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  (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  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  Loans, net of unearned discount 1,722,949 22,242 5.37 1,441,967 19,686 5.56  Total Interest-Earning 2,550,298 27,532 4.44 % 2,291,781 26,084 4.58 % Assets  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  Net yield on interest-earning 4.02 % 4.07 % assets  Less: Tax-equivalent 831 864 adjustment Net interest income $ 24,108 $ 22,407  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.  Interest and/or average rates are presented on a tax-equivalent basis.  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  (Unaudited) (dollars in thousands) Increase/(Decrease) Three Months Ended March 31, 2013 to March 31, 2012 Volume Rate Net  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  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  This table is presented on a tax-equivalent basis.  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.  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, email@example.com, 212.757.8035; or Edward Nebb, Investor Relations, Comm-Counsellors, LLC, firstname.lastname@example.org , 203.972.8350
Sterling Bancorp Reports Net Income Of $5.2 Million, Or $0.17 Per Diluted Share, For The 2013 First Quarter
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