Sterling Bancorp, Inc. (Southfield, MI) Reports Earnings Results for the First Quarter Ended March 31, 2022
May 02, 2022 at 07:30 am EDT
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Sterling Bancorp, Inc. (Southfield, MI) reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported net interest income was USD 21.27 million compared to USD 23.23 million a year ago. Net income was USD 5.26 million compared to USD 2.33 million a year ago. Basic earnings per share from continuing operations was USD 0.1 compared to USD 0.05 a year ago. Diluted earnings per share from continuing operations was USD 0.1 compared to USD 0.05 a year ago.
Sterling Bancorp, Inc. is a unitary thrift holding company. The Company operates through Sterling Bank and Trust, F.S.B. (the Bank). The Bank originates residential and commercial real estate loans, construction loans, commercial lines of credit and other consumer loans. It also engages in mortgage banking activities and, as such acquires, sells and services residential mortgage loans. The Bank operates through a network of 28 branches of which 26 branches are located in San Francisco and Los Angeles, California with the remaining branches located in New York, New York and Southfield, Michigan. It offers traditional depository products, including checking, savings, money market, individual retirement accounts and certificates of deposits, to individuals and businesses throughout its market areas. Its investment portfolio consists of United States treasuries and agency notes, mortgage-backed securities, collateralized mortgage and debt obligations, and equity securities.