Sterling Bancorp Q2 adjusted earnings Beat Estimates

(RTTNews) - Sterling Bancorp (STL) reported a profit for its second quarter that increased from last year.

The company's profit totaled $112.25 million, or $0.50 per share. This compares with $42.40 million, or $0.31 per share, in last year's second quarter.

Excluding items, Sterling Bancorp reported adjusted earnings of $112.87 million or $0.50 per share for the period.

Analysts had expected the company to earn $0.49 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 110.8% to $276.81 million from $131.30 million last year.

Sterling Bancorp earnings at a glance:

-Earnings (Q2): $112.87 Mln. vs. $44.39 Mln. last year. -EPS (Q2): $0.50 vs. $0.33 last year. -Analysts Estimate: $0.49 -Revenue (Q2): $276.81 Mln vs. $131.30 Mln last year.