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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

______________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-35385

______________________________

STERLING BANCORP

(Exact Name of Registrant as Specified in its Charter)

_______________________________


Delaware		80-0091851
(State or Other Jurisdiction of		(IRS Employer ID No.)
Incorporation or Organization)
Two Blue Hill Plaza, 2nd Floor
Pearl River,	New York	10965
(Address of Principal Executive Office)		(Zip Code)

(845) 369-8040

(Registrant’s Telephone Number including area code)

______________________________

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

STL

New York Stock Exchange

Depositary Shares, each representing 1/40 interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A

STLPRA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ~~Yes ☒ No ☐~~

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Classes of Common Stock						Shares outstanding as of ~~July~~October 28, 2021
$0.01 per share						192,~~694~~700,~~991~~767

STERLING BANCORP AND SUBSIDIARIES

FORM 10-Q TABLE OF CONTENTS

QUARTERLY PERIOD ENDED ~~JUNE~~SEPTEMBER 30, 2021

	PART I. FINANCIAL INFORMATION - UNAUDITED
Item 1.	Consolidated Balance Sheets as of ~~June~~September 30, 2021 and December 31, 2020	3
	Consolidated Income Statements for the three and six months ended June 30, 2021 and 2020	4
	Consolidated Income Statements for the three and nine months ended September 30, 2021 and 2020	4
	Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020	5
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020	5
	Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020	6
	Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020	8
	Notes to Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3940
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	6667
Item 4.	Controls and Procedures	6768
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	6870
Item 1A.	Risk Factors	6870
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	7072
Item 3.	Defaults Upon Senior Securities	7072
Item 4.	Mine Safety Disclosures	7072
Item 5.	Other Information	7072
Item 6.	Exhibits	7173
	Signatures	7274

Table of Contents

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements

STERLING BANCORP AND SUBSIDIARIES

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands, except share and per share data)

	June 30,		December 31,
	September 30,		December 31,
	2021		2020
ASSETS:
Cash and due from banks	$	~~487~~929,~~409~~320	$	305,002
Securities available for sale, at estimated fair value	2,~~671~~614,~~000~~822		2,298,618
Securities held to maturity (“HTM”), net of allowance for credit losses (“ACL”) of $749 at June 30, 2021 and $1,499 at December 31, 2020	1,695,470		1,740,838
Securities held to maturity (“HTM”), net of allowance for credit losses (“ACL”) of $749 at September 30, 2021 and $1,499 at December 31, 2020	1,669,147		1,740,838
Loans held for sale	~~19,088~~—		11,749
Portfolio loans	2021,~~724~~276,~~097~~549		21,848,409
ACL - loans	(~~314~~309,~~873~~915)		(326,100)
Portfolio loans, net	20,~~409~~966,~~224~~634		21,522,309
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost	151,~~443~~004		166,190
Accrued interest receivable	9699,~~728~~450		97,505
Premises and equipment, net	~~204~~202,~~632~~519		202,555
Goodwill	1,683,482		1,683,482
Other intangible assets, net	8682,~~012~~236		93,564
Bank owned life insurance (“BOLI”)	~~635~~640,~~411~~294		629,576
Other real estate owned	816		5,347
Other assets	1988,~~003,203~~701		1,063,403
Total assets	$	2930,~~143~~028,~~918~~425	$	29,820,138
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Deposits	$	23,~~146~~936,~~711~~023	$	23,119,522
FHLB and other borrowings	—		382,000
Federal funds purchased	—		277,000
Repurchase agreements	2531,~~802~~023		27,101
Subordinated Notes - Bank	—		143,703
Subordinated Notes - Company	492,~~219~~383		491,910
Mortgage escrow funds	6679,~~521~~221		59,686
Other liabilities	~~689~~692,~~809~~146		728,702
Total liabilities	2425,~~421~~230,~~062~~796		25,229,624
Commitments and Contingent liabilities (See Note 14. “Commitments and Contingencies”)
STOCKHOLDERS’ EQUITY:
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at June 30, 2021 and December 31, 2020)	136,224		136,689
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at September 30, 2021 and December 31, 2020)	135,986		136,689
Common stock (par value $0.01 per share; 310,000,000 shares authorized at June 30, 2021 and December 31, 2020; 229,872,925 shares issued at June 30, 2021 and December 31, 2020; 192,715,433 and 192,923,371 shares outstanding at June 30, 2021 and December 31, 2020, respectively)	2,299		2,299
Common stock (par value $0.01 per share; 310,000,000 shares authorized at September 30, 2021 and December 31, 2020; 229,872,925 shares issued at September 30, 2021 and December 31, 2020; 192,681,503 and 192,923,371 shares outstanding at September 30, 2021 and December 31, 2020, respectively)	2,299		2,299
Additional paid-in capital	3,~~753~~760,~~068~~279		3,761,993
Treasury stock, at cost (37,157,492 shares at June 30, 2021 and 36,949,554 shares at December 31, 2020)	(696,711)		(686,911)
Treasury stock, at cost (37,191,422 shares at September 30, 2021 and 36,949,554 shares at December 31, 2020)	(697,433)		(686,911)
Retained earnings	1,~~459~~539,~~077~~354		1,291,628
Accumulated other comprehensive income, net of tax expense of $26,317 at June 30, 2021 and $32,399 at December 31, 2020	68,899		84,816
Accumulated other comprehensive income, net of tax expense of $21,829 at September 30, 2021 and $32,399 at December 31, 2020	57,144		84,816
Total stockholders’ equity	4,~~722~~797,~~856~~629		4,590,514
Total liabilities and stockholders’ equity	$	2930,~~143~~028,~~918~~425	$	29,820,138

See accompanying notes to consolidated financial statements.

Table of Contents

STERLING BANCORP AND SUBSIDIARIES

Consolidated Income Statements (Unaudited)

(Dollars in thousands, except share and per share data)

Three months ended

~~Six~~Nine months ended

June 30,

September 30,

2021

2020

2021

2020

Interest and dividend income:

Loans and loan fees

~~201~~197,~~685~~157

~~219~~213,~~904~~009

~~407~~604,~~540~~697

~~455~~668,~~343~~352

Securities taxable

15,~~749~~433

18,~~855~~623

3146,~~101~~534

3958,~~484~~107

Securities non-taxable

11,~~718~~607

12,~~831~~257

2335,~~456~~063

2538,~~828~~085

Other earning assets

~~1,158~~892

~~1,636~~769

2,~~060~~952

6,~~098~~867

Total interest and dividend income

~~230~~225,~~310~~089

~~253~~244,~~226~~658

~~464~~689,~~157~~246

~~526~~771,~~753~~411

Interest expense:

Deposits

6,~~698~~161

2818,~~110~~251

1521,~~566~~727

7392,~~891~~142

Borrowings

5,~~085~~091

118,~~817~~583

1217,~~150~~241

2736,~~791~~374

Total interest expense

11,~~783~~252

3926,~~927~~834

2738,~~716~~968

~~101~~128,~~682~~516

Net interest income

~~218~~213,~~527~~837

~~213~~217,~~299~~824

~~436~~650,~~441~~278

~~425~~642,~~071~~895

Provision for credit losses - loans

~~6,000~~—

5631,~~606~~000

16,000

~~193~~224,183

Provision for credit losses - held to maturity securities

~~(750)~~—

—(1,000)

(750)

1,703

Net interest income after provision for credit losses

213,~~277~~837

~~156~~187,~~693~~824

~~421~~635,~~191~~028

~~230~~418,~~185~~009

Non-interest income:

Deposit fees and service charges

7,~~096~~007

5,~~345~~960

1320,~~659~~666

1117,~~968~~928

Accounts receivable management / factoring commissions and fees

5,~~491~~937

45,~~419~~393

1016,~~917~~854

915,~~956~~349

Bank owned life insurance

45,~~981~~009

45,~~950~~363

914,~~936~~945

915,~~967~~331

Loan commissions and fees

8,~~762~~620

87,~~003~~290

1927,~~239~~859

1926,~~028~~317

Investment management fees

21,~~018~~819

1,~~379~~735

35,~~870~~689

34,~~225~~960

Net gain on sale of securities

—1,656

~~485~~642

~~706~~2,361

89,~~896~~539

Net (loss) gain on called securities

(80)

—

(67)

4,880

Net gain on called securities

—

4,880

Other

12,~~946~~414

1,~~509~~842

46,~~310~~724

57,~~496~~337

Total non-interest income

3032,~~214~~547

2628,~~090~~225

6295,~~570~~117

73101,~~416~~641

Non-interest expense:

Compensation and benefits

5657,~~953~~178

5455,~~668~~960

~~115~~172,~~040~~218

~~109~~165,~~544~~504

Stock-based compensation plans

6,~~781~~648

5,~~913~~869

1320,~~398~~046

1117,~~919~~788

Occupancy and office operations

13,~~875~~967

14,~~695~~722

2842,~~390~~357

2944,~~894~~616

Information technology

910,~~741~~214

78,~~312~~422

1829,~~987~~201

1523,~~330~~752

Professional fees

7,~~561~~251

56,~~458~~343

1421,~~638~~889

1117,~~207~~550

Amortization of intangible assets

3,776

4,200

711,~~552~~328

812,~~400~~600

FDIC insurance and regulatory assessments

2,~~344~~844

3,~~638~~332

58,~~574~~418

610,~~844~~176

Other real estate owned expense, net

~~(72)~~1

~~1,233~~151

(~~140~~139)

1,~~285~~436

Merger-related expense

24,~~481~~581

—

27,~~481~~062

—

Impairment related to financial centers and real estate consolidation strategy

~~475~~118

—

1,~~108~~226

—

Loss on extinguishment of borrowings

~~1,243~~—

96,~~723~~241

1,243

1016,~~476~~713

Other

1518,~~471~~390

1814,~~041~~122

3048,~~523~~913

3448,~~695~~821

Total non-interest expense

~~120~~124,~~629~~968

~~124~~119,~~881~~362

~~238~~363,~~794~~762

~~239~~358,~~594~~956

Income before income tax expense

~~122~~121,~~862~~416

5796,~~902~~687

~~244~~366,~~967~~383

64160,~~007~~694

Income tax expense (benefit)

24,523

7,110

47,478

(932)

Income tax expense

25,745

12,280

73,223

11,348

Net income

9895,~~339~~671

5084,~~792~~407

~~197~~293,~~489~~160

64149,~~939~~346

Preferred stock dividend

1,~~959~~956

1,~~972~~969

35,~~922~~878

35,~~948~~917

Net income available to common stockholders

9693,~~380~~715

4882,~~820~~438

~~193~~287,~~567~~282

60143,~~991~~429

Weighted average common shares:

Basic

191,~~436~~508,~~885~~071

193,~~479~~494,~~757~~929

191,~~655~~606,~~897~~643

194,~~909~~436,~~498~~137

Diluted

192,~~292~~340,~~989~~487

193,~~604~~715,~~431~~943

192,~~456~~417,~~817~~008

~~195~~194,~~168~~677,~~557~~020

Earnings per common share:

Basic

0.5049

0.2543

1.0150

0.3174

Diluted

0.5049

0.2543

1.0149

0.3174

See accompanying notes to consolidated financial statements.

Table of Contents

STERLING BANCORP AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)

	Three months ended				~~Six~~Nine months ended
	June 30,				June 30,
	September 30,				September 30,
	2021		2020		2021		2020
Net income	$	9895,~~339~~671	$	5084,~~792~~407	$	~~197~~293,~~489~~160	$	64149,~~939~~346
Other comprehensive income, before tax:
Change in unrealized holding gains (losses) on securities available for sale	15,082		29,356		(18,857)		78,111
Change in unrealized holding (losses) gains on securities available for sale	(14,827)		(1,296)		(33,685)		76,815
Reclassification adjustment for net realized losses (gains) included in net income	—		(485)		(706)		(8,896)
Reclassification adjustment for net realized (gains) included in net income	(1,656)		(642)		(2,361)		(9,539)
Accretion of net unrealized loss on securities transferred to held to maturity	4028		59131		85113		~~156~~288
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans	~~504~~212		76779		(2,~~521~~309)		(21,~~492~~712)
Total other comprehensive income (loss), before tax	15,626		29,006		(21,999)		66,879
Total other comprehensive (loss) income, before tax	(16,243)		(1,028)		(38,242)		65,852
Deferred tax (expense) benefit related to other comprehensive income	(4,318)		(8,017)		6,082		(18,485)
Deferred tax benefit (expense) related to other comprehensive income	4,488		284		10,570		(18,202)
Other comprehensive income (loss), net of tax	11,308		20,989		(15,917)		48,394
Other comprehensive (loss) income, net of tax	(11,755)		(744)		(27,672)		47,650
Comprehensive income	$	~~109~~83,~~647~~916	$	7183,~~781~~663	$	~~181~~265,~~572~~488	$	~~113~~196,~~333~~996

See accompanying notes to consolidated financial statements.

Table of Contents

STERLING BANCORP AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(Dollars in thousands, except share and per share data)

	Number of commonshares	Preferred stock		Commonstock		Additionalpaid-incapital		Treasurystock		Retainedearnings		Accumulatedothercomprehensive income		Totalstockholders’equity
Balance at January 1, 2020	198,455,324	$	137,581	$	2,299	$	3,766,716	$	(583,408)	$	1,166,709	$	40,216	$	4,530,113
Cumulative effect of change in accounting principle (adoption of Current Expected Credit Loss standard (“CECL”))	—	—		—		—		—		(54,254)		—		(54,254)
Balance at January 1, 2020 (as adjusted for change in accounting principle)	198,455,324	137,581		2,299		3,766,716		(583,408)		1,112,455		40,216		4,475,859
Net income	—	—		—		—		—		14,147		—		14,147
Other comprehensive income	—	—		—		—		—		—		27,405		27,405
Stock options & other stock transactions, net	41,000	—		—		—		346		68		—		414
Common shares acquired from stock compensation plan activity	(316,582)	—		—		(24,516)		5,916		14,187		—		(4,413)
Stock-based compensation	1,181,673	—		—		7,308		(1,891)		589		—		6,006
Cash dividends declared ($0.07 per common share)	—	—		—		—		—		(13,768)		—		(13,768)
Cash dividends declared ($16.25 per preferred share)	—	(218)		—		—		—		(1,976)		—		(2,194)
Purchase of treasury stock	(4,900,759)	—		—		—		(81,032)		—		—		(81,032)
Balance at March 31, 2020	194,460,656	137,363		2,299		3,749,508		(660,069)		1,125,702		67,621		4,422,424
Net income	—	—		—		—		—		50,792		—		50,792
Other comprehensive income	—	—		—		—		—		—		20,989		20,989
Stock options & other stock transactions, net	10,000	—		—		—		95		6		—		101
Common shares acquired from stock compensation plan activity	(14,467)	—		—		(180)		(16)		5		—		(191)
Stock-based compensation	2,616	—		—		6,146		(233)		—		—		5,913
Cash dividends declared ($0.07 per common share)	—	—		—		—		—		(13,648)		—		(13,648)
Cash dividends declared ($16.25 per preferred share)	—	(221)		—		—		—		(1,972)		—		(2,193)
Balance at June 30, 2020	194,458,805	$	137,142	$	2,299	$	3,755,474	$	(660,223)	$	1,160,885	$	88,610	$	4,484,187
Net income	—	—		—		—		—		84,407		—		84,407
Other comprehensive income	—	—		—		—		—		—		(744)		(744)
Stock options & other stock transactions, net	9,500	—		—		—		90		5		—		95
Common shares acquired from stock compensation plan activity	(19,662)	—		—		(263)		(43)		16		—		(290)
Stock-based compensation	10,199	—		—		6,005		(136)		—		—		5,869
Cash dividends declared ($0.07 per common share)	—	—		—		—		—		(13,545)		—		(13,545)
Cash dividends declared ($16.25 per preferred share)	—	(225)		—		—		—		(1,969)		—		(2,194)
Balance at September 30, 2020	194,458,842	$	136,917	$	2,299	$	3,761,216	$	(660,312)	$	1,229,799	$	87,866	$	4,557,785

Table of Contents

STERLING BANCORP AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(Dollars in thousands, except share and per share data)

	Number of commonshares	Preferredstock		Commonstock		Additionalpaid-incapital		Treasurystock		Retainedearnings		Accumulatedothercomprehensiveincome (loss)		Totalstockholders’equity
Balance at January 1, 2021	192,923,371	$	136,689	$	2,299	$	3,761,993	$	(686,911)	$	1,291,628	$	84,816	$	4,590,514
Net income	—	—		—		—		—		99,150		—		99,150
Other comprehensive loss	—	—		—		—		—		—		(27,225)		(27,225)
Stock options & other stock transactions, net	73,946	—		—		—		1,376		(624)		—		752
Common shares acquired from stock compensation plan activity	(332,290)	—		—		(23,241)		13,860		2,746		—		(6,635)
Stock-based compensation	1,138,246	—		—		7,138		(415)		(106)		—		6,617
Cash dividends declared ($0.07 per common share)	—	—		—		—		—		(13,490)		—		(13,490)
Cash dividends declared ($16.25 per preferred share)	—	(231)		—		—		—		(1,963)		—		(2,194)
Purchase of treasury stock	(1,235,372)	—		—		—		(27,325)		—		—		(27,325)
Balance at March 31, 2021	192,567,901	136,458		2,299		3,745,890		(699,415)		1,377,341		57,591		4,620,164
Net income	—	—		—		—		—		98,339		—		98,339
Other comprehensive income	—	—		—		—		—		—		11,308		11,308
Stock options & other stock transactions, net	166,459	—		—		—		3,072		(1,243)		—		1,829
Common shares acquired from stock compensation plan activity	(18,927)	—		—		70		(43)		(1)		—		26
Stock-based compensation	—	—		—		7,108		(325)		(2)		—		6,781
Cash dividends declared ($0.07 per common share)	—	—		—		—		—		(13,398)		—		(13,398)
Cash dividends declared ($16.25 per preferred share)	—	(234)		—		—		—		(1,959)		—		(2,193)
Balance at June 30, 2021	192,715,433	$	136,224	$	2,299	$	3,753,068	$	(696,711)	$	1,459,077	$	68,899	$	4,722,856
Net income	—	—		—		—		—		95,671		—		95,671
Other comprehensive loss	—	—		—		—		—		—		(11,755)		(11,755)
Stock options & other stock transactions, net	8,000	—		—		—		148		(33)		—		115
Common shares acquired from stock compensation plan activity	(41,930)	—		—		10		(317)		—		—		(307)
Stock-based compensation	—	—		—		7,201		(553)		—		—		6,648
Cash dividends declared ($0.07 per common share)	—	—		—		—		—		(13,405)		—		(13,405)
Cash dividends declared ($16.25 per preferred share)	—	(238)		—		—		—		(1,956)		—		(2,194)
Balance at September 30, 2021	192,681,503	$	135,986	$	2,299	$	3,760,279	$	(697,433)	$	1,539,354	$	57,144	$	4,797,629

See accompanying notes to consolidated financial statements.

Table of Contents

STERLING BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

	Six months ended
	Nine months ended
	June 30,
	September 30,
	2021		2020
Cash flows from operating activities:
Net income	$	~~197~~293,~~489~~160	$	64149,~~939~~346
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses - loans	16,000		~~193~~224,183
(Credit) provision for credit losses - held to maturity securities	(750)		1,703
Net (gain) loss from write-downs and sales of other real estate owned	(219)		~~1,019~~874
Net loss on extinguishment of subordinated notes - Bank	1,243		—
Depreciation of premises and equipment	913,~~025~~550		914,~~941~~798
Loss on extinguishment of FHLB borrowings	—		1016,~~476~~713
Impairment on fixed assets	~~197~~218		—
Impairment of early termination of leases	127		—
Amortization of intangible assets	711,~~552~~328		812,~~400~~600
Gain on sale of premises and equipment	(309)		—
Amortization of low income housing tax credits	2335,~~333~~452		1624,~~388~~571
Net gain on sale of securities	(~~706~~2,361)		(89,~~896~~539)
Loss (gain) on security calls available for sale	62		(4,897)
Gain on security calls available for sale	(36)		(4,897)
Loss on security calls held to maturity	517		17
Net gain on loans held for sale	—(23,714)		(2,881)
Net amortization of premiums on securities	1523,~~592~~844		1523,~~801~~334
Amortization of premium on certificates of deposit	(~~508~~696)		(1,~~229~~654)
Net accretion of purchase discount and amortization of net deferred loan costs	(1521,~~484~~381)		(2029,~~172~~044)
Net accretion of debt issuance costs and amortization of premium on borrowings	~~363~~527		(~~446~~342)
Restricted stock compensation expense	1320,~~398~~046		1117,~~919~~788
Originations of loans held for sale	—(9,936)		(36,~~313~~702)
Increase in cash surrender value of bank owned life insurance	(9,936)		(9,967)
Proceeds from sales of loans held for sale	21,685		3,501
Deferred income tax benefit	(6,838)		(56,339)
Increase in cash surrender value of bank owned life insurance	(14,945)		(15,331)
Other adjustments (principally net changes in other assets and other liabilities)	32,426		(154,806)
Deferred income tax benefit	(8,951)		(67,707)
Net cash provided by operating activities	282,062		37,840
Other adjustments (principally net changes in other assets and other liabilities)	91,317		(115,753)
Net cash provided by operating activities	445,216		204,578
Cash flows from investing activities:
Purchases of securities:
Available for sale	(~~689~~896,~~486~~749)		(~~285~~294,798)
Held to maturity	(~~779~~2,117)		(13,~~355~~454)
Proceeds from maturities and other principal payments on securities:
Available for sale	~~254~~353,~~483~~137		~~241~~422,~~438~~942
Held to maturity	3445,~~291~~122		4088,~~364~~384
Proceeds from sales of securities available for sale	20129,~~706~~545		~~459~~484,~~994~~934
Proceeds from calls of securities available for sale	19,080		138,872
Proceeds from sales of securities held to maturity	—		93,036
Proceeds from calls of securities held to maturity	925		905
Proceeds from calls of securities available for sale	57,984		138,872
Portfolio loan repayments (originations), net	876,850		(932,814)
Proceeds from calls of securities held to maturity	11,805		905
Proceeds from sale of commercial loans	228,380		98,412
Portfolio loan repayments (originations), net	332,676		(1,025,418)
Redemptions of FHLB and FRB stock, net	14,747		58,139
Proceeds from sale of commercial loans	252,094		106,996
Proceeds from sales of other real estate owned	4,750		3,237
Proceeds from sale of residential mortgage loans	—		36,070
Purchases of premises and equipment	(14,887)		(11,509)
Redemptions of FHLB and FRB stock, net	15,186		84,512
Proceeds from bank owned life insurance	4,101		2,907
Proceeds from sales of other real estate owned	4,750		5,379
Proceeds from sale of premises and equipment	3,897		1,910
Purchases of premises and equipment	(17,320)		(14,442)
Purchases of low income housing tax credits	(23,318)		(63,349)
Proceeds from bank owned life insurance	4,227		3,943
Net cash provided by (used in) investing activities	733,740		(248,647)
Proceeds from sale of premises and equipment	3,897		9,233
Purchases of low income housing tax credits	(73,370)		(77,264)
Net cash provided by investing activities	220,867		59,830

Table of Contents

STERLING BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

	Six months ended
	Nine months ended
	June 30,
	September 30,
	2021		2020
Cash flows from financing activities:
Net increase in transaction, savings and money market deposits	~~590~~1,~~266~~490,941		12,~~995~~894,~~896~~767
Net decrease in certificates of deposit	(~~562~~673,~~569~~744)		(~~812~~1,~~704~~056,438)
Net decrease in short-term FHLB borrowings	(382,000)		(195,000)
Advances of term FHLB borrowings	—		~~375~~447,000
Repayments of term FHLB borrowings	—		(12,~~450~~100,000)
Advances under the Paycheck Protection Program Liquidity Facility	—		568,350
Repayment of Paycheck Protection Program Liquidity Facility	—		(450,853)
Repayment of Senior Notes	—		(173,373)
Repayment of subordinated notes - Bank	(145,000)		—
Net (decrease) increase in other short term borrowings	(278,299)		3,770
Repayment of subordinated notes - Company	—		(750)
Net increase in mortgage escrow funds	6,835		11,370
Net (decrease) increase in other short term borrowings	(273,078)		12,545
Stock options & other stock transactions, net	2,581		515
Net increase in mortgage escrow funds	19,535		25,715
Common shares acquired related to stock compensation plan activity	(6,609)		(4,604)
Stock options & other stock transactions, net	2,696		610
Common shares acquired related to stock compensation plan activity	(6,916)		—
Treasury shares repurchased	(27,325)		(81,032)
Cash dividends paid - common stock	(2640,~~888~~293)		(2740,~~416~~961)
Cash dividends paid - preferred stock	(46,~~387~~581)		(46,~~387~~581)
Net cash (used in) provided by financing activities	(833,395)		206,385
Net cash (used in) financing activities	(41,765)		(156,001)
Net increase (decrease) in cash and cash equivalents	182,407		(4,422)
Net increase in cash and cash equivalents	624,318		108,407
Cash and cash equivalents at beginning of period	305,002		329,151
Cash and cash equivalents at end of period	$	~~487~~929,~~409~~320	$	~~324~~437,~~729~~558
Supplemental cash flow information:
Interest payments	$	3036,~~196~~566	$	~~109~~133,~~820~~225
Income tax payments	1445,~~446~~329		1416,~~017~~395
Real estate acquired in settlement of loans	—		~~732~~983
Loans transferred from held for investment to held for sale	235,719		95,179
Loans transferred from held for sale to portfolio	—		4,500
Operating cash flows from operating leases	7,631		10,328
Loans transferred from held for investment to held for sale	259,433		254,564
Operating cash flows from operating leases	11,217		15,437
Right-of-use assets obtained in exchange for lease liabilities	—		2,846

See accompanying notes to consolidated financial statements.


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

(1) Basis of Financial Statement Presentation and Summary of Significant Accounting Policies

(a) Nature of Operations

Sterling Bancorp (“Sterling”, the “Company,” “we,” “us” and “our” ) is a Delaware corporation, a bank holding company and a financial holding company headquartered in Pearl River, New York that owns all of the outstanding shares of common stock of Sterling National Bank (the “Bank”), its principal subsidiary. The Bank is a full-service regional bank specializing in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers.

(b) Basis of Presentation

The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which include regulatory reporting instructions.

The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2020, included in our Annual Report on Form 10-K, as filed with the SEC on February 26, 2021 (the “2020 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates, particularly the ACL and the status of contingencies, and are subject to change.

(d) Definitive Merger Agreement with Webster Financial Corporation

On April 19, 2021, Webster Financial Corporation (NYSE: WBS) (“Webster”), the parent company of Webster Bank, National Association (“Webster Bank”), and Sterling, the parent company of the Bank, jointly announced that they had entered into a definitive agreement (the “Merger Agreement”) under which the companies will combine in an all stock merger of equals (the “Merger”). In May, Webster filed the necessary applications with federal regulators, ~~and~~ in July we filed our joint proxy statement, ~~with~~and ~~our~~in August we received stockholder ~~vote~~approval ~~scheduled~~and ~~for~~approval ~~August.~~from Weour ~~continue~~primary tobank ~~target~~regulator, athe ~~transaction~~Office ~~close~~of ~~date~~the inComptroller of the ~~fourth~~Currency. ~~quarter~~We are prepared to execute the merger upon receipt of ~~2021,~~remaining regulatory approvals and subject to ~~regulatory~~other ~~and~~customary ~~stockholder~~closing ~~approval~~conditions.

(e) Risks and Uncertainties - COVID-19

The COVID-19 pandemic and the ~~resulting~~resultant slow down in global economic activity, has continued to impact our business and our clients. In line with the continuing recovery in the broader economy and in the New York metropolitan region, we saw further improvement in our operating results in the ~~second~~third quarter and first ~~six~~nine months of 2021, when compared to the ~~second~~third quarter and first ~~six~~nine months of 2020. ~~However,~~There ~~there~~ continues to be some uncertainty around the Delta variant of the COVID-19 virus as well as the pace and sustainability of the economic recovery, which in combination with ~~accomodative~~accommodative monetary policy, ishas ~~creating~~continued to create downward pressure on yields and considerable competition for earning assets. ~~Additionally,~~The ~~the~~ New York metropolitan region was disproportionately impacted by the broader deterioration in macro-economic conditions and, while we have seen an uptick in economic activity in the region, it remains below pre-pandemic levels and has continued to dampen demand for our products. Against the backdrop of an improving macro-economic outlook and stabilization of key asset quality metrics, our provision for credit losses - loans was ~~$6.0~~zero ~~million~~ and $16.0 million in the ~~second~~third quarter of 2021 and in the first ~~six~~nine months of 2021, respectively, compared to $5631.60 million and $~~193~~224.2 million for the respective periods in 2020. In addition, non-interest income was $3032.25 million in the ~~second~~third quarter of 2021 compared to $2628.12 million in the ~~second~~third quarter of 2020 which reflects an increase in transaction volumes compared to the prior year period and improvement in the business operations of many of our clients ~~business operations~~.


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

~~With~~We ~~uncertainty as to the trajectory of the ongoing pandemic, we~~ expect to see continued volatility in the broader economy and in the interest rate environment. Further, itthe isongoing ~~possible~~effects ~~that~~of the ~~continuing~~pandemic ~~threat~~continue to ~~public~~cause ~~health~~severe ~~posed~~supply bychain ~~COVID-19~~disruptions ~~may~~and ~~result~~labor inshortages ~~additional~~which ~~governmental~~could ~~actions~~negatively ~~that may~~ impact ~~our~~the ~~business~~pace ~~and that~~ of ~~our~~the ~~clients~~economic recovery. A ~~further~~ downturn in ~~the~~ economic activity, at the national or regional level, especially if prolonged, could negatively impact the stability of our deposit base, impair the ability of borrowers to repay outstanding loans, cause an increase in the number of non-performing loans, impair the value of collateral securing loans, and cause significant property damage, all of which could negatively impact our operating results and financial condition.

The extent to which the ongoing pandemic could materially adversely affect the longer term business climate and therefore our business and results of operations will depend on a number of evolving factors and future developments that are difficult to predict. To the extent that the pandemic adversely affects our business, financial position, results of operations and/or cash flows, it may also have the effect of heightening many of the other risks we face, including the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 26, 2021, and our Quarterly Reports on Form 10-Q for quarters ended March 31, 2021 and June 30, 2021, filed on April 30, 2021 and July 30, 2021, respectively.

(2) Securities

The following table summarizes our securities as of ~~June~~September 30, 2021, including a summary of the amortized cost fair value and ACL related to HTM securities and the amortized cost, fair value of AFS securities. The ~~terms~~term “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 15. “Fair Value Measurements”:

June 30, 2021

September 30, 2021

Available for Sale

Held to Maturity

Amortizedcost

Grossunrealizedgains

Grossunrealizedlosses

Fairvalue

Amortizedcost

Grossunrecognizedgains

Grossunrecognizedlosses

Fairvalue

ACL

Residential MBS:

Agency-backed

~~881~~926,~~777~~677

3530,~~346~~961

(~~200~~2,356)

~~916~~955,~~923~~282

7466,~~810~~620

2,~~813~~824

—

7769,~~623~~444

—

CMOs/Other MBS

~~263~~226,~~417~~700

118,~~143~~138

—

~~274~~234,~~560~~838

—

Total residential MBS

1,~~145~~153,~~194~~377

4639,~~489~~099

(~~200~~2,356)

1,~~191~~190,~~483~~120

7466,~~810~~620

2,~~813~~824

—

7769,~~623~~444

—

Other securities:

US Treasury and federal agencies

~~380~~370,~~034~~898

53,~~248~~150

(~~463~~1,084)

~~384~~372,~~819~~964

24,~~871~~892

~~529~~375

—

25,~~400~~267

—

Corporate

~~685~~649,~~058~~445

3230,~~924~~787

(23,~~840~~240)

~~715~~676,~~142~~992

199,~~824~~810

~~729~~652

—

2010,~~553~~462

State and municipal

~~364~~361,~~754~~625

1413,~~917~~244

(~~115~~123)

~~379~~374,~~556~~746

1,~~558~~550,~~964~~824

~~112~~100,~~986~~864

(5340)

1,~~671~~651,~~897~~648

700

Other

—

17,750

~~153~~128

(~~114~~105)

17,~~789~~773

Total other securities

1,~~429~~381,~~846~~968

5347,~~089~~181

(34,~~418~~447)

1,~~479~~424,~~517~~702

1,~~621~~603,~~409~~276

~~114~~102,~~397~~019

(~~167~~145)

1,~~735~~705,~~639~~150

749

Total securities

2,~~575~~535,~~040~~345

9986,~~578~~280

(36,~~618~~803)

2,~~671~~614,~~000~~822

1,~~696~~669,~~219~~896

~~117~~104,~~210~~843

(~~167~~145)

1,~~813~~774,~~262~~594

749


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

A summary of amortized cost and estimated fair value of securities as of December 31, 2020 is presented below:


	December 31, 2020
	Available for Sale										Held to Maturity
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost		Gross unrecognized gains		Gross unrecognized losses		Fair value		ACL
Residential MBS:
Agency-backed	$	873,358	$	44,911	$	(9)	$	918,260	$	104,329	$	4,100	$	—	$	108,429	$	—
CMOs/Other MBS	352,473		20,811		—		373,284		—		—		—		—		—
Total residential MBS	1,225,831		65,722		(9)		1,291,544		104,329		4,100		—		108,429		—
Other securities:
Federal agencies	149,852		6,615		—		156,467		24,811		844		—		25,655		—
Corporate	438,226		27,334		(2,048)		463,512		19,851		535		—		20,386		75
State and municipal	369,186		18,090		(181)		387,095		1,575,596		126,575		(69)		1,702,102		1,379

Other	—		—		—		—		17,750		189		(7)		17,932		45
Total other securities	957,264		52,039		(2,229)		1,007,074		1,638,008		128,143		(76)		1,766,075		1,499
Total securities	$	2,183,095	$	117,761	$	(2,238)	$	2,298,618	$	1,742,337	$	132,243	$	(76)	$	1,874,504	$	1,499

The amortized cost and estimated fair value of securities at September 30, 2021 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential MBS are shown separately since they are not due at a single maturity date.

June 30, 2021

September 30, 2021

Available for sale

Held to maturity

Amortizedcost

Fairvalue

Amortizedcost

Fairvalue

Remaining period to contractual maturity:

One year or less

1,~~914~~671

1,~~911~~670

2827,~~453~~746

2827,~~717~~933

One to five years

~~368~~441,~~570~~892

~~380~~452,~~544~~863

7898,~~748~~153

82102,~~744~~829

Five to ten years

~~684~~584,~~198~~534

~~713~~610,~~149~~862

~~395~~474,~~588~~758

~~421~~503,~~669~~405

Greater than ten years

~~375~~353,~~164~~871

~~383~~359,~~913~~307

1,~~118~~002,~~620~~619

1,~~202~~070,~~509~~983

Total securities with a stated maturity date

1,~~429~~381,~~846~~968

1,~~479~~424,~~517~~702

1,~~621~~603,~~409~~276

1,~~735~~705,~~639~~150

Residential MBS

1,~~145~~153,~~194~~377

1,~~191~~190,~~483~~120

7466,~~810~~620

7769,~~623~~444

Total securities

2,~~575~~535,~~040~~345

2,~~671~~614,~~000~~822

1,~~696~~669,~~219~~896

1,~~813~~774,~~262~~594


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

Sales and calls of securities for the periods indicated below were as follows:

	For the three months ended				For the ~~six~~nine months ended
	June 30,				June 30,
	September 30,				September 30,
	2021		2020		2021		2020
Available for sale:
Proceeds from sales	$	—108,839	$	5224,~~470~~940	$	20129,~~706~~545	$	~~459~~484,~~994~~934
Gross realized gains	—1,656		~~485~~—		12,~~236~~891		8,964
Gross realized losses	—		—(128)		(530)		(68195)
Income tax expense on realized net gains	—331		61(27)		~~138~~472		~~112~~1,841
Proceeds from calls	$	1738,~~055~~904	$	—34,839	$	2058,~~005~~909	$	~~139~~174,~~777~~616
Gross realized gains	16114		—		47161		4,909
Gross realized losses	(9617)		—		(~~114~~130)		(29)
Income tax (benefit) expense on realized net (loss) gains	(16)		—		(13)		610
Income tax expense on realized net gains	19		—		6		610
Held to maturity(1):
Proceeds from sales	$	—	$	93,036	$	—	$	93,036
Gross realized gains	—		1,809		—		1,809
Gross realized losses	—		(1,039)		—		(1,039)
Income tax expense on realized net gains	—		162		—		162

At(1) ~~June 30,~~In ~~2021~~the ~~and~~three ~~December~~months 31ended September 30, 2020, ~~there~~we ~~were~~sold no$93.0 million ~~holdings~~ of state and municipal securities ofthat ~~any~~were ~~one~~classified ~~issuer~~held into anmaturity ~~amount~~at ~~greater~~June ~~than~~30, ~~10%~~2020. ofManagement ~~stockholders’~~evaluated ~~equity,~~the ~~other~~issuer ~~than~~and individual securities ~~issued~~and bydetermined that the ~~U.S.~~issuer ~~federal~~had ~~government~~demonstrated ~~and~~significant deterioration in its ~~agencies~~creditworthiness since the acquisition date.

	Continuous unrealized loss position
	Less than 12 months				12 months or longer				Total
	Fairvalue		Unrealized losses		Fairvalue		Unrealized losses		Fairvalue		Unrealized losses
AFS
June 30, 2021
Residential MBS:
Agency-backed	$	57,518	$	(194)	$	262	$	(6)	$	57,780	$	(200)
Other securities:
US Treasury and federal agencies	90,135		(463)		—		—		90,135		(463)
Corporate	124,236		(2,840)		—		—		124,236		(2,840)
State and municipal	1,650		(5)		8,084		(110)		9,734		(115)
Total other securities	216,021		(3,308)		8,084		(110)		224,105		(3,418)
Total securities	$	273,539	$	(3,502)	$	8,346	$	(116)	$	281,885	$	(3,618)
December 31, 2020
Residential MBS:
Agency-backed	$	396	$	(1)	$	1,970	$	(8)	$	2,366	$	(9)
Other securities:
Corporate	83,191		(2,048)		—		—		83,191		(2,048)
State and municipal	2,507		(29)		10,872		(152)		13,379		(181)
Total other securities	85,698		(2,077)		10,872		(152)		96,570		(2,229)
Total securities	$	86,094	$	(2,078)	$	12,842	$	(160)	$	98,936	$	(2,238)

At September 30, 2021 and December 31, 2020, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than securities issued by the U.S. federal government and its agencies.

We regularly review AFS securities for impairment resulting from credit losses using both qualitative and quantitative criteria, and based on the composition of the portfolio at each reporting period. Unrealized losses on corporate and state and municipal securities have not been recognized into income because the issuers are of high credit quality, because we do not intend to sell and because it is unlikely that we will be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. The fair value is expected to recover as the securities approach maturity.


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

The following table summarizes AFS securities with unrealized losses for which an ACL has not been recorded at September 30, 2021 and December 31, 2020 aggregated by major security type and length of time in a continuous unrealized loss position:

At June 30, 2021, a total of 32 AFS securities were in a continuous unrealized loss position for less than 12 months and 48 AFS securities were in a continuous unrealized loss position for 12 months or longer.


	Continuous unrealized loss position
	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
AFS
September 30, 2021
Residential MBS:
Agency-backed	$	266,531	$	(2,348)	$	248	$	(8)	$	266,779	$	(2,356)


Other securities:
US Treasury and federal agencies	259,748		(1,084)		—		—		259,748		(1,084)
Corporate	101,540		(2,014)		18,774		(1,226)		120,314		(3,240)
State and municipal	8,872		(33)		7,281		(90)		16,153		(123)


Total other securities	370,160		(3,131)		26,055		(1,316)		396,215		(4,447)
Total securities	$	636,691	$	(5,479)	$	26,303	$	(1,324)	$	662,994	$	(6,803)
December 31, 2020
Residential MBS:
Agency-backed	$	396	$	(1)	$	1,970	$	(8)	$	2,366	$	(9)


Other securities:

Corporate	83,191		(2,048)		—		—		83,191		(2,048)
State and municipal	2,507		(29)		10,872		(152)		13,379		(181)

Total other securities	85,698		(2,077)		10,872		(152)		96,570		(2,229)
Total securities	$	86,094	$	(2,078)	$	12,842	$	(160)	$	98,936	$	(2,238)

	Continuous unrecognized loss position
	Less than 12 months				12 months or longer				Total
	Fairvalue		Unrecognized losses		Fairvalue		Unrecognized losses		Fairvalue		Unrecognized losses
HTM
June 30, 2021
Other securities:
State and municipal	$	—	$	—	$	3,912	$	(53)	$	3,912	$	(53)
Other	14,886		(114)		—		—		14,886		(114)
Total securities	$	14,886	$	(114)	$	3,912	$	(53)	$	18,798	$	(167)
December 31, 2020
Other securities:
State and municipal	$	105	$	(1)	$	4,386	$	(68)	$	4,491	$	(69)
Other	9,993		(7)		—		—		9,993		(7)
Total other securities	10,098		(8)		4,386		(68)		14,484		(76)
Total securities	$	10,098	$	(8)	$	4,386	$	(68)	$	14,484	$	(76)

We regularly review AFS securities for impairment resulting from credit losses using both qualitative and quantitative criteria, and based on the composition of the portfolio at each reporting period. Unrealized losses on corporate and state and municipal securities have not been recognized into income because the issuers are of high credit quality, we do not intend to sell, and it is unlikely that we will be required to sell the securities prior to their anticipated recovery. The increase in the amount of unrealized losses at September 30, 2021 compared to December 31, 2020 is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. The fair value is expected to recover as the securities approach maturity.

	June 30, 2021				June 30, 2020
	Type of security				Type of security
	Corporate and Other		State and municipal		Corporate and Other		State and municipal
ACL - HTM:
Balance at beginning of period	$	120	$	1,379	$	—	$	—
Impact of adoption on January 1, 2020	—		—		108		688
Provision for credit loss	(71)		(679)		7		1,696
Total ACL - HTM at end of period	$	49	$	700	$	115	$	2,384

At September 30, 2021, a total of 52 AFS securities were in a continuous unrealized loss position for less than 12 months and 46 AFS securities were in a continuous unrealized loss position for 12 months or longer.

The ACL - HTM securities was estimated using a discounted cash flow approach. We discounted the expected cash flows using the effective interest rate inherent in the security. For floating rate securities, we projected interest rates using forward interest rate curves. We review the term structures for probability of default, probability of prepayment and loss given default. We estimate a reasonable and supportable term of three years, based on our back testing process.

At June 30, 2021 and December 31, 2020, accrued interest receivable on HTM securities was $15.5 million and $15.6 million, respectively, and was excluded from the estimate of ACL - HTM securities. Accrued interest receivable on HTM securities is included in accrued interest receivable on the consolidated balance sheets.


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

At September 30, 2021 and December 31, 2020, accrued interest receivable on AFS securities was $14.9 million and $10.9 million, respectively. Accrued interest receivable on AFS securities is included in accrued interest receivable on the consolidated balance sheets. The following table summarizes HTM securities with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position, for the periods presented below:

Credit Quality Indicators


	Continuous unrecognized loss position
	Less than 12 months				12 months or longer				Total
	Fair value		Unrecognized losses		Fair value		Unrecognized losses		Fair value		Unrecognized losses
HTM
September 30, 2021




Other securities:


State and municipal	$	—	$	—	$	3,029	$	(40)	$	3,029	$	(40)
Other	9,999		(1)		4,895		(104)		14,894		(105)

Total securities	$	9,999	$	(1)	$	7,924	$	(144)	$	17,923	$	(145)
December 31, 2020




Other securities:


State and municipal	$	105	$	(1)	$	4,386	$	(68)	$	4,491	$	(69)
Other	9,993		(7)		—		—		9,993		(7)

Total securities	$	10,098	$	(8)	$	4,386	$	(68)	$	14,484	$	(76)

The following table presents the activity in the ACL - HTM securities by type of security for the nine month periods ended September 30, 2021 and 2020:

We monitor the credit quality of HTM investment securities through the use of credit ratings, internal reviews and analysis of financial information and other data, and external reviews from a third-party vendor. We monitor credit quality indicators at least quarterly, and all credit ratings were updated and reviewed as of June 30, 2021. At June 30, 2021, three HTM securities were in a continuous unrealized loss position for less than 12 months and 26 HTM securities were in a continuous unrealized loss position for 12 months or longer. The following table summarizes the amortized cost of HTM securities at June 30, 2021 aggregated by credit quality indicator:


	September 30, 2021				September 30, 2020
	Type of security				Type of security
	Corporate and Other		State and municipal		Corporate and Other		State and municipal
ACL - HTM:
Balance at beginning of period	$	120	$	1,379	$	—	$	—
Impact of adoption on January 1, 2020	—		—		108		688
Provision for credit loss	(71)		(679)		7		696
Total ACL - HTM at end of period	$	49	$	700	$	115	$	1,384

Credit Rating:	Corporate and other		State and municipal
AAA	$	—	$	987,413
AA	17,750		546,072
A	—		20,331
BBB	—		65
Non-rated	19,824		5,083
Total	$	37,574	$	1,558,964

The ACL - HTM securities was estimated using a discounted cash flow approach. We discounted the expected cash flows using the effective interest rate inherent in the security. For floating rate securities, we projected interest rates using forward interest rate curves. We review the term structures for probability of default, probability of prepayment, and loss given default. We estimate a reasonable and supportable term of three years, based on our back testing process.

~~The~~At ~~majority~~September 30, of2021 ~~state~~ and ~~municipal~~December ~~securities~~31, ~~had~~2020, aaccrued ~~rating~~interest ofreceivable Aon orHTM ~~greater~~securities atwas ~~June 30, 2021~~$17.8 ~~State~~million and ~~municipal~~$15.6 ~~securities~~million, ~~consist~~respectively, ~~mainly~~and ofwas ~~securities~~excluded ~~issued~~from ~~by jurisdictions located in~~ the ~~state~~estimate of ~~New~~ACL ~~York~~- ~~and~~HTM securities ~~issued by other states~~. ~~Non-rated~~Accrued ~~state~~interest ~~and~~receivable ~~municipal~~on ~~securities~~HTM ~~consist of general obligation~~ securities ~~and~~is ~~short-term~~included ~~bond~~in ~~anticipation~~accrued ~~notes~~interest ~~and~~receivable ~~tax~~on ~~anticipation notes issued by municipalities in~~ the ~~state~~consolidated ofbalance ~~New York~~sheets.

A security is considered to be delinquent once it is 30 days past due under the terms of the agreement. There were no past due securities and there were no securities on non-accrual at June 30, 2021.

	June 30,		December 31,
	2021		2020
AFS securities pledged for borrowings, at fair value	$	25,802	$	27,101
AFS securities pledged for municipal deposits, at fair value	545,072		569,724
HTM securities pledged for municipal deposits, at amortized cost	1,384,217		1,221,964
Total securities pledged	$	1,955,091	$	1,818,789


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

~~(3)~~Credit ~~Portfolio~~Quality ~~Loans~~Indicators

	June 30, 2021		December 31, 2020
Commercial:
Commercial & Industrial (“C&I”):
Traditional C&I	$	2,917,848	$	2,920,205
Asset-based lending	707,207		803,004
Payroll finance	158,424		159,237
Warehouse lending	1,229,588		1,953,677
Factored receivables	217,399		220,217
Equipment financing	1,381,308		1,531,109
Public sector finance	1,723,270		1,572,819
Total C&I	8,335,044		9,160,268
Commercial mortgage:
Commercial real estate (“CRE”)	5,861,542		5,831,990
Multi-family	4,281,615		4,406,660
Acquisition, development and construction (“ADC”)	690,224		642,943
Total commercial mortgage	10,833,381		10,881,593
Total commercial	19,168,425		20,041,861
Residential mortgage	1,389,294		1,616,641
Consumer	166,378		189,907
Total portfolio loans	20,724,097		21,848,409
ACL	(314,873)		(326,100)
Total portfolio loans, net	$	20,409,224	$	21,522,309

We monitor the credit quality of HTM investment securities through the use of credit ratings, internal reviews and analysis of financial information and other data, and external reviews from a third-party vendor. We monitor credit quality indicators at least quarterly, and all credit ratings were updated and reviewed as of September 30, 2021. At September 30, 2021, two HTM securities were in a continuous unrealized loss position for less than 12 months and 21 HTM securities were in a continuous unrealized loss position for 12 months or longer. The following table summarizes the amortized cost of HTM securities at September 30, 2021 aggregated by credit quality indicator:

Portfolio loans are shown at amortized cost, which includes deferred fees, deferred costs and purchase accounting adjustments, which were $5.8 million at June 30, 2021 and $20.9 million at December 31, 2020.


Credit Rating:	Corporate and other		State and municipal
AAA	$	—	$	983,533
AA	17,750		542,627
A	—		19,963
BBB	—		64
Non-rated	9,810		4,637
Total	$	27,560	$	1,550,824

The ~~balance~~majority of ~~portfolio~~state ~~loans~~and ~~excludes~~municipal ~~accrued~~securities ~~interest~~had ~~receivable.~~a ~~Accrued~~rating ~~interest~~of ~~receivable~~A ~~was~~or ~~$68.3~~greater ~~million and $71.0 million~~ at ~~June~~September 30, 2021. State and ~~December~~municipal ~~31,~~securities ~~2020,~~consist ~~respectively,~~mainly ~~and~~of ~~was~~securities ~~reported~~issued by jurisdictions located in ~~accrued~~the ~~interest~~state ~~receivable~~of onNew ~~the~~York ~~consolidated~~and ~~balance~~securities ~~sheets~~issued by other states. ~~Interest~~Non-rated ~~income~~state isand ~~accrued~~municipal onsecurities ~~the~~consist ~~unpaid~~of ~~principal~~general ~~balance.~~obligation ~~All~~securities ~~interest~~and ~~accrued~~short-term ~~but~~bond ~~not~~anticipation ~~received~~notes onand ~~loans~~tax ~~placed~~anticipation onnotes ~~non-accrual~~issued isby ~~reversed~~municipalities ~~against~~in ~~interest~~the ~~income~~state of New York.

~~Included~~A insecurity ~~traditional~~is ~~C&I~~considered ~~loans at June 30, 2021, was $7.8 million of principal balance related~~ to ~~loans~~be ~~originated~~delinquent ~~under~~once ~~the~~it ~~Small~~is ~~Business~~30 ~~Administration~~days ~~(“SBA”)~~past ~~Paycheck~~due ~~Protection Program (“PPP”). The CARES Act authorized the SBA to temporarily guarantee loans~~ under ~~a new 7(a) loan program,~~ the ~~PPP.~~terms ~~These loans are 100% guaranteed by the SBA and the full principal amount~~ of the ~~loan may qualify for forgiveness~~agreement. ~~The~~There ~~loans~~were weno ~~originated~~past ~~have~~due asecurities ~~maturity of two years, an interest rate of 1.00%~~ and ~~loan~~there ~~payments~~were ~~are~~no ~~deferred~~securities ~~for~~on ~~the~~non-accrual ~~initial~~at ~~six~~September 30, ~~months~~2021.

Securities pledged for borrowings at the FHLB and other institutions and securities pledged for municipal deposits and other purposes, were as follows for the periods presented below:

In the three and six months ended June 30, 2021, we sold $122.5 million and $192.5 million of loans, respectively, largely comprised of commercial real estate loans, the majority of which were rated special mention and substandard. In connection with these sales, we charged-off against the ACL - loans the uncollectible portion, which amounted to $11.7 million and $17.6 million in the three and six months ended June 30, 2021, respectively.


	September 30,		December 31,
	2021		2020
AFS securities pledged for borrowings, at fair value	$	31,023	$	27,101
AFS securities pledged for municipal deposits, at fair value	1,067,796		569,724


HTM securities pledged for municipal deposits, at amortized cost	1,548,450		1,221,964
Total securities pledged	$	2,647,269	$	1,818,789

At June 30, 2021 and December 31, 2020, the Bank pledged residential mortgage and CRE loans of $6.1 billion and $6.5 billion, respectively, to the FHLB as collateral for certain borrowing arrangements. See Note 7. “Borrowings”.


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(3) Portfolio ~~loans:~~ Loans

The composition of our total portfolio loans, which excludes loans held for sale, was the following for the periods presented below:

	June 30, 2021
	September 30, 2021		December 31, 2020
	Current		30-59dayspast due		60-89dayspast due		90+dayspast due		Total
Commercial:
Traditional C&I	$	2,898,001	$	6,005	$	10,136	$	3,706	$	2,917,848
Commercial & Industrial (“C&I”):
Asset-based lending	707,207		—		—		—		707,207
Traditional C&I	$	3,342,356	$	2,920,205
Payroll finance	158,424		—		—		—		158,424
Asset-based lending	673,679		803,004
Warehouse lending	1,229,588		—		—		—		1,229,588
Payroll finance	166,999		159,237
Factored receivables	217,399		—		—		—		217,399
Warehouse lending	1,301,639		1,953,677
Equipment financing	1,371,266		847		143		9,052		1,381,308
Factored receivables	228,834		220,217
Public sector finance	1,723,270		—		—		—		1,723,270
Equipment financing	1,254,846		1,531,109
CRE	5,822,083		23,345		15,530		584		5,861,542
Public sector finance	1,825,976		1,572,819
Multi-family	4,268,435		2,823		10,030		327		4,281,615
Total C&I	8,794,329		9,160,268
ADC	665,224		—		—		25,000		690,224
Commercial mortgage:
Residential mortgage	1,366,022		6,138		2,078		15,056		1,389,294
Commercial real estate (“CRE”)	5,941,508		5,831,990
Consumer	155,669		1,155		584		8,970		166,378
Multi-family	4,296,829		4,406,660
Total loans	$	20,582,588	$	40,313	$	38,501	$	62,695	$	20,724,097
Acquisition, development and construction (“ADC”)	694,443		642,943
Total TDRs included above	$	50,212	$	—	$	—	$	2,327	$	52,539
Total commercial mortgage	10,932,780		10,881,593
Non-performing loans:
Total commercial	19,727,109		20,041,861
Loans 90+ days past due and still accruing									$	—
Residential mortgage	1,395,248		1,616,641
Non-accrual loans									173,319
Consumer	154,192		189,907
Total non-performing loans									$	173,319
Total portfolio loans	21,276,549		21,848,409
ACL	(309,915)		(326,100)
Total portfolio loans, net	$	20,966,634	$	21,522,309

Portfolio loans are shown at amortized cost, which includes deferred fees deferred costs and purchase accounting adjustments, which were $271 thousand at September 30, 2021 and $20.9 million at December 31, 2020.

The balance of portfolio loans excludes accrued interest receivable. Accrued interest receivable was $66.7 million and $71.0 million at September 30, 2021 and December 31, 2020, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. All interest accrued but not received on loans placed on non-accrual is reversed against interest income.

In the three and nine months ended September 30, 2021, we sold $23.7 million and $252.1 million of loans, respectively, largely comprised of commercial real estate loans, the majority of which were rated special mention and substandard. In connection with these sales, we charged-off against the ACL - loans the uncollectible portion, which amounted to $1.2 million and $18.8 million in the three and nine months ended September 30, 2021, respectively.

At September 30, 2021 and December 31, 2020, the Bank pledged residential mortgage and CRE loans of $5.8 billion and $6.5 billion, respectively, to the FHLB as collateral for certain borrowing arrangements. See Note 7. “Borrowings”.


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Portfolio loans:

An analysis of the aging of portfolio loans, segregated by loan type as of September 30, 2021, is presented below:


	September 30, 2021
	Current		30-59 days past due		60-89 days past due		90+ days past due		Total
Traditional C&I	$	3,331,998	$	3,461	$	675	$	6,222	$	3,342,356
Asset-based lending	673,679		—		—		—		673,679
Payroll finance	166,999		—		—		—		166,999
Warehouse lending	1,301,639		—		—		—		1,301,639
Factored receivables	228,834		—		—		—		228,834
Equipment financing	1,200,107		41,005		1,077		12,657		1,254,846
Public sector finance	1,825,976		—		—		—		1,825,976
CRE	5,896,696		—		16,703		28,109		5,941,508
Multi-family	4,286,430		30		10,042		327		4,296,829
ADC	671,943		—		—		22,500		694,443
Residential mortgage	1,374,257		3,929		2,979		14,083		1,395,248
Consumer	144,198		1,444		146		8,404		154,192
Total loans	$	21,102,756	$	49,869	$	31,622	$	92,302	$	21,276,549
Total TDRs included above	$	45,998	$	—	$	572	$	1,777	$	48,347
Non-performing loans:
Loans 90+ days past due and still accruing									$	3,371
Non-accrual loans									202,082
Total non-performing loans									$	205,453


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The following table represents an analysis of the aging of portfolio loans, segregated by loan type as of:


	December 31, 2020
	Current		30-59 days past due		60-89 days past due		90+ days past due		Total
Traditional C&I	$	2,905,964	$	1,215	$	6,054	$	6,972	$	2,920,205
Asset-based lending	803,004		—		—		—		803,004
Payroll finance	159,237		—		—		—		159,237
Warehouse lending	1,953,677		—		—		—		1,953,677
Factored receivables	220,217		—		—		—		220,217
Equipment financing	1,469,653		24,286		11,077		26,093		1,531,109
Public sector finance	1,572,819		—		—		—		1,572,819
CRE	5,794,115		13,591		17,421		6,863		5,831,990
Multi-family	4,393,950		11,578		811		321		4,406,660
ADC	612,943		—		—		30,000		642,943
Residential mortgage	1,590,068		7,444		3,426		15,703		1,616,641
Consumer	178,587		1,043		907		9,370		189,907
Total loans	$	21,654,234	$	59,157	$	39,696	$	95,322	$	21,848,409
Total TDRs included above	$	60,257	$	2,927	$	13,492	$	2,295	$	78,971
Non-performing loans:
Loans 90+ days past due and still accruing									$	170
Non-accrual loans									166,889
Total non-performing loans									$	167,059

The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of September 30, 2021:

	Collateral type
	Real estate		Business assets		Equipment		Taxi medallions		Total
Traditional C&I	$	~~400~~392	$	2436,~~596~~177	$	3,~~123~~273	$	2,~~976~~207	$	3142,~~095~~049
Asset-based lending	—		116,~~051~~722		—		—		116,~~051~~722
Payroll finance	—		652		—		—		652
Equipment finance	—		—		10,428		—		10,428
Equipment finance	—		—		9,928		—		9,928
CRE	95,100		—		—		—		95,100
CRE	55,408		—		—		—		55,408
ADC	22,500		—		—		—		22,500
ADC	25,000		—		—		—		25,000
Residential mortgage	5,691		—		—		—		5,691
Residential mortgage	3,539		—		—		—		3,539
Consumer	6,192		—		—		—		6,192
Consumer	6,676		—		—		—		6,676
Total	$	129,875	$	42,899	$	13,701	$	2,207	$	188,682
Total	$	91,023	$	36,299	$	13,051	$	2,976	$	143,349

Collateral-dependent loans include all loans that were deemed TDRs at ~~June~~September 30, 2021. In the table above, $~~126~~173.68 million of the total loans were on non-accrual at ~~June~~September 30, 2021. Business assets that secure traditional C&I and asset-based lending loans generally include accounts receivable, inventory, machinery and equipment. There were no warehouse lending, payroll finance, factored receivables, public sector finance, or multi-family loans that were collateral-dependent at ~~June~~September 30, 2021.

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The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of December 31, 2020:


	Collateral type
	Real estate		Business assets		Equipment		Taxi medallions		Total
Traditional C&I	$	425	$	—	$	5,998	$	10,916	$	17,339
Asset-based lending	—		8,280		—		—		8,280
Payroll finance	—		2,300		—		—		2,300


Equipment finance	—		1,117		10,461		—		11,578

CRE	53,212		—		—		—		53,212
Multi-family	9,914		—		—		—		9,914
ADC	30,000		—		—		—		30,000
Residential mortgage	5,025		—		—		—		5,025
Consumer	7,384		—		—		—		7,384
Total	$	105,960	$	11,697	$	16,459	$	10,916	$	145,032

Collateral-dependent loans include all loans that were deemed TDRs at December 31, 2020. In the table above, $115.9 million of the total loans were on non-accrual at December 31, 2020. Business assets that secure traditional C&I and asset-based lending loans generally include accounts receivable, inventory, machinery and equipment. There were no warehouse lending, factored receivables or public sector finance loans that were collateral-dependent at December 31, 2020.

The following table provides additional information on our non-accrual loans and loans 90 days past due:

	June 30, 2021						December 31, 2020
	September 30, 2021						December 31, 2020
	Total Non-accrual Loans		Non-accrual loans with no ACL		Loans 90 days or more past due still accruing interest		Total Non-accrual Loans		Non-accrual loans with no ACL		Loans 90 days or more past due still accruing interest
Traditional C&I	$	41,~~593~~447	$	64,~~053~~820	$	—3,371	$	19,223	$	16,914	$	94
Asset-based lending	73,~~535~~790		~~3,745~~—		—		5,255		4,613		—
Payroll finance	~~652~~—		~~652~~—		—		2,300		2,300		—
Equipment financing	2321,~~452~~478		43,~~356~~737		—		30,634		11,578		2
CRE	4887,~~074~~014		—1,382		—		46,053		38,529		74
Multi-family	327		—		—		4,485		2,156		—
ADC	2522,~~000~~500		—		—		30,000		—		—
Residential mortgage	1716,~~132~~976		12,~~973~~744		—		18,661		808		—
Consumer	98,~~554~~550		~~775~~761		—		10,278		875		—
Total	$	~~173~~202,~~319~~082	$	1713,~~554~~444	$	—3,371	$	166,889	$	77,773	$	170

When the ultimate collectability of the total principal of a loan is in doubt and the loan is on non-accrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of a loan is not in doubt and the loan is on non-accrual status, contractual interest is credited to interest income when received, under the cash basis method.

At ~~June~~September 30, 2021 and December 31, 2020, the recorded carrying value of residential mortgage loans that were in the process of

foreclosure was $2.9 million and $3.2 million, respectively, which is included in the balance of non-accrual residential mortgage loans above.

There were no warehouse lending, factored receivables or public sector finance loans that were non-accrual or 90 days past due at ~~June~~September 30, 2021 or December 31, 2020.

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The following table provides information on accrued interest receivable that was reversed against interest income for the three and ~~six~~nine months ended ~~June~~September 30, 2021 and 2020:

	For the three months ended				For the ~~six~~nine months ended
	June 30,				June 30,
	September 30,				September 30,
	2021		2020		2021		2020
Traditional C&I	$	28	$	4212	$	3846	$	4961
Asset-based lending	—		—		—		67
Equipment financing	491		—		8788		—
CRE	~~264~~581		~~142~~609		~~271~~852		~~288~~897
Multi-family	—		8414		—		~~111~~125
ADC	—		—		—		297
Residential mortgage	5344		99111		~~226~~270		~~179~~290
Consumer	124		—15		3135		722
Total interest reversed	$	~~380~~638	$	~~367~~761	$	~~653~~1,291	$	~~998~~1,759

Short-term Loan Deferrals

Under the CARES Act, financial institutions are permitted to not classify loan modifications that result from the impact of the COVID-19 pandemic as TDR, provided:

•The modifications were made between March 1, 2020 and, as modified by the Consolidated Appropriations Act, the earlier of January 1, 2022, or 60 days after the end of the public health emergency, and

•The underlying loans were not more than 30 days past due as of December 31, 2019.

We implemented a loan modification program in accordance with the CARES Act to provide temporary relief to borrowers that meet the requirements. The program allows for deferral of payments for up to 90 days, which we may extend for an additional 90 days at our option. The deferred payments and ~~accrued~~ interest accrued during the deferral period are due and payable on or before the maturity of the loan. At ~~June~~September 30, 2021, we have temporary deferrals toin place with borrowers on ~~175~~134 loans with an outstanding balance of $~~109~~76.80 million. There was $61.36 million of accrued interest associated with these loans. Under the provisions of the CARES Act, none of these loans were considered TDR at ~~June~~September 30, 2021. The table below reflects the balance of deferrals by principal:

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							Non-pass rated loans
	Loan balance outstanding		Deferral of principal and interest		%				Short-term loan deferrals rated substandard
	Loan balance outstanding		Deferral of principal and interest		%		Special mention		Substandard
Commercial
C&I:
Traditional C&I	$	23,~~917~~342,~~848~~356	$	—	—	%	$	—	$	—
Asset-based lending	~~707~~673,~~207~~679		—		—		—		—
Payroll finance	~~158~~166,~~424~~999		—		—		—		—
Warehouse lending	1,~~229~~301,~~588~~639		—		—		—		—
Factored receivables	~~217~~228,~~399~~834		—		—		—		—
Equipment finance	1,~~381~~254,~~308~~846		~~1,577~~728		0.1		—		~~1,577~~544
Public sector finance	1,~~723~~825,~~270~~976		—		—		—		—
Total C&I	8,~~335~~794,~~044~~329		~~1,577~~728		—		—		~~1,577~~544
Commercial mortgage:
Commercial real estate	5,~~861~~941,~~542~~508		4732,~~738~~365		0.85		—		4732,~~738~~365
Multi-family	4,~~281~~296,~~615~~829		~~5,166~~—		~~0.1~~—		~~3,636~~		~~1,530~~—
ADC	~~690~~694,~~224~~443		—		—		—		—
Total commercial mortgage	10,~~833~~932,~~381~~780		5232,~~904~~365		0.53		~~3,636~~		4932,~~268~~365
Total commercial	19,~~168~~727,~~425~~109		5433,~~481~~093		0.32		~~3,636~~		5032,~~845~~909
Residential	1,~~389~~395,~~294~~248		5139,~~881~~944		32.79		—		~~354~~—
Consumer	~~166~~154,~~378~~192		32,~~402~~961		21.09		—		~~194~~31
Total Portfolio loans	$	20,724,097	$	109,764	0.5	%	$	3,636	$	51,393
Total portfolio loans	$	21,276,549	$	75,998	0.4	%			$	32,940

There were no short-term loan deferrals rated special mention or doubtful at September 30, 2021.

TDRs

At ~~June~~September 30, 2021 and December 31, 2020, TDRs were $5248.53 million and $79.0 million, respectively. The decline was mainly due to the repayment of a $1318.0 million of CRE ~~loan~~loans and the sale of approximately $11.1 million of TDR loans ~~included~~ in ~~our~~the second quarter ~~loan sale~~. Of the total ACL - loans, $57.26 million at ~~June~~September 30, 2021 and $915 thousand at December 31, 2020 ~~was~~were related to TDRs. The increase in the ACL - loans related to TDRs was based on updates to our expected lifetime losses for these loans. We did not have any outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of ~~June~~September 30, 2021 or December 31, 2020.

There ~~was~~were ~~one~~two equipment financing loan that ~~was~~were classified as TDR in the ~~six~~nine months ended ~~June~~September 30, 2021, including one in the third quarter of 2021. ~~This~~These ~~loan~~loans ~~was~~were formerly included in our CARES Act modifications,; however, after two modifications, the ~~borrower~~borrowers requested an additional modification, and we concluded the ~~loan~~loans should be considered ~~a TDR~~TDRs. We charged-off the loan ~~balance~~balances to ~~the~~reflect estimated collateral value based on our assessment of the ~~borrower~~borrowers’s ability to service the debt.

The following table presents loans classified as TDRs during the first nine months of 2021 and 2020 broken down by segment:

	June 30, 2021					June 30, 2020
	September 30, 2021					September 30, 2020
		Recorded investment					Recorded investment
	Number	Pre-modification		Post-modification		Number	Pre-modification		Post-modification
Asset-based lending		$	—	$	—	2	$	10,553	$	9,822
Equipment financing	12	23,~~465~~578		12,~~428~~000		—1	—1,027		—773
Total TDRs	1	$	2,465	$	1,428	2	$	10,553	$	9,822
CRE	—	—		—		1	24,270		24,270
Total TDRs	2	$	3,578	$	2,000	4	$	35,850	$	34,865

During the ~~six~~nine months ended ~~June~~September 30, 2021, one residential mortgage TDR loan, which totaled $490 thousand, experienced payment defaults within the twelve months following the modification. During the ~~six~~nine months ended ~~June~~September 30, 2020, there were two equipment finance loans, two CRE loans, two residential loan and two consumer loans that were designated TDR and which totaled $16.9 million and experienced a payment default within 12 months following the modification. A payment default is defined as missing three

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three equipment finance loans, two CRE loans, two residential loans and two consumer loans that were designated TDR, which totaled $17.1 million and experienced a payment default within 12 months following the modification. A payment default is defined as missing three consecutive monthly payments or being over 90 days past due on a scheduled payment. TDRs are formal loan modifications which consist mainly of an extension of the loan maturity date, converting a loan to interest only for some defined period of time, deferral of interest payments, waiver of certain covenants, or reducing collateral requirements or interest rates.

(4) ACL - Loans

Activity in our ACL - loans for the three months ended September 30, 2021 and September 30, 2020 is summarized in the table below:

For the three months ended June 30, 2021

For the three months ended September 30, 2021

Beginningbalance

Charge-offs

Recoveries

Netcharge-offs

Provision / (credit)

Ending balance

Traditional C&I

4647,~~393~~494

(1,~~148~~044)

~~588~~169

(~~560~~875)

114,~~661~~864

4761,~~494~~483

Asset-based lending

1110,~~165~~474

—(7)

~~1,998~~—

~~1,998~~(7)

(~~2,689~~416)

10,~~474~~051

Payroll finance

1,~~519~~567

(868)

(825)

~~130~~129

1,~~567~~691

Warehouse lending

1,~~232~~087

—

~~(145)~~63

1,~~087~~150

Factored receivables

3,~~237~~025

~~(761)~~—

52108

~~(709)~~108

~~497~~12

3,~~025~~145

Equipment financing

2827,~~025~~987

(~~3,004~~968)

~~719~~525

(~~2,285~~443)

(2,~~247~~070)

2725,~~987~~474

Public sector finance

46,~~632~~168

—

~~1,536~~(634)

65,~~168~~534

CRE

~~159~~155,~~422~~589

(71,~~375~~036)

97265

(~~7,278~~771)

3(7,~~445~~214)

~~155~~147,~~589~~604

Multi-family

3332,~~376~~054

(~~4,982~~418)

15—

(~~4,967~~418)

3(2,~~645~~257)

3229,~~054~~379

ADC

1311,~~803~~371

—(2,500)

—

—(2,500)

(21,~~432)~~509

1110,~~371~~380

Residential mortgage

1514,~~970~~032

(~~237~~13)

—1

(~~237~~12)

(13,~~701~~146)

1410,~~032~~874

Consumer

4,~~412~~025

(~~231~~110)

3875

(~~193~~35)

(~~194~~840)

43,~~025~~150

Total ACL - loans

~~323~~314,~~186~~873

(176,~~824~~104)

31,~~511~~146

(144,~~313~~958)

~~6,000~~—

~~314~~309,~~873~~915

Annualized net charge-offs to average loans outstanding:

0.2810

For the three months ended June 30, 2020

For the three months ended September 30, 2020

Beginningbalance

Charge-offs

Recoveries

Netcharge-offs

Provision / (credit)

Ending balance

Traditional C&I

3544,~~289~~514

(31,~~988~~089)

~~116~~677

(~~3,872~~412)

13(4,~~097~~429)

4439,~~514~~673

Asset-based lending

2630,~~490~~853

(1,~~500~~297)

—

(1,~~500~~297)

5(3,~~863~~602)

3025,~~853~~954

Payroll finance

31,~~730~~931

~~(560)~~—

1262

~~(559)~~262

~~(1,240)~~242

12,~~931~~435

Warehouse lending

~~289~~668

—

~~379~~838

~~668~~1,506

Factored receivables

910,~~194~~586

(36,~~731~~893)

1185

(36,~~730~~708)

51,~~122~~266

105,~~586~~144

Equipment financing

6078,~~028~~172

(742,~~863~~128)

~~387~~816

(741,~~476~~312)

25(1,~~620~~315)

7835,~~172~~545

Public sector finance

13,~~929~~765

—

~~1,836~~419

34,~~765~~184

CRE

9798,~~586~~905

(113,650)

~~584~~—

~~573~~(3,650)

~~746~~29,008

98124,~~905~~263

Multi-family

4936,~~097~~652

~~(154)~~—

1—

~~(153)~~—

~~(12~~3,~~292)~~056

3639,~~652~~708

ADC

1518,~~204~~195

~~(1)~~—

—

~~(1)~~—

~~2,992~~(350)

1817,~~195~~845

Residential mortgage

2333,~~090~~955

(~~702~~17,353)

—

(~~702~~17,353)

116,~~567~~235

3322,~~955~~837

Consumer

47,~~518~~293

(~~172~~97)

3121

(~~141~~76)

~~2,916~~(368)

76,~~293~~849

Total ACL - loans

~~326~~365,~~444~~489

(1872,~~682~~507)

1,~~121~~961

(1770,~~561~~546)

5631,~~606~~000

~~365~~325,~~489~~943

Annualized net charge-offs to average loans outstanding:

01.3228

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Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

For the six months ended June 30, 2021

For the nine months ended September 30, 2021

Beginningbalance

Charge-offs

Recoveries

Netcharge-offs

Provision/ (credit)

Ending balance

Traditional C&I

42,670

(23,~~175~~219)

1,~~056~~225

(1,~~119~~994)

520,~~943~~807

4761,~~494~~483

Asset-based lending

12,762

—(7)

1,998

1,~~998~~991

(4,~~286~~702)

10,~~474~~051

Payroll finance

1,957

(8694)

(8085)

(~~310~~181)

1,~~567~~691

Warehouse lending

1,724

—

(~~637~~574)

1,~~087~~150

Factored receivables

2,904

(765)

~~458~~566

(~~307~~199)

~~428~~440

3,~~025~~145

Equipment financing

31,794

(56,~~412~~380)

12,~~573~~098

(34,~~839~~282)

32(2,038)

2725,~~987~~474

Public sector finance

4,516

—

1,~~652~~018

65,~~168~~534

CRE

155,313

(1011,~~308~~344)

~~584~~849

(910,~~724~~495)

102,~~000~~786

~~155~~147,~~589~~604

Multi-family

33,320

(8,~~212~~630)

(8,~~197~~615)

64,~~931~~674

3229,~~054~~379

ADC

17,927

(57,~~000~~500)

—

(57,~~000~~500)

(~~1,556~~47)

1110,~~371~~380

Residential mortgage

16,529

(~~504~~517)

3738

(~~467~~479)

(25,~~030~~176)

1410,~~032~~874

Consumer

4,684

(~~622~~732)

~~130~~205

(~~492~~527)

(~~167~~1,007)

43,~~025~~150

Total ACL - loans

326,100

(3339,~~084~~188)

57,~~857~~003

(2732,~~227~~185)

16,000

~~314~~309,~~873~~915

Annualized net charge-offs to average loans outstanding:

0.2621

On January 1, 2020, we adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the ACL. Under CECL, we record at the inception of the loan an expected loss of all cash flows we do not expect to collect over the life of the loan. The adoption of CECL on January 1, 2020, resulted in an increase in our ACL of $90.6 million, which did not impact our consolidated income statements.
On January 1, 2020, we adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the ACL. Under CECL, we record at the inception of the loan an expected loss of all cash flows we do not expect to collect over the life of the loan. The adoption of CECL on January 1, 2020 resulted in an increase in our ACL of $90.6 million, which did not impact our consolidated income statements.
	For the six months ended June 30, 2020
	For the nine months ended September 30, 2020
	Beginningbalance		CECL Day 1		Charge-offs		Recoveries		Netcharge-offs		Provision/ (credit)		Ending balance
Traditional C&I	$	15,951	$	5,325	$	(45,~~286~~375)	$	~~591~~1,268	$	(34,~~695~~107)	$	2622,~~933~~504	$	4439,~~514~~673
Asset-based lending	14,272		11,973		(23,~~485~~782)		—		(23,~~485~~782)		73,~~093~~491		3025,~~853~~954
Payroll finance	2,064		1,334		(560)		10272		(~~550~~288)		(~~917~~675)		12,~~931~~435
Warehouse lending	917		(362)		—		—		—		~~113~~951		~~668~~1,506
Factored receivables	654		795		(310,~~738~~631)		5190		(310,~~733~~441)		1214,~~870~~136		105,~~586~~144
Equipment financing	16,723		33,000		(1254,~~656~~784)		12,~~492~~308		(1152,~~164~~476)		3938,~~613~~298		7835,~~172~~545
Public sector finance	1,967		(766)		—		—		—		2,~~564~~983		34,~~765~~184
CRE	27,965		8,037		(14,~~286~~936)		644		(~~642~~4,292)		6392,~~545~~553		98124,~~905~~263
Multi-family	11,440		14,906		(154)		1		(153)		1013,~~459~~515		3639,~~652~~708
ADC	4,732		(119)		(4)		105		101		13,~~481~~131		1817,~~195~~845
Residential mortgage	7,598		14,104		(119,~~774~~127)		—		(119,~~774~~127)		1420,~~027~~262		3322,~~955~~837
Consumer	1,955		2,357		(1,~~577~~674)		1,~~156~~177		(~~421~~497)		3,~~402~~034		76,~~293~~849
Total allowance for loan losses	$	106,238	$	90,584	$	(28101,~~520~~027)	$	45,~~004~~965	$	(2495,~~516~~062)	$	~~193~~224,183	$	~~365~~325,~~489~~943
Annualized net charge-offs to average loans outstanding:													0.2458		%

Credit Quality Indicators

As part of the ongoing monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators, including trends related to: (i) the weighted-average risk grade of commercial loans; (ii) the level of classified commercial loans; (iii) the delinquency status of residential mortgage and consumer loans, including home equity lines of credit (“HELOC”) and other consumer loans; (iv) net charge-offs; (v) non-performing loans (see details above); and (vi) the general economic conditions in the New York Metro Market. We analyze loans individually by classifying the loans by credit risk, except residential mortgage loans, HELOC and other consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $750 thousand. This analysis is performed at least quarterly on all graded 7-Special Mention and lower loans. We use the following definitions of risk ratings:

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Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies.

3 - This grade includes loans to borrowers with strong earnings and cash flow that have the ability to service debt. The borrower’s assets and liabilities are generally well-matched and are above average quality. The borrower has ready access to multiple sources of funding, including alternatives such as term loans, private equity placements or trade credit.

4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates.

5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt service coverage ratios. Overall leverage is acceptable and there is average reliance upon trade credit. Management has a reasonable amount of experience and depth, and owners are willing to invest available outside capital, as necessary.

6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally, such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon debt funding for working capital support.

7 - Special Mention (OCC definition) - Other Assets Especially Mentioned are loans that have potential weaknesses which may, if not reversed or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of “Substandard.” The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset.

8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some losses if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard.

9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as “Substandard” with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but, because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger, acquisition, liquidating procedures, capital injection, perfecting liens, or additional collateral and refinancing plans.

10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not indicate that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are determined to be uncollectible.

Table of Contents STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)(Dollars in thousands within tabular disclosure, except share and per share data)

	June 30, 2021				December 31, 2020
	Special Mention		Substandard		Special Mention		Substandard
Traditional C&I	$	45,368	$	114,777	$	24,162	$	84,792
Asset-based lending	61,631		11,051		111,597		11,669
Payroll finance	—		652		—		2,300
Factored receivables	—		—		5,523		—
Equipment financing	22,993		43,797		7,737		45,018
CRE	159,425		333,377		249,403		280,796
Multi-family	97,086		56,095		61,146		44,872
ADC	2,023		25,000		1,407		30,000
Residential mortgage	—		17,416		468		18,942
Consumer	9		9,640		15		10,371
Total	$	388,535	$	611,805	$	461,458	$	528,760

At June 30, 2021 and December 31, 2020 there were no warehouse lending or public sector finance loans rated special mention or substandard.

At June 30, 2021, there were $4.6 million of traditional C&I loans rated doubtful and no loans rated loss. At December 31, 2020, there were $304 thousand of traditional C&I loans rated doubtful and no loans rated loss.


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of September 30, 2021 and December 31, 2020, the risk category of non-pass rated loans by segment was as follows:

	Term loans amortized cost basis by origination year														Revolving loans converted to term
	September 30, 2021				December 31, 2020
	2021		2020		2019		2018		2017		Prior		Revolving loans				Total
	Special Mention		Substandard		Special Mention		Substandard
Traditional C&I	$	24,300	$	117,997	$	24,162	$	84,792
Pass	$	91,836	$	252,798	$	169,916	$	215,953	$	109,019	$	149,792	$	1,763,789	$	—	$	2,753,103
Asset-based lending	25,700		11,843		111,597		11,669
Special mention	7,808		—		14,282		16,952		3,233		1,237		1,856		—		45,368
Payroll finance	—		—		—		2,300
Substandard	2,352		27,064		39,379		9,388		5,573		6,505		24,516		—		114,777
Factored receivables	—		—		5,523		—
Doubtful	—		—		—		—		—		—		4,600		—		4,600
Equipment financing	18,784		36,380		7,737		45,018
Total traditional C&I	101,996		279,862		223,577		242,293		117,825		157,534		1,794,761		—		2,917,848
CRE	155,502		323,500		249,403		280,796
Asset-based lending
Multi-family	107,925		63,895		61,146		44,872
Pass	17,716		12,472		7,314		2,393		7,119		34,162		553,349		—		634,525
ADC	19,384		42,384		1,407		30,000
Special mention	—		6,000		430		2,253		—		—		52,948		—		61,631
Residential mortgage	86		17,272		468		18,942
Substandard	—		—		—		—		—		—		11,051		—		11,051
Consumer	11		8,630		15		10,371
Total asset-based lending	17,716		18,472		7,744		4,646		7,119		34,162		617,348		—		707,207
Total	$	351,692	$	621,901	$	461,458	$	528,760
Payroll finance
Pass	—		—		—		3,398		—		—		154,374		—		157,772
Substandard	—		—		—		—		—		—		652		—		652
Total payroll finance	—		—		—		3,398		—		—		155,026		—		158,424
Warehouse lending
Pass	29,795		92,352		29,427		28,274		158,681		891,059		—		—		1,229,588
Total warehouse lending	29,795		92,352		29,427		28,274		158,681		891,059		—		—		1,229,588
Factored receivables
Pass	—		—		—		—		—		—		217,399		—		217,399
Total factored receivables	—		—		—		—		—		—		217,399		—		217,399
Equipment financing
Pass	128,331		360,648		450,558		194,832		78,053		101,955		141		—		1,314,518
Special mention	—		1,919		5,554		12,284		3,201		35				—		22,993
Substandard	—		5,580		18,675		7,068		9,147		3,327		—		—		43,797
Total equipment financing	128,331		368,147		474,787		214,184		90,401		105,317		141		—		1,381,308
Public Sector Finance
Pass	214,019		426,185		394,939		203,317		257,317		227,493		—		—		1,723,270
Total public sector finance	214,019		426,185		394,939		203,317		257,317		227,493		—		—		1,723,270

At September 30, 2021 and December 31, 2020 there were no warehouse lending or public sector finance loans rated special mention or substandard.

At September 30, 2021, there were $4.4 million of traditional C&I loans rated doubtful and no loans rated loss. At December 31, 2020, there were $304 thousand of traditional C&I loans rated doubtful and no loans rated loss.


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purposes of the table below. At September 30, 2021, our loans based on year of origination and risk designation are as follows:

	Term loans amortized cost basis by origination year														Revolving loans converted to term
	2021		2020		2019		2018		2017		Prior		Revolving loans				Total
CRE
Traditional C&I
Pass	~~337,013~~$	257,552	~~1,022,939~~$	241,873	~~1,237,313~~$	180,275	~~792,634~~$	183,148	~~512,895~~$	99,074	~~1,465,946~~$	113,147	—$	2,120,637	—$	—	~~5,368,740~~$	3,195,706
Special mention	—7,596		~~5,342~~—		~~36,331~~33		3311,~~984~~032		362,~~681~~879		~~47,087~~264		—2,496		—		~~159~~24,~~425~~300
Substandard	—1,605		2826,~~674~~697		8738,~~751~~061		6914,~~134~~454		347,~~141~~683		~~113~~3,~~677~~909		—25,588		—		~~333~~117,~~377~~997
Total CRE	337,013		1,056,955		1,361,395		895,752		583,717		1,626,710		—		—		5,861,542
Doubtful	—		—		—		—		—		—		4,353		—		4,353
Multi-family
Total traditional C&I	266,753		268,570		218,369		208,634		109,636		117,320		2,153,074		—		3,342,356
Pass	391,155		368,799		700,556		385,545		577,737		1,633,820		70,822		—		4,128,434
Asset-based lending
Special mention	—		4,872		23,869		5,358		11,405		51,582		—		—		97,086
Pass	12,590		17,262		6,750		3,002		6,723		32,692		557,117		—		636,136
Substandard	—		—		22,288		5,180		—		24,156		4,471		—		56,095
Special mention	—		—		—		1,324		—		—		24,376		—		25,700
Total multi-family	391,155		373,671		746,713		396,083		589,142		1,709,558		75,293		—		4,281,615
Substandard	—		—		—		—		—		—		11,843		—		11,843
ADC
Total asset-based lending	12,590		17,262		6,750		4,326		6,723		32,692		593,336		—		673,679
Pass	104,700		148,463		261,293		73,668		27,601		47,476		—		—		663,201
Payroll finance
Special mention	—		2,023		—		—		—		—		—		—		2,023
Pass	—		—		—		—		—		—		166,999		—		166,999
Substandard	—		—		—		—		25,000		—		—		—		25,000
Total payroll finance	—		—		—		—		—		—		166,999		—		166,999
Total ADC	104,700		150,486		261,293		73,668		52,601		47,476		—		—		690,224
Warehouse lending
Residential
Pass	18,628		118,247		22,646		11,575		111,967		1,018,576		—		—		1,301,639
Pass	2,753		10,803		11,234		31,165		34,198		1,281,725		—		—		1,371,878
Total warehouse lending	18,628		118,247		22,646		11,575		111,967		1,018,576		—		—		1,301,639
Substandard	—		—		—		260		—		17,156		—		—		17,416
Factored receivables
Total residential	2,753		10,803		11,234		31,425		34,198		1,298,881		—		—		1,389,294
Pass	—		—		—		—		—		—		228,834		—		228,834
Consumer
Total factored receivables	—		—		—		—		—		—		228,834		—		228,834
Pass	5		67		318		330		176		4,824		94,363		56,646		156,729
Equipment financing
Special mention	—		—		—		—		—		9		—		—		9
Pass	163,082		335,345		402,962		147,815		57,504		92,833		141		—		1,199,682
Substandard	—		—		—		—		393		3,225		6,022		—		9,640
Special mention	—		1,666		3,659		10,506		2,936		17				—		18,784
Total consumer	5		67		318		330		569		8,058		100,385		56,646		166,378
Substandard	—		5,577		12,013		6,217		9,384		3,189		—		—		36,380
Total Loans	$	1,327,483	$	2,777,000	$	3,511,427	$	2,093,370	$	1,891,570	$	6,106,248	$	2,960,353	$	56,646	$	20,724,097
Total equipment financing	163,082		342,588		418,634		164,538		69,824		96,039		141		—		1,254,846
Public Sector Finance
Pass	365,023		414,074		388,128		192,198		254,458		212,095		—		—		1,825,976
Total public sector finance	365,023		414,074		388,128		192,198		254,458		212,095		—		—		1,825,976


Table of Contents			STERLING BANCORP AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data)

(5) Goodwill and Other Intangible Assets


	Term loans amortized cost basis by origination year														Revolving loans converted to term
	2021		2020		2019		2018		2017		Prior		Revolving loans				Total
CRE
Pass	499,613		1,004,611		1,244,150		784,702		500,472		1,428,959		—		—		5,462,507
Special mention	—		25,000		36,239		32,853		22,601		38,809		—		—		155,502
Substandard	—		21,698		86,962		76,872		38,297		99,671		—		—		323,500
Total CRE	499,613		1,051,309		1,367,351		894,427		561,370		1,567,439		—		—		5,941,509
Multi-family
Pass	674,940		372,581		674,496		339,162		517,226		1,471,484		75,120		—		4,125,009
Special mention	—		4,848		34,033		5,338		11,335		52,371		—		—		107,925
Substandard	—		—		18,603		3,833		3,457		33,537		4,465		—		63,895
Total multi-family	674,940		377,429		727,132		348,333		532,018		1,557,392		79,585		—		4,296,829
ADC
Pass	163,519		140,041		230,100		48,597		7,836		42,581		—		—		632,674
Special mention	—		2,416		—		16,968		—		—		—		—		19,384
Substandard	—		—		—		—		42,384		—		—		—		42,384
Total ADC	163,519		142,457		230,100		65,565		50,220		42,581		—		—		694,442
Residential
Pass	156,549		10,532		10,109		27,103		33,247		1,140,350		—		—		1,377,890
Special mention	—		—		—		—		86		—		—		—		86
Substandard	—		—		—		259		—		17,013		—		—		17,272
Total residential	156,549		10,532		10,109		27,362		33,333		1,157,363		—		—		1,395,248
Consumer
Pass	528		63		281		281		135		4,633		86,062		53,568		145,551
Special mention	—		—		—		—		—		11		—		—		11
Substandard	—		—		—		—		343		2,410		5,877		—		8,630
Total consumer	528		63		281		281		478		7,054		91,939		53,568		154,192
Total Loans	$	2,321,225	$	2,742,531	$	3,389,500	$	1,917,239	$	1,730,027	$	5,808,551	$	3,313,908	$	53,568	$	21,276,549

	June 30,		December 31,
	2021		2020
Goodwill	$	1,683,482	$	1,683,482
Other intangible assets:
Core deposits	$	62,552	$	69,808
Customer lists	2,960		3,256
Trade name	20,500		20,500
Total	$	86,012	$	93,564

The decrease in other intangible assets at June 30, 2021 compared to December 31, 2020 was due to amortization of intangibles.

	Amortization expense
Remainder of 2021	$	7,552
2022	13,703
2023	12,322
2024	10,448
2025	8,722
2026	7,134
Thereafter	5,631
Total	$	65,512

(6) Deposits

	June 30,		December 31,
	2021		2020
Non-interest bearing demand	$	5,963,828	$	5,443,907
Interest bearing demand	4,706,781		4,960,800
Savings	2,653,678		2,603,570
Money market	8,388,671		8,114,415
Certificates of deposit	1,433,753		1,996,830
Total deposits	$	23,146,711	$	23,119,522

Total municipal deposits, which are included in the deposit balances above, were $1.8 billion and $1.6 billion at June 30, 2021 and December 31, 2020, respectively. See Note 2. “Securities” for the aggregate amount of securities that were pledged as collateral for municipal deposits and other purposes.


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	June 30,		December 31,
	2021		2020
Interest bearing demand	$	16,839	$	433,790
Money market	494,614		1,045,478
Certificates of deposit	—		100,003
Total brokered deposits	$	511,453	$	1,579,271

(5) Goodwill and Other Intangible Assets

The balance of goodwill and other intangible assets for the periods presented were as follows:

In the second quarter of 2021, we concluded that one of our deposit relationships that was considered a brokered deposit at December 31, 2020 and March 31, 2021, and which totaled $520.9 million at June 30, 2021, now meets the “primary purpose” exception to the deposit broker definition. Accordingly, these deposits are included in core deposits at June 30, 2021 and we no longer report these deposits as brokered deposits.


	September 30,		December 31,
	2021		2020
Goodwill	$	1,683,482	$	1,683,482
Other intangible assets:
Core deposits	$	58,924	$	69,808
Customer lists	2,812		3,256

Trade name	20,500		20,500

Total	$	82,236	$	93,564

The decrease in other intangible assets at September 30, 2021 compared to December 31, 2020 was due to amortization of intangibles.

The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2021 was as follows:


	Amortization expense
Remainder of 2021	$	3,776
2022	13,703
2023	12,322
2024	10,448
2025	8,722
2026	7,134
Thereafter	5,631
Total	$	61,736


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(6) Deposits

Deposit balances at September 30, 2021 and December 31, 2020 were as follows:


	September 30,		December 31,
	2021		2020
Non-interest bearing demand	$	6,743,008	$	5,443,907
Interest bearing demand	4,823,601		4,960,800
Savings	2,629,558		2,603,570
Money market	8,417,466		8,114,415
Certificates of deposit	1,322,390		1,996,830
Total deposits	$	23,936,023	$	23,119,522

Total municipal deposits, which are included in the deposit balances above, were $2.4 billion and $1.6 billion at September 30, 2021 and December 31, 2020, respectively. See Note 2. “Securities” for the aggregate amount of securities that were pledged as collateral for municipal deposits and other purposes.

Brokered deposits at September 30, 2021 and December 31, 2020 were as follows:


	September 30,		December 31,
	2021		2020
Interest bearing demand	$	8,395	$	433,790

Money market	522,222		1,045,478
Certificates of deposit	—		100,003
Total brokered deposits	$	530,617	$	1,579,271

In the second quarter of 2021, we concluded that one of our deposit relationships that was considered a brokered deposit at December 31, 2020, and which totaled $524.9 million at September 30, 2021, now meets the “primary purpose” exception to the deposit broker definition. Accordingly, these deposits are included in core deposits at September 30, 2021 and we no longer report these deposits as brokered deposits.

(7) Borrowings

Our borrowings and weighted average interest rates were as follows for the periods presented:

	June 30,				December 31,
	September 30,				December 31,
	2021				2020
	Amount		Rate		Amount		Rate
By type of borrowing:
FHLB borrowings	$	—	—	%	$	382,000	0.35	%
Repurchase agreements	2531,~~802~~023		0.10		27,101		0.10
Federal funds purchased	—		—		277,000		0.11
Subordinated Notes - Bank	—		—		143,703		5.45
Subordinated Notes - 2029	270,~~451~~543		4.18		270,284		4.17
Subordinated Notes - 2030	221,~~768~~840		4.06		221,626		4.06
Total borrowings	$	~~518~~523,~~021~~406	3.92	%	$	1,321,714	2.25	%
By remaining period to maturity:
Less than one year	$	2531,~~802~~023	0.10	%	$	686,101	0.24	%
Greater than five years	492,~~219~~383		4.13		635,613		4.43
Total borrowings	$	~~518~~523,~~021~~406	3.92	%	$	1,321,714	2.25	%

FHLB borrowings. As a member of the FHLB, the Bank may borrow up to a discounted percentage of the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of ~~June~~September 30, 2021 and December 31, 2020, the Bank had total residential mortgage and CRE loans pledged after discount of $6.1 billion and $6.5 billion, respectively. In addition to the pledged mortgages, the Bank had also pledged securities to secure borrowings, which are disclosed in Note 2. “Securities.” As of June 30, 2021, the Bank had unused borrowing capacity at the FHLB of $6.0 billion and may increase such borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $2.4 billion.


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2020, the Bank had total residential mortgage and CRE loans pledged after discount of $5.8 billion and $6.5 billion, respectively. In addition to the pledged mortgages, the Bank had also pledged securities to secure borrowings, which are disclosed in Note 2. “Securities.” As of September 30, 2021, the Bank had unused borrowing capacity at the FHLB of $5.8 billion and may increase such borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $1.6 billion.

Subordinated Notes - Bank. On April 1, 2021, we redeemed the remaining balance of subordinated notes - Bank. Effective April 1, 2021, the eligibility of the subordinated notes - Bank as qualifying Tier 2 capital decreased by 20%. In anticipation of this redemption, in the fourth quarter of 2020, we contributed $175.0 million as equity capital into the Bank.

(8) Derivatives

To facilitate interest rate swap contracts with customers (all of which are considered over-the-counter or “OTC”), we have entered into corresponding “back-to-back” interest rate swap contracts both on the OTC, and on futures markets such as the Chicago Mercantile Exchange (“CME”) and London Clearing House (“LCH”). At ~~June~~September 30, 2021 and December 31, 2020, the OTC derivatives are included in our consolidated financial statements at the gross fair value amount of the asset (included in other assets) and liability (included in other liabilities), which incorporates the change in the fair value of the contract since inception. The CME legally characterizes variation margin payments (a payment made based on changes in the fair value of the interest rate swap contracts) as a settlement, referred to as a settled-to-market (“STM”) transaction. At ~~June~~September 30, 2021 and December 31, 2020, we posted cash collateral under STMs in the amounts of $56.4 million and $89.8 million, respectively, for the net change in fair value of our CME and LCH interest rate swap contracts. The decrease was mainly due to changes in the fair value of the underlying interest rate swap contracts, which may change daily, positively or negatively, mainly due to changes in interest rates.

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of $64.0 million and $89.8 million, respectively, for the net change in fair value of our CME and LCH interest rate swap contracts. The decrease was mainly due to changes in the fair value of the underlying interest rate swap contracts, which may change daily, positively or negatively, mainly due to changes in interest rates.

We do not typically require our commercial customers to post cash or securities as collateral on their swaps. However, our swap contracts incorporate certain standard terms contained in the International Swaps and Derivatives Association agreement and loan documents whereby, in the event of default, we are permitted to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability.

Summary information as of September 30, 2021 and December 31, 2020 regarding these derivatives is presented below:

	Notionalamount		Averagematurity (in years)	Weightedaveragefixed rate		Weightedaveragevariable rate	Fair value
June 30, 2021
September 30, 2021
Included in other assets:
Third-party interest rate swap	$	—					$	—
Customer interest rate swap	1,~~836~~788,~~282~~110						~~107~~94,~~361~~524
Total	$	1,~~836~~788,~~282~~110	4.1100	4.4240	%	1 m Libor + 2.21%	$	~~107~~94,~~361~~524
Included in other liabilities:
Third-party interest rate swap	$	1,~~836~~788,~~282~~110					$	4338,~~354~~093
Customer interest rate swap	—						—
Total	$	1,~~836~~788,~~282~~110	4.1100	4.4240	%	1 m Libor + 2.21%	$	4338,~~354~~093
December 31, 2020
Included in other assets:
Third-party interest rate swap	$	—					$	—
Customer interest rate swap	1,913,607						149,797
Total	$	1,913,607	4.40	4.44	%	1 m Libor + 2.20%	$	149,797
Included in other liabilities:
Third-party interest rate swap	$	1,913,607					$	60,004
Customer interest rate swap	—						—
Total	$	1,913,607	4.40	4.44	%	1 m Libor + 2.20%	$	60,004

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(9) Income Taxes

Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the

following reasons:

	For the three months ended						For the ~~six~~nine months ended
	June 30,						June 30,
	September 30,						September 30,
	2021			2020			2021			2020
Income before income tax expense	$	~~122~~121,~~862~~416		$	5796,~~902~~687		$	~~244~~366,~~967~~383		$	64160,~~007~~694
Tax at federal statutory rate of 21%	25,~~801~~497			1220,~~159~~305			5176,~~443~~940			1333,~~441~~746
State and local income taxes, net of federal tax benefit	76,~~038~~698			14,~~091~~942			1319,~~122~~820			16,~~680~~622
Tax exempt interest, net of disallowed interest	(56,~~800~~518)			(7,~~493~~811)			(1118,~~577~~095)			(1422,~~902~~713)
BOLI income	(1,~~043~~050)			(1,~~034~~122)			(23,~~047~~097)			(23,~~145~~267)
Low income housing tax credits and other benefits	(13,402)			(10,458)			(27,182)			(18,920)
Non-deductible acquisition related costs	1,204			—			1,204			—
Low income housing investment amortization expense	11,826			8,987			23,333			16,388
Low income housing tax credits and other benefits	(13,721)			(9,461)			(40,903)			(28,381)
Low income housing investment amortization expense	12,119			8,183			35,452			24,571
Tax rate adjustment benefit due to CARES Act net operating loss (“NOL”) carryback	—			—			—			(21,313)
Uncertain tax position reserve	—			—			—			11,480
Annual effective tax rate adjustment	—			3(4,~~862~~837)			—			127,~~110~~273
Non-deductible compensation expense 1	421			—			1,061			—
Non-deductible compensation expense (1)	450			—			1,511			—
Equity-based stock compensation (benefit) expense	(~~300~~21)			~~287~~192			(~~452~~473)			~~778~~970
FDIC insurance premium limitation	~~148~~237			~~315~~266			~~405~~642			~~571~~837
Other, net	~~(166)~~850			~~(606)~~1,623			~~(628)~~222			~~(100)~~1,523
Actual income tax expense (benefit)	$	24,523		$	7,110		$	47,478		$	(932)
Actual income tax expense	$	25,745		$	12,280		$	73,223		$	11,348
Effective income tax rate	2021.02		%	12.37		%	1920.40		%	(17.5)1		%

(1) Includes $~~161~~257 thousand in the three months ended ~~June~~September 30, 2021 and $~~678~~936 thousand in the ~~six~~nine months ended ~~June~~September 30, 2021 from the write-off of deferred tax assets related to the vesting of restricted stock that will not be deductible based on Section 162(m) limitations.

Net deferred tax liabilities were $3023.38 million at ~~June~~September 30, 2021, compared to $43.3 million at December 31, 2020. The change was mainly due to the change in value of our available for sale securities in the first ~~six~~nine months of 2021. No valuation allowance was recorded against any deferred tax assets as of those dates, based upon management’s evaluation of historical and anticipated future pre-tax income, and the reversal periods for the items resulting in deferred tax assets and liabilities.

As of September 30, 2021, the accrual for unrecognized gross tax benefits was as follows:

	For the three months ended				For the ~~six~~nine months ended
	June 30,				June 30,
	September 30,				September 30,
	2021		2020		2021		2020
Uncertain tax positions beginning of period	$	7,000	$	11,~~480~~603	$	7,000	$	—
Additions for tax positions related to prior tax years	—		—		—		11,480
Decrease due to settlement	—		—(1,315)		—		—(1,315)
Interest expense in tax positions	—		~~123~~—		—		123
Uncertain tax positions at end of period	$	7,000	$	1110,~~603~~288	$	7,000	$	1110,~~603~~288

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Significant tax filings that remain open for examination include the following:

•Federal for tax years 2017 through present;

•New York State tax filings for tax years 2017 through present;

•New York City tax filings for tax years 2015 through present; and

•New Jersey State tax filings for tax years 2017 through present.

Generally speaking, we are no longer subject to examination by federal, state or local taxing authorities in respect of tax years prior to December 31, 2017.

Interest and/or penalties related to income taxes are reported as a component of other non-interest expense.

(10) Stock-Based Compensation

The following table summarizes the activity in our stock-based compensation plan for the nine months ended September 30, 2021:

		Non-vested stock awards/stock units outstanding			Stock options outstanding
	Shares available for grant	Number of shares	Weighted average grant date fair value		Number of shares	Weighted average exercise price
Balance at January 1, 2021	1,811,418	2,993,643	$	19.54	336,621	$	11.14
Amended 2015 Omnibus Equity and Incentive Plan	3,500,000	—	—		—	—
Granted	(1,138,246)	1,138,246	20.36		—	—
Stock awards vested	—	(~~825~~860,~~909~~553)	21.3134		—	—
Exercised	—	—	—		(~~240~~248,405)	10.7485
Forfeited	3867,~~924~~877	(3867,~~924~~877)	19.0220		—	—
Canceled/expired	31,109	(31.,109)	20.85		—	—
Balance at June 30, 2021	4,243,205	3,235,947	$	19.37	96,216	$	12.13
Balance at September 30, 2021	4,272,158	3,172,350	$	19.34	88,216	$	11.93
Exercisable at June 30, 2021					96,216	$	12.13
Exercisable at September 30, 2021					88,216	$	11.93

On May 26, 2021, our stockholders approved the Amended and Restated 2015 Omnibus Equity and Incentive Plan (the “Amended Omnibus Plan”). The Amended Omnibus Plan increased the shares available for issuance to 10,500,000 from 7,000,000. We intend that the additional shares under the Amended Omnibus Plan will be made available from authorized but unissued shares of our common stock or from treasury shares. Shares awarded will be removed from the share reserve as of the grant date, and cancellations and forfeitures will be added back to the share reserve. Each grant of a stock option, stock appreciation right or other award will be counted as one (1) share against this limit. Pursuant to our Merger Agreement with Webster, we are required to obtain the prior written consent of Webster before we grant any shares under the Amended Omnibus Plan.

The total intrinsic value of outstanding in-the-money stock options, was $1.21 million at ~~June~~September 30, 2021, all of which ~~are~~were exercisable.

We use an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted during the ~~six~~nine months ended ~~June~~September 30, 2021 or ~~June~~September 30, 2020. As a result, we incurred no stock option expense during the ~~six~~nine month periods ended ~~June~~September 30, 2021 and 2020.

Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense associated with non-vested stock awards and the related income tax benefit, and proceeds from stock option exercises are

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presented below:

For the three months ended

For the ~~six~~nine months ended

June 30,

September 30,

2021

2020

2021

2020

Stock options

—

Non-vested stock awards/performance units

6,~~781~~648

5,~~913~~868

1320,~~398~~046

1117,~~919~~788

Non-vested stock awards/performance units

6,~~781~~648

5,~~913~~868

1320,~~398~~046

1117,~~919~~788

Income tax benefit

1,~~322~~330

~~739~~734

24,~~613~~009

12,~~490~~224

Proceeds from stock option exercises

~~1,829~~115

~~101~~95

2,~~581~~696

~~515~~610

Unrecognized stock-based compensation expense as of ~~June~~September 30, 2021 was $4134.42 million and is expected to be recognized over 1.7247 years.

(11) Other Non-Interest Expense, Other Assets and Other Liabilities

(a) Other Non-Interest Expense

Other non-interest expense items for the three and nine months ended September 30, 2021 and 2020, respectively, are presented in the following table:

For the three months ended

For the ~~six~~nine months ended

June 30,

September 30,

2021

2020

2021

2020

Other non-interest expense:

Depreciation expense on operating leases

2,~~917~~846

3,~~136~~130

68,~~042~~888

69,~~628~~758

Advertising and promotion

12,~~960~~027

1,~~140~~291

35,~~668~~695

34,~~123~~414

Communications

1,~~323~~379

1,~~320~~424

24,~~750~~129

24,~~950~~374

Residential mortgage loans servicing

1,~~303~~150

1,~~247~~361

23,~~752~~902

23,~~624~~984

Commercial loan servicing

1,~~254~~298

1,~~293~~179

23,~~233~~531

23,~~318~~498

Insurance & surety bond premium

1,~~044~~125

~~1,158~~942

13,~~958~~083

23,~~248~~191

Operational losses

~~601~~690

~~609~~597

1,~~194~~884

1,~~215~~812

Other

57,~~069~~875

84,~~138~~198

917,~~926~~801

1317,~~589~~790

Total other non-interest expense

1518,~~471~~390

1814,~~041~~122

3048,~~523~~913

3448,~~695~~821

(b) Other Assets

Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately.

	June 30,		December 31,
	September 30,		December 31,
	2021		2020
Other assets:
Low income housing tax credit investments	$	~~492~~527,~~298~~953	$	488,303
Right of use asset for operating leases	~~100~~94,~~145~~647		105,667
Fair value of swaps	~~107~~94,~~361~~524		149,797
Cash on deposit as swap collateral / net of settlement	6255,~~513~~774		82,478
Operating leases - equipment and vehicles leased to others	4643,~~116~~052		55,224
Other asset balances	~~194~~172,~~770~~751		181,934
Total other assets	$	1988,~~003,203~~701	$	1,063,403

Other asset items include current income tax balances, prepaid insurance, prepaid property taxes, prepaid maintenance, accounts receivable and other miscellaneous assets.

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Other liabilities are presented in the following table. Significant components of the aggregate of other liabilities are presented separately.

	June 30,		December 31,
	September 30,		December 31,
	2021		2020
Other liabilities:
Commitment to fund low income housing tax credit investments	$	~~259~~285,~~405~~583	$	283,849
Lease liability	~~106~~103,~~070~~664		113,405
Payroll finance and factoring liabilities	~~143~~117,~~153~~227		115,802
Swap liabilities (see Note 8)	4338,~~354~~093		60,004
Other liability balances	~~137~~147,~~827~~579		155,642
Total other liabilities	$	~~689~~692,~~809~~146	$	728,702

Other liability balances include deferred taxes, accrued interest payable, accounts payable, accrued liabilities mainly for compensation and benefit plans and other miscellaneous liabilities.

(12) Earnings Per Common Share

The following is a summary of the calculation of earnings per common share (“EPS”):

	For the three months ended			For the ~~six~~nine months ended
	June 30,			June 30,
	September 30,			September 30,
	2021		2020	2021	2020
Net income available to common stockholders	$	9693,~~380~~715	$

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