Sterling Bancorp (STL) Tops Q3 EPS by 6c
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Sterling Bancorp announces results for the third quarter of 2020 with diluted income per share available to common stockholders of $0.43 (as reported) and $0.45 (as adjusted)
October 21, 2020 4:10 PM EDTKey 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... More