Sterling in Mich. revises 4Q earnings upward

Sterling Bancorp in Southfield, Mich., significantly increased its fourth-quarter earnings after revising the fair value of a commercial real estate loans it sold. 

The $2.9 billion-asset company said in a press release Thursday that it earned $8.1 million in the quarter, compared to the $4.8 million it reported in early February. 

Sterling determined after reporting its quarterly results that the estimated fair value of the loans at Dec. 31 should have been higher. 

The revision also resulted in a $6.1 million loan-loss recovery, an increase from the previously reported $1.6 million. 

Sterling said when it originally reported its quarterly earnings that it had reclassified about $61.7 million of CRE loans as held for sale with the intent of selling the loans in short order.