Sterling Bancorp: 3Q Earnings Snapshot
MONTEBELLO, N.Y. (AP) _ Sterling Bancorp (STL) on Wednesday reported third-quarter earnings of $122.4 million.
The Montebello, New York-based bank said it had earnings of 59 cents per share. Earnings, adjusted for non-recurring gains, were 52 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The bank holding company posted revenue of $354.3 million in the period. Its revenue net of interest expense was $278.7 million, surpassing Street forecasts. Three analysts surveyed by Zacks expected $265.3 million.
Sterling Bancorp shares have increased 22% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.14, an increase of roughly 7% in the last 12 months.