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STERLING BANCORP NET INCOME UP; LOUIS J. CAPPELLI ELECTED PRESIDENT

STERLING BANCORP NET INCOME UP; LOUIS J. CAPPELLI ELECTED PRESIDENT
 NEW YORK, April 10 /PRNewswire/ -- Theodore H. Silbert, chairman of Sterling Bancorp (NYSE: STL), parent holding company of Sterling National Bank & Trust Company of New York, today reported consolidated net income of $613,294 for the first quarter ended March 31, 1992, compared with net income of $331,555 for same period in 1991, an increase of 85 percent. First quarter 1992 per share net income was $.10 vs. $.05 for like period 1991. He attributed the increased profitability to improved net interest income.
 The company reported earnings of $327,063, $.05 per average common share, in the fourth quarter of 1991. Chairman Silbert was gratified that the results of the last two successive quarters represent continuing improved profitability.
 Chairman Silbert announced the election of Louis J. Cappelli as president of Sterling Bancorp. He joined Sterling's predecessor companies in 1949, and held ever-increasing positions of responsibility. He is a director of the company and Sterling Bank. He was formerly senior executive vice president of both and in keeping with the policy of promoting from within was elected to fill the recent vacancy. A graduate of City College of New York, member of the Commercial Finance Association, New York Institute of Credit, he resides in Bronxville, N.Y., with his wife, the former Virginia M. Delger. They have five children.
 STERLING BANCORP
 Comparative Earnings Table
 Quarter ended March 31 1992 1991
 Income before taxes $1,067,943 $ 642,269
 Provision for income taxes 454,649 310,714
 Net income $ 613,294 $ 331,555
 Average number of common shares 6,334,344 6,322,598
 Net income per average common share $.10 $.05
 -0- 4/10/92
 /CONTACT: Louis J. Cappelli, president of Sterling Bancorp, 212-826-8000/
 (STL) CO: Sterling Bancorp ST: New York IN: FIN SU: ERN PER


GK-KD -- NY061 -- 7415 04/10/92 17:34 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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