Sterling Bancorp Q2 Adj. Profit Declines

(RTTNews) - Sterling Bancorp (STL) reported second quarter adjusted earnings per share of $0.29 compared to $0.51, prior year. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.30, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net interest income was $213.3 million, a decrease of $18.5 million from previous year. Non-interest income was $26.1 million and was impacted by decreases in gain on securities, securities call income, deposit service charges and commercial loan fee income due to lower transaction volumes.

For the quarter ended June 30, 2020, provision for credit losses was $56.6 million, or $39.0 million greater than net-charge offs. As of June 30, 2020, allowance for credit losses was $365.5 million, or 1.64% of total loans.

Sterling Bancorp also announced that the Board has declared a quarterly cash dividend of $0.07 per share. The dividend is payable August 17, 2020 to holders of record as of August 3, 2020.