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CECL will increase Sterling Bancorp's reserve allowance up to 60%

Montebello, N.Y.-based Sterling Bancorp will increase its allowance for loan loss reserves 50% to 60% upon the adoption of the current expected credit loss model, management said on the bank's third-quarter earnings call.

The bank has acquired several portfolios and anticipates the increase will be relative to the $104 million in allowances it has today, said CFO Luis Massiani.

The bank's provision expense will remain "pretty consistent," said CEO Jack Kopnisky.

"We don't envision it being a significant impact to our capital position," said Massiani on the call.