Sterling Bancorp Reports Net Income Of $5.2 Million, Or $0.17 Per Diluted Share, For The 2013 First Quarter

  Sterling Bancorp Reports Net Income Of $5.2 Million, Or $0.17 Per Diluted
                      Share, For The 2013 First Quarter

INCOME BEFORE TAXES RISES OVER 19%

PERFORMANCE HIGHLIGHTED BY REVENUE GROWTH AND CONTINUED SOUND ASSET QUALITY

LOANS GROW 19% AND DEPOSITS RISE 15%

PR Newswire

NEW YORK, April 26, 2013

NEW YORK, April 26, 2013 /PRNewswire/ --

Strong Financial Performance

  oNet income was $5.2 million or $0.17 per diluted share for first quarter
    2013, up from $4.6 million or $0.15 per diluted share a year earlier.
  oNet interest income increased 8% from a year ago; net interest margin was
    4.02% for 2013 first quarter.
  oGross revenues were $37.4 million for first quarter 2013, an increase of
    5% over the same 2012 period.

Robust Loan and Deposit Growth

  oLoans, net of unearned discount, were $1.8 billion, increasing 19%.
  oTotal deposits increased 15% to $2.3 billion.
  oDemand deposits of $897.1 million represented 39% of total deposits.

Solid Credit Metrics

  oNet charge-offs were 0.38% of loans in portfolio for first quarter 2013.
  oRatio of nonperforming assets to total assets decreased to 0.26%.
  oAllowance for loan losses as a percentage of loans held in portfolio was
    1.34%.

Comparisons above are at, or for the periods ended, March 31, 2013 vs. March
31, 2012 unless otherwise stated.

Sterling Bancorp (NYSE: STL) today reported on its financial and operating
performance for the first quarter of 2013, highlighted by growth in loans and
deposits, higher gross revenues and a continued focus on asset quality.

Net income rose to $5.2 million for the 2013 first quarter, an increase of 14%
from $4.6 million in the same period of 2012. Diluted earnings per common
share were $0.17 for the 2013 first quarter, up from $0.15 a year earlier.

Selected Financial Highlights

                                                             Quarter Ended
                                                             3/31/13  3/31/12
EARNINGS HIGHLIGHTS
Net income (in millions)                                     $5.2     $4.6
Diluted earnings per common share                            $0.17    $0.15
Net interest margin                                          4.02%    4.07%
Return on average assets                                     0.78%    0.75%
Return on average tangible equity                            10.34%   9.31%
                                                             Quarter Ended
                                                             3/31/13  3/31/12
BALANCE SHEET HIGHLIGHTS (period end, in millions)
Loans, net of unearned discount                              $1,680.4 $1,452.7
Total investment securities                                  $665.1   $802.4
Demand deposits                                              $897.1   $815.5
Total deposits                                               $2,281.2 $1,988.3
Total assets                                                 $2,772.5 $2,498.6
ASSET QUALITY HIGHLIGHTS (period end)
Nonaccrual loans/loans ^(1)                                  0.30%    0.43%
Nonperforming assets/assets                                  0.26%    0.32%
Allowance for loan losses/nonaccrual loans                   430.76%  313.55%
^(1) Includes loans held for sale and loans held in
portfolio.



2013 First Quarter Results Reflect Profitable Growth

"Sterling Bancorp continued its strong growth momentum and solid earnings
performance in the 2013 first quarter," noted Louis J. Cappelli, Sterling's
Chairman and Chief Executive Officer. "Our well-established focus on
providing individualized financial solutions and superior service to clients
in the dynamic New York metropolitan area marketplace and beyond once again
propelled double-digit growth in loans and deposits. At the same time, the
Company's strategic management of assets and liabilities, control of expenses
and stringent focus on asset quality produced an increase of more than 19% in
pre-tax income."

Mr. Cappelli added, "Our team is sharply focused on delivering profitable
growth, expanding the business, providing exceptional service to customers,
and continuing to produce solid value for shareholders."

As previously announced on April 4, 2013, Sterling Bancorp and Provident New
York Bancorp (NYSE: PBNY) have entered into a definitive merger agreement in a
stock-for-stock transaction in which Sterling Bancorp shareholders will
receive a fixed ratio of 1.2625 shares of Provident New York Bancorp common
stock for each share of Sterling Bancorp common stock. Upon closing, Provident
Bank will convert to a national bank charter and adopt the Sterling name, as
will the holding company. The transaction is subject to approval by the
shareholders of both companies, regulatory approval and other customary
closing conditions. Subject to such conditions, the Company anticipates that
the merger will close in the fourth calendar quarter of 2013.

Net Interest Income

Sterling's net interest income was $24.1 million for first quarter 2013, an
increase of 8% from the 2012 period. This primarily reflected higher loan
balances due to a continuing strategy of shifting the Company's asset mix
toward loans from investment securities, a reduction in cost of funds largely
due to disciplined deposit pricing, rising noninterest-bearing demand deposit
balances, and lower borrowings.

Noninterest Income

Noninterest income, excluding security gains, rose more than 12% comparing the
first quarter of 2013 and 2012. This growth was primarily due to an 88%
increase in mortgage banking income versus the prior year. The rising
mortgage volume reflected a strong performance by Sterling's original mortgage
banking operations, as well as its August 2012 acquisition of Universal
Mortgage, which positioned the Company for the rebound in the residential
mortgage market. Total noninterest income for first quarter 2013 was $10.7
million, up 4% from a year ago. This reflected the higher mortgage banking
income, as noted above, partially offset by a decrease in security gains and
lower accounts receivable management and other related fees. Noninterest
income has consistently been an important contributor to Sterling's financial
performance and represented 29% of gross revenues for the 2013 first quarter.


Noninterest Expenses

Noninterest expenses were $24.8 million for first quarter 2013, versus $23.0
million for the same 2012 period. Noninterest expenses were essentially
unchanged comparing the 2013 first quarter to the 2012 fourth quarter. The
increase from the year-ago first quarter primarily reflected higher personnel
expenses due to investments in the growth in Sterling's business, as well as
expenses associated with Universal Mortgage, acquired in the 2012 third
quarter.

Loan, Deposit and Asset Growth

Total loans, net of unearned discount were $1.8 billion as of March 31, 2013,
an increase of approximately 19% from a year earlier. The ratio of loans to
deposits was 77% at March 31, 2013.

Total deposits were $2.3 billion at March 31, 2013, increasing 15% from a year
earlier. Noninterest-bearing demand deposits represented over 39% of total
deposits, among the highest ratios of demand to total deposits in the
industry. The growth in demand deposits reflects the Company's emphasis on
generating such deposits as part of its customer relationship model.

Total assets increased to $2.8 billion and earning assets were $2.6 billion at
March 31, 2013. Total investment securities decreased by $137.3 million from
a year ago, to $665.1 million, reflecting the successful strategy of
redeploying assets from investments into loans.

Asset Quality

Sterling continued to exhibit sound credit quality metrics during the 2013
first quarter. Net charge-offs were $1.6 million for the recent quarter,
compared to $2.9 million for the same 2012 period. The allowance for loan
losses as a percentage of nonaccrual loans was 431% at March 31, 2013, versus
314% a year earlier. Nonperforming assets were $7.1 million or 0.26% of total
assets at March 31, 2013, compared to $8.0 million or 0.32% a year earlier.
The allowance for loan losses as a percentage of portfolio loans was 1.34% at
March 31, 2013, compared to 1.38% a year earlier. The provision for loan
losses was $2.0 million for the first quarter 2013, compared with $3.0 million
for the year-ago period.

Capital

The Company's capital base has continued to exceed all regulatory requirements
for well-capitalized institutions. At March 31, 2013, Sterling's Tier 1
risk-based capital ratio was 11.68% (compared to a requirement of 6.00%),
total risk-based capital was 12.81% (requirement of 10.00%), and the Tier 1
leverage ratio was 9.16% (requirement of 5.00%). The tangible common equity
ratio was 7.58% at March 31, 2013.

Conference Call

Sterling Bancorp will hold a conference call on Friday, April 26, 2013, at
10:00 a.m. Eastern Time to discuss these financial results. To access the
conference call live, interested parties may dial 800-288-8967 at least 10
minutes prior to the call.

A replay of the conference call will be available beginning at approximately
1:00 p.m. Eastern Time on April 26, 2013, until 11:59 p.m. Eastern Time on May
10, 2013. To access the replay by telephone, interested parties may dial
800-475-6701 and enter the Access Code 291380.

About Sterling Bancorp

Sterling Bancorp (NYSE: STL) is a New York City-based financial corporation
with assets of $2.8 billion. Since 1929, Sterling National Bank, the Company's
principal banking subsidiary, has successfully served the needs of businesses,
professionals and individuals in the NY metropolitan area and beyond. Sterling
is well-known for its high-touch, hands-on approach to customer service and a
special focus on serving the business community.

Sterling provides clients with a full range of depository and cash management
services and a broad portfolio of financing solutions—including working
capital lines, accounts receivable and inventory financing, factoring, trade
financing, payroll funding and processing, equipment financing, commercial and
residential mortgages and mortgage warehouse lines of credit.

Forward Looking Statements

Certain statements in this press release, including, but not limited to,
statements as to future results of operations, liquidity, interest rate risk,
operating expenses, financial position, dividends and other events, plans and
objectives for future operations, capital, liquidity and growth, statements
concerning the economic environment, asset quality and future levels of
nonaccrual loans, charge-offs and provisions for loan losses, our ability to
continue to provide individualized financial solutions and superior service to
clients in the New York metropolitan area marketplace and beyond,
strategically manage assets and liabilities, control expenses and focus on
asset quality, our ability to deliver profitable growth, expand the business,
provide exceptional service to customers, and produce solid value for
shareholders, whether we can continue to shift our asset mix toward loans from
investment securities, our ability and Provident's ability to obtain
shareholder and regulatory approvals and meet other closing conditions to the
merger, and other statements contained herein regarding matters that are not
historical facts, are "forward-looking statements" as defined in the
Securities Exchange Act of 1934. 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 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 materially from the anticipated results and financial
condition indicated in or implied by these forward-looking statements, and the
Company makes no commitment to update or revise forward-looking statements to
reflect new information or subsequent events or changes in expectations. For a
discussion of some of the risks and important factors that could affect the
Company's future results and financial condition, see "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations—Forward-Looking Statements and Factors that Could Affect Future
Results" in our Annual Report on Form 10-K for the fiscal year ended December
31, 2012.

Additional Information for Stockholders

In connection with the proposed merger with Provident, Provident will file
with the Securities and Exchange Commission ("SEC") a Registration Statement
on Form S-4 that will include a joint proxy statement of Provident and the
Company and a prospectus of Provident, as well as other relevant documents
concerning the proposed transaction. The Company will mail the joint proxy
statement/prospectus to its stockholders. SHAREHOLDERS ARE URGED TO READ THE
REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE
PROPOSED MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE
DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
security holders may obtain a free copy of the proxy statement/prospectus
(when available) and other filings containing information about Provident and
Sterling at the SEC's website at www.sec.gov. The joint proxy
statement/prospectus (when available) and the other filings may also be
obtained free of charge at Provident's website at www.providentbanking.com
under the tab "Investor Relations," and then under the heading "SEC Filings"
or at the Company's website at www.snb.com under the tab "Investor Relations,"
and then under the heading "SEC Filings."

Provident, the Company and certain of their respective directors and executive
officers, under the SEC's rules, may be deemed to be participants in the
solicitation of proxies of Provident and the Company's shareholders in
connection with the proposed merger. Information about the directors and
executive officers of Provident and their ownership of Provident common stock
is set forth in the proxy statement for Provident's 2013 annual meeting of
shareholders, as filed with the SEC on Schedule 14A on January 10, 2013.
Information about the directors and executive officers of the Company and
their ownership of our common stock is set forth in the proxy statement for
the Company's 2012 annual meeting of shareholders, as filed with the SEC on a
Schedule 14A on April 3, 2012. Additional information regarding the
interests of those participants and other persons who may be deemed
participants in the transaction may be obtained by reading the joint proxy
statement/prospectus regarding the proposed merger when it becomes available.
Free copies of this document may be obtained as described in the preceding
paragraph.



STERLING BANCORP
Consolidated Financial Highlights
(Unaudited)
(dollars in thousands, except per share data)
                                                          March 31,
                                                          2013       2012
BALANCE SHEET HIGHLIGHTS
Period End Balances
 Investment securities                                  $665,061   $802,386
 Loans held for sale                                    75,857     27,864
 Loans held in portfolio,
 net of unearned discount                            1,680,389  1,452,675
 Interest bearing deposits with other banks             165,988    26,938
 Total earning assets                                   2,594,751  2,318,333
 Allowance for loan losses                              22,520     20,105
 Total assets                                           2,772,485  2,498,644
 Demand deposits                                        897,112    815,513
 Savings, NOW and money market deposits                 793,364    644,392
 Time deposits                                          590,679    528,382
 Customer repurchase agreements                         33,817     40,602
 Advances FHLB/Long-term borrowings                     126,668    148,142
 Shareholders' equity                                  231,992    225,324
Average Balances
 Investment securities                                  728,907    764,266
 Loans held for sale                                    106,865    36,701
 Loans held in portfolio,
 net of unearned discount                            1,616,084  1,405,266
 Interest bearing deposits with other banks             90,981     77,072
 Total earning assets                                   2,550,298  2,291,781
 Total assets                                           2,733,412  2,460,106
 Demand deposits                                        897,416    759,002
 Savings, NOW and money market deposits                 759,560    621,527
 Time deposits                                          594,883    588,641
 Customer repurchase agreements                         32,448     39,772
 Advances FHLB/Long-term borrowings                     126,793    148,266
 Shareholders' equity                                 229,246    221,684
ASSET QUALITY HIGHLIGHTS
Period End
 Net charge-offs                                        $1,576     $2,883
 Nonaccrual loans                                       5,228      6,412
 Other real estate owned                                1,917      1,563
 Nonperforming assets                                   7,145      7,975
 Nonaccrual loans/loans (1)                             0.30%      0.43%
 Nonperforming assets/assets                            0.26%      0.32%
 Allowance for loan losses/loans (2)                    1.34%      1.38%
 Allowance for loan losses/nonaccrual loans             430.76%    313.55%
CAPITAL RATIOS
Period End
 Tier 1 risk based                                      11.68%     12.08%
 Total risk based                                       12.81%     13.15%
 Leverage                                               9.16%      9.77%
 Equity/ assets                                         8.37%      9.02%
 Tangible common equity                                 7.58%      8.17%
 Book value per common share                            $7.49      $7.29
Return on average equity                                  9.28%      8.35%
Return on average tangible equity                         10.34%     9.31%
(1) The term "loans" includes loans held for sale and
loans held in portfolio.
(2) The term "loans" includes loans held in
portfolio only.
Page 7 of 14



STERLING BANCORP
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except number of shares)
                                                    March 31,
                                                    2013           2012
ASSETS
Cash and due from banks                          $  35,993      $  34,731
Interest-bearing deposits with                      165,988        26,938
other banks
Investment securities
 Available for sale (at                          277,947        386,528
estimated fair value)
 Held to maturity (at                            387,114        415,858
amortized cost)
 Total investment                        665,061        802,386
securities
Loans held for sale                                 75,857         27,864
Loans held in portfolio, net of                     1,680,389      1,452,675
unearned discounts
Less allowance for loan losses                      22,520         20,105
 Loans held in                           1,657,869      1,432,570
portfolio, net
Federal Reserve Bank and Federal Home Loan          7,456          8,470
Bank stock, at cost
Customers' liability under                          -              3
acceptances
Goodwill                                            22,901         22,901
Premises and equipment, net                         21,998         23,268
Other real estate                                   1,917          1,563
Accrued interest receivable                         7,198          8,835
Cash surrender value of life                       54,945         53,920
insurance policies
Other assets                                        55,302         55,195
                                                 $  2,772,485   $  2,498,644
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
 Demand                                       $  897,112     $  815,513
 Savings, NOW and money                          793,364        644,392
market
 Time                                            590,679        528,382
 Total deposits                          2,281,155      1,988,287
Securities sold under agreements to                 33,817         40,602
repurchase - customers
Securities sold under agreements to                 -              5,000
repurchase - dealers
Short-term borrowings - other                       20,995         30,890
Advances - FHLB                                     100,894        122,368
Long-term borrowings -                              25,774         25,774
subordinated debentures
Acceptances outstanding                             -              3
Accrued interest payable                            735            995
Accrued expenses and other                          77,123         59,401
liabilities
 Total liabilities                       2,540,493      2,273,320
Shareholders' equity                                231,992        225,324
                                                 $  2,772,485   $  2,498,644
MEMORANDA
 Available for sale                           $  271,273     $  384,283
securities - amortized cost
 Held to maturity securities                     401,016        433,096
- estimated fair value
 Shares outstanding
 Common issued                               35,263,768     35,225,110
 Common in treasury                          4,307,972      4,307,972
NOTE: Certain reclassifications have been made to prior period's financial
data to conform to current financial statement presentations.
Page8 of 14



STERLING BANCORP
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share data)
                                                          March 31,
                                                          2013     2012
INTEREST INCOME
Loans                                                   $ 22,242 $ 19,686
Investment securities
 Available for sale - taxable                            1,666    2,170
 Held to maturity - taxable                              1,131    1,633
 Tax exempt                                              1,544    1,604
FRB and FHLB stock                                        61       81
Deposits with other banks                                 57       46
 Total interest income                         26,701   25,220
INTEREST EXPENSE
Savings, NOW and money market deposits                    726      644
Time deposits                                             910      1,063
Securities sold u/a/r - customers                         29       36
Securities sold u/a/r - dealers                           -        16
Federal funds purchased                                   -        1
Commercial paper and other
 short-term borrowings                                   13       11
Advances - FHLB                                           392      519
Long-term subordinated debentures                         523      523
 Total interest expense                        2,593    2,813
Net interest income                                       24,108   22,407
Provision for loan losses                                 2,000    3,000
Net interest income after provision for loan losses       22,108   19,407
NONINTEREST INCOME
Accounts receivable management/
 factoring commissions and other fees                  3,475    4,868
Service charges on deposit accounts                       1,295    1,260
Trade finance income                                      430      500
Other customer related service charges and fees           392      249
Mortgage banking income                                   4,399    2,336
Income from life insurance policies                       469      256
Securities gains                                          132      879
Loss on sale of OREO                                      (12)     (66)
Other income                                              95       4
 Total noninterest income                      10,675   10,286
NONINTEREST EXPENSES
Salaries                                                  12,013   11,187
Employee benefits                                         4,101    3,724
 Total personnel expense                               16,114   14,911
Occupancy and equipment expenses, net                     3,439    3,214
Advertising and marketing                                 637      643
Professional fees                                         1,186    903
Communications                                            364      470
Deposit insurance                                         586      584
Other expenses                                            2,513    2,319
 Total noninterest expenses                    24,839   23,044
Income before income taxes                                7,944    6,649
Provision for income taxes                               2,700    2,047
Net income                                              $ 5,244  $ 4,602
Page9 of 14



Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share data)
                                       (continued)
                                                       March 31,
                                                       2013         2012
Average number of common shares
outstanding
 Basic                                          30,861,286   30,659,856
 Diluted                                        30,861,286   30,659,856
Net income per average common share
 Basic                                        $ 0.17       $ 0.15
 Diluted                                        0.17         0.15
Dividends per common share                             0.09         0.09
Page10 of 14



STERLING BANCORP
Consolidated Statements of Comprehensive Income
(Unaudited)
(dollars in thousands)
                                                     March 31,
                                                     2013      2012
Net income                                         $ 5,244   $ 4,602
Other comprehensive income, net of tax:
 Unrealized holding gains on securities
 arising during the period                    857       2,685
 Reclassification adjustment for securities
 gains included in net income                 (73)      (488)
 Amortization of:
 Prior service cost                           5         5
 Net actuarial losses                         568       453
Comprehensive income                               $ 6,601   $ 7,257
STERLING BANCORP
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
(dollars in thousands)
                                                     March 31,
                                                     2013      2012
Balance, at beginning of period                    $ 228,090 $ 220,821
Net income for period                                5,244     4,602
Stock option and restricted stock
 compensation expense                              86        103
Cash dividends - common shares                       (2,785)   (2,782)
Surrender of shares issued under
 incentive compensation plan                      -         (75)
Unrealized holding gains on
 securities arising during the period             857       2,685
Reclassification adjustment for securities
 gains included in net income                     (73)      (488)
Amortization of:
 Prior service cost                               5         5
 Net actuarial losses                             568       453
Balance, at end of period                          $ 231,992 $ 225,324
Page11 of 14



                    STERLING BANCORP
                    Average Balance Sheets [1]
                    (Unaudited)
                    (dollars in thousands)
                                            

                                            Three Months Ended
                      March 31, 2013                    March 31, 2012
                      AVERAGE               AVERAGE     AVERAGE               AVERAGE
                      BALANCE     INTEREST  RATE        BALANCE     INTEREST  RATE
Assets
 Interest-bearing
deposits with other $ 90,981    $ 57        0.26    % $ 77,072    $ 46        0.24    %
banks
 Investment
Securities
 Available for     323,535     1,666     2.06        325,871     2,170     2.66
sale - taxable
 Held to           253,491     1,131     1.78        280,377     1,633     2.33
maturity - taxable
 Tax-exempt [2]    151,881     2,375     6.25        158,018     2,468     6.25
 Total
investment            728,907     5,172     2.84        764,266     6,271     3.28
securities
 FRB and FHLB        7,461       61        3.27        8,476       81        3.82
stock [2]
 Loans, net of
unearned discount    1,722,949   22,242    5.37        1,441,967   19,686    5.56
[3]
Total
Interest-Earning      2,550,298   27,532    4.44    %   2,291,781   26,084    4.58    %
Assets [2]
 Cash and due from   42,768                            37,628
banks
 Allowance for       (24,078)                          (21,584)
loan losses
 Goodwill            22,901                            22,901
 Other               141,523                           129,380
Total Assets        $ 2,733,412                       $ 2,460,106
Liabilities and
Shareholders'
Equity
 Interest-bearing
deposits
 Domestic
 Savings       $ 25,703      1         0.02    % $ 18,966      1         0.02    %
 NOW             221,573     49        0.09        221,710     79        0.14
 Money market    512,284     676       0.53        380,851     564       0.60
 Time            594,883     910       0.62        588,641     1,063     0.73
Total
Interest-Bearing      1,354,443   1,636     0.49        1,210,168   1,707     0.57
Deposits
 Borrowings
 Securities sold   32,448      29        0.36        39,772      36        0.36
u/a/r - customers
 Securities sold   -           -         -           5,001       16        1.30
u/a/r - dealers
 Federal funds     400         -         0.22        2,473       1         0.14
purchased
 Commercial
paper and other
 short-term      16,457      13        0.32        14,580      11        0.29
borrowings
 Advances - FHLB   101,019     392       1.57        122,492     519       1.70
 Long-term
borrowings - sub      25,774      523       8.38        25,774      523       8.38
debt
Total Borrowings      176,098     957       2.20        210,092     1,106     2.12
Total
Interest-Bearing      1,530,541   2,593     0.69    %   1,420,260   2,813     0.80    %
Liabilities
Noninterest-bearing   897,416                           759,002
demand deposits
 Total including
noninterest-bearing
 demand deposits    2,427,957   2,593     0.44    %   2,179,262   2,813     0.54    %
Other liabilities     76,209                            59,160
Total Liabilities     2,504,166                         2,238,422
Shareholders'         229,246                           221,684
equity
Total Liabilities
and Shareholders'   $ 2,733,412                       $ 2,460,106
Equity
Net interest                      24,939    3.75    %               23,271    3.78    %
income/spread [2]
Net yield on
interest-earning                            4.02    %                         4.07    %
assets [2]
Less:
Tax-equivalent                    831                               864
adjustment
Net interest income             $ 24,108                          $ 22,407
[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 prior period amounts to conform to current presentation.
[2] Interest and/or average rates are
presented on a tax-equivalent basis.
[3] Includes loans held for sale and loans held in portfolio; all
loans are domestic. Nonaccrual loans are included in amounts
 outstanding and income has
been included to the extent
earned.
Page12 of 14



STERLING BANCORP
Rate/Volume Analysis [1]
(Unaudited)
(dollars in thousands)
                                        Increase/(Decrease)
                                        Three Months Ended
                                        March 31, 2013 to March 31, 2012
                                        Volume        Rate          Net [2]
INTEREST INCOME
Interest-bearing deposits           $   7         $   4         $   11
with other banks
Investment Securities
 Available for sale -                  (38)          (466)         (504)
taxable
 Held to maturity -                    (156)         (346)         (502)
taxable
 Tax-exempt                           (93)          -             (93)
 Total investment                  (287)         (812)         (1,099)
securities
FRB and FHLB stock                      (10)          (10)          (20)
Loans, net of unearned                  3,290         (734)         2,556
discounts [3]
TOTAL INTEREST INCOME               $   3,000     $   (1,552)   $   1,448
INTEREST EXPENSE
Interest-bearing deposits
 Domestic
 Savings                         $   -         $   -         $   -
 NOW                                 (1)           (29)          (30)
 Money market                        180           (68)          112
 Time                                -             (153)         (153)
 Total                             179           (250)         (71)
interest-bearing deposits
Borrowings
 Securities sold under agreements      (7)           -             (7)
to repurchase - customers
 Securities sold under agreements      (16)          -             (16)
to repurchase - dealers
 Federal funds purchased               (1)           -             (1)
 Commercial paper and                  1             1             2
other short-term borrowings
 Advances - FHLB                       (90)          (37)          (127)
 Long-term borrowings -                -             -             -
subordinated debentures
 Total borrowings                  (113)         (36)          (149)
TOTAL INTEREST EXPENSE              $   66        $   (286)     $   (220)
NET INTEREST INCOME                 $   2,934     $   (1,266)   $   1,668
[1] This table is presented on a tax-equivalent basis.
[2] Changes in interest income and interest expense due to a combination of
both volume and rate have been allocated to the change due
 to volume and the change due to rate in proportion to the relationship of
change due solely to each. The effect of the extra day in 2012
 has been allocated entirely to the volume variance. The change in
interest expense for securities sold under agreements to repurchase-
 dealers has been allocated entirely to the volume variance.
[3] Includes loans held for sale and loans held in portfolio; all loans are
domestic. Nonaccrual loans are included in amounts outstanding,
 and income has been included to the extent earned.
Page13 of 14



STERLING BANCORP
Reconciliation of Tangible Common Equity and Tangible Assets
(Unaudited)
(dollars in thousands)
This press release contains certain supplemental financial information,
described in the following tables, which has
been determined by methods other than U. S. generally accepted accounting
principles ("GAAP"). Management believes
that these non-GAAP financial measures provide useful supplemental information
to both management and investors
in evaluating Sterling's capital position. Tangible common equity represents
shareholders' equity less preferred equity,
goodwill and other intangibles. Tangible assets are equal to total assets
less goodwill and other intangibles. Tangible
common equity ratio is calculated by dividing tangible common equity by
tangible assets. These non-GAAP measures
should not be considered a substitute for GAAP basis measures and results, and
Sterling strongly encourages investors
to review its consolidated financial statements in their entirety and not to
rely on any single financial measure. Non-GAAP
financial measures are not standardized, and, therefore, it may not be
possible to compare these financial measures
with other companies' non-GAAP financial measures that may have
the same or similar names.
                                                      March 31,
                                                      2013           2012
Tangible common equity
 Total shareholders' equity                     $    231,992      $ 225,324
 Less:
 Goodwill and other                                23,656         22,975
intangible assets
 Total tangible common                          $    208,336      $ 202,349
equity
Tangible assets
 Total assets                                   $    2,772,485    $ 2,498,644
 Less: Goodwill and other                            23,656         22,975
intangible assets
 Total tangible assets                          $    2,748,829    $ 2,475,669
Tangible common equity                                7.58%          8.17%
ratio
Page14 of 14



SOURCE Sterling Bancorp

Website: http://www.sterlingbancorp.com
Contact: John Tietjen, Chief Financial Officer, Sterling Bancorp,
john.tietjen@sterlingbancorp.com, 212.757.8035; or Edward Nebb, Investor
Relations, Comm-Counsellors, LLC, enebb@optonline.net , 203.972.8350
 
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