Sterling Bancorp in New York said its net income grew 75% in the fourth quarter, from a year earlier, as noninterest income grew and credit costs declined.
The $2.4 billion-asset company reported net income Thursday of $3.5 million, or 13 cents a share. It said the improvement came on loan and deposit growth, more revenue from fee-generating products and a smaller loan-loss provision.
The provision fell 62.5% from a year earlier, to $3 million. Noninterest income grew 12% in the fourth quarter, primarily due to accounts receivable management, factoring and trade finance fees.
Total loans grew 8.3% from a year earlier, to $1.3 billion. Demand deposits grew 4.4% from the fourth quarter of 2009, to $570.3 million, and were 32.6% of total deposits.