Sterling Bancorp and Sterling National Bank Receive Receive Investment Grade Ratings From Kroll Bond Rating Agency
MONTEBELLO, N.Y., July 18, 2017 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL) today announced that Kroll Bond Rating Agency (KBRA), a full-service rating agency, has initiated coverage on the Company and its Sterling National Bank subsidiary, and has assigned the following investment grade ratings:
| Entity | Type | Rating | Outlook |
| Sterling Bancorp | Senior Unsecured Debt | BBB+ | Stable |
| Subordinated Debt | BBB | Stable | |
| Short-Term Debt | K2 | NA | |
| Sterling National Bank | Deposit | A- | Stable |
| Senior Unsecured Debt | A- | Stable | |
| Subordinated Debt | BBB+ | Stable | |
| Short-Term Deposit | K2 | NA | |
| Short-Term Debt | K2 | NA |
Jack Kopnisky, President and CEO of Sterling Bancorp, stated, “We are pleased with the strong initial rating from Kroll Bond Rating Agency. The investment grade rating recognizes the results of our efforts to build a high-performing regional bank, and should be especially meaningful as our commercial banking teams continue their outreach to institutional and larger commercial clients.”
Commenting on the basis of the ratings, the KBRA Rating Report stated, “Sterling Bancorp’s performance has been solid in recent years, with a core ROA approximating 1.2%, driven by very low credit costs, a competitive NIM (net interest margin) and favorable operating efficiency, the latter, in part, based on the company’s commercially oriented business model. Capital metrics, including a +8% TCE (tangible common equity) ratio, are considered suitable for the assigned ratings.”
About Sterling Bancorp
Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.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 BANCORP CONTACT: Luis Massiani, SEVP & Chief Financial Officer 845.369.8040 Sterling Bancorp 400 Rella Boulevard Montebello, NY 10901-4243 T 845.369.8040 F 845.369.8255 http://www.sterlingbancorp.com
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