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Sterling Bancorp reports lower Q3 adjusted net income YOY

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Sterling Bancorp reports lower Q3 adjusted net income YOY

Montebello, N.Y.-based Sterling Bancorp reported third-quarter adjusted net income available to common shareholders of $105.6 million, or 52 cents per share, compared to $114.3 million, or 51 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 54 cents.

GAAP net income available to common shareholders was $120.5 million, or 59 cents per share, compared to $117.7 million, or 52 cents per share, in the same quarter of 2018.

The company's third-quarter net interest margin 3.36%, down from the 2018 third-quarter NIM of 3.48%.

Net charge-offs were $13.6 million for the third quarter, compared to net charge-offs of $4.2 million in the prior-year quarter. The provision for loan losses was $13.7 million for the quarter, compared to $9.5 million in the third quarter of 2018.

The bank's total assets dipped to $30.08 billion, compared to $31.26 billion in the 2018 third quarter.

Total borrowings fell to $3.17 billion, compared to $4.83 billion in the prior-year quarter, while total deposits rose slightly to $21.58 billion from $21.46 billion in the 2018 third quarter.