Sterling Bancorp Inc. (NASDAQ: SBT), Sterling Bank’s holding company, has announced that it will release its Q2 2021results for the period ended June 30, 2021, on August 2, 2021, before the market opens.
Sterling Bancorp reported a net income of $2.3 million in Q1 2021
The company’s net income was $2.3 million or $0.05 per share in the first quarter relative to a net loss of $11.7 or $0.23 per share in the previous quarter ended December 31, 2021. At the end of March 31, 2021, total assets were $3.694 billion, a 6% drop from the previous quarter. Liquid assets, including investment securities and cash due from banks, dropped 13% to $1.133 billion. In addition, total deposits dropped 7% from the previous quarter to $2.889 billion.
CEO & President Thomas M. O’Brien said, “We begin 2021 still facing some legacy headwinds including previously disclosed investigations. There has been some recent activity in that area which mostly centers around individuals who are no longer with Sterling. We anticipate that in the coming months we will see additional such activity, and, in all such cases, the company continues to offer its full cooperation to the governmental authorities. We will continue to experience the impact of these conditions through elevated expenses for various professional services.”
Sterling Bancorp’s settles securities class action lawsuit
The company came into a final settlement agreement addressing the securities class action suit relating to its disclosures about its home lending practices connected with the first public offering and subsequent filings and releases as previously stated on April 19, 2021. The agreement calls for a single cash payment of $12.5 million in exchange for the defendants’ release from all alleged claims. But the agreement is still subject to final court approval and other terms. Under appropriate insurance policies, the company’s insurance providers will pay the full amount of the settlement.