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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________ 
FORM 10-Q
______________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-35385
______________________________ 
STERLING BANCORP
(Exact Name of Registrant as Specified in its Charter)
______________________________ 
Delaware 80-0091851
(State or Other Jurisdiction of (IRS Employer ID No.)
Incorporation or Organization) 
400 Rella Boulevard, 
Montebello,New York10901
(Address of Principal Executive Office) (Zip Code)
(845) 369-8040
(Registrant’s Telephone Number including area code)
______________________________
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareSTLNew York Stock Exchange
Depositary Shares, each representing 1/40 interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series ASTLPRANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer     Accelerated filer    
Non-accelerated filer    ☐ Smaller reporting company 
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Classes of Common Stock  Shares outstanding as of July 29 2020
$0.01 per share  194,478,227




STERLING BANCORP AND SUBSIDIARIES
FORM 10-Q TABLE OF CONTENTS
QUARTERLY PERIOD ENDED JUNE 30, 2020
 
PART I. FINANCIAL INFORMATION - UNAUDITED
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Table of Contents
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
STERLING BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except share and per share data)



 June 30,December 31,
20202019
ASSETS:
Cash and due from banks$324,729  $329,151  
Securities available for sale, at estimated fair value
2,620,624  3,095,648  
Securities held to maturity (“HTM”), (net of allowance for credit losses of $2,499 at June 30, 2020)
1,924,955  1,979,661  
Loans held for sale44,437  8,125  
Portfolio loans 22,295,267  21,440,212  
Allowance for credit losses - loans
(365,489) (106,238) 
Portfolio loans, net21,929,778  21,333,974  
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost
193,666  251,805  
Accrued interest receivable 101,296  100,312  
Premises and equipment, net 226,728  227,070  
Goodwill 1,683,482  1,683,482  
Other intangible assets, net 101,964  110,364  
Bank owned life insurance (“BOLI”)620,908  613,848  
Other real estate owned8,665  12,189  
Other assets 1,058,661  840,868  
Total assets$30,839,893  $30,586,497  
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Deposits$23,600,621  $22,418,658  
FHLB and other borrowings 975,058  2,245,653  
Paycheck Protection Program Lending Facility568,350    
Repurchase agreements26,448  22,678  
Senior Notes  173,504  
Subordinated Notes - Bank173,307  173,182  
Subordinated Notes - Company271,096  270,941  
Mortgage escrow funds 69,686  58,316  
Other liabilities671,140  693,452  
Total liabilities26,355,706  26,056,384  
Commitments and Contingent liabilities (See Note 15. “Commitments and Contingencies”)
STOCKHOLDERS’ EQUITY:
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at June 30, 2020 and December 31, 2019)
137,142  137,581  
Common stock (par value $0.01 per share; 310,000,000 shares authorized at June 30, 2020 and December 31, 2019; 229,872,925 shares issued at June 30, 2020 and December 31, 2019; 194,458,805 and 198,455,324 shares outstanding at June 30, 2020 and December 31, 2019, respectively)
2,299  2,299  
Additional paid-in capital3,755,474  3,766,716  
Treasury stock, at cost (35,414,120 shares at June 30, 2020 and 31,417,601 shares at December 31, 2019)
(660,223) (583,408) 
Retained earnings1,160,885  1,166,709  
Accumulated other comprehensive income, net of tax expense of $33,847 at June 30, 2020 and $15,361 at December 31, 2019
88,610  40,216  
Total stockholders’ equity4,484,187  4,530,113  
Total liabilities and stockholders’ equity$30,839,893  $30,586,497  
See accompanying notes to consolidated financial statements.
3

Table of Contents
STERLING BANCORP AND SUBSIDIARIES
Consolidated Income Statements (Unaudited)
(Dollars in thousands, except share and per share data)


Three months endedSix months ended
June 30,June 30,
2020201920202019
Interest and dividend income:
Loans and loan fees$219,904  $258,283  $455,343  $518,578  
Securities taxable18,855  24,632  39,484  52,479  
Securities non-taxable12,831  14,423  25,828  29,280  
Other earning assets1,636  5,119  6,098  11,520  
Total interest and dividend income253,226  302,457  526,753  611,857  
Interest expense:
Deposits28,110  48,129  73,891  94,124  
Borrowings11,817  22,489  27,791  50,388  
Total interest expense39,927  70,618  101,682  144,512  
Net interest income213,299  231,839  425,071  467,345  
Provision for credit losses - loans56,606  11,500  193,183  21,700  
Provision for credit losses - held to maturity securities    1,703    
Net interest income after provision for credit losses156,693  220,339  230,185  445,645  
Non-interest income:
Deposit fees and service charges5,345  7,098  11,968  13,310  
Accounts receivable management / factoring commissions and other fees4,419  5,794  9,956  11,217  
Bank owned life insurance4,950  4,192  9,967  7,833  
Loan commissions and fees8,003  5,308  19,028  9,146  
Investment management fees1,379  2,050  3,225  3,950  
Net gain (loss) on sale of securities485  (528) 8,896  (13,712) 
Net gain on called securities    4,880    
Gain on sale of residential mortgage loans      8,313  
Other1,509  3,144  5,496  6,598  
Total non-interest income26,090  27,058  73,416  46,655  
Non-interest expense:
Compensation and benefits54,668  54,473  109,544  110,463  
Stock-based compensation plans5,913  4,605  11,919  9,728  
Occupancy and office operations14,695  16,106  29,894  32,641  
Information technology7,312  9,047  15,330  17,722  
Amortization of intangible assets4,200  4,785  8,400  9,611  
FDIC insurance and regulatory assessments3,638  2,994  6,844  6,332  
Other real estate owned expense, net1,233  458  1,285  675  
Charge for asset write-downs, retention and severance      3,344  
Impairment related to financial centers and real estate consolidation strategy  14,398    14,398  
Other33,222  20,074  56,378  37,018  
Total non-interest expense124,881  126,940  239,594  241,932  
Income before income tax expense57,902  120,457  64,007  250,368  
Income tax expense (benefit)7,110  23,997  (932) 52,471  
Net income50,792  96,460  64,939  197,897  
Preferred stock dividend1,972  1,987  3,948  3,976  
Net income available to common stockholders$48,820  $94,473  $60,991  $193,921  
Weighted average common shares:
Basic193,479,757  206,932,114  194,909,498  210,022,967  
Diluted193,604,431  207,376,239  195,168,557  210,419,425  
Earnings per common share:
Basic$0.25  $0.46  $0.31  $0.92  
Diluted0.25  0.46  0.31  0.92  
See accompanying notes to consolidated financial statements.
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Table of Contents
STERLING BANCORP AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in thousands)

Three months endedSix months ended
June 30,June 30,
2020201920202019
Net income$50,792  $96,460  $64,939  $197,897  
Other comprehensive income, before tax:
Change in unrealized holding gains on securities available for sale
29,356  64,176  78,111  139,506  
Unrealized (loss) on transfer of securities held to maturity to available for sale
      (11,813) 
Reclassification adjustment for net realized (gains) losses included in net income
(485) 528  (8,896) 13,712  
Accretion of net unrealized loss on securities transferred to held to maturity