal Home Loan Banks, NOW, Webcast, Cryptocurrency

(the “Bank”), today reported its financial results for the quarter and year ended December 31, 2023.

Key Points: 
  • (the “Bank”), today reported its financial results for the quarter and year ended December 31, 2023.
  • Recoveries during the fourth and third quarter of 2023 were $64 thousand and $1 thousand, respectively, with no charge offs in either quarter.
  • Net Interest Income and Net Interest Margin – Net interest income for the fourth quarter of 2023 was $15.1 million compared to $16.0 million for the prior quarter of 2023 and $18.5 million for the fourth quarter of 2022.
  • Non-Interest Income – Non-interest income for the fourth quarter of 2023 was $0.2 million compared to $0.4 million for the prior quarter and $0.2 million for the fourth quarter of 2022.

Sterling Bank and Trust Teams Up with Rocket Mortgage to Offer Bank Customers Access to Rocket’s Award-Winning Home Loan Experience

Retrieved on: 
Wednesday, November 1, 2023
Finance, Banking, Professional Services, Residential Building & Real Estate, Construction & Property, Senior, F.S.B, Sterling Bancorp, Trust, SBT, Rocket Mortgage, J.D. Power, NYSE, Bank, Partnership, Real estate, Credit, Sterling

Sterling Bank and Trust, F.S.B., the wholly owned subsidiary of Sterling Bancorp, Inc. (NASDAQ: SBT) today announced a partnership with Rocket Mortgage, America’s largest retail mortgage lender and a part of Rocket Companies (NYSE: RKT).

Key Points: 
  • Sterling Bank and Trust, F.S.B., the wholly owned subsidiary of Sterling Bancorp, Inc. (NASDAQ: SBT) today announced a partnership with Rocket Mortgage, America’s largest retail mortgage lender and a part of Rocket Companies (NYSE: RKT).
  • The partnership will offer Sterling customers a fully digital home loan experience, providing homebuyers with a convenient and easy way to purchase or refinance a home.
  • Through this partnership, Sterling customers will receive dedicated resources throughout the mortgage process as well as discounts on loan costs to make homeownership more accessible.
  • This dynamic collaboration will enable Sterling to provide its customers market-leading home loan products and customer service with home financing solutions from Rocket Mortgage.

Sterling Bancorp Reports Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, October 25, 2023
Banking, Professional Services, Finance, Insurance, Instability, Sale, SBT, Bank, History of the Federal Reserve System, Federal Reserve Bank of Chicago, Government, Pressure, United States Department of Justice, Fraud, Sterling Bank, Federal Reserve Bank, Environment, Sterling Bancorp, Trust, NOW, Expense, Risk, Webcast, District court, Federal Reserve, Recovery, F.S.B, Current Expected Credit Losses, Total, Plea, Sterling, Cryptocurrency

Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B.

Key Points: 
  • 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.
  • The net interest margin of 2.62% for the third quarter of 2023 decreased slightly from the net interest margin of 2.64% for the second quarter of 2023.
  • Non-Interest Expense – Non-interest expense of $17.7 million for the third quarter of 2023 reflected an increase of $0.4 million, or 2%, compared to the second quarter of 2023.

Sterling Bancorp Reports Second Quarter 2023 Financial Results

Retrieved on: 
Wednesday, July 26, 2023
Banking, Professional Services, Finance, NIM, OCC, Pressure, Insurance, Justice, Income tax, U.S. Department of Defense Strategy for Operating in Cyberspace, Private law, Current Expected Credit Losses, United States Department of Justice Tax Division, Sterling Bancorp, Disclosure, U.S. Department of Justice Office of Legislative Affairs, Trust, GAAP, Plea, Government, Benefit, Sale, Asset, Expense, District court, United States Department of Justice Criminal Division, Subordination, Bargaining, Consent decree, Division, London Interbank Bid Rate, F.S.B, Recovery, Sterling, Bank, SBT, Letter, Enforcement, News, Sterling Bank, NOW, Community Advantage Loan, Cryptocurrency, Real estate, Security (finance), Pharmaceutical industry

(the “Bank”), today reported its unaudited financial results for the second quarter ended June 30, 2023.

Key Points: 
  • (the “Bank”), today reported its unaudited financial results for the second quarter ended June 30, 2023.
  • Net recoveries during the second quarter of 2023 were $(0.4) million compared to net charge offs of $6.4 million in the first quarter of 2023.
  • Net Interest Income and Net Interest Margin – Net interest income for the second quarter of 2023 was $16.2 million compared to $17.7 million for the first quarter of 2023 and $19.5 million for the second quarter of 2022.
  • The net interest margin of 2.64% for the second quarter of 2023 decreased from the net interest margin of 2.93% for the first quarter of 2023 and decreased from the net interest margin of 2.95% for the second quarter of 2022.

Sterling Bancorp, Inc. Plea Agreement with DOJ Receives Final Court Approval

Retrieved on: 
Wednesday, July 19, 2023
Banking, Professional Services, Finance, IPO, Justice, Office of Inspector General, U.S. Department of Health and Human Services, DOJ, Sterling Bancorp, U.S. Department of Justice Office of Legislative Affairs, Trust, Plea, District court, United States Department of Justice Criminal Division, Bargaining, F.S.B, Bank, SBT, Fraud, Sterling Bank, Community Advantage Loan, Cryptocurrency

Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B.

Key Points: 
  • Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B.
  • (the “Bank”), today announced that the United States District Court for the Eastern District of Michigan approved the Plea Agreement previously entered into by the Company with the U.S. Department of Justice, Criminal Division, Fraud Section (the “DOJ”).
  • The restitution amount will be administered by a special master to be appointed by the court.
  • The Company and the DOJ entered into the Plea Agreement on March 15, 2023, resolving the DOJ’s investigation focused on the Bank’s Advantage Loan Program and related issues.

SEC Concludes Investigation of Sterling

Retrieved on: 
Thursday, June 22, 2023
Banking, Professional Services, Finance, Sterling Bancorp, Disclosure, Trust, SBT, Letter, Enforcement, Division, Sterling Bank, F.S.B, Financial adviser

Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B.

Key Points: 
  • Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B.
  • (the “Bank”), today announced it received a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission (the “SEC”) informing the Company that the Division of Enforcement had concluded its investigation of the Company and does not intend to recommend an enforcement action by the SEC against the Company.
  • As previously disclosed, the Company understands that the SEC investigation related to accounting, financial reporting and disclosure matters, as well as the Company’s internal controls, related to the Company’s now-terminated Advantage Loan Program.

Sterling Bancorp to Redeem $65.0 Million Subordinated Notes

Retrieved on: 
Thursday, June 15, 2023
Banking, Professional Services, Finance, LIBOR, Sterling Bancorp, Sterling, Bank, Trust, SBT, Continental Bank and Trust Company, Sterling Bank, F.S.B

(the “Bank”), today announced it has provided notice to the holders of its outstanding 7.0% Fixed to Floating Subordinated Notes due April 2026 (the “Subordinated Notes”) that the Company has called all of the Subordinated Notes for redemption pursuant to the redemption provisions set forth in the Subordinated Notes, at a redemption price equal to 100% of the outstanding principal balance plus accrued but unpaid interest to (but excluding) the date of redemption.

Key Points: 
  • (the “Bank”), today announced it has provided notice to the holders of its outstanding 7.0% Fixed to Floating Subordinated Notes due April 2026 (the “Subordinated Notes”) that the Company has called all of the Subordinated Notes for redemption pursuant to the redemption provisions set forth in the Subordinated Notes, at a redemption price equal to 100% of the outstanding principal balance plus accrued but unpaid interest to (but excluding) the date of redemption.
  • The Subordinated Notes have an outstanding aggregate principal amount of $65.0 million as of June 15, 2023 and currently bear interest equal to the three-month LIBOR rate plus 5.82%.
  • Following the Bank dividend and the redemption of the Subordinated Notes, the capital ratios of both the Company and the Bank will continue to exceed all regulatory requirements to be considered “well capitalized.”
    “The early redemption of these Subordinated Notes comes at a watershed moment for Sterling.
  • This press release does not constitute a notice of redemption with respect to the Subordinated Notes.

Sterling Completes the Sale of Problem Loans with Unpaid Principal Balances of $43.5 million

Retrieved on: 
Wednesday, May 31, 2023
Banking, Professional Services, Finance, Sale, Sterling Bancorp, Trust, SBT, Sterling Bank, F.S.B, Community Advantage Loan, Bank

The pool consisted of 84 loans with an aggregate unpaid principal balance of approximately $43.5 million.

Key Points: 
  • The pool consisted of 84 loans with an aggregate unpaid principal balance of approximately $43.5 million.
  • The transaction, with an institutional investor, closed on Friday, May 26, 2023, and the Company realized net proceeds of $36.1 million which was modestly better than the $35.3 million estimated fair value of these loans recorded in held for sale at March 31, 2023.
  • “We are extremely pleased with the competitive pricing and execution of this sale.
  • Removing these loans also eliminates the servicing costs and financial uncertainty caused by their chronic delinquent status.

Sterling Bancorp Reports First Quarter 2023 Financial Results

Retrieved on: 
Monday, May 1, 2023
Banking, Professional Services, Finance, Insurance, Justice minister, Income tax, Michael J. Hsu, Asus, Life, U.S. Department of Commerce Office of Security, Classification, Comptroller, Current Expected Credit Losses, Culture, DOJ, Sterling Bancorp, Silicon Valley Bank, Risk management, U.S. Department of Justice Office of Legislative Affairs, Trust, SOX, Benefit, Sale, Compact disc, Asset, Silicon, Currency, Expense, Bargaining, Risk, F.S.B, CECL, Recovery, Webcast, Bank, Accounting Standards Codification, SBT, NOW, Signature Bank, Sterling Bank, Community Advantage Loan, Cryptocurrency, Security (finance), Pharmaceutical industry, Life insurance, Justice

Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B.

Key Points: 
  • 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 first quarter ended March 31, 2023.
  • “Sterling’s first quarter of 2023 results continue the very deliberate remediation and repositioning begun in 2020.
  • Consequently, margin pressures are being witnessed here and throughout the industry.”
    Management will host a conference call on Monday, May 1, 2023 at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended March 31, 2023.

Webster Reports First Quarter 2023 EPS of $1.24; Adjusted EPS of $1.49

Retrieved on: 
Thursday, April 20, 2023
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Quarterly net interest income compared to the first quarter of 2022:

Key Points: 
  • Quarterly net interest income compared to the first quarter of 2022:
    Net interest income was $595.3 million compared to $394.2 million.
  • Net charge-offs were $24.5 million, compared to $20.2 million in the prior quarter, and $8.9 million a year ago.
  • For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com .
  • A conference call covering Webster’s first quarter 2023 earnings announcement will be held today, Thursday, April 20, 2023 at 9:00 a.m. Eastern Time.