MONTEBELLO, N.Y. (AP) _ Sterling Bancorp (STL) on Wednesday reported second-quarter net income of $50.8 million.
The Montebello, New York-based bank said it had earnings of 25 cents per share. Earnings, adjusted to extinguish debt, were 29 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The bank holding company posted revenue of $279.3 million in the period. Its revenue net of interest expense was $239.4 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $242.5 million.
Sterling Bancorp shares have dropped 46% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.42, a decrease of 45% in the last 12 months.