Sterling Bancorp: 1Q Earnings Snapshot

MONTEBELLO, N.Y. (AP) _ Sterling Bancorp (STL) on Wednesday reported first-quarter net income of $101.4 million.

The bank, based in Montebello, New York, said it had earnings of 47 cents per share. Earnings, adjusted for non-recurring costs, came to 50 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.

The bank holding company posted revenue of $329 million in the period. Its revenue net of interest expense was $255.1 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $259.1 million.

Sterling Bancorp shares have risen 25 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.61, a decline of 9 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STL at https://www.zacks.com/ap/STL