(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 $0.8 million, (4 cents per diluted share), for the second quarter ended June 30, 2009. Excluding an industry-wide FDIC special assessment, a provision for loan losses and an increase in pension expense, all of which totaled at $5.7 million after taxes, or 32 cents per diluted share, Sterlings adjusted net income for the quarter rose 16.6 percent to $6.5 million, or 36 cents per diluted share.
The company’s net interest margin was 4.53 percent up from 4.49 percent last year, which, according to the company, benefited “from Sterling’s asset-liability management strategies.” Non-interest expenses, excluding the FDIC assessment, and costs associated with the increase in pension expenses and with acquiring DCD Capital in April 2009, rose by 1.8 percent. The company reported that loan volume rose to 1.2 billion, a 6.3 percent jump “as Sterling continued to serve its customers and community.”
“During a period of unprecedented economic distress that has had a devastating impact on many consumers and businesses, Sterling has shown its ability to operate profitably, to grow our business by serving our customers, and to maintain a strong capital foundation,” Louis J. Capelli, Sterling’s chairman and chief executive officer, commented.
Established in 1929, Sterling Bancorp is a New York City-based banking and financial services company with assets totaling at $2.1 billion.
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