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Sterling: $3.6 Million In 1Q

(Filed Under Financial and General Interest News). Sterling Bancorp, the parent company of New York City-based Sterling National Bank, reported a net income of $3.6 million for the first quarter ended March 31, 2009, compared to $4.0 million during last year’s first quarter period.

Pre-tax income totaled at $9.1 million, an 8.5 percent gain from last year’s quarter.

Net interest income during the quarter rose to $21.4 million, an increase from last year of nearly 7.7 percent. The company attributed its growth in net interest to higher average loan and investment securities balances, and lower funding costs due to the company’s “strategy of employing cost-effective wholesale funding in lieu of higher priced certificates of deposit.”

“Sterling’s performance for the 2009 first quarter was distinguished by profitability and growth, in sharp contrast to the prevailing weakness in economic conditions on a local, national, and global scale,” Louis J. Capelli, Sterling’s chairman and chief executive officer, stated.

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Published 05-21-2009 by Amanda Torres Price

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