Sterling Bancorp Q4 2008 Earnings Conference Call Transcript

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2009-02-09 12:45:20.0

Tags: Call Transcript, Earnings, Question, Sterling Bancorp, Real Estate, Capital Structures, Business Operations, Finance, Seeking Alpha

Question-and-Answer Session

Operator

Thank you. And ladies and gentlemen if you do wish to ask a question, please press the star followed by the one on your touchtone phone. Feel free (inaudible), and you may remove yourself from the queue by pressing the pound key. If you are using a speaker phone, you may need to pick up your handset before pressing the star and one. So again, if you have a question, please press star then one at this time.

And our first question comes from Steeple Nicholas, the line of Gindra Elengloban.

Gindra Elengloban – Steeple Nicholas

Yeah hi, good morning (inaudible), Steeple Nicholas. Just it's, if you could comment a little bit with respect to your provision, obviously cover your charge off. Do you likely see a reserves to loan (inaudible) of 8% or how do you look at it going forward in the face of the weakening economy?

John Millman

I believe that for the last year, going back into early 2007, the $1.3 was a goal that we thought was appropriate. Given the potential for further deterioration in the market, I think we'll continue to revisit that as we move forward.

Gindra Elengloban – Steeple Nicholas

Okay. And from the (inaudible) tax rate, what's a good number to use going forward? Is it going to be something less than at 40%, or??

John Millman

At this particular point, there are some (inaudible) going on with regards to the region, and I don't think I can give you appropriate guidance at this point until I get that squared away.

Gindra Elengloban – Steeple Nicholas

Okay, fair enough. And then just one last thing, do you have any detail as far as category type for the non-performing breakdown and the charge off breakdown for the quarter?

John Millman

We don't have it at this particular point. It will be in the 10K. I will tell you that as in the prior quarters, the significant non-performers have been in the leasing and in the residential real estate area.

Gindra Elengloban – Steeple Nicholas

Okay. And, okay. Thank you very much.

Operator

Okay, and we have a question then from the line of Damon Del Monte with KBW, please go ahead.

Damon Del Monte - KBW

Hi, good morning guys, how are you.

John Millman

Great, good morning Damon.

Damon Del Monte - KBW

Could you tell us what the dividend you paid on the Tarp shares were this quarter?

 

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