Sterling Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $234.024 million compared to $107.248 million for the same period a year ago. Total interest and dividend income was $276.495 million compared to $123.075 million for the same period a year ago. Loss before income tax expense was $4.960 million compared to income of $60.733 million for the same period a year ago. Net loss available to common stockholders was $35.281 million or $0.16 per basic and diluted share compared to loss of $40.996 million or $0.31 per basic and diluted share for the same period a year ago. Adjusted diluted earnings per share were $0.39 compared to $0.30 for the same period a year ago. Adjusted net income available to common stockholders was $87.171 million compared to $39.954 million for the same period a year ago. Book value per share was $18.24 compared to $13.72 for the same period a year ago. Tangible book value per share was $10.53 compared to $8.08 for the same period a year ago. Return on average assets was negative 0.48% against 1.19% a year ago. Return on average equity was negative 3.30% against 9.03% a year ago. Return on average tangible assets was negative 0.51% against 1.26% a year ago. Return on average tangible assets adjusted was 1.25% against 1.23% a year ago. Return on average tangible common equity was negative 5.87% against 15.66% a year ago. Return on average tangible equity, as adjusted was negative 14.49% against 15.27% a year ago.

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.