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Sterling Bancorp charges off 3 asset-based loans in Q3'19

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Sterling Bancorp charges off 3 asset-based loans in Q3'19

Montebello, N.Y.-based Sterling Bancorp charged off three asset-based loans in the third quarter of 2019, leading it to increase charge-offs to $13.6 million for the quarter.

One of the credits was a commercial construction crane operator, while the other two were in the printing industry and the lending finance industry, said CFO Luis Massiani on the bank's third-quarter earnings call.

Two of the three credits have been resolved, and the third should resolve in the fourth quarter, Massiani said.

"We're comfortable with the [asset-backed loan] portfolio," said CEO Jack Kopnisky.