Sterling Bancorp(SBT) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss of $(0.1) million, or $(0.00) per diluted share, for Q3 2024 compared to net income of $1.3 million, or $0.03 per diluted share, for Q2 2024[2] - Net income for the three months ended September 30, 2024, was a loss of $143,000 compared to a profit of $1,316,000 for the previous quarter and $314,000 for the same period last year[18] - Net interest income decreased to $13,618,000, down 5% from $14,395,000 in the previous quarter and 15% from $15,994,000 a year ago[18] - Non-interest income totaled $379 for the three months ended September 30, 2024, an 8% decrease from $412 in the previous quarter[22] - The efficiency ratio increased to 111.52%, compared to 100.78% in the previous quarter and 108.08% a year ago[18] - Basic earnings per share for the three months ended September 30, 2024, was $(0.00), compared to $0.03 in the previous quarter[22] Assets and Liabilities - Total assets increased by $63.8 million, or 3%, to $2.4 billion at September 30, 2024[4] - Total liabilities increased by 3% to $2,103,945,000 from $2,045,869,000 in the previous quarter[20] - Shareholders' equity increased by $5.7 million to $334.6 million at September 30, 2024[8] - Shareholders' equity rose to $334,609,000, a 2% increase from $328,870,000 in the previous quarter[21] - The company reported a total asset value of $2,402,314 thousand as of September 30, 2024[24] Loans and Credit Quality - Total gross loans decreased by $40.5 million, or 3%, to $1.2 billion at September 30, 2024[6] - Nonperforming loans totaled $13.2 million, or 0.54% of total assets, compared to $12.2 million, or 0.51% of total assets at June 30, 2024[11] - Nonperforming loans rose to $13,214,000, up from $12,213,000 in the previous quarter and significantly higher than $6,182,000 a year ago[18] - The allowance for credit losses to total loans ratio was 2.04%, down from 2.18% in the previous quarter and 2.42% a year ago[18] - Nonaccrual loans increased to $13,187,000, up from $11,049,000 in the previous quarter[28] - Total loans held for investment decreased by 3% to $1,223,737,000 compared to the previous quarter[25] Deposits - Total deposits were $2.1 billion, an increase of $53.7 million, or 3%, from June 30, 2024[7] - Total deposits increased by 3% to $2,067,193,000 from $2,013,465,000 in the previous quarter and by 1% from $2,040,658,000 a year ago[20] - Time deposits increased by 7% to $972,171,000, reflecting a positive trend in customer savings[27] Interest Income and Expenses - Net interest margin was 2.30% for Q3 2024, down from 2.44% in Q2 2024[12] - Total interest income for the three months ended September 30, 2024, was $34,354, a 1% increase from $33,864 in the previous quarter[22] - Interest on deposits increased by 7% to $20,736 for the three months ended September 30, 2024, compared to $19,350 in the previous quarter[22] - Total non-interest expense increased by 5% to $15,610 for the three months ended September 30, 2024, compared to $14,923 in the previous quarter[22] - The provision for credit losses was $(2,338) for the three months ended September 30, 2024, a 12% increase from $(2,079) in the previous quarter[22] Future Outlook - A definitive stock purchase agreement was signed for the sale of the Bank to EverBank for cash consideration of $261.0 million, expected to close in Q1 2025[3]