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STERLING BANCORP REPORTS STRONG THIRD QUARTER AND NINE MONTHS EARNINGS

STERLING BANCORP REPORTS STRONG THIRD QUARTER AND NINE MONTHS EARNINGS
 NEW YORK, Nov. 2 /PRNewswire/ -- Sterling Bancorp (NYSE: STL), parent holding company of Sterling National Bank & Trust Company of New York today reported net income for the third quarter of 1992 of $561,861, or 9 cents per share. This compares to a net loss of $5,542,834, 87 cents per share, for the third quarter of 1991.
 Net income for the nine months ended Sept. 30, 1992 was $1,937,518, 31 cents per share, compared with a net loss of $5,019,168, 79 cents per share, for the like period in 1991.
 Chairman Louis J. Cappelli, said "strong results for the third quarter of 1992 were principally due to improved net interest income and non-interest income and a lower provision for loan losses. The increase in net interest income resulted from the improved spread between interest income and interest expense. This was due to continued efforts by the company to reduce funding costs. Non-interest income rose in the third quarter of 1992 primarily due to higher fee income. The third quarter 1992 provision for loan losses was significantly lower than the amount provided during the like period of 1991 which included a provision related to a loan to a single borrower who filed for bankruptcy during the third quarter of 1991. The increase in the provision for income taxes was due to the higher level of taxable income.
 Mr. Cappelli attributed the company's nine month earnings increase to the same factors as those which increased third quarter results, that is, an increase in net interest income and non-interest income and lower provision for loan losses partially offset by a higher provision for income taxes. Another factor which positively affected the nine month results was the gain on the sale of securities in connection with the second quarter restructuring of the bank's investment securities portfolio which was aimed at reducing interest rate risk.
 "Sterling National Bank with its Fortress Balance Sheet, continues to maintain a very high standing in important industry measurements and ratios," said Mr. Cappelli. "Specifically, with regard to regulatory capital standards, Sterling National Bank's ratios substantially exceed minimum regulatory requirements. At Sept. 30, 1992, the bank's Tier 1 risk-based capital ratio was 25.51 percent, more than six times the currently regulatory minimum requirement of 3.63 percent." Mr. Cappelli further stated that "he was pleased to announce that Veribanc, a leading bank rating firm, recently designated Sterling National Bank as a 'Blue Ribbon Bank,' a commendation presented for safety and soundness."
 STERLING BANCORP
 Comparative Earnings Table
 Periods ended Quarter Nine months
 Sept. 30 1992 1991 1992 1991
 Income (loss)
 before taxes $1,042,171 $(7,770,493) $3,493,511 $(6,915,965)
 Provision (benefit)
 for income taxes 480,310 (2,227,659) 1,555,993 (1,896,797)
 Net income (loss) 561,861 (5,542,834) 1,937,518 (5,019,168)
 Average number of
 common shares 6,346,008 6,322,646 6,341,342 6,322,615
 Net income (loss)
 per average
 common share $.09 ($.87) $.31 ($.79)
 STERLING NATIONAL BANK & TRUST COMPANY OF NEW YORK
 Principal Subsidiary of Sterling Bancorp
 Selected Data/Ratios
 Sept. 30, 1992
 Sterling National Bank has a Fortress Balance Sheet and is among the safest, soundest and strongest banks in the country. It continues to maintain asset quality, a high level of liquid assets and a strong capital position.
 -- Primary Capital (Shareholders' Equity and Loan Loss Reserve): $63.4 million
 -- Total Risk Based Capital Ratio: 27.0 percent, almost four times regulatory minimum requirement of 7.3 percent.
 -- Tier 1 Capital: 25.5 percent of total risk-weighted assets: current regulatory minimum is 3.6 percent.
 -- Shareholders' Equity to Total Assets: 13.4 percent
 -- Return on average assets: 1.0 percent
 -- Liquid Assets (cash, deposits with banks, U.S. Treasuries and Federal Funds Sold): 27.1 percent of total deposits.
 -- Non-performing loans are 1.1 percent of total assets.
 -- No loans to developing countries (LCDs).
 -- No highly leveraged transactions (HLTs).
 -- No brokered deposits.
 -0- 11/2/92
 /CONTACT: Louis J. Cappelli, chairman, or John C. Millman, executive vice presidnet of Sterling Bancorp, 212-826-8000/
 (STL) CO: Sterling Bancorp ST: New York IN: FIN SU: ERN


KD-TS -- NY060 -- 1649 11/02/92 13:22 EST
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Date:Nov 2, 1992
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