Medasorb Technologies Corporation (SBT) Tops Q1 EPS by 5c

Medasorb Technologies Corporation (NASDAQ: SBT) reported Q1 EPS of $0.30, $0.05 better than the analyst estimate of $0.25.

Q1 2018 Summary

• Net income of $15.7 million, a 51% increase from Q1 2017
• Fully diluted EPS of $0.30, a 30% increase from Q1 2017
• Total loan originations of $408 million, a 59% increase from Q1 2017
• Total gross loans, including loans held for investment and loans held for sale, of $2.80 billion, a 39% increase from Q1 2017
• Total deposits of $2.29 billion, a 33% increase from Q1 2017
• Net interest margin of 3.89%
• Named as the top performing community bank in the United States for 2017 with total assets between $1 billion and $10 billion by SNL/S&P Global Market Intelligence

“We are very pleased with our strong start to 2018, as we delivered excellent growth in our revenue streams combined with well controlled expenses,” said Gary Judd, Chairman and CEO of Sterling Bancorp. “As a result, we generated a 30% year-over-year increase in earnings per share and continued to deliver the superior level of returns that made us the top performing community bank in the United States in 2017, as recognized by SNL/S&P Global Market Intelligence.

“We continue to see strong demand for residential mortgage loans in our target markets, and we increased the volume of loans sold into the secondary market as part of our balance sheet management strategy. Given our healthy loan pipeline, we expect to continue to strategically utilize loan sales to mitigate pressure on our net interest margin going forward, which we believe will enable us to continue to generate profitable growth for our shareholders,” said Mr. Judd.

For earnings history and earnings-related data on Medasorb Technologies Corporation (SBT) click here.

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