Sterling Bancorp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total interest and dividend income of $145,692,000 against $118,161,000 a year ago. Net interest income was $120,073,000 against $103,130,000 a year ago. Net interest income after provision for loan losses was $115,073,000 against $97,630,000 a year ago. Income before income tax expense was $66,444,000 against $54,413,000 a year ago. Net income was $44,852,000 or $0.33 per basic and diluted share against $37,422,000 or $0.29 per basic and diluted share a year ago. Return on average tangible assets for the quarter was 1.19% and return on average tangible equity was 14.86%. This compares to 1.20% and 15.13% for the same quarter a year ago. Adjusted return on average tangible assets for the quarter was 1.27% and adjusted return on average tangible equity was 15.85%. This compares to 1.21% and 15.28%, respectively, for the same quarter a year ago. Book value per share was $14.52 as on September 30, 2017 against $13.49 as on September 30, 2016. Tangible book value per share was $8.95 as on September 30, 2017 against $7.64 as on September 30, 2016. Adjusted net income was $47.9 million and adjusted diluted earnings per share were $0.35, compared to $37.8 million and $0.29, respectively, for the third quarter of 2016. This represents growth in adjusted net income and adjusted diluted earnings per share of 26.7% and 20.7%, respectively.

For the nine months, net income was $126,319,000 or $0.93 per basic and diluted share, compared to net income of $98,958,000, or $0.76 per basic and diluted share for the first nine months of 2015. Total interest and dividend income was at $405,955,000 against $338,476,000 a year ago. Net interest income was $342,121,000 against $297,020,000 a year ago. Net interest income after provision for loan losses was $328,121,000 against $282,520,000 a year ago. Income before income tax expense was $185,939,000 against $146,604,000 a year ago.

For the quarter, the company reported net charge offs for the quarter of $3,023,000 against $1,960,000 a year ago.

The cmpany's estimated effective tax rate for full year 2017 is at 32.5%.