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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 March 31, 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 May 1, 2020
$0.01 per share  194,455,424




STERLING BANCORP AND SUBSIDIARIES
FORM 10-Q TABLE OF CONTENTS
QUARTERLY PERIOD ENDED MARCH 31, 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)



 March 31,December 31,
20202019
ASSETS:
Cash and due from banks$348,636  $329,151  
Securities available for sale, at estimated fair value
2,660,835  3,095,648  
Securities held to maturity (“HTM”), (net of allowance for credit losses of $2,499 at March 31, 2020)
1,953,678  1,979,661  
Loans held for sale8,124  8,125  
Portfolio loans 21,709,957  21,440,212  
Allowance for credit losses - loans
(326,444) (106,238) 
Portfolio loans, net21,383,513  21,333,974  
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost
240,722  251,805  
Accrued interest receivable 102,101  100,312  
Premises and equipment, net 228,526  227,070  
Goodwill 1,683,482  1,683,482  
Other intangible assets, net 106,164  110,364  
Bank owned life insurance (“BOLI”)616,648  613,848  
Other real estate owned11,815  12,189  
Other assets 990,792  840,868  
Total assets$30,335,036  $30,586,497  
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Deposits$22,558,280  $22,418,658  
FHLB borrowings 1,955,451  2,245,653  
Repurchase agreements27,562  22,678  
Senior Notes171,422  173,504  
Subordinated Notes - Bank173,244  173,182  
Subordinated Notes - Company271,019  270,941  
Mortgage escrow funds 96,491  58,316  
Other liabilities659,143  693,452  
Total liabilities25,912,612  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 March 31, 2020 and December 31, 2019)
137,363  137,581  
Common stock (par value $0.01 per share; 310,000,000 shares authorized at March 31, 2020 and December 31, 2019; 229,872,925 shares issued at March 31, 2020 and December 31, 2019; 194,460,656 and 198,455,324 shares outstanding at March 31, 2020 and December 31, 2019, respectively)
2,299  2,299  
Additional paid-in capital3,749,508  3,766,716  
Treasury stock, at cost (35,412,268 shares at March 31, 2020 and 31,417,601 shares at December 31, 2019)
(660,069) (583,408) 
Retained earnings1,125,702  1,166,709  
Accumulated other comprehensive income, net of tax expense of $25,830 at March 31, 2020 and $15,361 at December 31, 2019
67,621  40,216  
Total stockholders’ equity4,422,424  4,530,113  
Total liabilities and stockholders’ equity$30,335,036  $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 ended
March 31,
20202019
Interest and dividend income:
Loans and loan fees$235,439  $260,295  
Securities taxable20,629  27,847  
Securities non-taxable12,997  14,857  
Other earning assets4,462  6,401  
Total interest and dividend income273,527  309,400  
Interest expense:
Deposits45,781  45,995  
Borrowings15,974  27,899  
Total interest expense61,755  73,894  
Net interest income211,772  235,506  
Provision for credit losses - loans136,577  10,200  
Provision for credit losses - held to maturity securities1,703    
Net interest income after provision for credit losses73,492  225,306  
Non-interest income:
Deposit fees and service charges6,622  6,212  
Accounts receivable management / factoring commissions and other fees5,538  5,423  
Bank owned life insurance5,018  3,641  
Loan commissions and fees11,024  3,838  
Investment management fees1,847  1,900  
Net gain (loss) on sale of securities8,412  (13,184) 
Net gain on called securities4,880    
Gain on sale of residential mortgage loans  8,313  
Other3,985  3,454  
Total non-interest income47,326  19,597  
Non-interest expense:
Compensation and benefits54,876  55,990  
Stock-based compensation plans6,006  5,123  
Occupancy and office operations15,199  16,535  
Information technology8,018  8,675  
Amortization of intangible assets4,200  4,826  
FDIC insurance and regulatory assessments3,206  3,338  
Other real estate owned expense, net52  217  
Charge for asset write-downs, retention and severance  3,344  
Other23,156  16,944  
Total non-interest expense114,713  114,992  
Income before income tax expense6,105  129,911  
Income tax (benefit) expense(8,042) 28,474  
Net income14,147  101,437  
Preferred stock dividend1,976  1,989  
Net income available to common stockholders$12,171  $99,448  
Weighted average common shares:
Basic196,344,061  213,157,090  
Diluted196,709,038  213,505,842  
Earnings per common share:
Basic$0.06  $0.47  
Diluted0.06  0.47  
See accompanying notes to consolidated financial statements.
4

Table of Contents
STERLING BANCORP AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in thousands)

Three months ended
March 31,
20202019
Net income$14,147  $101,437  
Other comprehensive income (loss), before tax:
Change in unrealized holding gains on securities available for sale
48,755  75,329  
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
(8,412) 13,184  
Accretion of net unrealized loss on securities transferred to held to maturity
97  2,417  
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans
(2,568) 2,883  
Total other comprehensive income, before tax37,872  82,000  
Deferred tax (expense) related to other comprehensive income(10,467) (22,665) 
Other comprehensive income, net of tax27,405  59,335  
Comprehensive income$41,552  $160,772  
See accompanying notes to consolidated financial statements.
5

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


Number of common
shares
Preferred stockCommon
stock
Additional
paid-in
capital
Treasury
stock
Retained
earnings
Accumulated
other
comprehensive
(loss) income
Total
stockholders’
equity
Balance at January 1, 2019216,227,852  $138,423  $2,299  $3,776,461  $(213,935) $791,550  $(65,945) $4,428,853  
Net income—  —  —  —  —  101,437  —  101,437  
Other comprehensive income—  —  —  —  —  —  59,335  59,335  
Stock options & other stock transactions, net3,893  —  —    49  6  —  55  
Restricted stock awards, net
1,331,674  —  —  (24,626) 12,818  12,913  —  1,105  
Cash dividends declared ($0.07 per common share)
—  —  —  —  —  (15,079) —  (15,079) 
Cash dividends declared ($16.25 per preferred share)
—  (205) —  —  —  (1,989) —  (2,194) 
Purchase of treasury stock
(8,002,595) —  —  —  (154,289) —  —  (154,289) 
Balance at March 31, 2019209,560,824  $138,218  $2,299  3,751,835  $(355,357) $888,838  $(6,610) $4,419,223  

Number of common
shares
Preferred
stock
Common
stock
Additional
paid-in
capital
Treasury
stock
Retained
earnings
Accumulated
other
comprehensive
income
Total
stockholders’
equity
Balance at January 1, 2020198,455,324  $137,581  $2,299  $3,766,716  $(583,408) $1,166,709  $40,216  $4,530,113  
Cumulative effect of change in accounting principle (see Note 1. “Basis of Financial Statement Presentation”)
—  —  —  —  —  (54,254) —  (54,254) 
Balance at January 1, 2020 (as adjusted for change in accounting principle)
198,455,324  137,581  2,299  3,766,716  (583,408) 1,112,455  40,216  4,475,859  
Net income—  —  —  —  —  14,147  —  14,147  
Other comprehensive income—  —  —  —  —  —  27,405  27,405  
Stock options & other stock transactions, net41,000  —  —  —  346  68  —  414  
Restricted stock awards, net865,091  —  —  (17,208) 4,025  14,776  —  1,593  
Cash dividends declared ($0.07 per common share)
—  —  —  —  —  (13,768) —  (13,768) 
Cash dividends declared ($16.25 per preferred share)
—  (218) —  —  —  (1,976) —  (2,194) 
Purchase of treasury stock(4,900,759) —  —  —  (81,032) —  —  (81,032) 
Balance at March 31, 2020194,460,656  $137,363  $