Sterling Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charges-Offs for the Fourth Quarter Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
For the year, the company reported net interest income of $576.143 million compared to $404.269 million for the same period a year ago. Total interest and dividend income was $682.449 million compared to $461.551 million for the same period a year ago. Income before income tax expense was $180.970 million compared to $207.354 million for the same period a year ago. Net income available to common stockholders was $91.029 million or $0.58 per basic and diluted share compared to $139.972 million or $1.07 per basic and diluted share for the same period a year ago. Adjusted net income was $222.039 million or $1.11 per diluted share compared to $145.518 million or $1.11 per diluted share for the same period a year ago. Return on average tangible common equity was 6.22% against 14.34% a year ago. Return on average tangible assets was 67.7% against 52.2% a year ago.
For the quarter the company reported net charge-offs of $6.221 million against $1.283 million a year ago.
For the full year 2018, the company anticipates an effective tax rate of approximately 24% to 25%. The company anticipates that core Net interest margin, excluding accretable yield, will be between 3.05% and 3.15% for full year 2018.