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Sterling Bancorp CEO Discusses Q3 2011 Results - Earnings Call Transcript

Total deposits were up 24% to over $2 billion. Deposit growth is clearly linked to loan growth since as you may recall we generating prior deposit relationship from our borrowing customers. Total assets grew more than 15% to approach $2.7 billion. Asset quality has continued to improve net charge offs were $2 million for the third quarter, the lowest level since the 2008 fourth quarter. The ratio of non-accrual loans to total loans decreased to 0.38% from 0.47% a year ago. Non-performing assets were 0.28% of total assets to September 30, 2011 down from 0.30% a year ago.

The allowance for loan losses as a percentage of non-accrual loans was 347% at September 30, 2011 up from 290% a year ago.

At the end of the third quarter our Tier I risk-based capital ratio was 12.14%. Total risk-based capital was 13.18% and the Tier I leverage ratio was 9.08%. Our tangible common equity ratio was 7.43% at September 30, 2011. We recognize the concerns of resurface about the state of the economy that said I like to highlight the factors that reinforce our confidence, Sterling’s ability to continue delivering strong growth and solid financial performance for the balance of this year.

We are continuing to experience vigorous loan demand with the growth driven primarily by improved market share and demand through new products. The region that centers on the New York Metropolitan areas home to more than 500,000 small to mid size businesses, which represent our sweet spot in terms of customer relationships. And this has been a resilient market, the tristate region according to the U.S. Bureau of Labor Statistics actually gained over 90,000 jobs in the six months from March to August 2011 while both office and industrial vacancies declined.

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