Sterling Bancorp(SBT) - 2024 Q4 - Annual Results

Financial Performance - The Company reported a net income of $1.2 million, or $0.02 per diluted share, for Q4 2024, compared to a net loss of $(0.1) million for Q3 2024[3]. - Net income for the year ended December 31, 2024, was $5,063,000, compared to $2,138,000 for the previous year, representing a 137% increase[24]. - Net income for the three months ended December 31, 2024, was $1,162,000, a significant decline from a profit of $5,063,000 in the same quarter last year, representing a 77% decrease[26]. Assets and Liabilities - Total assets were $2.4 billion at December 31, 2024, unchanged from September 30, 2024, and increased by $20.5 million, or 1%, from December 31, 2023[5]. - Total deposits remained stable at $2.1 billion as of December 31, 2024, consistent with September 30, 2024, and increased from $2.0 billion at December 31, 2023[9]. - Total assets as of December 31, 2024, were $2,436,512,000, a slight decrease of 0% from $2,438,554,000 at September 30, 2024[25]. - Total deposits as of December 31, 2024, were $2,070,890,000, a slight increase of 0% from $2,067,193,000 at September 30, 2024, and a 3% increase from $2,003,986,000 at December 31, 2023[25]. Loans and Credit Quality - Total gross loans decreased by $68.0 million, or 6%, from September 30, 2024, totaling $1.2 billion at December 31, 2024[8]. - Nonperforming loans totaled $14.6 million, or 0.60% of total assets, at December 31, 2024, up from $13.2 million, or 0.54% of total assets, at September 30, 2024[14]. - Nonperforming loans increased to $14,584,000 as of December 31, 2024, compared to $8,973,000 a year earlier, reflecting a 63% increase[24]. - The allowance for credit losses to total loans ratio was 1.80% as of December 31, 2024, down from 2.18% a year earlier[24]. - The provision for credit losses was a recovery of $(4,160,000), which is a 78% increase compared to $(2,338,000) in the previous quarter[26]. Income and Expenses - Non-interest income for the year ended December 31, 2024, was $1.1 million, a decrease of $1.7 million from $2.8 million in 2023[17]. - Non-interest expense for Q4 2024 was $15.9 million, an increase of $3.1 million, or 24%, compared to Q4 2023[18]. - Total non-interest expense increased by 2% to $15,888,000 compared to $15,610,000 in the previous quarter, and rose by 24% from $12,830,000 year-over-year[26]. Interest Income and Margin - The net interest margin for Q4 2024 was 2.24%, a decrease from 2.30% in Q3 2024 and from 2.52% in Q4 2023[15]. - Total interest income for the three months ended December 31, 2024, was $33,635,000, a decrease of 2% from $34,354,000 in the previous quarter and an increase of 2% from $32,928,000 in the same quarter last year[26]. - Net interest income for the year ended December 31, 2024, was $56,470 thousand, with a net interest margin of 2.37%, compared to $64,959 thousand and 2.68% for the year ended December 31, 2023[28]. Operational Efficiency - The efficiency ratio for the year ended December 31, 2024, was 107.45%, compared to 97.00% for the previous year, indicating a decline in operational efficiency[24]. - The return on average assets for the year ended December 31, 2024, was 0.09%, compared to 0.30% for the previous year[24]. Future Expectations - The Company expects the stock purchase transaction with EverBank for $261.0 million to close in Q1 2025, subject to regulatory approvals[4].