Sterling Bancorp Inc (SBT) Tops Q1 EPS by 5c, Revenues Beat

Sterling Bancorp Inc (NASDAQ: SBT) reported Q1 EPS of $0.30, $0.05 better than the analyst estimate of $0.25. Revenue for the quarter came in at $34.1 million versus the consensus estimate of $33.42 million.

• Net income of $15.7 million, consistent with Q1 2018, and down 2% from Q4 2018
• Fully diluted EPS of $0.30, consistent with both Q1 2018 and Q4 2018
• First quarter annualized ROAA of 1.94% and annualized ROATCE of 18.46%
• Revenue, net of interest expense, of $34.1 million, comparable to Q1 2018, and down 7% from Q4 2018
• Total loan originations of $304.9 million, down from $408.0 million in Q1 2018 and $332.7 million in Q4 2018
• Total gross loans, including loans held for investment and loans held for sale, of $2.94 billion, a 5% increase from Q1 2018, and a 4% annualized increase from Q4 2018
• Total deposits of $2.44 billion, a 6% increase from Q1 2018, and a 1% decrease from Q4 2018
• Net interest margin of 3.86%, compared to 3.96% in Q1 2018 and 3.90% in Q4 2018
• Repurchased approximately 1.2 million shares of common stock at an average price of $9.52 during the quarter
• Named as the top performing community bank in the United States with total assets between $3 billion and $10 billion for the second year in a row by S&P Global Market Intelligence

“We are pleased with our start to 2019, once again generating top quartile annualized returns on average assets and tangible common equity of 1.94% and 18.46%, respectively,” said Gary Judd, Chairman and CEO of Sterling Bancorp. “Our strong and consistent earnings are being driven by disciplined balance sheet management, well controlled expenses and excellent credit quality. Our strategic focus on strong customer relationships and our suite of niche loan products have contributed to our superior level of financial performance and earned us recognition as the top performing community bank in the United States in 2018 for the second year in a row, as recognized by S&P Global Market Intelligence.

“During the quarter, we experienced higher construction loan production and we continue to have a healthy pipeline of commercial and construction loans. Residential mortgage loan originations decreased both year-over-year and from the fourth quarter of 2018. Our customers remain cautious due to the uncertainty surrounding trade tensions with China and the outlook for moderating home price appreciation in our markets. However, as we continue to build our lending staff, we expect to see improved residential loan originations and also diversify our revenue by growing the commercial lending portfolio throughout 2019.”

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

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