Sterling Bancorp Q2 adjusted earnings Miss Estimates

(RTTNews) - Sterling Bancorp (STL) released earnings for second quarter that decreased from the same period last year.

The company's earnings totaled $94.47 million, or $0.46 per share. This compares with $112.25 million, or $0.50 per share, in last year's second quarter.

Excluding items, Sterling Bancorp reported adjusted earnings of $105.12 million or $0.51 per share for the period.

Analysts had expected the company to earn $0.52 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 4.9% to $263.26 million from $276.81 million last year.

Sterling Bancorp earnings at a glance:

-Earnings (Q2): $105.12 Mln. vs. $112.87 Mln. last year. -EPS (Q2): $0.51 vs. $0.50 last year. -Analysts Estimate: $0.52 -Revenue (Q2): $263.26 Mln vs. $276.81 Mln last year.