Printer Friendly

STERLING BANCORP CONTINUED EARNINGS MOMENTUM 1993 FIRST QUARTER EARNINGS UP 21 PERCENT OVER A YEAR AGO

 NEW YORK, April 14 /PRNewswire/ -- Sterling Bancorp (NYSE: STL), whose principal subsidiary is Sterling National Bank & Trust Company of New York, today announced continuing earnings momentum with its strong 1993 first quarter results.
 For the first quarter ended March 31, 1993, Sterling's net income reached $741,764 or $.12 per common share, an increase of 21 percent over the $613,294, or $.10 per common share, for the first quarter of 1992 and up 16 percent from the $639,696, or $.10 per common share, for the preceding 1992 fourth quarter.
 Louis J. Cappelli, chairman, president and chief executive officer, said: "Sterling is moving forward with its strategy to take advantage of its strong balance sheet to grow profitably and, in turn, to build its value to customers and shareholders. During the 1993 first quarter, we continued to emphasize business development, achieving solid growth in both core earnings and non-interest income."
 Core loans increased 34 percent to $178 million at March 31, 1993 from $133 million at March 31, 1992. Deposits increased to $396 million at March 31, 1993, up 15 percent from $344 for a year ago. Total assets grew 18 percent from a year ago to $552 million at March 31, 1993.
 Net interest income for the 1993 first quarter increased 13 percent to $5.4 million from $4.8 million for the year-ago period. This increase was attributable to an improvement in the net spread between the company's yield on earning assets and its cost of funds.
 Reflecting its generation of higher fee income, non-interest income for the first quarter of 1993 increased to $877,000 from $786,000 for the year-ago period.
 First quarter 1993 non-interest expenses were $4.8 million versus $4.4 million for the comparable 1992 period. This increase was largely due to costs incurred related to Sterling's business development efforts.
 Sterling's provision for loan losses for the first quarter of 1993 was $160,000. The provision for loan losses for the comparable 1992 first quarter was $85,000. At March 31, 1993, non-accrual loans were $2.5 million, less than one-half of one percent of total assets, versus $4.5 million or 1 percent of total assets at March 31, 1992. Despite a lower level of non-accrual loans, the increase in the provision over a year ago was made to reflect the expansion of the company's core loan portfolio.
 Mr. Cappelli stated: "Our fortress balance sheet and exceptionally strong capital ratios position us to be able to continue to actively pursue attractive growth opportunities. Specifically, Sterling National Bank's capital ratios substantially exceed regulatory minimums. At March 31, 1993, the Bank's Tier 1 risk-based capital ratio was 18.7 percent, more than four times the current regulatory minimum, of 4 percent.
 Sterling Bancorp's principal subsidiary, Sterling National Bank & Trust Company of New York, with offices in Manhattan and Queens, has been serving banking needs in the New York area since 1929, with a focus on middle-market companies and high-net-worth individuals.
 STERLING BANCORP
 Comparative Earnings Table
 Quarter ended
 March 31 1993 1992
 Income before taxes $1,381,541 $1,067,943
 Provision for income taxes 639,777 454,649
 Net income 741,764 613,294
 Average number of common
 shares 6,345,940 6,334,334
 Net income per average
 common share $.12 $.10
 -0- 4/14/93
 /CONTACT: John Ferguson, vice president of Sterling Bancorp, 212-826-8046, or Roy Winnick or Robert Siegfried of Kekst and Company, 212-593-2655, for Sterling Bancorp/
 (STL)


CO: Sterling Bancorp ST: New York IN: FIN SU: ERN

SM-AH -- NY030 -- 5652 04/14/93 11:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 14, 1993
Words:597
Previous Article:PROMIS SYSTEMS COMMENTS ON SHARE TRADING
Next Article:SHOPPERS CHARGE ACCOUNTS REPORTS 5.8 PERCENT INCREASE IN FIRST QUARTER SALES
Topics:


Related Articles
BOULEVARD BANCORP ANNOUNCES 1992 EARNINGS; FOURTH QUARTER RESULTS WELL IN EXCESS OF PRIOR YEAR
CAPITAL BANCORP REPORTS RECORD EARNINGS IN FIRST QUARTER 1993
INDEPENDENCE BANCORP REPORTS 19.8 PERCENT INCREASE IN FIRST QUARTER NET INCOME
BALTIMORE BANCORP REPORTS FIRST QUARTER PROFIT; PLANS TO RAISE ADDITIONAL CAPITAL
COMMERCIAL BANCORP REPORTS RECORD FIRST-QUARTER EARNINGS
CAPITAL BANCORP REPORTS 44 PERCENT INCREASE IN SECOND-QUARTER EARNINGS
UNITED BANCORP REPORTS SECOND QUARTER EARNINGS
UNITED NATIONAL BANCORP NINE-MONTH EARNINGS SHOW 81 PERCENT INCREASE
TRANS FINANCIAL ANNOUNCES THIRD QUARTER AND NINE MONTHS EARNINGS
FIRST SOUTHERN BANCORP'S EARNINGS INCREASE IN THIRD QUARTER ASSETS REACH $300 MILLION

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters