This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sterling CEO: Small Businesses Fueling Loan Growth

The market is resurging. We never turned down to the extent that the rest of the country did. Sterling National Bank has an enormous opportunity to expand market share. Also, our existing clients are beginning to draw on their credit lines more.

TheStreet: Have you hired additional lenders?

Millman: Yes, we have hired six or seven business development people over the past year. We have a core platform and operations capacity that can support substantially more volume than we presently have, which helps us to control expenses.

TheStreet: Sterling traditionally focuses on building loan and deposit relationships with small businesses and service providers. Is there any change in the bank's lending focus?

Millman: Absolutely not. This has been our ongoing focus since 1929.

TheStreet: Do you expect the growth to continue at this clip?

Millman: We expect continued double digit growth in both loans and deposits.

TheStreet: Who's hiring in the city?

Millman: My sense is that the financial service firms, the commercial banks, are now beginning to hire business development people and we are seeing more interest in our employees from other institutions. I think this is a sign of revitalization in the market place.

Sterling Bancorp's shares closed at $9.45 Thursday, returning 10% year-to-date, following a 14% decline during 2011.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Based on a quarterly payout of nine cents, the shares have a dividend yield of 3.81%.

Sterling's shares trade 1.3 times their reported March 31 book value of $7.29, and for 13 times the consensus 2013 EPS estimate of 74 cents, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is 64 cents.

Interested in more on Sterling Bancorp? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
STL $15.16 0.00%
AAPL $112.12 0.00%
FB $93.24 0.00%
GOOG $643.61 0.00%
TSLA $220.69 0.00%


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs