Sterling Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
January 30, 2018 at 04:11 pm EST
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Sterling Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total interest income was $34,737,000 against $25,374,000 a year ago. Net interest income was $26,915,000 against $20,385,000 a year ago. Income before income taxes was $17,198,000 against $10,728,000 a year ago. Net income was $6,531,000 against $6,127,000 a year ago. Income per share, basic and diluted was $0.13 against $0.14 a year ago. Return on average assets was 0.94% against 1.18% a year ago. Return on average shareholders' equity was 11.46% against 15.21% a year ago.
For the year, total interest income was $122,748,000 against $90,803,000 a year ago. Net interest income was $97,313,000 against $74,958,000 a year ago. Income before income taxes was $70,448,000 against $56,449,000 a year ago. Net income was $37,977,000 against $33,234,000 a year ago. Income per share, basic and diluted was $0.82 against $0.73 a year ago. Return on average assets was 1.54% against 1.73% a year ago. Return on average shareholders' equity was 20.25% against 22.06% a year ago.
As a result of the newly enacted tax legislation, the company estimates that its effective tax rate for 2018 will be in the range of 28% to 30%. The actual annual effective tax rate will vary depending upon tax-advantaged income and available tax credits.
Sterling Bancorp, Inc. is a unitary thrift holding company. It operates through Sterling Bank and Trust, F.S.B. (the Bank). The Bank originates commercial real estate loans and commercial and industrial loans, and provides deposit products, including checking, savings and term certificate accounts. It also engages in mortgage banking activities and, as such, acquires, sells and services residential mortgage loans. It offers a variety of commercial loan products, such as commercial real estate loans, construction loans and commercial and industrial loans. 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. It operates through a network of 27 branches, of which 25 branches are located in the San Francisco and Los Angeles, California metropolitan areas, with the remaining branches located in New York, New York and Southfield, Michigan.
Sterling Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018