Sterling Bancorp (STL) 10K Annual Reports & 10Q SEC Filings


FOR IMMEDIATE RELEASE			STERLING 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
	12/31/2019			12/31/2020			Change % / bps		12/31/2019			12/31/2020			Change % / bps
Total assets	$	30,586,497		$	29,820,138		(2.5)	%	$	30,586,497		$	29,820,138		(2.5)	%
Total portfolio loans, gross	21,440,212			21,848,409			1.9		21,440,212			21,848,409			1.9
Total deposits	22,418,658			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 common	104,722			74,457			(28.9)		108,855			94,323			(13.3)
Diluted EPS available to common	0.52			0.38			(26.9)		0.54			0.49			(9.3)
Net interest margin	3.37		%	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
	9/30/2020			12/31/2020			Change % / bps	9/30/2020			12/31/2020			Change % / bps
PPNR1, 2	$	126,687		$	122,474		(3.3)	$	123,286		$	130,257		5.7
Net income available to common	82,438			74,457			(9.7)	87,682			94,323			7.6
Diluted EPS available to common	0.43			0.38			(11.6)	0.45			0.49			8.9
Net interest margin	3.19		%	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 loans	1.46		%	1.49		%	3	1.46		%	1.49		%	3
ACL to NPLs	180.2			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.

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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Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Sterling Bancorp provided additional information to their SEC Filing as exhibits

Exhibit 21.0: Subsidaries Of The Registrant

Exhibit 23.0: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.0: Section 1350 Certification

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