MONTEBELLO, N.Y. (AP) _ Sterling Bancorp (STL) on Wednesday reported fourth-quarter net income of $114.5 million, after reporting a loss in the same period a year earlier.
The Montebello, New York-based bank said it had earnings of 51 cents per share. Earnings, adjusted for non-recurring costs, were 52 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The bank holding company posted revenue of $335.7 million in the period. Its revenue net of interest expense was $269.4 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $268.9 million.
For the year, the company reported profit of $447.3 million, or $1.95 per share. Revenue was reported as $1.09 billion.
Sterling Bancorp shares have climbed 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.29, a drop of 30 percent in the last 12 months.
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