Sterling in New York Reports Solid 1Q Earnings

Rising revenue propelled first-quarter results at Sterling Bancorp (STL) in New York.

Earnings at the $2.8 billion-asset company rose 13% from a year earlier, to $5.3 million, or 17 cents a share.

Net interest income rose 8% from the first quarter of 2012, to $24.1 million. The net interest margin compressed 5 basis points from a year earlier, to 4.02%.

Noninterest income increased 5% from a year earlier, to $10.7 million; noninterest expense rose 8%, to 24.8 million.

The company's loan portfolio grew 19% from the first quarter of 2012, to $1.8 billion. Net chargeoffs fell 45% from a year earlier, to $1.6 million.

Sterling "continued its strong growth momentum and solid earnings performance in the 2013 first quarter," Louis Cappelli, Sterling's chief executive, said in a press release.

Sterling recently agreed to sell itself to Provident New York Bancorp (PBNY) for $344 million in stock. The deal is expected to close in the fourth quarter.