Sterling Bancorp (NYSE:STL) today announced that Kroll Bond Rating Agency (KBRA), a full-service rating agency, has initiated coverage on the Company and its Sterling National Bank subsidiary, and has assigned the following investment grade ratings:
|Sterling Bancorp||Senior Unsecured Debt||BBB+||Stable|
|Sterling National Bank||Deposit||A-||Stable|
|Senior Unsecured Debt||A-||Stable|
Jack Kopnisky, President and CEO of Sterling Bancorp, stated, “We are pleased with the strong initial rating from Kroll Bond Rating Agency. The investment grade rating recognizes the results of our efforts to build a high-performing regional bank, and should be especially meaningful as our commercial banking teams continue their outreach to institutional and larger commercial clients.”
Commenting on the basis of the ratings, the KBRA Rating Report stated, “Sterling Bancorp’s performance has been solid in recent years, with a core ROA approximating 1.2%, driven by very low credit costs, a competitive NIM (net interest margin) and favorable operating efficiency, the latter, in part, based on the company’s commercially oriented business model. Capital metrics, including a +8% TCE (tangible common equity) ratio, are considered suitable for the assigned ratings.”
Read the full press release on our Investor Relations website.