Total deposits were up 24% to over $2 billion. Deposit growth is clearly linked to loan growth since as you may recall we generating prior deposit relationship from our borrowing customers. Total assets grew more than 15% to approach $2.7 billion. Asset quality has continued to improve net charge offs were $2 million for the third quarter, the lowest level since the 2008 fourth quarter. The ratio of non-accrual loans to total loans decreased to 0.38% from 0.47% a year ago. Non-performing assets were 0.28% of total assets to September 30, 2011 down from 0.30% a year ago.The allowance for loan losses as a percentage of non-accrual loans was 347% at September 30, 2011 up from 290% a year ago.
Sterling Bancorp CEO Discusses Q3 2011 Results - Earnings Call Transcript
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