Sterling Bancorp Reports Fourth Quarter and Full Year 2024 Financial Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 30 2025
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Source: Businesswire
Financial Performance: Sterling Bancorp, Inc. reported a fourth quarter net income of $1.2 million and a full-year net income of $2.1 million for 2024, reflecting a decrease from the previous year. The company also noted a decline in total gross loans and an increase in cash and due from banks.
Transaction Announcement: The company has entered into a definitive stock purchase agreement with EverBank Financial Corp for the sale of Sterling Bank and Trust, expected to close in the first quarter of 2025, alongside a plan for dissolution approved by shareholders.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
