Sterling Bancorp reports Q1 2024 net loss of $0.2M vs Q4 2023 net income of $5.1M

Sterling Bancorp, Inc.

2024-Q1 EPS reported $0.00

Net loss of $(0.2) million ($0.00 diluted EPS) vs net income of $5.1M ($0.10) in prior quarter.
Net interest margin stable at 2.52%; net interest income $14.9M vs $15.1M prior quarter.
Non-interest expense rose 20% to $15.4M, primarily due to $3.1M increase in professional fees; no insurance reimbursement in Q1 2024.
Provision for credit losses minimal at $41K; nonperforming loans $9.3M (0.72% of loans); allowance 2.24%.
Director Lyle Wolberg resigned; COO Christine Meredith elected to fill board vacancy.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Sterling Bancorp, Inc. reported the quarter ended March 31, 2024 results: net income $(0.2) million, EPS $(0.00) per diluted share.

Period: the quarter ended March 31, 2024
Net income: $(0.2) million
EPS: $(0.00) per diluted share
Result: reported results

Exact text from the filing

Sterling Bancorp Reports First Quarter 2024 Financial Results

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Source: SEC EDGAR

accession 0001104659-24-050928

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