Sterling Bancorp: 1Q Earnings Snapshot
MONTEBELLO, N.Y. (AP) _ Sterling Bancorp (STL) on Monday reported first-quarter earnings of $14.1 million.
The bank, based in Montebello, New York, said it had earnings of 6 cents per share. Losses, adjusted for non-recurring gains, came to 2 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The bank holding company posted revenue of $320.9 million in the period. Its revenue net of interest expense was $259.1 million, topping Street forecasts. Four analysts surveyed by Zacks expected $247.8 million.
Sterling Bancorp shares have dropped 44% since the beginning of the year. In the final minutes of trading on Monday, shares hit $11.84, a fall of 43% in the last 12 months.