A changing asset mix boosted third-quarter results at Sterling Bancorp (STL) in New York.
The $2.5 billion-asset company's rose 23% from a year earlier, to $5.3 million.
Net interest income rose 5% from a year earlier, to $23.8 million, the company said in a press release. The net interest margin expanded by 12 basis points from a year earlier, to 4.02%.
"We have pursued a strategy to redeploy assets from our sizeable liquid investment portfolio into loans," which led to the wider margin and higher net interest income, Louis J. Cappelli, Sterling's chief executive, said in the press release.
Noninterest income fell 1.8% from a year earlier, to $10.5 million. Noninterest expense rose 3% from a year earlier, to $24.5 million.
Loans rose 14.2% from a year earlier, to $1.6 billion. The loan-loss provision fell 33% from a year earlier, to $2 million, while chargeoffs fell 56%, to $866 million.
