Sterling Bancorp (STL, Financial) filed Quarterly Report for the period ended 2012-06-30.
Sterling Bancorp has a market cap of $295.9 million; its shares were traded at around $9.74 with a P/E ratio of 15.4 and P/S ratio of 2.1. The dividend yield of Sterling Bancorp stocks is 3.8%.
Total interest income, on a tax-equivalent basis, aggregated $26.5 million for the second quarter of 2012, up $1.1 million from the corresponding 2011 period as the benefit of higher average loan balances more than offset the impact of lower average investment securities balances and lower yields. Total interest earning assets increased to $2,363.5 million for the second quarter of 2012 compared to $2,295.3 million in the prior year period. The tax-equivalent yield on interest-earning assets was 4.52% for the second quarter of 2012 compared to 4.48% for the corresponding 2011 period.
Net interest income, on a tax-equivalent basis, was $47.0 million for the first six months of 2012 compared to $42.9 million for the corresponding 2011 period. Net interest income benefitted from higher average loan balances, lower interest-bearing liabilities balances and lower cost of funding. Net interest income also benefitted from the reclassification from accounts receivable management/factoring commissions and other fees into interest income from loans of revenues related to one of the Company’s lending products, thereby more appropriately reflecting the characteristics of the product. Those benefits were partially offset by the impact of lower yields on loans and lower average investment securities balances. The net interest margin, on a tax-equivalent basis, was 4.09% for the first six months of 2012 compared to 3.93% for the corresponding 2011 period. The net interest margin was impacted by the mix of earning assets and funding, including the higher level of noninterest-bearing demand deposits.
Total interest income, on a tax-equivalent basis, aggregated $52.6 million for the first six months of 2012, up $3.2 million from the corresponding 2011 period as the benefit of higher average loan balances more than offset the impact of lower investment securities balances and lower yields. Total interest earning assets increased to $2,327.9 million for the first six months of 2012 compared to $2,227.0 million in the prior year period. The tax-equivalent yield on interest-earning assets was 4.59% for the first quarter of 2012 compared to 4.54% for the corresponding 2011 period.
Interest earned on the securities portfolio, on a tax-equivalent basis, decreased to $12.6 million for the first six months of 2012 from $14.0 million in the corresponding 2011 period. Average outstandings decreased to $784.4 million (33.7% of average earning assets) for the first six months of 2012 from $882.6 million (39.6% of average earning assets) in the first six months of 2011. The average yield on investment securities increased to 3.22% for the first six months of 2012 from 3.16% in the corresponding 2011 period. The decrease in balances and increase in yield reflect the Company’s decision to replace a portion of medium term (approximate 5 year original maturities), lower yielding U.S. Government Agency Securities that were called by the issuer with longer term (approximate 10-15 year original maturities) U.S. Government Agency securities having approximately the same or slightly higher yield thereby maintaining a pool of pledgable collateral. Management’s Asset/Liability strategy continues to be designed to maintain a portfolio of corporate securities with a relatively short-term average life positioning the Company for higher interest rates in future periods. This strategy was implemented through the sale of available for sale securities, principally longer dated corporate securities and selected obligations of states and political subdivisions with longer average lives.
Read the The complete Report
Sterling Bancorp has a market cap of $295.9 million; its shares were traded at around $9.74 with a P/E ratio of 15.4 and P/S ratio of 2.1. The dividend yield of Sterling Bancorp stocks is 3.8%.
Highlight of Business Operations:
Net interest income, on a tax-equivalent basis, was $23.8 million for the second quarter of 2012 compared to $22.2 million for the corresponding 2011 period. Net interest income benefitted from higher average loan balances, lower average balances for interest-bearing liabilities and lower cost of interest-bearing deposits. Net interest income also benefitted from the reclassification from accounts receivable management/factoring commissions and other fees into interest income from loans of revenues related to one of the Company’s lending products, thereby more appropriately reflecting the characteristics of the product. Those benefits were partially offset by the impact of lower yields on loans and investment securities, lower average investment securities balances and a higher cost for borrowings. The net interest margin, on a tax-equivalent basis, was 4.04% for the second quarter of 2012 compared to 3.90% for the corresponding 2011 period. The net interest margin was impacted by the mix of earning assets and funding, including the higher level of noninterest-bearing demand deposits.Total interest income, on a tax-equivalent basis, aggregated $26.5 million for the second quarter of 2012, up $1.1 million from the corresponding 2011 period as the benefit of higher average loan balances more than offset the impact of lower average investment securities balances and lower yields. Total interest earning assets increased to $2,363.5 million for the second quarter of 2012 compared to $2,295.3 million in the prior year period. The tax-equivalent yield on interest-earning assets was 4.52% for the second quarter of 2012 compared to 4.48% for the corresponding 2011 period.
Net interest income, on a tax-equivalent basis, was $47.0 million for the first six months of 2012 compared to $42.9 million for the corresponding 2011 period. Net interest income benefitted from higher average loan balances, lower interest-bearing liabilities balances and lower cost of funding. Net interest income also benefitted from the reclassification from accounts receivable management/factoring commissions and other fees into interest income from loans of revenues related to one of the Company’s lending products, thereby more appropriately reflecting the characteristics of the product. Those benefits were partially offset by the impact of lower yields on loans and lower average investment securities balances. The net interest margin, on a tax-equivalent basis, was 4.09% for the first six months of 2012 compared to 3.93% for the corresponding 2011 period. The net interest margin was impacted by the mix of earning assets and funding, including the higher level of noninterest-bearing demand deposits.
Total interest income, on a tax-equivalent basis, aggregated $52.6 million for the first six months of 2012, up $3.2 million from the corresponding 2011 period as the benefit of higher average loan balances more than offset the impact of lower investment securities balances and lower yields. Total interest earning assets increased to $2,327.9 million for the first six months of 2012 compared to $2,227.0 million in the prior year period. The tax-equivalent yield on interest-earning assets was 4.59% for the first quarter of 2012 compared to 4.54% for the corresponding 2011 period.
Interest earned on the securities portfolio, on a tax-equivalent basis, decreased to $12.6 million for the first six months of 2012 from $14.0 million in the corresponding 2011 period. Average outstandings decreased to $784.4 million (33.7% of average earning assets) for the first six months of 2012 from $882.6 million (39.6% of average earning assets) in the first six months of 2011. The average yield on investment securities increased to 3.22% for the first six months of 2012 from 3.16% in the corresponding 2011 period. The decrease in balances and increase in yield reflect the Company’s decision to replace a portion of medium term (approximate 5 year original maturities), lower yielding U.S. Government Agency Securities that were called by the issuer with longer term (approximate 10-15 year original maturities) U.S. Government Agency securities having approximately the same or slightly higher yield thereby maintaining a pool of pledgable collateral. Management’s Asset/Liability strategy continues to be designed to maintain a portfolio of corporate securities with a relatively short-term average life positioning the Company for higher interest rates in future periods. This strategy was implemented through the sale of available for sale securities, principally longer dated corporate securities and selected obligations of states and political subdivisions with longer average lives.
Read the The complete Report
