- Completed its merger with Astoria Bank, resulting in a diversified commercial bank with over $30 billion in assets and a growing footprint in the greater New York City metropolitan area.
- Generated record volumes in total assets, deposits, revenues and profitability, with adjusted net income available to common stockholders of $222 million and adjusted earnings per share available to common stockholders of $1.40 for 2017, which represented growth of 52.6% and 26.1%, over the prior year, respectively.
- Provided over $364 million of debt and equity capital to lending and investments in community development initiatives including three major projects: Newburgh CORe, which provided affordable housing space for Artists in Orange County, NY; West Farm apartments, bringing much needed housing and services for formerly homeless individuals living with HIV/AIDS in the Bronx; and housing in participation with Comunilife and Woodhull Hospital in Brooklyn, under which residents will be referred to housing opportunities by the Hospital's Department of Psychiatry.
- Delivered more than $800,000 in grants to the greater New York communities the bank serves.
- Hired 27 new sales and service professionals since September 2017 to focus on expanding the bank's business and growth opportunities.
About Sterling National Bank Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.Forward-Looking Statements This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern Sterling's current expectations about its future results, plans, operations and prospects and are subject to numerous assumptions, risks and uncertainties, including inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of Sterling at managing these risks. Other factors that could cause Sterling's actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of Sterling's securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and Sterling specifically disclaims any obligation to update these statements in the future.
STERLING NATIONAL BANK:Christina FavillaChief Operating Officer914.771.3110