Sterling Bancorp (Southfield MI) Full Year 2023 Earnings: EPS Beats Expectations, Revenues Lag
Sterling Bancorp (Southfield MI) (NASDAQ:SBT) Full Year 2023 Results
Key Financial Results
Revenue: US$76.3m (down 15% from FY 2022).
Net income: US$7.41m (up from US$14.2m loss in FY 2022).
Profit margin: 9.7% (up from net loss in FY 2022).
EPS: US$0.15 (up from US$0.28 loss in FY 2022).
SBT Banking Performance Indicators
Net interest margin (NIM): 2.68% (down from 3.06% in FY 2022).
Cost-to-income ratio: 97.0% (down from 121.8% in FY 2022).
Non-performing loans: 0.67% (down from 2.15% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Sterling Bancorp (Southfield MI) EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 114%.
In the last 12 months, the only revenue segment was Community Banking contributing US$76.3m. The largest operating expense was General & Administrative costs, amounting to US$63.2m (92% of total expenses). Explore how SBT's revenue and expenses shape its earnings.
Looking ahead, revenue is expected to decline by 8.0% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.9%.
Performance of the American Banks industry.
The company's share price is broadly unchanged from a week ago.
Risk Analysis
Before you take the next step you should know about the 2 warning signs for Sterling Bancorp (Southfield MI) that we have uncovered.
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