sterling bancorp/de (STL) Key Developments
Sterling Bancorp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge-Offs for the First Quarter of 2015
Apr 29 15
Sterling Bancorp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, total interest income was $66,672,000 against $61,325,000 a year ago. Net interest income was $58,867,000 against $54,028,000 a year ago. Income before income tax expense was $24,856,000 against $14,920,000 a year ago. Net income was $16,778,000 or $0.19 per basic and diluted share against $10,332,000 or $0.12 per basic and diluted share a year ago. Return on average assets was 0.91% against 0.62% a year ago. Return on average equity was 6.59% against 4.48% a year ago. Return on average tangible equity was 11.48% against 8.47% a year ago. Core return on average tangible assets was 12.66% against 10.73% a year ago. Tangible book value per share was $6.89 against $5.97 a year ago. Book value per share was $11.86 against $11.21 a year ago. Results for the first quarter of 2015 were impacted by pre-tax charges of $4.1 million that were mainly incurred in connection with the acquisition of Damian Services Corporation, the pending acquisition of Hudson Valley, the consolidation of financial centers and amortization of non-compete agreements. The increase in net income was mainly the result of higher average loan balances due to organic growth as average loans increased $764.1 million or 18.9% between the periods. The decrease in net interest income was mainly due to two fewer days in the period, which reduced net interest income by approximately $1.3 million based on the average balance of earning assets for the quarter.
For the quarter, the company reported net charge-offs of $1,590,000 against $3,397,000 a year ago.
Sterling Bancorp. Declares Quarterly Cash Dividend, Payable on May 21, 2015
Apr 29 15
Sterling Bancorp announced that the Board of Directors has declared a quarterly cash dividend of $0.07 per share. The dividend is payable May 21, 2015 to holders of record as of May 11, 2015.
Sterling Bancorp Announces the Appointment of Thomas Geisel as Executive Vice President and President of Specialty Finance
Apr 27 15
Sterling Bancorp (STL) announced the appointment of Thomas Geisel as executive vice president and president of specialty finance. Geisel will lead the bank's specialty finance teams which include asset-based lending, factoring and trade finance, payroll finance, and equipment finance. Geisel, most recently the managing partner at merchant banker Templar Ventures, will also lead the commercial banking team based at 650 Fifth Avenue in Manhattan. Geisel has also served as president and CEO of Sun Bancorp (SNBC) and was president of KeyBank's Northeast Region.
Sterling Bancorp., Special/Extraordinary Shareholders Meeting, Apr 28, 2015
Apr 13 15
Sterling Bancorp., Special/Extraordinary Shareholders Meeting, Apr 28, 2015., at 11:00 US Eastern Standard Time. Location: The University Club, One West 54th Street. Agenda: To vote upon a proposal to approve the merger agreement.
Sterling Bancorp. to Report Q2, 2015 Results on Apr 29, 2015
Apr 10 15
Sterling Bancorp. announced that they will report Q2, 2015 results After-Market on Apr 29, 2015