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Sterling Bancorp (STL) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

SEC Filings

Sterling Bancorp

CIK: 1070154 Ticker: STL


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FOR IMMEDIATE RELEASESTERLING BANCORP CONTACT:
January 20, 2021
Emlen Harmon, Senior Managing Director - Investor Relations
212.309.7646
http://www.sterlingbancorp.com
Sterling Bancorp announces results for the fourth quarter and full year 2020. Diluted income per share available to common stockholders in the fourth quarter of $0.38 (as reported) and $0.49 (as adjusted).
Key Performance Highlights
Adjusted PPNR excluding accretion income1, 2 of $130.3 million; increased $7.0 million, or 5.7% over linked quarter.
Adjusted total revenue1 was $256.1 million; an increase of $10.5 million, or 4.3% over linked quarter.
Net interest margin excluding accretion income1 of 3.25%, an increase of 15 basis points (“bps”) over the linked quarter.
Earning asset yields increased by six bps to 3.69% while cost of funding liabilities decreased by nine bps to 33 bps.
Total commercial loans were $20.0 billion, an increase of 5.5% over a year ago.
Total deposits were $23.1 billion, an increase of 3.1% over a year ago.
Total core deposits were $21.5 billion, an increase of 4.5% over a year ago.
Adjusted non-interest expense1 was $110.1 million, an increase of $4.3 million relative to the linked quarter. Adjusted operating efficiency ratio3 was 43.0%.
NPLs decreased by $13.8 million to $167.1 million; ACL / portfolio loans of 1.49% and ACL / NPLs of 195.2%.
TCE / TA1 was 9.55% and tangible book value per common share1 was $13.87, an increase of 6.0% over a year ago.
Completed $225.0 million subordinated debt capital raise; anticipate redeeming bank subordinated debt in April 2021.
Declared dividend per common share of $0.07.
Restarted share repurchase program in Q4 2020; with 1.9 million repurchased and 14.7 million available for repurchase under the program; targeting a 50% pay out ratio.
Results for the Three Months ended December 31, 2020 vs. December 31, 2019
($ in thousands except per share amounts)GAAP / As Reported
Non-GAAP / As Adjusted1
12/31/201912/31/2020Change % / bps12/31/201912/31/2020Change % / bps
Total assets$30,586,497 $29,820,138 (2.5)%$30,586,497 $29,820,138 (2.5)%
Total portfolio loans, gross21,440,212 21,848,409 1.9 21,440,212 21,848,409 1.9 
Total deposits22,418,658 23,119,522 3.1 22,418,658 23,119,522 3.1 
PPNR1, 2
145,188 122,474 (15.6)131,380 130,257 (0.9)
Net income available to common104,722 74,457 (28.9)108,855 94,323 (13.3)
Diluted EPS available to common0.52 0.38 (26.9)0.54 0.49 (9.3)
Net interest margin3.37 %3.33 %(4)3.42 %3.38 %(4)
Tangible book value per common share1
$13.09 $13.87 6.0 $13.09 $13.87 6.0 
Results for the Three Months ended December 31, 2020 vs. September 30, 2020
($ in thousands except per share amounts)GAAP / As Reported
Non-GAAP / As Adjusted1
9/30/202012/31/2020Change % / bps9/30/202012/31/2020Change % / bps
PPNR1, 2
$126,687 $122,474 (3.3)$123,286 $130,257 5.7 
Net income available to common82,438 74,457 (9.7)87,682 94,323 7.6 
Diluted EPS available to common0.43 0.38 (11.6)0.45 0.49 8.9 
Net interest margin3.19 %3.33 %14 3.24 %3.38 %14 
Operating efficiency ratio3
48.5 52.1 360 43.1 43.0 (10)
Allowance for credit losses (“ACL”) - loans$325,943 $326,100 — $325,943 $326,100 — 
ACL to portfolio loans1.46 %1.49 %1.46 %1.49 %
ACL to NPLs180.2 195.2 15 180.2 195.2 15 
Tangible book value per common share1
$13.57 $13.87 2.2 $13.57 $13.87 2.2 


1. Non-GAAP / as adjusted measures are defined in the non-GAAP tables beginning on page 18.
2. PPNR represents pretax pre-provision net revenue. PPNR and PPNR excluding accretion income are non-GAAP measures and are measured as net interest income plus non-interest income less operating expenses before tax.
3. Operating efficiency ratio is a non-GAAP measure. See page 20 for an explanation of the operating efficiency ratio.

1

The following information was filed by Sterling Bancorp (STL) on Wednesday, January 20, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Income Statements
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Acl - Loans
Acl - Loans - (Tables)
Acl - Loans - Allowance Rollforward (Details)
Acl - Loans - Allowance Rollforward Pre-Cecl Adoption (Details)
Acl - Loans - Narrative (Details)
Acl - Loans - Risk Category Of Gross Loans By Segment (Details)
Acquisitions
Acquisitions - Advantage Funding Acquisition Narrative (Details)
Acquisitions - Loan Portfolio Of Santander And Woodforest Bank (Details)
Allowance For Credit Losses - Loans - Schedule Of Term Loans Amortized Cost Basis By Origination Year (Details)
Aoci
Aoci (Tables)
Aoci - Changes In Aoci (Details)
Aoci - Components Of Aoci (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - (Policies)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Bank Owned Life Insurance Narrative (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Cecl Adoption Narrative (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Goodwill, Trade Names And Other Intangible Assets Narrative (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Portfolio Composition (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Portfolio Loans And Allowance For Loan Losses Narrative (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Premises And Equipment Narrative (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Restrictions On Cash Narrative (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Retirement Plans Narrative (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Schedule Of Cecl Adoption (Details)
Basis Of Financial Statement Presentation And Summary Of Significant Accounting Policies - Troubled Debt Restructuring Narrative (Details)
Borrowings, Senior Notes And Subordinated Notes
Borrowings, Senior Notes And Subordinated Notes - (Tables)
Borrowings, Senior Notes And Subordinated Notes - Narrative (Details)
Borrowings, Senior Notes And Subordinated Notes - Summary Of Borrowings (Details)
Condensed Parent Company Financial Statements
Condensed Parent Company Financial Statements (Tables)
Condensed Parent Company Financial Statements - Statements Of Cash Flows (Details)
Condensed Parent Company Financial Statements - Statements Of Financial Condition (Details)
Condensed Parent Company Financial Statements - Statements Of Income (Details)
Deposits
Deposits - (Tables)
Deposits - Brokered Deposits (Details)
Deposits - Deposit Balances (Details)
Deposits - Narrative (Details)
Deposits - Remaining Period To Contractual Maturity (Details)
Derivatives
Derivatives - (Tables)
Derivatives - Derivative Information (Details)
Derivatives - Narrative (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Calculation Summary (Details)
Fair Value Measurements
Fair Value Measurements - (Tables)
Fair Value Measurements - Financial Assets And Liabilities (Details)
Fair Value Measurements - Impaired Loans (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Summary Of Assets And Liabilities (Details)
Fair Value Measurements - Unobservable Inputs To Level 3 (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets - (Tables)
Goodwill And Other Intangible Assets - Balance Of Intangible Assets (Details)
Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Goodwill Rollforward (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes - (Tables)
Income Taxes - Components Of Income Tax (Details)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits Rollforward (Details)
Investments In Low Income Housing Tax Credits
Investments In Low Income Housing Tax Credits - (Tables)
Investments In Low Income Housing Tax Credits - Balance Sheet Disclosure (Details)
Investments In Low Income Housing Tax Credits - Tax Credits And Amortization (Details)
Investments In Low Income Housing Tax Credits - Unfunded Commitments Maturity Schedule (Details)
Leases
Leases - (Tables)
Leases - Lease Cost (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Remaining Lease Maturity (Details)
Leases - Sales-Type And Direct Financing Leases (Details)
Leases - Weighted Average Terms And Discount Rates (Details)
Litigation
Non-Interest Income, Other Non-Interest Expense, Other Assets And Other Liabilities
Non-Interest Income, Other Non-Interest Expense, Other Assets And Other Liabilities (Tables)
Non-Interest Income, Other Non-Interest Expense, Other Assets And Other Liabilities - Other Assets (Details)
Non-Interest Income, Other Non-Interest Expense, Other Assets And Other Liabilities - Other Liability (Details)
Non-Interest Income, Other Non-Interest Expense, Other Assets And Other Liabilities - Significant Components (Details)
Off-Balance-Sheet Financial Instruments
Off-Balance-Sheet Financial Instruments - (Tables)
Off-Balance-Sheet Financial Instruments - Contractual Or Notional Amounts (Details)
Off-Balance-Sheet Financial Instruments - Narrative (Details)
Organization, Consolidation And Presentation Of Financial Statements (Tables)
Pension And Other Post Retirement Benefits
Pension And Other Post Retirement Benefits - (Tables)
Pension And Other Post Retirement Benefits - Amounts Recognized In Aoci (Details)
Pension And Other Post Retirement Benefits - Cost Trend Rates (Details)
Pension And Other Post Retirement Benefits - Estimated Future Benefit Payments (Details)
Pension And Other Post Retirement Benefits - Narrative (Details)
Pension And Other Post Retirement Benefits - Net Periodic Pension Expense (Details)
Pension And Other Post Retirement Benefits - Plan Assumptions (Details)
Pension And Other Post Retirement Benefits - Projected Benefit Obligation (Details)
Portfolio Loans
Portfolio Loans - (Tables)
Portfolio Loans - Average Recorded Investment And Interest Income Recognized (Details)
Portfolio Loans - Composition Of Loan Portfolio (Details)
Portfolio Loans - Loan Deferrals (Details)
Portfolio Loans - Loans Evaluated For Impairment (Details)
Portfolio Loans - Loans Individually Evaluated For Impairment (Details)
Portfolio Loans - Narrative (Details)
Portfolio Loans - Nonaccrual Loans (Details)
Portfolio Loans - Past Due Status (Details)
Portfolio Loans - Schedule Of Accrued Interest Receivable Reversed Against Interest Income (Details)
Portfolio Loans - Schedule Of Collateral-Dependent Loans (Details)
Portfolio Loans - Status Of Loans And Tdrs (Details)
Portfolio Loans - Troubled Debt Restructurings (Details)
Premises And Equipment, Net
Premises And Equipment, Net - (Details)
Premises And Equipment, Net - (Tables)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Details)
Quarterly Results Of Operations (Unaudited) (Tables)
Recently Issued Accounting Standards
Securities
Securities - (Tables)
Securities - Amortized Cost To Fair Value (Details)
Securities - Available-For-Sale Securities With Unrealized Losses (Details)
Securities - Credit Ratings (Details)
Securities - Future Maturity (Details)
Securities - Held To Maturity Securities With Unrealized Losses (Details)
Securities - Narrative (Details)
Securities - Sale Of Securities (Details)
Securities - Securities Pledged For Borrowings (Details)
Securities Impact Of Cecl Adoption (Details)
Stock-Based Compensation
Stock-Based Compensation - (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Options Outstanding By Exercise Price Range (Details)
Stock-Based Compensation - Plan Activity (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity - (Tables)
Stockholders' Equity - Compliance With Regulatory Capital Requirements (Schedule) (Details)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Reconciliation Of Stockholders' Equity To Bank Regulatory Capital (Details)
Subsequent Events
Ticker: STL
CIK: 1070154
Form Type: 10-K Annual Report
Accession Number: 0001070154-21-000008
Submitted to the SEC: Fri Feb 26 2021 4:13:35 PM EST
Accepted by the SEC: Fri Feb 26 2021
Period: Thursday, December 31, 2020
Industry: National Commercial Banks

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