Sterling Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. Net income for the quarter was $32.8 million, or $0.25 per diluted share, compared to net income of $24.2 million, or $0.19 per diluted share, for the linked quarter ended September 30, 2015 and net income of $17.0 million, or $0.20 per diluted share, for the fourth quarter of 2014. Core net income for the quarter was $33.5 million and core diluted earnings per share were $0.26 compared to $19.6 million and $0.23, respectively, for the same quarter a year ago. Core return on average tangible assets was 1.22% and core return on average tangible equity was 14.60%. This compares to 1.13% and 14.42%, respectively, for the same quarter a year ago. Net interest income was $95.4 million, up $35.2 million compared to the fourth quarter of 2014. This was mainly the result of higher average loans and investment securities balances due to the HVB Merger and organic growth. Income before income tax expense was $48.583 million against $25.380 million a year ago. Return on average assets was 1.12% against 0.92% a year ago. Return on average equity was 7.83% against 6.93% a year ago. Total interest income was $106,224,000 compared to $68,087,000 for the same period a year ago.

Net income for the year ended December 31, 2015 was $66.1 million, or $0.60 per diluted share, compared to net income of $58.7 million, or $0.70 per diluted share for the prior calendar year. For the year ended December 31, 2015, core net income was $105.4 million and core earnings per diluted share were $0.96. This represented an increase of 58.1% and 21.5%, respectively, over the same period a year ago. For the year, core return on average tangible assets was 1.17% and core return on average tangible equity was 13.86%. Tangible book value per share increased to $7.05 at December 31, 2015 from $6.94 at September 30, 2015. Net interest income was $311.216 million against $232.349 million a year ago. Income before income tax expense was $97.949 million against $84.160 million a year ago. Return on average tangible assets was 0.73% against 0.88% a year ago. Return on average tangible equity was 8.70% against 11.37% a year ago. Total interest income was $348,141,000 compared to $262,282,000 for the same period a year ago.

Net charge-offs against the allowance for loan losses for the three months ended December 31, 2015 were $3.0 million, or 0.15% on an annualized basis, compared to $1.7 million, or 0.09% on an annualized basis, in the three months ended September 30, 2015.

The company estimates its effective tax rate for 2016 will be 34.0%.