Sterling Bancorp 8-K Sterling Bancorp Reports 22% Rise In Eps for 2008 First Quarter, Net Income Was $4.0 Million or $0.22 Per Share

Exhibit 99.1

John Tietjen	Edward Nebb
Chief Financial Officer	Investor Relations
Sterling Bancorp	Comm-Counsellors, LLC
john.tietjen@sterlingbancorp.com	enebb@optonline.net
212.757.8035	203.972.8350

STERLING BANCORP REPORTS 22% RISE IN EPS FOR 2008 FIRST
QUARTER, NET INCOME WAS $4.0 MILLION OR $0.22 PER SHARE

Loans Held in Portfolio Grew 6.9% from a Year Ago

Net Interest Margin Increased to 4.39%

New York, NY, April 24, 2008 — Sterling Bancorp (NYSE: STL), a financial holding company and the parent company of Sterling National Bank, today reported its financial results for the first quarter ended March 31, 2008.

     First Quarter 2008 Highlights

• Strong Earnings– Earnings per share rose 22%, to $0.22 on a diluted basis from $0.18 in the first quarter of 2007. First quarter net income was $4.0 million, up 15% from $3.5 million for the year-ago period.

• Increased Net Interest Margin– The net interest margin, on a tax equivalent basis, rose 15 basis points to 4.39%, from 4.24% a year ago.

• Higher Gross Revenue– The increase in gross revenue (interest income plus noninterest income) was largely due to higher investment securities and loan balances.

• Increased Loan and Demand Deposit Balances– Loans held in portfolio rose 6.9% from a year ago, ending the quarter at $1,155.4 million. Demand deposits were $494.3 million at quarter-end, up 7.1% from March 31, 2007.

• Consistent Asset Quality– The ratio of nonperforming assets to total assets at March 31, 2008 was 0.42%, compared with 0.43% at March 31, 2007.

Page 1 of 12

“Sterling is off to a strong start for 2008. In a period of nearly unprecedented economic turbulence, we delivered a 22% increase in earnings per share, continued loan growth, rising core demand deposits and stable asset quality. Our increased profitability was the result of our continuing focus on growing our business and improving the net interest margin, while controlling funding costs, credit risk and operating expenses,” noted Louis J. Cappelli, Chairman and Chief Executive Officer. He added, “At a time when many financial institutions have suspended or reduced their dividends, Sterling has continued its commitment to this important element of shareholder value, most recently with the dividend paid on March 31, 2008.”

“In the critical area of asset quality, Sterling continued to benefit from our longstanding prudent approach to underwriting and risk management. While no institution is immune to the present disruption in the financial markets, we have a diverse loan portfolio with limited exposure to consumer debt, home equity lending products, credit card receivables, auto loans or other asset classes that have recently generated losses for some institutions.”

“We are continuing to experience positive momentum in our business, reflected in our robust loan pipeline,” Mr. Cappelli continued. “We remain a consistent and reliable source of funding, while some competing institutions have had to withdraw from providing credit due to capital constraints or the dislocation caused by industry consolidation. We continue to believe that, in the current environment, our strong capital and liquidity have positioned Sterling to take advantage of opportunities to serve the unmet credit needs of customers in our market.”

First Quarter 2008 Financial Results

Net income for the 2008 first quarter was $4.0 million or $0.22 per diluted share, an increase of 22% in EPS compared with $3.5 million or $0.18 per diluted share for the same quarter of 2007.

The primary source of this earnings increase was higher net interest income, which rose to $20.0 million on a tax equivalent basis for the first quarter of 2008, up 13.1% from $17.6 million in the same period of 2007. The increase in net interest income primarily reflected higher interest income generated by growth in earning assets, coupled with lower funding costs due to the Federal Reserve’s actions on interest rates and the Company’s strategy to employ wholesale funding rather than rely on higher-priced certificates of deposit.

Reflecting the above factors, the net interest margin rose to 4.39% for the 2008 first quarter versus 4.24% for the same period last year.

Noninterest income was $8.7 million for the first quarter of 2008, compared with $9.2 million in the same period last year. The decrease principally resulted from lower mortgage banking income due to valuation adjustments on loans held for sale, coupled with lower volume of loans sold and higher losses on sales of other real estate owned.

Page 2 of 12

Noninterest expenses for the 2008 first quarter were $20.2 million, compared to $19.6 million for the same quarter last year. Reflecting the Company’s cost-control discipline, this was an increase of only 2.7%, primarily due to higher salaries and benefit costs.

The provision for income taxes was $2.4 million and $2.2 million for the first quarter of 2008 and 2007, respectively.

Asset and Deposit Growth

Loans held in portfolio, net of unearned discounts, were $1,155.4 million at March 31, 2008, up 6.9% from March 31, 2007. The year-over-year growth in the loan portfolio reflected robust demand in the Company’s marketplace.

Investment securities totaled $761.0 million at March 31, 2008, up from $571.3 million a year ago, primarily due to the implementation of asset/liability management strategies designed to capitalize on current market conditions.

Demand deposits were $494.3 million at the end of the 2008 first quarter, compared to $461.7 million a year earlier, and represented 33% of total deposits, one of the highest ratios of demand to total deposits in the industry.

Asset Quality Highlights

The provision for loan losses was $2.0 million for the first quarter of 2008, compared to $1.3 million for the prior year period.

The ratio of nonperforming assets to total assets was 0.42% at March 31, 2008, compared to 0.43% at March 31, 2007. The allowance for loan losses as a percentage of total loans held in portfolio was 1.31% at March 31, 2008, compared to 1.46% at March 31, 2007.

The adequacy of the provision and the resulting allowance for loan losses is determined based on management’s continuing evaluation of the loan portfolio, including an assessment of current and expected future economic conditions, the changing mix of loans in the portfolio, and numerous other factors.

Capital Management and Dividends

As of March 31, 2008, the Company exceeded the requirements for a well-capitalized institution for regulatory purposes. Its Tier 1 risk-weighted capital ratio was 9.73% and its Tier 1 leverage ratio was 6.76% at that date.

Sterling paid a cash dividend of $0.19 per common share on March 31, 2008, to shareholders of record as of March 15, 2008. This extended the Company’s record of dividend payments to 249 consecutive quarters, or more than 62 years.

Page 3 of 12

Conference Call

Sterling Bancorp will host a teleconference call for the financial community on April 24, 2008 at 10:00 a.m. Eastern Time to discuss the 2008 first quarter financial results. The public is invited to listen to this conference call by dialing 800-762-7308 at least 10 minutes prior to the call.

A replay of the conference call will be available beginning at approximately 1:00 p.m. Eastern Time on April 24, 2008 until 11:59 p.m. Eastern Time on May 8, 2008. To access the replay by telephone, interested parties may dial 800-475-6701 and enter the access code 920378.

About Sterling Bancorp

Sterling Bancorp (NYSE: STL) is a New York-based banking and financial services company that serves the needs of businesses, professionals and individuals. With assets exceeding $2.1 billion, Sterling offers a broad array of products and services, combined with a unique high-touch approach to customer service. The Company’s principal banking subsidiary, Sterling National Bank, with offices in New York City and Queens, Nassau and Westchester counties, was founded in 1929.

Known for its focus on business customers, Sterling offers such services as working capital lines, asset-based financing, factoring and accounts receivable management, payroll funding and processing, equipment leasing and financing, commercial and residential mortgages, international trade financing, cash management, a wide array of deposit products, trust and estate administration, and investment management services.

Certain statements in this press release, including but not limited to, statements as to future liquidity, future interest rate risk and operating expenses, statements concerning future results of operations, financial position or dividends, and plans and objectives for future operations, statements concerning positive momentum in the Company’s business, its robust loan pipeline and its belief that, in the current environment, the Company’s strong capital and liquidity have positioned it to take advantage of opportunities to serve the unmet credit needs of customers in its market, and other statements regarding matters that are not historical facts, are “forward-looking statements” as defined in the Securities Exchange Act of 1934. These statements are not historical facts but instead are subject to numerous assumptions, risks and uncertainties, and represent only the Company’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside its control. Any forward-looking statements the Company may make speak only as of the date on which such statements are made. The Company’s actual results and financial position may differ materially from the anticipated results and financial condition indicated in or implied by these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company’s future results and financial condition, see “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Forward-Looking Statements and Factors that Could Affect Future Results” in the Company’s Annual Report onForm 10-K for the fiscal year ended December 31, 2007.

# # #

Page 4 of 12

STERLING BANCORP
Consolidated Financial Highlights
(Unaudited)
(dollars and shares in thousands, except per share data)

	Three Months Ended March 31,
	2008			2007
OPERATING HIGHLIGHTS (1)
Interest income	$	29,769		$	29,107
Interest expense		9,934			11,604
Provision for loan losses		1,950			1,250
Noninterest income		8,672			9,183
Noninterest expenses		20,166			19,638
Income from continuing operations, before income taxes		6,391			5,798
Provision for income taxes		2,389			2,226
Income from continuing operations		4,002			3,572
Loss from discontinued operations, net of income taxes		0			(92	)
Net income		4,002			3,480
Net income per average common share:
Basic		0.22			0.19
Diluted		0.22			0.18
Income from continuing operations per average common share:
Basic		0.22			0.19
Diluted		0.22			0.19
Cash dividends declared		0.19			0.19
Common shares outstanding:
Period end		17,989			18,665
Average Basic		17,921			18,645
Average Diluted		18,120			19,128
Return on average assets (2)		0.80	%		0.79	%
Return on average tangible equity (3)		16.57	%		13.47	%
Return on average stated equity (4)		13.41	%		11.11	%
Net interest spread, tax-equivalent basis		3.69	%		3.19	%
Net interest margin, tax-equivalent basis		4.39	%		4.24	%

(1)	Unless otherwise indicated, all amounts and ratios are presented based on continuing operations.
(2)	Calculated by dividing income from continuing operations by average assets from continuing operations.
(3)	Average tangible equity represents average shareholders’ equity less average goodwill. Calculated by dividing income from continuing operations by average tangible equity.
(4)	Average stated equity is equal to average shareholders’ equity. Calculated by dividing income from continuing operations by average stated equity.

Page 5 of 12

STERLING BANCORP
Consolidated Financial Highlights
(Unaudited)
(dollars in thousands, except per share data)

	Three Months Ended March 31,
	2008			2007
BALANCE SHEET HIGHLIGHTS (1)
Period End Balances
Investment securities	$	761,028		$	571,349
Loans held for sale		22,235			39,576
Loans held in portfolio, net of unearned discount		1,155,402			1,080,587
Total earning assets		1,939,343			1,693,363
Allowance for loan losses		15,162			15,806
Total assets from continuing operations		2,105,357			1,872,876
Total assets		2,105,357			1,874,178
Demand deposits		494,308			461,734
Savings, NOW and money market deposits		466,070			481,074
Time deposits		534,657			566,350
Customer repurchase agreements		48,753			61,607
Other short-term borrowings		160,516			30,228
Long-term borrowings		175,774			45,774
Shareholders’ equity (2)		123,322			133,017
Average Balances
Investment securities	$	720,486		$	579,105
Loans held for sale		23,388			39,227
Loans held in portfolio, net of unearned discount		1,081,085			1,014,079
Total earning assets		1,828,290			1,682,963
Total assets from continuing operations		2,006,040			1,843,525
Total assets		2,006,040			1,844,683
Demand deposits		440,860			434,798
Savings, NOW and money market deposits		464,874			449,984
Time deposits		551,395			566,750
Customer repurchase agreements		82,460			95,047
Other short-term borrowings		133,838			29,747
Long-term borrowings		114,236			45,774
Shareholders’ equity (2)		120,023			130,446
ASSET QUALITY HIGHLIGHTS (1)
Period End
Net charge-offs	$	1,498		$	1,732
Nonperforming loans		6,586			5,573
Other real estate owned		2,186			2,415
Nonperforming assets		8,772			7,988
Nonperforming loans/loans (3)		0.56	%		0.50	%
Nonperforming assets/assets		0.42	%		0.43	%
Allowance for loan losses/loans (4)		1.31	%		1.46	%
Allowance for loan losses/ nonperforming loans		230.22	%		283.62	%
Capital Ratios (2)
Tier 1 risk based		9.73	%		11.78	%
Total risk based		10.84	%		13.03	%
Leverage		6.76	%		8.04	%
Book value per common share (2)	$	6.86		$	7.13

(1)	Unless otherwise indicated, all amounts and ratios are presented based on continuing operations.
(2)	Includes the effects of discontinued operations.
(3)	The term “loans” includes loans held for sale and loans held in portfolio.
(4)	The term “loans” includes loans held in portfolio only.

Page 6 of 12

STERLING BANCORP
Consolidated Balance Sheets
(Unaudited)
(in thousands, except number of shares)

	March 31,
	2008		2007
ASSETS
Cash and due from banks	$	53,033	$	81,699
Interest-bearing deposits with other banks		678		1,851
Investment securities
Available for sale (at estimated market value)		412,521		144,969
Held to maturity (at amortized cost)		348,507		426,380
Total investment securities		761,028		571,349
Loans held for sale		22,235		39,576
Loans held in portfolio, net of unearned discounts		1,155,402		1,080,587
Less allowance for loan losses		15,162		15,806
Loans held in portfolio, net		1,140,240		1,064,781
Customers’ liability under acceptances		0		487
Goodwill		22,901		22,862
Premises and equipment, net		10,776		11,640
Other real estate		2,186		2,415
Accrued interest receivable		8,168		5,196
Bank owned life insurance		29,310		28,202
Other assets		54,802		44,120
	$	2,105,357	$	1,874,178
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Demand	$	494,308	$	461,734
Savings, NOW and money market		466,070		481,074
Time		534,657		566,350
Total deposits		1,495,035		1,509,158
Securities sold under agreements to repurchase — customers		48,753		61,607
Securities sold under agreements to repurchase — dealers		44,514		0
Federal funds purchased		45,000		0
Commercial paper		19,990		27,652
Short-term borrowings — FHLB		49,000		0
Short-term borrowings — other		2,012		2,576
Long-term borrowings — FHLB		150,000		20,000
Long-term borrowings — subordinated debentures		25,774		25,774
Acceptances outstanding		0		487
Accrued expenses and other liabilities		101,957		93,907
Total liabilities		1,982,035		1,741,161
Shareholders’ equity		123,322		133,017
	$	2,105,357	$	1,874,178
MEMORANDA
Available for sale securities — amortized cost	$	411,868	$	148,098
Held to maturity securities — estimated market value		352,861		419,064
Shares outstanding
Common issued		21,813,131		21,262,170
Common in treasury		3,824,161		2,597,302

Page 7 of 12

STERLING BANCORP
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share data)

	Three Months Ended March 31,
	2008			2007
INTEREST INCOME
Loans	$	20,820		$	21,727
Investment securities — available for sale		4,712			1,845
Investment securities — held to maturity		4,225			4,869
Federal funds sold		0			635
Deposits with other banks		12			31
Total interest income		29,769			29,107
INTEREST EXPENSE
Savings, NOW and money market deposits		1,610			2,859
Time deposits		5,338			6,548
Securities sold u/a/r — customers		646			1,075
Securities sold u/a/r — dealers		317			0
Federal funds purchased		362			12
Commercial paper		195			350
Short-term borrowings — FHLB		215			0
Short-term borrowings — other		14			12
Long-term borrowings — FHLB		714			225
Long-term subordinated debentures		523			523
Total interest expense		9,934			11,604
Net interest income		19,835			17,503
Provision for loan losses		1,950			1,250
Net interest income after provision for loan losses		17,885			16,253
NONINTEREST INCOME
Accounts receivable management/ factoring commissions and other fees		3,565			3,668
Service charges on deposit accounts		1,352			1,482
Other customer related service charges and fees		675			690
Mortgage banking income		2,499			2,832
Trust fees		135			141
Bank owned life insurance income		269			252
Loss on sale of OREO		(228	)		(46	)
Other income		405			164
Total noninterest income		8,672			9,183
NONINTEREST EXPENSES
Salaries		9,348			9,209
Employee benefits		2,836			2,278
Total personnel expense		12,184			11,487
Occupancy and equipment expenses, net		3,009			2,707
Advertising and marketing		635			964
Professional fees		1,364			1,340
Communications		456			516
Other expenses		2,518			2,624
Total noninterest expenses		20,166			19,638
Income from continuing operations before income taxes		6,391			5,798
Provision for income taxes		2,389			2,226
Income from continuing operations		4,002			3,572
Discontinued operations:
Loss, net of income taxes		0			(92	)
Net income	$	4,002		$	3,480

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STERLING BANCORP
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share data)

(continued)

	Three Months Ended March 31,
	2008		2007
Average number of common shares outstanding
Basic		17,920,938		18,645,423
Diluted		18,120,025		19,128,056
Income from continuing operations, per average common share
Basic	$	0.22	$	0.19
Diluted		0.22		0.19
Net income per average common share
Basic		0.22		0.19
Diluted		0.22		0.18
Dividends per common share		0.19		0.19

Page 9 of 12

STERLING BANCORP
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)

	Three Months Ended March 31,
	2008		2007
Net income	$	4,002	$	3,480
Other comprehensive income, net of tax:
Unrealized holding gains arising during the period		1,355		336
Amortization of:
Prior service cost		9		14
Net actuarial losses		230		182
Comprehensive income	$	5,596	$	4,012

STERLING BANCORP
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
(in thousands)

	Three Months Ended March 31,
	2008			2007
Balance, at beginning of period	$	121,070		$	132,263
Net income for period		4,002			3,480
Common shares issued under stock incentive plan and related tax benefits		6,265			740
Cash dividends-Common shares		(3,409	)		(3,542	)
Surrender of shares issued under incentive compensation plan		(5,218	)		(456	)
Change in net unrealized holding gains/(losses) on available for sale securities		1,355			336
Adjustment to retained earnings upon adoption of EITF Issue 06-4 effective January 1, 2008		(982	)		0
Amortization of:
Prior service cost		9			14
Net actuarial losses		230			182
Balance, at end of period	$	123,322		$	133,017

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STERLING BANCORP
Average Balance Sheets[1]
(Unaudited)
(dollars in thousands)

	Three Months Ended
	March 31, 2008								March 31, 2007
	AVERAGE					AVERAGE			AVERAGE					AVERAGE
	BALANCE			INTEREST		RATE			BALANCE			INTEREST		RATE
Assets
Interest-bearing deposits with other banks	$	3,331		$	12		1.40	%	$	2,830		$	31		4.40	%
Investment securities — available for sale		345,034			4,533		5.26			134,632			1,640		4.87
Investment securities — held to maturity		356,320			4,225		4.74			423,120			4,869		4.60
Investment securities — tax exempt [2]		19,132			294		6.18			21,353			338		6.43
Total investment securities		720,486			9,052		5.03			579,105			6,847		4.73
Federal funds sold		0			0		0.00			47,722			635		5.33
Loans, net of unearned discount [3]		1,104,473			20,820		7.80			1,053,306			21,727		8.66
Total Interest-Earning Assets [2]		1,828,290			29,884		6.65	%		1,682,963			29,240		7.15	%
Cash and due from banks		67,626								67,499
Allowance for loan losses		(15,570	)							(16,876	)
Goodwill		22,901								22,862
Other		102,793								87,077
Assets — discontinued operations		0								1,158
Total Assets	$	2,006,040							$	1,844,683
Liabilities and Shareholders’ Equity
Interest-bearing deposits
Domestic
Savings	$	18,649			16		0.34	%	$	20,902			25		0.48	%
NOW		236,714			825		1.40			222,019			1,398		2.55
Money market		209,511			769		1.48			207,063			1,436		2.81
Time		550,819			5,336		3.90			566,176			6,546		4.69
Foreign
Time		576			2		1.09			574			2		1.09
Total Interest-Bearing Deposits		1,016,269			6,948		2.75			1,016,734			9,407		3.75
Borrowings
Securities sold u/a/r — customers		82,460			646		3.15			95,047			1,075		4.59
Securities sold u/a/r — dealers		36,026			317		3.54			0			0		0.00
Federal funds purchased		48,956			362		2.92			945			12		5.24
Commercial paper		21,150			195		3.70			27,902			350		5.08
Short-term borrowings — FHLB		25,868			215		3.34			0			0		0.00
Short-term borrowings — other		1,838			14		3.09			900			12		5.35
Long-term borrowings — FHLB		88,462			714		3.23			20,000			225		4.49
Long-term borrowings — sub debt		25,774			523		8.38			25,774			523		8.38
Total Borrowings		330,534			2,986		3.63			170,568			2,197		5.22
Total Interest-Bearing Liabilities		1,346,803			9,934		2.96	%		1,187,302			11,604		3.96	%
Noninterest-bearing demand deposits		440,860								434,798
Other liabilities		98,354								91,701
Liabilities — discontinued operations		0								436
Total Liabilities		1,886,017								1,714,237
Shareholders’ equity		120,023								130,446
Total Liabilities and Shareholders’ Equity	$	2,006,040							$	1,844,683
Net interest income/spread [2]					19,950		3.69	%					17,636		3.19	%
Net yield on interest-earning assets							4.39	%							4.24	%
Less: Tax-equivalent adjustment					115								133
Net interest income				$	19,835							$	17,503

[1]	The average balances of assets, liabilities and shareholders’ equity are computed on the basis of daily averages. Average rates are presented on a tax-equivalent basis. Certain reclassifications have been made to prior period amounts to conform to current presentation.
[2]	Interest and/or average rates are presented on a tax-equivalent basis.
[3]	Includes loans held for sale and loans held in portfolio; all loans are domestic. Nonaccrual loans are included in amounts outstanding and income has been included to the extent earned.

Page 11 of 12

STERLING BANCORP
Rate/Volume Analysis [1]
(Unaudited)
(in thousands)

	Increase/(Decrease)
	Three Months Ended
	March 31, 2008
	Volume			Rate			Net [2]
INTEREST INCOME
Interest-bearing deposits with other banks	$	4		$	(23	)	$	(19	)
Investment securities — available for sale		2,753			140			2,893
Investment securities — held to maturity		(780	)		136			(644	)
Investment securities — tax exempt		(31	)		(13	)		(44	)
Total investment securities		1,942			263			2,205
Federal funds sold		(635	)		0			(635	)
Loans, net of unearned discounts [3]		1,348			(2,255	)		(907	)
TOTAL INTEREST INCOME	$	2,659		$	(2,015	)	$	644
INTEREST EXPENSE
Interest-bearing deposits
Domestic
Savings	$	(3	)	$	(6	)	$	(9	)
NOW		102			(675	)		(573	)
Money market		32			(699	)		(667	)
Time		(105	)		(1,105	)		(1,210	)
Foreign
Time		0			0			0
Total interest-bearing deposits		26			(2,485	)		(2,459	)
Borrowings
Securities sold under agreements to repurchase — customers		(118	)		(311	)		(429	)
Securities sold under agreements to repurchase — dealers		317			0			317
Federal funds purchased		357			(7	)		350
Commercial paper		(71	)		(84	)		(155	)
Short-term borrowings — FHLB		215			0			215
Short-term borrowings — other		9			(7	)		2
Long-term borrowings — FHLB		568			(79	)		489
Long-term borrowings — subordinated debentures		0			0			0
Total borrowings		1,277			(488	)		789
TOTAL INTEREST EXPENSE	$	1,303		$	(2,973	)	$	(1,670	)
NET INTEREST INCOME	$	1,356		$	958		$	2,314

[1]	This table is presented on a tax-equivalent basis.
[2]	Changes in interest income and interest expense due to a combination of both volume and rate have been allocated to the change due to volume and the change due to rate in proportion to the relationship of change due solely to each.
[3]	Includes loans held for sale and loans held in portfolio; all loans are domestic. Nonaccrual loans are included in amounts outstanding, and income has been included to the extent earned.

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