Profile: Sterling Bancorp (STL)
23 Apr 2018
Sterling Bancorp, incorporated on June 30, 2003, is a financial holding company. The Company is a bank holding company that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves. The Bank offers a line of commercial, business, and consumer banking products and services. The Bank offers services in the New York Metro Market, which includes Manhattan and Long Island, and the New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester counties in New York and Bergen County in New Jersey.
The Company is engaged in the origination of commercial loans and commercial mortgage loans. The Company also originates residential mortgage loans and consumer loans, such as home equity lines of credit, homeowner loans and personal loans in its market area. It sells the residential mortgage loans it originates and it enters into loan participations in some commercial loans for portfolio management purposes. It makes various types of secured and unsecured commercial and industrial loans to small and medium-sized businesses in its market area, including loans collateralized by assets, such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other assets. The Company provides financing and human resource business process outsourcing support services to the temporary staffing industry. The Company provides back-office, computer and tax accounting services, and financing to independently-owned staffing companies located throughout the United States. The Company provides residential mortgage warehouse funding services to mortgage bankers. The Company also provides accounts receivable management services. It offers equipment financing across the United States through direct lending programs, third party sources and vendor programs.
The Company finances payout term loans and secured loans for various types of business equipment. It originates real estate loans secured by first liens on commercial real estate and multi-family properties. The underlying collateral of its commercial real estate loans consist of multi-family properties, retail properties, including shopping centers and strip centers, office buildings, nursing homes, industrial and warehouse properties, hotels, motels, restaurants and schools. It also offers conforming and non-conforming, fixed-rate and adjustable-rate residential mortgage (ARM) loans with maturities up to 30 years. It originates a range of consumer loans, including homeowner loans, home equity lines of credit, new and used automobile loans, and personal unsecured loans, including fixed-rate installment loans and variable lines of credit. As of December 31, 2016, its portfolio of commercial real estate loans, including multi-family loans, totaled $4.1 billion, or 43.5% of total loans, its portfolio of commercial and industrial loans (including asset-based lending, payroll finance, warehouse lending, factored receivables, equipment finance and public sector finance) totaled $4.2 billion, or 43.8% of total loans, and its portfolio of acquisition, development and construction (ADC) loans totaled $230.1 million, or 2.4% of total loans.
The Company's investment securities include the United States Treasury, the United States Government Agency and Government Sponsored Agencies, municipal and corporate bonds, mortgage-backed securities, collateralized mortgage obligations and trust preferred securities. The Company classifies its securities among three categories: held to maturity, trading and available for sale. The Company also has other securities, including federal agencies, corporate, state and municipal securities, trust preferred securities and other.
Sources of Funds
The Company offers various deposit products, such as non-interest bearing demand deposits, interest bearing demand deposits, savings, money market and certificate of deposits. As of December 31, 2016, its total deposits were $9.6 billion.
400 Rella Blvd
MONTEBELLO NY 10901-4241
Company Web Links
- BRIEF-Provident Bancorp Quarterly Earnings Per Share $0.22
- BRIEF-Sterling Bancorp Files For Potential Mixed Shelf Offering
- BRIEF-Sterling Bancorp To Acquire Advantage Funding Management Including $458 Mln Loan Portfolio And Origination Platform
- BRIEF-Provident Bancorp Reports Qtrly EPS $0.19
- BRIEF-Sterling Bancorp Reports Q4 Loss Per Share Of $0.16