Sterling Bancorp(US:SBT)2024-07-24 12:46Financial Performance - The Company reported net income of $1.3 million, or $0.03 per diluted share, for the quarter ended June 30, 2024, compared to a net loss of $(0.2) million for the quarter ended March 31, 2024[2]. - Net income for the three months ended June 30, 2024, was $1,316,000, compared to a net loss of $197,000 for the previous quarter[26]. - Net income for the second quarter was $1.3 million, or $0.03 per diluted share[33]. - Return on average assets was 0.22%, compared to (0.03)% in the previous quarter[26]. Income and Expenses - Net interest income for the second quarter of 2024 was $14.4 million, a decrease from $14.9 million in the first quarter of 2024, with a net interest margin of 2.44%[13]. - Net interest income decreased by 3% to $14,395,000 from $14,934,000 in the previous quarter[26]. - Total interest income rose by 2% to $33,864,000 from $33,282,000 in the previous quarter[28]. - Non-interest income for the second quarter of 2024 was $0.4 million, an increase of 100% from $0.2 million in the first quarter of 2024, primarily due to funds received from the Federal Home Loan Bank[7]. - Non-interest income increased significantly to $412,000 from $199,000 in the previous quarter[28]. - Non-interest expense decreased by $0.5 million, or 3%, to $14.9 million for the second quarter of 2024 compared to $15.4 million in the first quarter of 2024[14]. - Total non-interest expense decreased to $14,923,000 from $15,392,000 in the previous quarter[28]. Asset Quality - The allowance for credit losses at June 30, 2024, was $27.6 million, or 2.18% of total loans, down from $29.3 million, or 2.24% of total loans, at March 31, 2024[11]. - The allowance for credit losses to total loans ratio was 2.18%, down from 2.24% in the previous quarter[26]. - Nonperforming loans totaled $12.2 million, or 0.51% of total assets at June 30, 2024, compared to $9.3 million, or 0.39% of total assets at March 31, 2024[12]. - Nonperforming loans increased to $12,213,000, up from $9,348,000 in the previous quarter[26]. - The allowance for credit losses decreased by 6% to $27,556 thousand from $29,257 thousand in the previous quarter[46]. Shareholders' Equity and Deposits - Total shareholders' equity increased by $1.6 million to $328.9 million at June 30, 2024, compared to $327.3 million at March 31, 2024[10]. - Total deposits increased slightly to $2,013,465,000 from $2,005,855,000 in the previous quarter[26]. - Total deposits reached $2.0 billion, an increase of $7.6 million from the previous quarter[35]. - Total deposits remained stable at $2,013,465,000, showing no change from the previous quarter[43]. Total Assets and Liabilities - Total assets were $2.4 billion, a decrease of $39.8 million, or 2%, from March 31, 2024[38]. - Total assets decreased by 2% to $2,374,739,000 compared to $2,414,555,000 in the previous quarter[43]. - Total interest-bearing liabilities were $2,003,521 thousand with an average rate of 3.79%[45]. - Other liabilities increased by 10% to $19,900,000 from $18,027,000 in the previous quarter[43]. Loan Portfolio - Total gross loans amounted to $1.3 billion, a decrease of $39.0 million, or 3%, from the previous quarter[39]. - Total loans held for investment decreased by 3% to $1,264,243 thousand from $1,303,279 thousand in the previous quarter[46]. - Residential real estate loans declined by 7% to $972,326 thousand compared to $1,040,464 thousand in the prior quarter[46]. - Commercial real estate loans increased by 13% to $277,273 thousand from $244,546 thousand in the previous quarter[46]. Other Financial Metrics - The efficiency ratio improved to 100.78% from 101.71% in the previous quarter[26]. - The effective tax rate for the three months ended June 30, 2024, was 33.0%, compared to an effective tax rate of 34.3% for the three months ended March 31, 2024[23]. - The company's consolidated leverage ratio was 14.26%[33]. - Average yield on loans increased to 6.47% from 6.29% in the previous quarter[44].