Sterling Bancorp, Inc. (NASDAQ: SBT) (Sterling or the Company), the holding company of Sterling Bank and Trust, F.S.B., today announced that it was named as the top performing community bank in the United States with total assets between $3 billion and $10 billion by S&P Global Market Intelligence, based on its financial results for the year ended December 31, 2018. Sterling was also the best performing community bank in 2017 in the category of community banks with assets between $1 billion and $10 billion.
We are honored to be named as the top performing large community bank in the United States by S&P Global Market Intelligence for the second year in a row, said Gary Judd, Sterlings Chairman and CEO. Our strategic focus on strong customer relationships and targeted growth products and markets have proven a successful model, and led to a superior level of performance including the second-highest annual return on average tangible common equity at 29.19% in the group. We are proud of the Sterling team and their hard work that drives these results.
S&P Global Market Intelligences rankings are based on six metrics: pretax return on average tangible common equity, net charge-offs as a percentage of average loans, efficiency ratio, adjusted Texas ratio, net interest margin on a fully taxable equivalent basis and loan growth. More than 150 companies were eligible for the S&P Global Market Intelligence rankings.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California, New York City and the greater Seattle market. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Companys website at www.sterlingbank.com.
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Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements,” within the meaning of the federal securities laws including, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
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