Sterling Bancorp (STL) Tops Q3 EPS by 6c

Sterling Bancorp (NYSE: STL) reported Q3 EPS of $0.45, $0.06 better than the analyst estimate of $0.39.

Key Performance Highlights for the third quarter of 2020

• Adjusted PPNR excluding accretion income1, 2 of $123.3 million; growth of 8.3% over linked quarter.
• Net interest margin excluding accretion income1 of 3.10%, an increase of five basis points (“bps”) over the linked quarter.
• Total commercial loans were $20.3 billion, an increase of 11.7% over a year ago.
• Total deposits increased to $24.3 billion and the cost of total deposits was 31 bps, a decrease of 17 bps relative to the linked quarter. Utilized excess liquidity to reduce wholesale borrowings by $1.0 billion. Cost of total funding liabilities decreased by 21 bps to 42 bps.
• Adjusted non-interest expense1 was $105.8 million, a decrease of $2.0 million relative to the linked quarter. Severance expense was $2.2 million.
• NPLs decreased by $79.8 million to $180.9 million; ACL / total loans of 1.46% and ACL / NPLs of 180.2%.
• Total loan payment deferrals were $466.2 million, which represented 2.1% of total portfolio loans.
• TCE / TA1 was 9.15% and tangible book value per common share1 was $13.57, an increase of 5.2% over a year ago
• Declared dividend per common share of $0.07.
• Entered into agreement to sell $267.6 million of PPP loans; anticipated to close in October 2020.
• Reinstated common stock repurchase program in Q4 2020.

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

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