earningsreleasea011.jpg
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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