STERLING BANCORP (STL) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2015

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Sterling Bancorp
 
400 Rella Boulevard
 
Montebello, NY 10901-4243
 
 
News Release
T 845.369.8040
F 845.369.8255
 
 
http://www.sterlingbancorp.com
FOR IMMEDIATE RELEASE
 
October 26, 2015
 
 
 
STERLING BANCORP CONTACT:
 
Luis Massiani, SEVP & Chief Financial Officer
 
845.369.8040
 
Sterling Bancorp Announces Results for the Three Months and Nine Months Ended September 30, 2015
Strong quarterly performance highlighted by core diluted earnings per share of $0.251, annualized commercial loan growth of 19.1% and core operating efficiency ratio of 49.0%1 

Key Highlights for the Three Months Ended September 30, 2015
Total revenue2 was $109.4 million.
Core net income1 was $32.0 million and core diluted earnings per share1 were $0.25, which represented growth of 76.3% and 13.6% over the same quarter a year ago.
Tax equivalent net interest margin was 3.76%.
Total non-interest income excluding securities gains was $16.1 million, which represented 14.7% of total revenue2.
Core operating efficiency ratio1 was 49.0%.
Commercial loan growth was $290.7 million, representing an annualized growth rate of 19.1% over the linked quarter.
Loans to deposits ratio of 85.5%; total deposits were $8.8 billion with over 92.7% core deposits and a weighted average cost of deposits of 0.24%.
Core return on average tangible assets1 was 1.21%, compared to 1.06% in the third quarter of 2014.
Core return on average tangible equity1 was 14.33%, compared to 13.81% in the third quarter of 2014.
Established middle market loan syndication team and expanded health care asset-based lending platform through new hires.
Completed termination of legacy Provident Bank and legacy Sterling National Bank defined benefit pension plans.

MONTEBELLO, N.Y. - October 26, 2015 - Sterling Bancorp (NYSE: STL), the parent company (the “Company”) of Sterling National Bank, today announced results for the quarter and nine months ended September 30, 2015. Net income for the quarter was $24.2 million, or $0.19 per diluted share, compared to net income of $16.3 million, or $0.19 per diluted share, for the same quarter last year and a net loss of $7.6 million, or $0.08 per share, for the linked quarter ended June 30, 2015. For the nine months ended September 30, 2015, net income was $33.3 million, or $0.32 per diluted share, compared to net income of $41.7 million, or $0.50 per diluted share, for the nine months ended September 30, 2014.

Results for the third quarter of 2015 included a pre-tax charge of $13.4 million related to the termination of the Company’s defined benefit pension plans. Results in the linked quarter included pre-tax merger-related expenses and other restructuring charges of $42.7 million that were incurred in connection with the Company’s merger with Hudson Valley Holding Corp. (the “HVB Merger”). The Company’s operating results are detailed beginning on page 2.


1. Core measures are defined in the non-GAAP tables beginning on page 11.
2. Total revenue is equal to net interest income plus non-interest income and excluding securities gains and losses. Total revenue is a non-GAAP measure. See the table on page 12 for a reconciliation of this non-GAAP measure.
1

The following information was filed by STERLING BANCORP on Monday, October 26, 2015 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Exhibit 31.1 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 31.2 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 32.0 - SECTION 1350 CERTIFICATION

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  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0001070154-15-000030
  • Submitted to the SEC: Thursday, November 5, 2015
  • Accepted by the SEC: Thursday, November 5, 2015
  • Period Ending: September 2015
Companies
 

STL Morningstar

STERLING BANCORP

$23.875 -0.23 (-0.93%)

Day's Range:
$23.75 to $24.50

52-Week Range:
$14.55 to $25.85

Volume:
746,777

Volume (Avg):
1,621,640

Earnings per Share:
$1.070

PEG / Short / PE Ratios:
3.520 / 4.290 / 22.313

Market Cap:
$3.24B

Book Value:
13.716

EBITDA:
$0.00