Sterling Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charges-Offs for the Fourth Quarter of 2016
For the year, the company reported net interest income of $404.269 million compared to $311.216 million for the same period a year ago. Total interest and dividend income was $461.551 million compared to $348.141 million for the same period a year ago. Income before income tax expense was $207.354 million compared to $97.949 million for the same period a year ago. Net income was $139.972 million or $1.07 per basic and diluted share compared to $66.114 million or $0.6 per basic and diluted share for the same period a year ago. Book value per share was $13.72 compared to $13.01 for the same period a year ago. Tangible book value per share was $8.08 compared to $7.05 for the same period a year ago. Return on average assets was 1.19% against 1.12% a year ago. Return on average equity was 9.03% against 7.83% a year ago. Return on average tangible assets, as adjusted was 1.23% against 1.22% a year ago. Return on average tangible equity, as adjusted was 15.27% against 14.6% a year ago. Adjusted net income was $145.518 million or $1.11 per basic and diluted share compared to $105.398 million or $0.96 per basic and diluted share for the same period a year ago.
For the quarter the company reported net charge-offs of $1.283 million against $2.966 million a year ago.