Sterling Bancshares Inc. in Houston reported Tuesday that its first-quarter earnings fell about 3% from a year earlier, to $11.6 million.
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The $4.7 billion-asset Sterling's provision for credit losses jumped to $4.2 million, from $370,000, to account for loan growth and higher credit losses.
Sterling added $54 million of loans during the quarter when it acquired 10 First Horizon National Corp. branches in the Dallas market.
Net chargeoffs more than doubled from the fourth quarter and nearly tripled from a year earlier, to $2.9 million.
The ratio of net chargeoffs to average loans climbed 29 basis points from a year earlier, to 0.34%.
