Sterling Bancorp in New York said Friday that it swung to a $4.4 million loss in the third quarter, from a $6.3 million profit a year earlier.
The company lost 23 cents per diluted share compared to earnings of 31 cents per share a year earlier. Analysts had expected the $1.9 billion-asset company to earn 18 cents per share.
Sterling attributed the loss to the sale of its Sterling Financial Services business, which resulted in an after-tax loss of $9.6 million. The company announced the unit's sale on Sept. 21.
The company's net interest income in the quarter was $17 million, down 4% from the year earlier. Its provision for loan losses, at $1.5 million, was flat compared with the year before.
Noninterest income in the quarter was flat at $9.2 million. Noninterest expense was up 13%, to $19.5 million.
