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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________ 
FORM 10-Q
______________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-35385
______________________________ 
STERLING BANCORP
(Exact Name of Registrant as Specified in its Charter)
_______________________________

Delaware 80-0091851
(State or Other Jurisdiction of (IRS Employer ID No.)
Incorporation or Organization) 
Two Blue Hill Plaza, 2nd Floor
 
Pearl River,New York10965
(Address of Principal Executive Office) (Zip Code)
(845) 369-8040
(Registrant’s Telephone Number including area code)
______________________________

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareSTLNew York Stock Exchange
Depositary Shares, each representing 1/40 interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series ASTLPRANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer                 Accelerated filer             
Non-accelerated filer             ☐    Smaller reporting company    
Emerging growth company     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Classes of Common Stock  Shares outstanding as of April 28, 2021
$0.01 per share  192,599,296



STERLING BANCORP AND SUBSIDIARIES
FORM 10-Q TABLE OF CONTENTS
QUARTERLY PERIOD ENDED MARCH 31, 2021
 
PART I. FINANCIAL INFORMATION - UNAUDITED
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



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


 March 31,December 31,
20212020
ASSETS:
Cash and due from banks$935,633 $305,002 
Securities available for sale, at estimated fair value
2,524,671 2,298,618 
Securities held to maturity (“HTM”), net of allowance for credit losses of $1,499 at March 31, 2021 and December 31, 2020
1,716,786 1,740,838 
Loans held for sale36,237 11,749 
Portfolio loans 21,151,973 21,848,409 
Allowance for credit losses - loans
(323,186)(326,100)
Portfolio loans, net20,828,787 21,522,309 
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost
153,968 166,190 
Accrued interest receivable 103,323 97,505 
Premises and equipment, net 199,782 202,555 
Goodwill 1,683,482 1,683,482 
Other intangible assets, net 89,788 93,564 
Bank owned life insurance (“BOLI”)630,430 629,576 
Other real estate owned5,227 5,347 
Other assets 1,006,168 1,063,403 
Total assets$29,914,282 $29,820,138 
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Deposits$23,841,718 $23,119,522 
FHLB and other borrowings  382,000 
Federal Funds Purchased 277,000 
Repurchase agreements31,679 27,101 
Subordinated Notes - Bank143,757 143,703 
Subordinated Notes - Company492,063 491,910 
Mortgage escrow funds 82,245 59,686 
Other liabilities702,656 728,702 
Total liabilities25,294,118 25,229,624 
Commitments and Contingent liabilities (See Note 14. “Commitments and Contingencies”)
STOCKHOLDERS’ EQUITY:
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at March 31, 2021 and December 31, 2020)
136,458 136,689 
Common stock (par value $0.01 per share; 310,000,000 shares authorized at March 31, 2021 and December 31, 2020; 229,872,925 shares issued at March 31, 2021 and December 31, 2020; 192,567,901 and 192,923,371 shares outstanding at March 31, 2021 and December 31, 2020, respectively)
2,299 2,299 
Additional paid-in capital3,745,890 3,761,993 
Treasury stock, at cost (37,305,024 shares at March 31, 2021 and 36,949,554 shares at December 31, 2020)
(699,415)(686,911)
Retained earnings1,377,341 1,291,628 
Accumulated other comprehensive income, net of tax expense of $21,999 at March 31, 2021 and $32,399 at December 31, 2020
57,591 84,816 
Total stockholders’ equity4,620,164 4,590,514 
Total liabilities and stockholders’ equity$29,914,282 $29,820,138 
See accompanying notes to consolidated financial statements.
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STERLING BANCORP AND SUBSIDIARIES
Consolidated Income Statements (Unaudited)
(Dollars in thousands, except share and per share data)

Three months ended
March 31,
20212020
Interest and dividend income:
Loans and loan fees$205,855 $235,439 
Securities taxable15,352 20,629 
Securities non-taxable11,738 12,997 
Other earning assets902 4,462 
Total interest and dividend income233,847 273,527 
Interest expense:
Deposits8,868 45,781 
Borrowings7,065 15,974 
Total interest expense15,933 61,755 
Net interest income217,914 211,772 
Provision for credit losses - loans10,000 136,577 
Provision for credit losses - held to maturity securities 1,703 
Net interest income after provision for credit losses207,914 73,492 
Non-interest income:
Deposit fees and service charges6,563 6,622 
Accounts receivable management / factoring commissions and fees5,426 5,538 
Bank owned life insurance4,955 5,018 
Loan commissions and fees10,477 11,024 
Investment management fees1,852 1,847 
Net gain on sale of securities
719 8,412 
Net gain on called securities 4,880 
Other2,364 3,985 
Total non-interest income32,356 47,326 
Non-interest expense:
Compensation and benefits58,087 54,876 
Stock-based compensation plans6,617 6,006 
Occupancy and office operations14,515 15,199 
Information technology9,246 8,018 
Professional fees
7,077 5,749 
Amortization of intangible assets3,776 4,200 
FDIC insurance and regulatory assessments3,230 3,206 
Other real estate owned expense, net(68)52 
Impairment related to financial centers and real estate consolidation strategy633  
Loss on extinguishment of borrowings 744 
Other15,052 16,663 
Total non-interest expense118,165 114,713 
Income before income tax expense (benefit)122,105 6,105 
Income tax expense (benefit)22,955 (8,042)
Net income99,150 14,147 
Preferred stock dividend1,963 1,976 
Net income available to common stockholders$97,187 $12,171 
Weighted average common shares:
Basic191,890,512 196,344,061 
Diluted192,621,907 196,709,038 
Earnings per common share:
Basic$0.51 $0.06 
Diluted0.50 0.06 
See accompanying notes to consolidated financial statements.
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STERLING BANCORP AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in thousands)
Three months ended
March 31,
20212020
Net income$99,150 $14,147 
Other comprehensive income, before tax:
Change in unrealized holding (losses) gains on securities available for sale(33,926)48,755 
Reclassification adjustment for net realized (gains) included in net income(719)(8,412)
Accretion of net unrealized loss on securities transferred to held to maturity
45 97 
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans
(3,025)(2,568)
Total other comprehensive (loss) income, before tax(37,625)37,872 
Deferred tax benefit (expense) related to other comprehensive income10,400 (10,467)
Other comprehensive (loss) income, net of tax(27,225)27,405 
Comprehensive income$71,925 $41,552 
See accompanying notes to consolidated financial statements.
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STERLING BANCORP AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(Dollars in thousands, except share and per share data)

Number of common
shares
Preferred stockCommon
stock
Additional
paid-in
capital
Treasury
stock
Retained
earnings
Accumulated
other
comprehensive income
Total
stockholders’
equity
Balance at January 1, 2020198,455,324 $137,581 $2,299 $3,766,716 $(583,408)$1,166,709 $40,216 $4,530,113 
Cumulative effect of change in accounting principle (see Note 1. “Basis of Financial Statement Presentation”)— — — — — (54,254)— (54,254)
Balance at January 1, 2020 (as adjusted for change in accounting principle)198,455,324 137,581 2,299 3,766,716 (583,408)1,112,455 40,216 4,475,859 
Net income— — — — — 14,147 — 14,147 
Other comprehensive income— — — — — — 27,405 27,405 
Stock options & other stock transactions, net41,000 — — — 346 68 — 414 
Common shares acquired from stock compensation plan activity(316,582)— — (24,516)5,916 14,187 — (4,413)
Stock-based compensation1,181,673 — — 7,308 (1,891)589 6,006 
Cash dividends declared ($0.07 per common share)
— — — — — (13,768)— (13,768)
Cash dividends declared ($16.25 per preferred share)
— (218)— — — (1,976)— (2,194)
Purchase of treasury stock
(4,900,759)— — — (81,032)— — (81,032)
Balance at March 31, 2020194,460,656 $137,363 $2,299 $3,749,508 $(660,069)$1,125,702 $67,621 $4,422,424 
Number of common
shares
Preferred
stock
Common
stock
Additional
paid-in
capital
Treasury
stock
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
stockholders’
equity
Balance at January 1, 2021192,923,371 $136,689 $2,299 $3,761,993 $(686,911)$1,291,628 $84,816 $4,590,514 
Net income— — — — — 99,150 — 99,150 
Other comprehensive loss— — — — — — (27,225)(27,225)
Stock options & other stock transactions, net73,946 — — — 1,376 (624)— 752 
Common shares acquired from stock compensation plan activity(332,290)— — (23,241)13,860 2,746 — (6,635)
Stock-based compensation1,138,246 — — 7,138 (415)(106)— 6,617 
Cash dividends declared ($0.07 per common share)
— — — — — (13,490)— (13,490)
Cash dividends declared ($16.25 per preferred share)
— (231)— — — (1,963)— (2,194)
Purchase of treasury stock(1,235,372)— — — (27,325)— — (27,325)
Balance at March 31, 2021192,567,901 $136,458 $2,299 $3,745,890 $(699,415)$1,377,341 $57,591 $4,620,164 
See accompanying notes to consolidated financial statements.
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STERLING BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)

Three months ended
March 31,
20212020
Cash flows from operating activities:
Net income $99,150 $14,147 
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses - loans10,000 136,577 
Provision for credit losses - held to maturity securities 1,703 
Net (gain) from write-downs and sales of other real estate owned(2)(62)
Net (gain) on extinguishment of Senior Notes (8)
Depreciation of premises and equipment4,576 5,034 
Loss on extinguishment of FHLB borrowings 753 
Impairment on fixed assets197  
Impairment of early termination of leases127  
Amortization of intangible assets3,776 4,200 
Loss on sale of premises and equipment309  
Amortization of low income housing tax credits11,507 7,401 
Net (gain) on sale of securities(706)(8,412)
(Gain) on security calls available for sale(18)(4,897)
Loss on security calls held to maturity5 17 
Net amortization of premiums on securities7,601 7,978