-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WuCfFEM5BMtZUsBmZmuFa/wuR7A6BP91Ar6ZCQu6DgHnfkLk6K4ffFBZ1Gd5ccNa TOAPtXC1k0ebyxPviX62cg== 0000950123-02-000708.txt : 20020414 0000950123-02-000708.hdr.sgml : 20020414 ACCESSION NUMBER: 0000950123-02-000708 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020124 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STERLING BANCORP CENTRAL INDEX KEY: 0000093451 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132565216 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05273 FILM NUMBER: 02519191 BUSINESS ADDRESS: STREET 1: 430 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022-3299 BUSINESS PHONE: 2128268044 MAIL ADDRESS: STREET 1: 430 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022-3299 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD PRUDENTIAL CORP /NEW/ DATE OF NAME CHANGE: 19781210 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD PRUDENTIAL UNITED CORP DATE OF NAME CHANGE: 19681125 8-K 1 y56896e8-k.txt STERLING BANCORP SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JANUARY 24, 2002 COMMISSION FILE NUMBER: 1-5273-1 Sterling Bancorp (Exact name of Registrant as specified in its charter) New York 13-2565216 (State of other jurisdiction (IRS Employer of incorporation) Identification No.) 650 Fifth Avenue, New York, New York 10019-6108 (Address of principal executive offices) (Zip Code) (212) 757- 3300 (Registrant's telephone number, including area code) N/A (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST REPORT) ITEM 5 OTHER EVENTS On January 24, 2002, the Company issued a press release announcing results for the year ended December 31, 2001. The press release is included herein as Exhibit 99.1. ITEM 7 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) FINANCIAL STATEMENTS OF THE BUSINESS ACQUIRED. NOT APPLICABLE (b) PRO FORMA FINANCIAL INFORMATION NOT APPLICABLE (c) EXHIBITS 99.1 PRESS RELEASE DATED JANUARY 24, 2002 SIGNATURE PURSUANT TO THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED HEREUNTO DULY AUTHORIZED. DATE: JANUARY 28, 2002 BY: /s/ JOHN W. TIETJEN ------------------------------------------- JOHN W. TIETJEN EXECUTIVE VICE PRESIDENT, TREASURER AND CHIEF FINANCIAL OFFICER EXHIBIT INDEX
EXHIBIT NUMBER - ------- 99.1 Press Release dated January 24, 2002
EX-99.1 3 y56896ex99-1.txt PRESS RELEASE EXHIBIT 99.1 [STERLING BANCORP LOGO] STERLING BANCORP 650 FIFTH AVENUE www.sterlingbancorp.com NEW YORK, NY 10019-6108 NEWS IMMEDIATE RELEASE CONTACT: John W. Tietjen Denise Roche/Andrea Klein Chief Financial Officer Investor Relations/ Media Sterling Bancorp The Ruth Group Tel: (212) 757-8035 Tel: (646) 536-7008/7001 Fax: (212) 757-8287 e-mail: aklein@theruthgroup.com STERLING BANCORP REPORTS RECORD YEAR 2001 RESULTS - 34th consecutive record quarter - Net income for the year up over 17.0%, compared with 2000 - Diluted earnings per share for the year of $1.80, up from $1.59 in 2000 NEW YORK, January 24, 2002 -- Sterling Bancorp (NYSE: STL), a financial holding company whose principal subsidiary is Sterling National Bank, announced record earnings for the fourth quarter and year ended December 31, 2001. The fourth quarter of 2001 marked Sterling's 34th consecutive quarter of year-over-year double-digit earnings growth. RECORD YEAR END AND FOURTH QUARTER EARNINGS The Company reported that net income for the year increased 17.0% to $19.4 million from $16.6 million reported in 2000. Net income for the fourth quarter was $5.2 million compared to $4.5 million for the same period of 2000. Diluted earnings per share increased to $1.80 from $1.59 for the prior year, while the fourth quarter grew to $0.47 from $0.43 for the same period in 2000. Loan outstandings as of December 31, 2001 increased to $808.7 million from $750.9 million a year ago. Total deposits and customer repurchase agreements at year end grew to $1.1 billion, an increase of 17.4% from year end 2000. Louis J. Cappelli, Chairman and Chief Executive Officer, said, "We are very pleased to continue our record of earnings growth, especially against the current economic backdrop. The general slowing of the economy coupled with the effects of September 11, 2001 resulted in a moderation of business activities during the fourth quarter. In this light, we consider our double-digit earnings gain in the quarter a significant achievement." "The principal factors that drove our results for the year were - strong growth of loans and demand deposits, growth in our mortgage banking business, as well as our continued Page 1 EXHIBIT 99.1 disciplined approach to managing funding costs. We focus our lending activities in markets we know and understand. We believe that our geographic and product diversity and a client base with no significant industry concentration provide us with the essential elements for managing risk. It is our belief that this combined with the differentiating high-touch personal service we provide will continue to drive our growth." "We met the challenges of 2001 through the successful execution of our business model. Our results are a confirmation of that model, which is more valid than ever due to the opportunities for customer acquisition afforded by the ongoing bank consolidation in our market. We maintain a unique personal approach to relationships and apply our resources to underserved niche markets. For over 70 years, we have been there for our customers and clients in good times and bad. Sterling has the infrastructure, experienced management and staff, and financial resources to serve our clients. We believe that we are poised to take advantage of further growth opportunities." NET INTEREST MARGIN AND DEMAND DEPOSITS Net interest income for the year increased 9.8% to $69.1 million, and for the fourth quarter grew to $17.9 million from $16.3 million in the same period of 2000. Sterling's net interest margin, on a tax equivalent basis, was 6.23% for the year, up from 6.13% in 2000. For the fourth quarter the net interest margin was 5.78% from 6.07% in the same quarter of 2000. Sterling's net interest margin remains in the top quartile of bank holding companies with total assets between $1 billion and $3 billion. Demand deposits on average for the year 2001 grew 13.4% to $292.9 million over the comparable period in 2000. In the fourth quarter, demand deposits on average increased $32.4 million to $308.3 million from the same period in 2000. Loans outstanding on average increased to $705.2 million for the twelve months of 2001, up 11.1% from the comparable 2000 period, and for the fourth quarter increased $48.7 million to $727.0 million. At December 31, 2001, demand deposits represented 36.2% of total deposits, among the highest in the U.S. banking industry. NONINTEREST INCOME AND NONINTEREST EXPENSE Noninterest income for the twelve months ended December 31, 2001 increased 7.8% to $24.1 million, over the comparable 2000 period. This increase was attributable to higher revenue from deposit services, mortgage banking, and factoring activities. Noninterest income for the fourth quarter was $6.1 million compared to $6.6 million, principally due to a decline in other service charges and fees. Increases in total noninterest expenses for the twelve months and fourth quarter of 2001 were incurred to support the growing levels of business activities and continued investments in the franchise. ASSET QUALITY Asset quality remained sound. At December 31, 2001, nonperforming assets represented 0.17% of total assets. Allowance for credit losses on December 31, 2001 was $14.0 Page 2 EXHIBIT 99.1 million, compared to $12.7 million at the end of the fourth quarter 2000. The allowance as a percentage of loans was 1.74%. "These ratios reflect Sterling's focus on maintaining credit quality and managing credit risk as we continue to grow our loan portfolios," continued Mr. Cappelli. BROADENING MARKET REACH In the fourth quarter of 2001, Sterling extended its Long Island presence with a new regional executive office and bank branch in Great Neck. The expansion is part of the Company's growth strategy of building a presence in the geographic areas occupied by its niche market of small and middle-market businesses and professionals. To maximize business potential, Sterling has staffed the new facility with executives that have established relationships and vast experience working within the Long Island market. CLOSING COMMENTS Chairman Cappelli concluded, "For 34 consecutive quarters, Sterling has succeeded in delivering double-digit earnings gains. It is Sterling's commitment to share its financial success with shareholders. Recognizing our proven business model and strong capital position, the Board of Directors in November 2001 approved a 10% stock dividend, the third annual stock dividend, and increased the quarterly cash dividend by $0.02 per common share. This raises our cash dividend to $0.72 per common share on an annualized basis. The combined effect of the stock and cash dividend was a 24% increase in the Company's effective annual dividend rate." CONFERENCE CALL Sterling Bancorp will hold a conference call to discuss year end 2001 results on Thursday, January 24, 2002 at 10:00 AM ET. The dial-in number to participate in the call is (877) 371-3546 with the reservation code 2995229. A replay of the call will be available from 2:00 PM ET on Thursday, January 24, 2002 to 11:30 PM ET Thursday, January 31, 2002. To access the replay, call (800) 642-1687, pass-code: 2995229. Sterling Bancorp (NYSE: STL) is a financial holding company with assets of $1.5 billion, offering a full range of banking and financial services products. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including commercial lending, asset-based financing, factoring/accounts receivable management, international trade financing, commercial and residential mortgage lending, equipment leasing, trust and estate administration and investment management services. Sterling has operations in the metropolitan New York area, Virginia and other mid-Atlantic states and conducts business throughout the U.S. More information is available on the company's Website, http://www.sterlingbancorp.com. Page 3 EXHIBIT 99.1 Certain statements in this press release, including statements concerning the Company's belief that certain factors will continue to drive the Company's growth and that the Company is poised to take advantage of further growth opportunities, and other statements regarding matters that are not historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead are subject to numerous assumptions, risks and uncertainties and represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of its control. Any forward-looking statements the Company may make speak only as of the date on which such statements are made. The Company's actual results and financial position may differ, possibly materially, from the anticipated results and financial condition indicated in or implied by these forward-looking statements. The amounts of any dividends in 2002 and later years will depend on the Company's future results of operations, financial condition and other relevant factors. Important factors that could cause the Company's actual results to differ, possibly materially, from those in or implied by the forward-looking statements include, but are not limited to, the following: inflation, interest rates, market and monetary fluctuations; geopolitical developments, including acts of war and terrorism; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve; a decline in general economic conditions and the strength of the local economies in which the Company operates; the financial condition of the Company's borrowers; competitive pressures on loan and deposit pricing and demand; changes in technology and their impact on the marketing of products and services; the timely development and effective marketing of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of customers to substitute competitors' products and services for the Company's products and services; the impact of changes in financial services laws and regulations (including laws concerning taxes, banking, securities and insurance); changes in accounting principles, policies and guidelines; and the success of the Company at managing the risks involved in the foregoing; and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. The foregoing list of important factors is not exclusive, and the Company will not update forward-looking statements, whether written or oral, that may be made from time to time. Page 4 EXHIBIT 99.1 STERLING BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, ------------------------------- -------------------------------- 2001 2000 2001 2000 --------- -------- -------- -------- OPERATING HIGHLIGHTS Interest income $ 23,406 $ 25,247 $ 95,866 $ 97,125 Interest expense 5,486 8,962 26,816 34,242 Provision for credit losses 2,170 2,045 7,401 6,563 Noninterest income 6,137 6,630 24,123 22,373 Noninterest expenses 13,637 13,320 53,695 50,280 Net income 5,154 4,496 19,388 16,559 Earnings per common share: Basic 0.50 0.44 1.90 1.64 Diluted 0.47 0.43 1.80 1.59 Cash dividends declared 0.18 0.16 0.66 0.58 Common shares outstanding: Period end 10,090 9,090 10,090 9,090 Average Basic 10,171 10,024 10,133 10,058 Average Diluted 10,844 10,448 10,725 10,395 Return on average assets 1.48% 1.49% 1.53% 1.42% Return on average tangible equity 18.82% 19.55% 18.86% 19.16% Return on average stated equity 15.75% 15.88% 15.64% 15.39% Net interest margin, tax equivalent basis 5.78% 6.07% 6.23% 6.13% ASSET QUALITY HIGHLIGHTS PERIOD END Net charge-offs $1,600 $1,619 $6,038 $5,005 Nonperforming loans 1,748 1,995 1,748 1,995 Other real estate owned 809 648 809 648 Nonperforming assets 2,557 2,643 2,557 2,643 Nonperforming loans/loans 0.22% 0.27% 0.22% 0.27% Nonperforming assets/assets 0.17% 0.21% 0.17% 0.21% Allow credit loss/loans 1.74% 1.69% 1.74% 1.69% Allow credit loss/nonperform loans 803.09% 635.34% 803.09% 635.34%
Page 5 EXHIBIT 99.1 STERLING BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, -------------------------------- -------------------------------- 2001 2000 2001 2000 ---------- ---------- ---------- ---------- BALANCE SHEET HIGHLIGHTS PERIOD END BALANCES Security investments $ 576,028 $ 433,797 $ 576,028 $ 433,797 Loans, net of unearned discount 808,687 750,888 808,687 750,888 Total earning assets 1,397,202 1,187,847 1,397,202 1,187,847 Allowance for credit losses 14,038 12,675 14,038 12,675 Total assets 1,482,871 1,270,749 1,482,871 1,270,749 Noninterest-bearing deposits 356,303 341,039 356,303 341,039 Interest-bearing deposits 628,621 525,243 628,621 525,243 Customer repurchase agreements 101,897 59,396 101,897 59,396 Shareholders' equity 128,477 117,016 128,477 117,016 AVERAGE BALANCES Security investments $ 534,491 $ 439,936 $ 468,861 $ 453,237 Loans, net of unearned discount 727,012 678,285 705,216 634,980 Total earning assets 1,290,960 1,122,051 1,185,931 1,094,167 Allowance for credit losses 14,018 12,507 13,588 12,106 Total assets 1,384,976 1,199,672 1,267,856 1,165,707 Noninterest-bearing deposits 308,270 275,898 292,918 258,347 Interest-bearing deposits 663,658 519,387 594,303 536,523 Customer repurchase agreements 61,286 57,261 45,624 56,911 Shareholders' equity 129,794 112,657 123,935 107,584 CAPITAL RATIOS Tier 1 risk based 12.44% 12.14% 12.44% 12.14% Total risk based 13.70% 13.39% 13.70% 13.39% Leverage 7.79% 8.14% 7.79% 8.14% Book value per common share $ 12.55 $ 12.69 $ 12.55 $ 12.69
Page 6 EXHIBIT 99.1 STERLING BANCORP BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES)
DECEMBER 31, ------------------------------- 2001 2000 ----------- ----------- ASSETS Cash and due from banks $ 50,362 $ 49,708 Interest-bearing deposits with other banks 2,487 3,162 Federal funds sold 10,000 0 Investment securities Available for sale (at estimated market value) 269,563 152,199 Held to maturity 306,465 281,598 ----------- ----------- Total investment securities 576,028 433,797 ----------- ----------- Loans, net of unearned discounts 808,687 750,888 Less allowance for credit losses 14,038 12,675 ----------- ----------- Loans, net 794,649 738,213 ----------- ----------- Customers' liability under acceptances 609 987 Excess cost over equity in net assets of the banking subsidiary 21,158 21,158 Premises and equipment, net 7,852 5,469 Accrued interest receivable 5,867 5,196 Other real estate owned 809 648 Other assets 13,050 12,411 ----------- ----------- $ 1,482,871 $ 1,270,749 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Noninterest-bearing $ 356,303 $ 341,039 Interest-bearing 628,621 525,243 ----------- ----------- Total deposits 984,924 866,282 Federal funds purchased and securities sold under agreements to repurchase 147,096 162,763 Commercial paper 42,103 25,655 Other short-term borrowings 8,688 17,734 Acceptances outstanding 609 987 Accrued expenses and other liabilities 75,624 69,612 Long-term debt - FHLB 95,350 10,700 ----------- ----------- Total liabilities 1,354,394 1,153,733 ----------- ----------- Shareholders' equity Preferred stock, $5 par value. Authorized 644,389 shares Series B 0 24 Series D 2,346 2,379 ----------- ----------- 2,346 2,403 Common stock, $1 par value. Authorized 20,000,000 shares 10,835 9,563 Capital surplus 98,488 67,450 Retained earnings 32,420 47,467 Accumulated other comprehensive gain/(loss), net of tax 1,119 (23) ----------- ----------- 145,208 126,860 Less: Common shares in treasury, at cost 15,543 7,987 Unearned compensation 1,188 1,857 ----------- ----------- Total shareholders' equity 128,477 117,016 ----------- ----------- $ 1,482,871 $ 1,270,749 =========== =========== MEMORANDA Available for sale securities - amortized cost $ 267,494 $ 152,241 Held to maturity securities - estimated market value 309,496 282,386 Shares outstanding Preferred - Series B 0 1,199 Preferred - Series D 234,606 237,878 Common issued 10,834,853 9,563,329 Common in treasury 745,023 473,125
Page 7 EXHIBIT 99.1 STERLING BANCORP STATEMENTS OF INCOME (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, ------------------------------- -------------------------------- 2001 2000 2001 2000 ----------- ----------- ----------- ----------- INTEREST INCOME Loans $ 14,939 $ 17,753 $ 65,282 $ 66,623 Investment securities: Available for sale 3,873 2,495 12,716 9,741 Held to maturity 4,447 4,953 17,555 20,441 Federal funds sold 136 26 216 215 Deposits with other banks 11 20 97 105 ----------- ----------- ----------- ----------- Total interest income 23,406 25,247 95,866 97,125 ----------- ----------- ----------- ----------- INTEREST EXPENSE Deposits 3,959 5,581 19,030 22,697 Federal funds purchased and securities sold under agreements to repurchase 409 2,582 4,090 8,789 Commercial paper 264 381 1,489 1,490 Other short-term borrowings 27 311 151 749 Long-term debt 827 107 2,056 517 ----------- ----------- ----------- ----------- Total interest expense 5,486 8,962 26,816 34,242 ----------- ----------- ----------- ----------- Net interest income 17,920 16,285 69,050 62,883 Provision for credit losses 2,170 2,045 7,401 6,563 ----------- ----------- ----------- ----------- Net interest income after provision for credit losses 15,750 14,240 61,649 56,320 ----------- ----------- ----------- ----------- NONINTEREST INCOME Factoring income 1,484 1,615 5,571 5,397 Mortgage banking income 1,905 1,318 7,545 5,737 Service charges on deposit accounts 1,366 1,627 5,609 5,031 Trade finance income 535 680 2,478 2,763 Trust fees 321 341 878 864 Other service charges and fees 458 1,028 1,666 2,417 Other income 68 21 376 164 ----------- ----------- ----------- ----------- Total noninterest income 6,137 6,630 24,123 22,373 ----------- ----------- ----------- ----------- NONINTEREST EXPENSES Salaries and employee benefits 7,287 7,000 28,232 27,798 Occupancy expenses, net 1,166 977 4,711 4,123 Equipment expenses 696 684 2,547 2,464 Other expenses 4,488 4,659 18,205 15,895 ----------- ----------- ----------- ----------- Total noninterest expenses 13,637 13,320 53,695 50,280 ----------- ----------- ----------- ----------- Income before income taxes 8,250 7,550 32,077 28,413 Provision for income taxes 3,096 3,054 12,689 11,854 ----------- ----------- ----------- ----------- NET INCOME $ 5,154 $ 4,496 $ 19,388 $ 16,559 =========== =========== =========== =========== Average number of common shares outstanding Basic 10,171,287 10,024,229 10,133,378 10,058,294 Diluted 10,844,208 10,447,738 10,724,586 10,394,771 Per average common share Basic $ 0.50 $ 0.44 $ 1.90 $ 1.64 Diluted 0.47 0.43 1.80 1.59 Dividends per common share 0.18 0.16 0.66 0.58
Page 8 EXHIBIT 99.1 STERLING BANCORP STATEMENTS OF COMPREHENSIVE INCOME (IN THOUSANDS)
THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, ------------------------------ ------------------------------- 2001 2000 2001 2000 -------- -------- -------- -------- NET INCOME $ 5,154 $ 4,496 $ 19,388 $ 16,559 Other comprehensive income, net of tax: Unrealized holding gains/(losses) arising during the period (1,880) 1,407 1,142 2,612 -------- -------- -------- -------- COMPREHENSIVE INCOME $ 3,274 $ 5,903 $ 20,530 $ 19,171 ======== ======== ======== ========
STERLING BANCORP STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (IN THOUSANDS)
THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, ------------------------------ ------------------------------- 2001 2000 2001 2000 --------- --------- --------- --------- BALANCE, AT BEGINNING OF PERIOD $ 131,473 $ 112,187 $ 117,016 $ 105,240 Net income for period 5,154 4,496 19,388 16,559 Options exercised 357 17 4,179 95 Call/redemption - preferred shares 0 0 (30) 0 Purchase of common shares for treasury (5,109) 0 (6,064) (3,008) Cash dividends Common shares (1,809) (1,442) (6,210) (4,897) Preferred shares (24) (21) (98) (83) Cash in lieu of fractional shares (23) (15) (23) (15) Surrender of shares issued under incentive compensation plan (32) 0 (1,492) (140) Amortization of unearned compensation 370 387 669 653 Change in net unrealized holding gains on available for sale securities (1,880) 1,407 1,142 2,612 --------- --------- --------- --------- BALANCE, AT END OF PERIOD $ 128,477 $ 117,016 $ 128,477 $ 117,016 ========= ========= ========= =========
Page 9 EXHIBIT 99.1 STERLING BANCORP AVERAGE BALANCE SHEETS [1] (dollars in thousands)
THREE MONTHS ENDED -------------------------------------------------------------------------------- DECEMBER 31, 2001 DECEMBER 31, 2000 -------------------------------------------------------------------------------- AVERAGE AVERAGE AVERAGE AVERAGE BALANCE INTEREST RATE BALANCE INTEREST RATE -------------------------------------------------------------------------------- ASSETS Interest-bearing deposits with other banks $ 3,142 $ 11 1.34% $ 2,287 $ 20 4.20% Investment securities Available for Sale 231,182 3,495 6.04 119,710 2,137 7.14 Held to Maturity 268,666 4,447 6.62 287,281 4,953 6.90 Tax-exempt [2] 34,643 641 7.34 32,945 608 7.34 Federal Funds sold 26,315 136 2.03 1,543 26 6.50 Loans, net of unearned discount Domestic [3] 726,736 14,936 8.77 677,508 17,738 11.17 Foreign 276 3 4.87 777 15 7.70 ------------- --------- ------------- ---------- TOTAL INTEREST-EARNING ASSETS 1,290,960 23,669 7.57% 1,122,051 25,497 9.41% --------- ======= ---------- ======== Cash and due from banks 53,918 43,995 Allowance for loan losses (14,018) (12,507) Excess cost over equity in net assets of the bank 21,158 21,158 Other 32,958 24,975 ------------- ------------- TOTAL ASSETS $ 1,384,976 $ 1,199,672 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing deposits Domestic Savings $ 31,712 81 1.02% $ 24,240 146 2.39% NOW 103,974 308 1.18 72,070 451 2.49 Money market 210,469 724 1.36 157,470 1,251 3.16 Time 314,528 2,821 3.56 262,675 3,697 5.60 Foreign Time 2,975 25 3.29 2,932 36 4.85 Borrowings Federal funds purchased and securities sold under agreements to repurchase 68,732 409 2.36 168,905 2,582 6.08 Commercial paper 37,978 264 2.76 27,685 381 5.49 Other short-term debt 4,794 27 2.26 11,477 311 6.66 Long-term debt 81,491 827 4.06 10,700 107 5.20 ------------- --------- ------------- ---------- TOTAL INTEREST-BEARING LIABILITIES 856,653 5,486 2.54% 738,154 8,962 4.78% --------- ======= ---------- ======== Noninterest-bearing demand deposits 308,270 275,898 Other liabilities 90,259 72,963 ------------- ------------- Total Liabilities 1,255,182 1,087,015 Stockholders' equity 129,794 112,657 ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,384,976 $ 1,199,672 ============= ============= Net interest income/spread 18,183 5.03% 16,535 4.63% ======= ======== Net yield on interest-earning assets 5.78% 6.07% ======= ======== Less: Tax equivalent adjustment 263 250 --------- ---------- Net interest income $ 17,920 $ 16,285 ========= ==========
[1] The average balances of assets, liabilities and shareholders' equity are computed on the basis of daily averages. Average rates are presented on a tax equivalent basis. Certain reclassifications have been made to 2000 amounts to conform to current presentation. [2] Interest on tax-exempt securities is presented on a tax equivalent basis. [3] Nonaccrual loans are included in amounts outstanding and income has been included to the extent earned. Page 10 EXHIBIT 99.1 STERLING BANCORP AVERAGE BALANCE SHEETS [1] (dollars in thousands)
TWELVE MONTHS ENDED -------------------------------------------------------------------------------- DECEMBER 31, 2001 DECEMBER 31, 2000 -------------------------------------------------------------------------------- AVERAGE AVERAGE AVERAGE AVERAGE BALANCE INTEREST RATE BALANCE INTEREST RATE -------------------------------------------------------------------------------- ASSETS Interest-bearing deposits with other banks $ 3,216 $ 97 3.01% $ 2,215 $ 105 4.72% Investment securities Available for Sale 174,756 11,235 6.43 123,854 8,363 6.75 Held to Maturity 260,085 17,555 6.75 297,515 20,441 6.87 Tax-exempt [2] 34,020 2,515 7.39 31,868 2,341 7.35 Federal Funds sold 8,638 216 2.50 3,735 215 5.76 Loans, net of unearned discount Domestic [3] 704,565 65,242 10.15 634,200 66,565 11.45 Foreign 651 40 6.17 780 58 7.46 ------------- --------- ------------- ---------- TOTAL INTEREST-EARNING ASSETS 1,185,931 96,900 8.62% 1,094,167 98,088 9.42% --------- ======= ---------- ======== Cash and due from banks 45,483 39,295 Allowance for loan losses (13,588) (12,106) Excess cost over equity in net assets of the bank 21,158 21,158 Other 28,872 23,193 ------------- ------------- TOTAL ASSETS $ 1,267,856 $ 1,165,707 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing deposits Domestic Savings $ 28,555 557 1.95% $ 24,298 577 2.38% NOW 86,737 1,550 1.79 70,704 1,787 2.53 Money market 195,833 4,223 2.16 157,791 4,983 3.16 Time 280,203 12,571 4.49 280,871 15,218 5.42 Foreign Time 2,975 129 4.33 2,859 132 4.60 Borrowings Federal funds purchased and securities sold under agreements to repurchase 93,012 4,090 4.40 149,428 8,789 5.88 Commercial paper 36,498 1,489 4.08 28,496 1,490 5.23 Other short-term debt 3,892 151 3.89 10,708 749 5.76 Long-term debt 47,055 2,056 4.37 12,046 517 5.35 ------------- --------- ------------- ---------- TOTAL INTEREST-BEARING LIABILITIES 774,760 26,816 3.46% 737,201 34,242 4.64% --------- ======= ---------- ======== Noninterest-bearing demand deposits 292,918 258,347 Other liabilities 76,243 62,575 ------------- ------------- Total Liabilities 1,143,921 1,058,123 Stockholders' equity 123,935 107,584 ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,267,856 $ 1,165,707 ============= ============= Net interest income/spread 70,084 5.16% 63,846 4.78% ======= ======== Net yield on interest-earning assets 6.23% 6.13% ======= ======== Less: Tax equivalent adjustment 1,034 963 --------- ---------- Net interest income $ 69,050 $ 62,883 ========= ==========
[1] The average balances of assets, liabilities and shareholders' equity are computed on the basis of daily averages. Average rates are presented on a tax equivalent basis. Certain reclassifications have been made to 2000 amounts to conform to current presentation. [2] Interest on tax-exempt securities is presented on a tax equivalent basis. [3] Nonaccrual loans are included in amounts outstanding and income has been included to the extent earned. Page 11 -----END PRIVACY-ENHANCED MESSAGE-----