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Sterling Bancorp
Sterling Bancorp (SBT) investor relations material
Sterling Bancorp has been acquired
Sterling Bancorp Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary30 Jan, 2025
Executive summary
Reported Q4 2024 net income of $1.2M ($0.02/share) and full-year net income of $2.1M ($0.04/share), down from $7.4M ($0.15/share) in 2023.
Announced sale of Sterling Bank to EverBank for $261M, with shareholder approval and expected closing in Q1 2025.
Total assets at $2.4B, up 1% year-over-year; total deposits at $2.1B, up 3% year-over-year.
Financial highlights
Q4 net interest income was $13.5M, down 10% year-over-year; full-year net interest income was $56.5M, down 13%.
Net interest margin for Q4 was 2.24% (down from 2.52% last year); full-year margin was 2.37% (down from 2.68%).
Q4 provision for credit losses was a recovery of $4.2M; full-year recovery was $8.5M.
Non-interest expense for Q4 was $15.9M (up 24% year-over-year); full-year was $61.8M (down 6%).
Non-interest income for the year was $1.1M, down from $2.8M in 2023 due to prior year loan sale gains.
Outlook and guidance
Transaction with EverBank expected to close in Q1 2025, followed by dissolution of Sterling Bancorp.
Forward-looking statements caution on risks related to the transaction, regulatory approvals, and market conditions.
Dissolution plan timeline post-EverBank close?
Drivers of Q4 credit loss recovery?
Transaction expense impact on professional fees?
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Sterling Bancorp
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Frequently asked questions
Sterling Bancorp Inc, based in Southfield, Michigan, provides community banking services focused on residential and commercial lending, deposit products, and wealth management solutions. The company operates through a network of branches, offering mortgage loans, small business lending, and personal banking services. Its primary markets include Michigan and selected national markets. Sterling Bancorp Inc is headquartered in Southfield, Michigan, and its shares are listed on the NASDAQ.
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