Sterling Bancorp Inc (SBT) Tops Q2 EPS by 24c

Sterling Bancorp Inc (NASDAQ: SBT) reported Q2 EPS of $0.07, $0.24 better than the analyst estimate of ($0.17).

Q2 2020 Financial Highlights

• Net income of $3.6 million
• Net income per diluted share of $0.07
• Non-interest expense of $20.0 million, including $8.3 million of professional fees and other expenses incurred in connection with the previously disclosed issues related to the Bank’s residential lending practices
• Provision for loan losses of $4.3 million, reflecting our evaluation of the current and expected impacts of prevailing economic conditions on our loan portfolios under the incurred loss model
• Net interest income before provision for loan losses of $27.0 million
• Net interest margin of 3.08%
• Non-interest income of $1.3 million
• Shareholders’ equity of $336.1 million
• Common shares outstanding of 50.0 million at June 30, 2020
• Bank capital ratios continue to be in excess of minimum ratios required to be considered “well-capitalized” with a leverage ratio of 10.62%, a total risk-based capital ratio of 20.95% and a common equity tier one ratio of 19.68%
• The Company’s consolidated leverage ratio of 9.33%, risk-based capital ratio of 21.92% and common equity tier one ratio of 17.29% continue to exceed minimum regulatory capital requirements
• Total deposits of $2.892 billion
• Total residential loan originations of $83.2 million
• Total gross loans, including loans held for investment and loans held for sale, of $2.767 billion
• Total loans delinquent 30 days or more increased during the quarter to $145 million (or 5.24% of total loans), from $31 million (or 1.10% of total loans); nonperforming loans increased to $54 million (or 1.96% of total loans) from $11 million (or 0.40% of total loans)
• Loans in active forbearance at quarter end total 210 with an aggregate UPB of $126 million; comprised of $119 million of residential mortgage loans and $7 million of commercial real estate loans

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

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