Sterling Bancorp (STL) Reports Q2 EPS of $0.27

Sterling Bancorp Announces Record Results for the Three and Six Months Ended June 30, 2016. Strong Operating Momentum in the Second Quarter Continues, Highlighted by GAAP Diluted Earnings per Share of

July 26, 2016 4:10 PM EDT

MONTEBELLO, NY -- (Marketwired) -- 07/26/16 -- Key Performance Highlights for the Three Months ended June 30, 2016 vs. June 30, 2015

($ in thousands except per share amounts) GAAP / As Reported Non-GAAP / As Adjusted(1) ----------------------------- ----------------------------- Change Change 2015 2016 % / bps 2015 2016 % / bps --------- ---------- -------- --------- ---------- -------- Total revenue(2) $ 77,431 $ 120,822 56.0% $ 78,296 $ 119,510 52.6% Net (loss) income (7,646) 37,770 NM 21,361 35,414 65.8 Diluted EPS (0.08) 0.29 NM 0.23 0.27 17.4 Net interest margin(3) 3.49% 3.50% 1 3.57% 3.60% 3 Return on average tangible equity (4.75) 16.14 NM 13.27 15.14 187 Return on average tangible assets (0.40) 1.27 NM 1.13 1.19 6 Efficiency ratio 110.6 49.4 NM 52.6 47.2 (540) Total portfolio loans reached a record $8.6 billion at June 30, 2016. Annualized loan growth of 15.0% (end of period balances, including... More

Sterling Enters Agreement to Sell Residential Mortgage Origination Operations

July 26, 2016 4:09 PM EDT

MONTEBELLO, NY -- (Marketwired) -- 07/26/16 -- Sterling Bancorp (NYSE: STL), through its principal subsidiary Sterling National Bank ("Sterling"), announced today that it has entered into an agreement to sell its residential mortgage origination operations. The transaction is subject to certain licensing and regulatory approval and other customary closing conditions.

"The sale of our mortgage origination operations continues our strategy of focusing on commercial middle market clients by reallocating our capital and human resource investments where we can provide... More