Sterling Bancorp (NYSE:STL) (the “Company”), the parent company of Sterling National Bank (the “Bank”), today announced results for the three and nine months ended September 30, 2017. Net income for the quarter ended September 30, 2017 was $44.9 million, or $0.33 per diluted share, compared to net income of $42.4 million, or $0.31 per diluted share, for the linked quarter ended June 30, 2017 and net income of $37.4 million, or $0.29 per diluted share, for the three months ended September 30, 2016.
Net income for the nine months ended September 30, 2017 was $126.3 million, or $0.93 per diluted share, compared to net income of $99.0 million, or $0.76 per diluted share, for the nine months ended September 30, 2016.
Jack Kopnisky, President and Chief Executive Officer, commented: “Our positive momentum in operating performance continued in the third quarter of 2017, as we reached new records in loans, deposits, revenues and profitability. As of September 30, 2017, our total assets reached $16.8 billion, compared to $13.6 billion a year ago. Our total portfolio loans, gross were $10.5 billion, compared to $9.2 billion a year ago, and our total deposits were $11.0 billion, compared to $10.2 billion a year ago.
“We had strong earnings performance in the quarter. Our GAAP net income was $44.9 million, or $0.33 per diluted share. Our adjusted net income was $47.9 million and adjusted diluted earnings per share were $0.35, compared to $37.8 million and $0.29, respectively, for the third quarter of 2016. This represents growth in adjusted net income and adjusted diluted earnings per share of 26.7% and 20.7%, respectively. We continue to focus on controlling our operating expenses and improving our operating efficiency. During the quarter, our reported operating efficiency was 46.7% and our adjusted operating efficiency ratio was 40.6%. This represents a decrease of 430 and 520 basis points, respectively, relative to the same quarter a year ago. We also continue to improve our operating leverage. For the quarter ended September 30, 2017, adjusted total revenue grew 13.3% while adjusted non-interest expense increased 0.6% relative to the same quarter a year ago. This is a ratio of 22.2x growth in revenues to growth in operating expenses.
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