Sterling Bancorp, Inc. (Southfield, MI) Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 26, 2023 at 07:56 am EDT
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Sterling Bancorp, Inc. (Southfield, MI) reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 16.18 million compared to USD 19.47 million a year ago. Net income was USD 2.54 million compared to net loss of USD 2.2 million a year ago. Basic earnings per share from continuing operations was USD 0.05 compared to basic loss per share from continuing operations of USD 0.04 a year ago. Diluted earnings per share from continuing operations was USD 0.05 compared to diluted loss per share from continuing operations of USD 0.04 a year ago.
For the six months, net interest income was USD 33.86 million compared to USD 40.74 million a year ago. Net income was USD 2.04 million compared to USD 3.06 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 0.06 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to USD 0.06 a year ago.
Sterling Bancorp, Inc. is a unitary thrift holding company. It operates through Sterling Bank and Trust, F.S.B. (the Bank). The Bank originates commercial real estate loans and commercial and industrial loans, and provides deposit products, including checking, savings and term certificate accounts. It also engages in mortgage banking activities and, as such, acquires, sells and services residential mortgage loans. It offers a variety of commercial loan products, such as commercial real estate loans, construction loans and commercial and industrial loans. It offers traditional depository products, including checking, savings, money market, individual retirement accounts and certificates of deposits, to individuals and businesses throughout its market areas. It operates through a network of 27 branches, of which 25 branches are located in the San Francisco and Los Angeles, California metropolitan areas, with the remaining branches located in New York, New York and Southfield, Michigan.