STL - Sterling Bancorp closes two loan portfolio sales; loan deferrals dip

As the assets did not meet risk-adjusted return targets, Sterling Bancorp ([[STL]] +2.7%), parent company of Sterling National Bank, completed two loan portfolio sales including the remaining balance of its small business commercial transportation loans and the majority of its residential mortgage non-performing loans.In two separate transactions, the bank sold $106.1M in equipment finance loans; in totality the loan sales included a total of $84.5M in non-performing loans and resulted in net charge-offs of $55.1M.Sales will not have a material impact in Q3 on its provision for loan losses or allowance for credit losses requirements.Loan deferrals stood at $704M (-59% from June 30, 2020) or 3.2% of total portfolio loans.

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Sterling Bancorp closes two loan portfolio sales; loan deferrals dip