Sterling Bancorp Reports Fourth Quarter and Full Year 2024 Financial Results

Sterling Bancorp, Inc. filed its current report on Form 8-K with the Securities and Exchange Commission on January 30, 2025, announcing its financial highlights for the quarter and year ended December 31, 2024. The company reported a net income of $1.2 million, or $0.02 per diluted share, for the fourth quarter of 2024, compared to a net loss of $(0.1) million for the third quarter of 2024. For the full year ended December 31, 2024, net income was $2.1 million, or $0.04 per diluted share, compared to $7.4 million for the year ended December 31, 2023.

The financial statement highlighted a fourth-quarter net interest margin of 2.24% and a full-year net interest margin of 2.37%. Nonperforming loans totaled $14.6 million, representing 1.26% of total loans and 0.60% of total assets. The company’s shareholders’ equity stood at $334.0 million at the end of 2024.

One of the significant events mentioned in the report was the anticipated sale of the capital stock of Sterling Bank & Trust, F.S.B. to EverBank Financial Corp. for $261.0 million. The company’s board of directors had approved a plan of dissolution for Sterling following the transaction’s closing, which is expected in the first quarter of 2025, subject to customary closing conditions and regulatory approvals.

The report included detailed balance sheet information, operational metrics, and forward-looking statements cautioning against relying solely on certain projections. Sterling Bancorp emphasized the competitive environment, regulatory factors, and potential uncertainties that could affect future performance. The company’s report is available for review on the Securities and Exchange Commission’s website for further details.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sterling Bancorp’s 8K filing here.

About Sterling Bancorp

Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.