Sterling Bancorp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Reports Net Charge Offs for the Third Quarter of 2016; Provides Tax Rate Guidance for the Full Year 2017
October 24, 2017 at 04:10 pm EDT
Sterling Bancorp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total interest and dividend income of $145,692,000 against $118,161,000 a year ago. Net interest income was $120,073,000 against $103,130,000 a year ago. Net interest income after provision for loan losses was $115,073,000 against $97,630,000 a year ago. Income before income tax expense was $66,444,000 against $54,413,000 a year ago. Net income was $44,852,000 or $0.33 per basic and diluted share against $37,422,000 or $0.29 per basic and diluted share a year ago. Return on average tangible assets for the quarter was 1.19% and return on average tangible equity was 14.86%. This compares to 1.20% and 15.13% for the same quarter a year ago. Adjusted return on average tangible assets for the quarter was 1.27% and adjusted return on average tangible equity was 15.85%. This compares to 1.21% and 15.28%, respectively, for the same quarter a year ago. Book value per share was $14.52 as on September 30, 2017 against $13.49 as on September 30, 2016. Tangible book value per share was $8.95 as on September 30, 2017 against $7.64 as on September 30, 2016. Adjusted net income was $47.9 million and adjusted diluted earnings per share were $0.35, compared to $37.8 million and $0.29, respectively, for the third quarter of 2016. This represents growth in adjusted net income and adjusted diluted earnings per share of 26.7% and 20.7%, respectively.
For the nine months, net income was $126,319,000 or $0.93 per basic and diluted share, compared to net income of $98,958,000, or $0.76 per basic and diluted share for the first nine months of 2015. Total interest and dividend income was at $405,955,000 against $338,476,000 a year ago. Net interest income was $342,121,000 against $297,020,000 a year ago. Net interest income after provision for loan losses was $328,121,000 against $282,520,000 a year ago. Income before income tax expense was $185,939,000 against $146,604,000 a year ago.
For the quarter, the company reported net charge offs for the quarter of $3,023,000 against $1,960,000 a year ago.
The cmpany's estimated effective tax rate for full year 2017 is at 32.5%.