Sterling Bancorp Inc (SBT) Tops Q3 EPS by 1c

Sterling Bancorp Inc (NASDAQ: SBT) reported Q3 EPS of $0.30, $0.01 better than the analyst estimate of $0.29. Revenue for the quarter came in at $35 million versus the consensus estimate of $35.35 million.

• Net income of $15.7 million, up 30% from Q3 2017, and down 1.5% from Q2 2018
• Fully diluted EPS of $0.30, up 11% from Q3 2017, and equivalent to Q2 2018
• Third quarter ROAA of 1.98% and ROATCE of 20.11%, and YTD 2018 ROAA of 2.06% and ROATCE of 21.20%
• Revenue, net of interest expense, was $35.0 million, up 11% from Q3 2017, and down 3% from Q2 2018
• Total loan originations of $419.2 million, down 15% from Q3 2017, and down 3% from Q2 2018
• Total gross loans, including loans held for investment and loans held for sale, of $2.93 billion, a 21% increase from Q3 2017, and a 10% annualized increase from Q2 2018
• Total deposits of $2.41 billion, a 15% increase from Q3 2017, and a 12% annualized increase from Q2 2018
• Net interest margin of 3.95%, compared to 4.15% in Q3 2017 and 3.96% in Q2 2018
• SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today reported unaudited financial results for its third quarter ended September 30, 2018.

“Our strong business development platform and highly efficient operations produced another quarter of solid year-over-year earnings growth and a superior level of profitability,” said Gary Judd, Chairman and CEO. “We are pleased with the stability in our net interest margin, as the increase in our yield on earning assets is largely offsetting the increase in deposit costs. While the San Francisco housing market is slowing down a bit, we are generating a larger contribution to loan production from our offices in Los Angeles, New York and Seattle. We believe that our success in building our presence in these newer markets will enable us to continue to drive growth in loans, deposits and earnings in the future.”

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

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