Sterling Bancorp announces results for the first quarter of 2021 with diluted earnings per share available to common stockholders of $0.50 (as reported) and $0.51 (as adjusted).

Company Release - 4/19/2021 6:50 AM ET

Key Performance Highlights

  • GAAP EPS increased $0.12 and adjusted EPS increased $0.02 over the linked quarter.
  • Net interest margin excluding accretion income1 of 3.30%, an increase of five basis points (“bps”) over the linked quarter.
  • Cost of funding liabilities decreased by six bps to 27 bps; earning asset yields decreased by one bp to 3.68%.
  • Adjusted PPNR excluding accretion income1, 2 of $123.9 million; declined $6.4 million, or 4.9%, over the linked quarter.
  • Total deposits were $23.8 billion, an increase of 5.7% over a year ago.
  • Total core deposits were $22.2 billion, an increase of 3.4% over a year ago.
  • Total commercial loans were $19.5 billion, an increase of 0.4% over a year ago.
  • Average commercial loans were $19.6 billion, a 3.9% increase over the first quarter of 2020.
  • Adjusted non-interest expense1 was $110.6 million, adjusted operating efficiency ratio3 was 44.3%.
  • NPLs increased by $1.5 million to $168.6 million; ACL / portfolio loans of 1.53% and ACL / NPLs of 191.7%.
  • TCE / TA1 was 9.63% and tangible book value per common share1 was $14.08, an increase of 9.7% over a year ago.
  • Declared second quarter dividend per common share of $0.07.
  • Repurchased 1.2 million shares in the first quarter at a cost of $27.3 million and an average of $22.12 per share.
  • Completed previously announced redemption of subordinated debt - Bank on April 1, 2021.
  • Announced Banking as a Service partnerships with Google Plex, Bright Fi and Rho Technologies.

Results for the Three Months ended March 31, 2021 vs. March 31, 2020

($ in thousands except per share amounts)GAAP / As Reported Non-GAAP / As Adjusted1
 March 31,
2020
 March 31,
2021
 Change
% / bps
 March 31,
2020
 March 31,
2021
 Change
% / bps
Total assets$30,335,036  $29,914,282  (1.4)% $30,335,036   $29,914,282  (1.4)%
Total portfolio loans, gross21,709,957  21,151,973  (2.6)  21,709,957   21,151,973  (2.6) 
Total deposits22,558,280  23,841,718  5.7   22,558,280   23,841,718  5.7  
PPNR1, 2144,385  132,105  (8.5)  126,203   123,895  (1.8) 
Net income available to common12,171  97,187  698.5   (3,124)