MONTEBELLO, N.Y. (AP) _ Sterling Bancorp (STL) on Wednesday reported second-quarter profit of $96.5 million.
The Montebello, New York-based bank said it had earnings of 46 cents per share. Earnings, adjusted for non-recurring costs, came to 51 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The bank holding company posted revenue of $329.5 million in the period. Its revenue net of interest expense was $239 million, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $260.8 million.
Sterling Bancorp shares have increased 31% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.67, a decline of almost 6% in the last 12 months.