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Sterling Sells Residential Mortgage Origination Operations to Freedom Mortgage

August 15, 2016

Sterling Bancorp (NYSE: STL), through its principal subsidiary Sterling National Bank (“Sterling”), announced today that it has sold its residential mortgage origination operations to Freedom Mortgage Corporation (“Freedom”).

As previously announced, the sale of the Company’s mortgage origination operations continues its strategy of focusing on commercial middle market clients by reallocating its capital and human resource investments where it can provide the most value to clients and shareholders.

About Sterling Bancorp

Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families, and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.

Forward-Looking Statements

This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern Sterling's current expectations about its future results, plans, operations and prospects and are subject to

numerous assumptions, risks and uncertainties, including inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of Sterling at managing these risks. Other factors that could cause Sterling's actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of Sterling's securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and Sterling specifically disclaims any obligation to update these statements in the future.