SBT - Sterling Bancorp GAAP EPS of $0.10 beats by $0.01 revenue of $22.68M misses by $2.82M

Sterling Bancorp press release (NASDAQ:SBT): Q1 GAAP EPS of $0.10 beats by $0.01. Revenue of $22.68M (-4.2% Y/Y) misses by $2.82M. “Sterling’s first quarter of 2022 produced several improvements and milestones. Most importantly, our credit quality metrics continue the improvement that we have witnessed over the past few quarters. This was accomplished by both the continued hard work of our credit loss mitigation efforts and the successful sale of higher risk single room occupancy loans with original balances of approximately $62 million. Additionally, we continued to make meaningful progress on resolving the multiple regulatory matters as contained in our Formal Agreement with the OCC. The volume of remedial work remains substantial but the progress to date has been significant,” said Thomas M. O’Brien, Chairman, President, and Chief Executive Officer.

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Sterling Bancorp GAAP EPS of $0.10 beats by $0.01, revenue of $22.68M misses by $2.82M