Sterling Bancorp Inc (SBT) Tops Q2 EPS by 1c, Beats on Revenues

Sterling Bancorp Inc (NASDAQ: SBT) reported Q2 EPS of $0.30, $0.01 better than the analyst estimate of $0.29. Revenue for the quarter came in at $36.2 million versus the consensus estimate of $35.23 million.

Q2 2018 Summary

• Net income of $16.0 million, a 79% increase from Q2 2017, and a 1.5% increase from Q1 2018
• Fully diluted EPS of $0.30, a 50% increase from Q2 2017, and equivalent to Q1 2018
• Annualized ROAA of 2.08% and annualized ROATCE of 21.36%
• Revenue, net of interest expense, was $36.2 million, a 44% increase from Q2 2017, and a 6% increase from Q1 2018
• Total loan originations of $434 million, a 3% increase from Q2 2017, and a 6% increase from Q1 2018
• Total gross loans, including loans held for investment and loans held for sale, of $2.86 billion, a 29% increase from Q2 2017, and an 8% annualized increase from Q1 2018
• Total deposits of $2.34 billion, a 30% increase from Q2 2017, and a 9% annualized increase from Q1 2018
• Net interest margin of 3.96%

“We executed well in the second quarter, generating a 50% year-over-year increase in earnings per share, a return on average assets of 2.08%, and a return on tangible equity of 21.3%,” said Gary Judd, Chairman and CEO of Sterling Bancorp. “Our strong performance was driven by continued balance sheet growth, disciplined expense control and excellent credit quality. We continue to see strong demand for our suite of niche loan products, which resulted in $434 million of loan production in the second quarter, an increase of 6% compared to the prior quarter. Our pipeline remains strong in our principal markets in Northern California, Southern California and New York City, and we believe the expansion of our presence in the greater Seattle market during the second half of the year will provide another catalyst for driving future growth in loans, deposits and earnings.”

For earnings history and earnings-related data on Sterling Bancorp Inc (SBT) click here.

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