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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): July 26, 2023
STERLING BANCORP, INC.
(Exact
name of registrant as specified in its charter)
| Michigan |
|
001-38290 |
|
38-3163775 |
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File No.)
|
|
(IRS Employer
Identification No.) |
One Towne Square, Suite 1900
Southfield, Michigan 48076
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number,
including area code: (248) 355-2400
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each
class |
Trading
Symbol(s) |
Name of each exchange on which
registered |
| Common Stock |
SBT |
Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨
Item 2.02. Results of Operations and Financial Condition.
On July 26, 2023, Sterling Bancorp, Inc.
(the “Company”) issued a press release announcing its financial highlights for the quarter ended June 30,
2023. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
by reference into this Item 2.02.
The information provided in Item 2.02 of this Current
Report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of that section.
FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K contains certain statements that
are, or may be deemed to be, “forward-looking statements” regarding the Company’s plans, expectations, thoughts, beliefs,
estimates, goals and outlook for the future. These forward-looking statements reflect our current views with respect to, among other things,
future events and our financial performance, including any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions. These statements are often, but not always, made through the
use of words or phrases such as “may,” “might,” “should,” “could,” “predict,”
“potential,” “believe,” “expect,” “attribute,” “continue,” “will,”
“anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,”
“goal,” “target,” “outlook,” “aim,” “would,” “annualized” and
“perspective,” or the negative versions of those words or other comparable words or phrases of a future or forward-looking
nature, though the absence of these words does not mean a statement is not forward-looking. All statements other than statements of historical
facts, including but not limited to statements regarding, the economy and financial markets, government investigations, credit quality,
the regulatory scheme governing our industry, competition in our industry, interest rates, our liquidity, our business and our governance,
are forward-looking statements. We have based the forward-looking statements in this Current Report primarily on our current expectations
and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects,
business strategy and financial needs. These forward-looking statements are not historical facts, and they are based on current expectations,
estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control. There can be no assurance that future developments will be those that have been
anticipated. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Our statements
should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks,
assumptions, estimates and uncertainties that are difficult to predict. The risks, uncertainties and other factors detailed from time
to time in our public filings, including those included in the disclosures under the headings “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission
on March 16, 2023, subsequent periodic reports and future periodic reports, could affect future results and events, causing those
results and events to differ materially from those views expressed or implied in the Company’s forward-looking statements. These
risks are not exhaustive. Other sections of this Current Report and our filings with the Securities and Exchange Commission include additional
factors that could adversely impact our business and financial performance. Moreover, we operate in very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties
that could have an impact on the forward-looking statements contained in this Current Report. Should one or more of the foregoing risks
materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in,
or implied by, such forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements.
The Company disclaims any obligation to update, revise, or correct any forward-looking statements based on the occurrence of future events,
the receipt of new information or otherwise.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
| |
Sterling Bancorp, Inc. |
| |
|
| |
By: |
/s/ Karen Knott |
| |
|
Karen Knott |
| |
|
Chief Financial Officer |
Date: July 26, 2023
Exhibit 99.1
Sterling Bancorp
Reports Second Quarter 2023 Financial Results
Southfield,
Michigan, July 26, 2023 — Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling”
or the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today reported its unaudited
financial results for the second quarter ended June 30, 2023.
Second Quarter 2023 Highlights
| · | Net
income of $2.5 million, or $0.05 per diluted share |
| · | Net
interest margin of 2.64% |
| · | Completed
the sale of all loans held for sale, primarily consisting of nonperforming and chronically
delinquent residential real estate loans; gain on sale of such loans of $1.7 million |
| · | Recorded
provision for (recovery of) credit losses of $(2.9) million; ratio of allowance for credit
losses to total loans of 2.43% |
| · | Nonperforming
assets of $2.1 million, 0.08% of total assets |
| · | Total
gross loans of $1.5 billion |
| · | Total
deposits of $2.0 billion |
| · | Non-interest
expense of $17.3 million |
| · | Shareholders’
equity of $317.7 million |
| · | Company’s
consolidated and Bank’s leverage ratio of 13.44% and 12.91%, respectively |
| · | Redeemed
Subordinated Notes bearing interest at 11.08% on July 15, 2023 at par for aggregate
cash payment of $66.8 million |
| · | Conclusion
of SEC investigation |
The Company reported net income of $2.5
million, or $0.05 per diluted share, for the quarter ended June 30, 2023, compared to a net loss of $(0.5) million, or $(0.01)
per diluted share, for the quarter ended March 31, 2023.
In the second quarter of 2023, the Company
completed its previously disclosed plan to sell nonperforming and chronically delinquent residential real estate loans, primarily consisting
of Advantage Loan Program loans with an aggregate unpaid principal balance of approximately $43.5 million. The Company received net proceeds
of $36.1 million which was modestly better than the carrying value of the loans on the date of sale. In addition, the Company completed
the sale of the last remaining commercial real estate loan held for sale. With the successful disposition of all loans held for sale,
nonperforming assets decreased to $2.1 million, or 0.08% of total assets, at June 30, 2023, from $26.3 million, or 1.09% of total
assets, at March 31, 2023. Total criticized and classified loans were $52.9 million at June 30, 2023 compared to $71.7 million
at March 31, 2023.
In June 2023, the Company received
a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission (the “SEC”) informing the Company
that the Division of Enforcement had concluded its investigation of the Company and does not intend to recommend an enforcement action
by the SEC against the Company.
On July 19, 2023, the United States
District Court for the Eastern District of Michigan approved the Plea Agreement previously entered into by the Company with the U.S.
Department of Justice, Criminal Division, Fraud Section. Under the Plea Agreement, the Company pleaded guilty to one count of securities
fraud primarily relating to disclosures in the Company’s SEC filings with respect to the Company’s former Advantage Loan
Program. This court action, together with the June 2023 letter from the SEC and the Consent Order entered into with the OCC in September 2022,
marks the end of the government investigations into the Company and the Bank with respect to the former Advantage Loan Program.
On
July 15, 2023, the Company redeemed its outstanding 7% Fixed to Floating Subordinated Notes
due April 2026 (the “Subordinated Notes”), with an aggregate outstanding principal amount of $65.0 million, at par plus
accrued interest for a total cash payment of $66.8 million. The Subordinated Notes accrued interest at a variable interest rate based
on the three-month London Interbank Offered Rate (“LIBOR”) rate plus a margin of 5.82%, payable quarterly in arrears. The
interest rate was 11.08% at June 30, 2023. The Bank declared and paid a $65.0 million dividend to the Company in June 2023
to fund the bulk of the redemption. Following the Bank dividend and the redemption of the Subordinated Notes, the capital ratios of the
Company and the Bank exceeded all regulatory requirements to be considered “well capitalized.”
“The
second quarter results reflect several remedial steps we have undertaken to finish the job of repairing Sterling and the impact from
poor decisions made in years past. We believe that the strategic actions we have taken serve to substantially reduce Sterling’s
elevated credit risk profile and the excessive interest expense from the Subordinated Notes. These actions were designed to create a
pathway to long-term and sustainable profitability. The Subordinated Notes alone accounted for approximately 23 basis points of margin
pressure this quarter. The credit risk picture has been a cause for our concern over the last three years. It is worth remembering
that the level of problem credit exposure was $236.3 million of criticized and classified loans at the peak of June 30, 2021.
The quarter included some NIM pressure (excluding the impact from the Subordinated Notes) as deposits have repriced consistently over
the course of this increasing interest rate cycle as our funding costs have grown. The Bank continues to enjoy robust liquidity
levels, and we currently have no reliance on non-core funding,” said Thomas M. O’Brien, Chairman, President, and Chief Executive
Officer.
Balance Sheet
Total
Assets – Total assets were $2.5 billion at June 30, 2023, reflecting an increase
of $120.5 million, or 5%, from $2.4 billion at March 31, 2023.
Cash and due from banks increased $236.2 million,
or 56%, to $655.4 million at June 30, 2023 compared to $419.2 million at March 31, 2023. Debt securities, all of
which are available for sale, are of relatively short duration and which we consider part of our liquid assets, were $334.5 million at
June 30, 2023 compared to $342.5 million at March 31, 2023.
Total gross loans held for investment
of $1.5 billion at June 30, 2023 declined $66.2 million, or 4%, from $1.6 billion at March 31, 2023. The $38.0
million of loans held for sale at March 31, 2023 were sold or paid off in the second quarter of 2023, resulting in no loans held
for sale at June 30, 2023.
Total
Deposits – Total deposits were $2.0 billion at June 30, 2023, an increase of
$119.7 million, or 6%, from March 31, 2023. Money market, savings and NOW deposits were $1.0 billion, an increase of $57.2
million, or 6%, from March 31, 2023. Time deposits were $981.3 million, an increase of $64.1 million, or 7%, compared to $917.2 million
at March 31, 2023. Noninterest-bearing deposits were $44.8 million at June 30, 2023 compared to $46.5 million at March 31,
2023. Total estimated uninsured deposits to total deposits were 24.2%, 20.2% and 20.8% at June 30, 2023, March 31, 2023 and
December 31, 2022, respectively. Our current strategy is to continue to offer competitive interest rates on our deposit products
to maintain our existing customer deposit base and maintain our liquidity.
Capital
– Total shareholders’ equity was $317.7 million at June 30, 2023 compared to
$315.5 million at March 31, 2023. The increase in shareholders’ equity is primarily attributable to $2.5 million of net
income in the present quarter and $1.0 million issuance of shares of common stock relating to the Sterling Bank & Trust 401(k) Plan
company matching contribution, partially offset by a modest $(1.6) million increase in the unrealized loss on our investment securities
portfolio included in accumulated other comprehensive loss.
The Company and the Bank have elected
to opt into the Community Bank Leverage Ratio framework, effective January 1, 2023. As such, the Company and the Bank are not required
to meet minimum standards under the risk-based capital rules. Instead, each of the Company and the Bank is required to maintain a Tier
1 leverage ratio of greater than 9.0% to be considered to have satisfied the risk-based and leverage capital requirements in the regulatory
agencies’ generally applicable capital rules and to have met the capital requirements required to be considered well capitalized.
At June 30, 2023, the Company’s consolidated and the Bank’s leverage ratio were 13.44% and 12.91%, respectively.
Asset
Quality and Provision for (Recovery of) Credit Losses – A provision for (recovery of) credit
losses of $(2.9) million was recorded for the second quarter of 2023 compared to a provision for credit losses of $0.6 million for
the first quarter of 2023. The allowance for credit losses was $36.2 million at June 30, 2023, or 2.43% of total loans held for
investment, compared to $38.6 million, or 2.48% of total loans held for investment, at March 31, 2023.
Net recoveries during the second quarter
of 2023 were $(0.4) million compared to net charge offs of $6.4 million in the first quarter of 2023. Net charge offs in the first quarter
of 2023 primarily reflects the $6.5 million in charge offs of our recorded investment of those residential loans reclassified as held
for sale.
Nonperforming
assets at June 30, 2023 totaled $2.1 million, or 0.08% of total assets, consisting almost entirely of nonaccrual loans held for
investment, compared to $26.3 million, or 1.09% of total assets, at March 31, 2023, consisting almost entirely of nonaccrual loans
held for sale. This decrease is primarily due to the sale of all loans held for sale, consisting
of nonperforming and chronically delinquent residential real estate held for sale loans in the second quarter of 2023.
Results of Operations
Net
Interest Income and Net Interest Margin – Net interest income for the second quarter of
2023 was $16.2 million compared to $17.7 million for the first quarter of 2023 and $19.5 million for the second quarter
of 2022. The decrease in net interest income during the second quarter of 2023 compared to the prior quarter was primarily due to an
increase in interest expense on our average balance of interest-bearing deposits since the average rate paid during the second quarter
of 2023 increased 65 basis points, partially offset by an increase in interest income earned on our average balance of interest-bearing
assets primarily reflecting an increase in the average yield for the second quarter of 2023 of 27 basis points.
The
decrease in net interest income during the second quarter of 2023 compared to the second quarter of 2022 was primarily due to an increase
in interest expense on our average balance of interest-bearing liabilities since the average rate paid increased 237 basis points. This
was partially offset by an increase in interest income as the average yield on our average balance of interest-bearing assets increased
168 basis points. The average balance in our loan portfolio declined $301.9 million, or 16%, from $1.8 billion in the second quarter
of 2022 to $1.5 billion in the second quarter of 2023. Loan repayments, as well as loan sales of higher risk commercial real estate loans
and nonperforming residential real estate loans completed during this time period, continue to outpace
new loan production, as we previously discontinued originating construction loans and have not yet replaced our third-party service provider
for our residential loan origination function, and we continue to work on initiatives to diversify our overall loan production and review
new residential loan products.
The net interest margin of 2.64% for
the second quarter of 2023 decreased from the net interest margin of 2.93% for the first quarter of 2023 and decreased from the net interest
margin of 2.95% for the second quarter of 2022.
Non-Interest
Income – Non-interest income for the second quarter of 2023 increased by $1.6 million
compared to the first quarter of 2023, primarily due to the gain on the sale of all loans held for sale, consisting primarily of nonperforming
and chronically delinquent residential real estate held for sale loans, in the second quarter of 2023.
Non-Interest
Expense – Non-interest expense of $17.3 million for the second quarter of 2023 reflected
a decrease of $0.5 million, or 3%, compared to $17.8 million for the first quarter of 2023 with all expense categories either decreasing
or slightly increasing except professional fees and other expenses. Professional fees were $0.3 million higher in the second quarter
of 2023 compared to the prior quarter, which was primarily due to $2.2 million of reimbursements received from an insurance carrier during
the first quarter of 2023 for previously incurred direct and third party legal expenses related to the government investigations. No
similar reimbursements were received from the insurance carrier in the second quarter of 2023. Excluding the insurance reimbursements,
professional fees declined $1.9 million in the second quarter of 2023 compared to the first quarter of 2023 as legal services related
to the government investigations declined substantially. (See “Non-GAAP Financial Measures” below.)
Income
Tax Expense (Benefit) – For the three months ended June 30, 2023, the Company recorded
income tax expense of $1.1 million, or an effective tax rate of 30.6%. For the three months ended March 31, 2023, the Company recorded
an income tax benefit of ($54) thousand. Our effective tax rate in 2023 varies from the statutory tax rate primarily due to the impact
of non-deductible compensation.
Mr. O’Brien
said, “With the redemption of the Subordinated Notes, I believe we have accomplished
all the corrective elements we intended for Sterling’s turnaround. From the perspective of the multiple financial, regulatory,
and internal control deficiencies, we believe we have built an entirely new bank that is both transparently governed and well positioned
for future opportunity.
Although we anticipate that there will
continue to be some ongoing news with respect to government enforcement actions against certain individuals, we believe that the Company
is finally beyond those concerns. We do anticipate some additional future costs related to selected individual defense costs and
our ongoing obligations to cooperate with the government investigations with respect to individuals. As of today’s date,
the court has approved Sterling’s settlement with the Department of Justice, and that will move into the hands of a special master
to be appointed by the court to make appropriate arrangements for the distribution of the proceeds of the restitution funds to non-insider
victim-shareholders.
We
believe Sterling has ample liquidity, strong capital levels and a low-risk balance sheet. We have several years of herculean efforts
behind us needed to bring Sterling to the point where it is today. From this perspective, the board and management can finally
get down to the business of looking at our strategic opportunities and develop business plans designed to meet the best long-term interests
of Sterling and its shareholders.”
Non-GAAP Financial Measures
The Company’s disclosure of professional
fees exclusive of insurance reimbursements is a non-GAAP financial measure and has been included to provide greater clarity to investors
and comparability of actual professional expenses incurred due to the significant disconnect in timing of the identification of those
expenses for which insurance reimbursements will be received and the incurrence of the expenses. Our use of non-GAAP financial measures
has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of financial
results as reported under U.S. GAAP. The table that follows provides a reconciliation of this non-GAAP information to our U.S. GAAP financials.
| | |
Three Months Ended | |
| (dollars in thousands) | |
June 30,
2023 | | |
March 31,
2023 | | |
June 30,
2022 | |
| Professional Fees | |
$ | 3,521 | | |
$ | 3,221 | | |
$ | 7,066 | |
| Insurance Reimbursements | |
| — | | |
| 2,203 | | |
| 79 | |
| Adjusted Professional Fees | |
$ | 3,521 | | |
$ | 5,424 | | |
$ | 7,145 | |
Conference Call and Webcast
Management
will host a conference call on Wednesday, July 26, 2023 at 11:00 a.m. Eastern Time to discuss
the Company’s unaudited financial results for the quarter ended
June 30, 2023. The conference call number for U.S. participants is (833) 535-2201 and the conference call number for participants
outside the United States is (412) 902-6744. Additionally, interested parties can listen to a live webcast of the call in the “Investor
Relations” section of the Company’s website at www.sterlingbank.com.
An archived version of the webcast will be available in the same location shortly after the live call has ended.
A replay of the conference call may
be accessed through August 2, 2023 by U.S callers dialing (877) 344-7529 and international callers dialing (412) 317-0088,
using conference ID number 5834919.
About
Sterling Bancorp, Inc.
Sterling
Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank
and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City. Sterling offers a range
of loan products as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield,
Michigan. For additional information, please visit the Company’s
website at http://www.sterlingbank.com.
Forward-Looking Statements
This Press Release contains certain
statements that are, or may be deemed to be, “forward-looking statements” regarding the Company’s plans, expectations,
thoughts, beliefs, estimates, goals and outlook for the future. These forward-looking statements reflect our current views with respect
to, among other things, future events and our financial performance, including any statements that refer to projections, forecasts or
other characterizations of future events or circumstances, including any underlying assumptions. These statements are often, but not
always, made through the use of words or phrases such as “may,” “might,” “should,” “could,”
“predict,” “potential,” “believe,” “expect,” “attribute,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,”
“goal,” “target,” “outlook,” “aim,” “would,” “annualized” and
“perspective,” or the negative versions of those words or other comparable words or phrases of a future or forward-looking
nature, though the absence of these words does not mean a statement is not forward-looking. All statements other than statements of historical
facts, including but not limited to statements regarding, the economy and financial markets, government investigations, credit quality,
the regulatory scheme governing our industry, competition in our industry, interest rates, our liquidity, our business and our governance,
are forward-looking statements. We have based the forward-looking statements in this Press Release primarily on our current expectations
and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects,
business strategy and financial needs. These forward-looking statements are not historical facts, and they are based on current expectations,
estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control. There can be no assurance that future developments will be those that have been
anticipated. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Our statements
should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks,
assumptions, estimates and uncertainties that are difficult to predict. The risks, uncertainties and other factors detailed from time
to time in our public filings, including those included in the disclosures under the headings “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission
on March 16, 2023, subsequent periodic reports and future periodic reports, could affect future results and events, causing those
results and events to differ materially from those views expressed or implied in the Company’s forward-looking statements. These
risks are not exhaustive. Other sections of this Press Release and our filings with the Securities and Exchange Commission include additional
factors that could adversely impact our business and financial performance. Moreover, we operate in very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties
that could have an impact on the forward-looking statements contained in this Press Release. Should one or more of the foregoing risks
materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in,
or implied by, such forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements.
The Company disclaims any obligation to update, revise, or correct any forward-looking statements based on the occurrence of future events,
the receipt of new information or otherwise.
Investor Contact:
Sterling Bancorp, Inc.
Karen Knott
Executive Vice President and Chief Financial
Officer
(248) 359-6624
kzaborney@sterlingbank.com
Sterling
Bancorp, Inc.
Consolidated
Financial Highlights (Unaudited)
| | |
At and for the Three Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | |
| (dollars in thousands, except per share data) | |
2023 | | |
2023 | | |
2022 | |
| Net income (loss) | |
$ | 2,539 | | |
$ | (503 | ) | |
$ | (2,197 | ) |
| Income (loss) per share, diluted | |
$ | 0.05 | | |
$ | (0.01 | ) | |
$ | (0.04 | ) |
| Net interest income | |
$ | 16,184 | | |
$ | 17,676 | | |
$ | 19,470 | |
| Net interest margin | |
| 2.64 | % | |
| 2.93 | % | |
| 2.95 | % |
| Non-interest income | |
$ | 1,911 | | |
$ | 278 | | |
$ | 45 | |
| Non-interest expense | |
$ | 17,341 | | |
$ | 17,837 | | |
$ | 19,494 | |
| Loans, net of allowance for credit losses | |
$ | 1,449,709 | | |
$ | 1,513,481 | | |
$ | 1,726,366 | |
| Total deposits | |
$ | 2,041,491 | | |
$ | 1,921,822 | | |
$ | 2,004,247 | |
| Asset Quality | |
| | | |
| | | |
| | |
| Nonperforming loans | |
$ | 2,095 | | |
$ | 34 | | |
$ | 48,385 | |
| Allowance for credit losses to total loans | |
| 2.43 | % | |
| 2.48 | % | |
| 2.91 | % |
| Allowance for credit losses to nonaccrual loans | |
| 1753 | % | |
| — | | |
| 107 | % |
| Nonaccrual loans to total loans outstanding | |
| 0.14 | % | |
| — | | |
| 2.72 | % |
| Net charge offs (recoveries) to average loans outstanding during the period | |
| (0.03 | )% | |
| 0.39 | % | |
| (0.02 | )% |
| Provision for (recovery of) credit losses | |
$ | (2,902 | ) | |
$ | 674 | | |
$ | (1,109 | ) |
| Net charge offs (recoveries) | |
$ | (402 | ) | |
$ | 6,412 | | |
$ | (420 | ) |
| Performance Ratios | |
| | | |
| | | |
| | |
| Return on average assets | |
| 0.41 | % | |
| (0.08 | )% | |
| (0.33 | )% |
| Return on average shareholders' equity | |
| 3.24 | % | |
| (0.65 | )% | |
| (2.57 | )% |
| Efficiency ratio (1) | |
| 95.83 | % | |
| 99.35 | % | |
| 99.89 | % |
| Yield on average interest-earning assets | |
| 5.15 | % | |
| 4.88 | % | |
| 3.47 | % |
| Cost of average interest-bearing liabilities | |
| 2.99 | % | |
| 2.36 | % | |
| 0.62 | % |
| Net interest spread | |
| 2.16 | % | |
| 2.52 | % | |
| 2.85 | % |
| Capital Ratios(2)(3) | |
| | | |
| | | |
| | |
| Regulatory and Other Capital Ratios — Consolidated: | |
| | | |
| | | |
| | |
| Tier 1 (core) capital to average total assets (leverage ratio) | |
| 13.44 | % | |
| 13.49 | % | |
| 12.91 | % |
| Regulatory and Other Capital Ratios — Bank: | |
| | | |
| | | |
| | |
| Tier 1 (core) capital to average total assets (leverage ratio) | |
| 12.91 | % | |
| 16.52 | % | |
| 14.44 | % |
(1) Efficiency
ratio is computed as the ratio of non-interest expense divided by the sum of net interest income and non-interest income.
(2) June 30,
2023 capital ratios are estimated.
(3) Effective
January 1, 2023, the Company and Bank elected to opt into the community bank leverage ratio framework.
Sterling
Bancorp, Inc.
Condensed
Consolidated Balance Sheets (Unaudited)
| | |
June 30, | | |
March 31, | | |
% | | |
December 31, | | |
% | | |
June 30, | | |
% | |
| (dollars in
thousands) | |
2023 | | |
2023 | | |
change | | |
2022 | | |
change | | |
2022 | | |
change | |
| Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and due from
banks | |
$ | 655,391 | | |
$ | 419,219 | | |
| 56 | % | |
$ | 379,798 | | |
| 73 | % | |
$ | 285,165 | | |
| N/M | |
| Interest-bearing time deposits
with other banks | |
| 934 | | |
| 934 | | |
| 0 | % | |
| 934 | | |
| 0 | % | |
| 1,183 | | |
| (21 | )% |
| Debt securities available for
sale | |
| 334,508 | | |
| 342,534 | | |
| (2 | )% | |
| 343,558 | | |
| (3 | )% | |
| 377,492 | | |
| (11 | )% |
| Equity securities | |
| 4,640 | | |
| 4,712 | | |
| (2 | )% | |
| 4,642 | | |
| (0 | )% | |
| 4,817 | | |
| (4 | )% |
| Loans held for sale | |
| — | | |
| 37,979 | | |
| (100 | )% | |
| 7,725 | | |
| (100 | )% | |
| 8,964 | | |
| (100 | )% |
| Loans, net of allowance for credit
losses of $36,153, $38,565, $45,464 and $51,766 | |
| 1,449,709 | | |
| 1,513,481 | | |
| (4 | )% | |
| 1,613,385 | | |
| (10 | )% | |
| 1,726,366 | | |
| (16 | )% |
| Accrued interest receivable | |
| 7,489 | | |
| 7,617 | | |
| (2 | )% | |
| 7,829 | | |
| (4 | )% | |
| 6,721 | | |
| 11 | % |
| Mortgage servicing rights, net | |
| 1,658 | | |
| 1,703 | | |
| (3 | )% | |
| 1,794 | | |
| (8 | )% | |
| 2,453 | | |
| (32 | )% |
| Leasehold improvements and equipment,
net | |
| 5,850 | | |
| 6,139 | | |
| (5 | )% | |
| 6,301 | | |
| (7 | )% | |
| 6,848 | | |
| (15 | )% |
| Operating lease right-of-use
assets | |
| 13,025 | | |
| 13,916 | | |
| (6 | )% | |
| 14,800 | | |
| (12 | )% | |
| 16,332 | | |
| (20 | )% |
| Federal Home Loan Bank stock,
at cost | |
| 20,288 | | |
| 20,288 | | |
| 0 | % | |
| 20,288 | | |
| 0 | % | |
| 20,288 | | |
| 0 | % |
| Company-owned life insurance | |
| 8,605 | | |
| 8,553 | | |
| 1 | % | |
| 8,501 | | |
| 1 | % | |
| 8,396 | | |
| 2 | % |
| Deferred tax asset, net | |
| 18,538 | | |
| 20,065 | | |
| (8 | )% | |
| 23,704 | | |
| (22 | )% | |
| 22,028 | | |
| (16 | )% |
| Other assets | |
| 11,375 | | |
| 14,408 | | |
| (21 | )% | |
| 11,476 | | |
| (1 | )% | |
| 16,767 | | |
| (32 | )% |
| Total
assets | |
$ | 2,532,010 | | |
$ | 2,411,548 | | |
| 5 | % | |
$ | 2,444,735 | | |
| 4 | % | |
$ | 2,503,820 | | |
| 1 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest-bearing deposits | |
$ | 44,799 | | |
$ | 46,496 | | |
| (4 | )% | |
$ | 53,041 | | |
| (16 | )% | |
$ | 82,387 | | |
| (46 | )% |
| Interest-bearing deposits | |
| 1,996,692 | | |
| 1,875,326 | | |
| 6 | % | |
| 1,900,996 | | |
| 5 | % | |
| 1,921,860 | | |
| 4 | % |
| Total deposits | |
| 2,041,491 | | |
| 1,921,822 | | |
| 6 | % | |
| 1,954,037 | | |
| 4 | % | |
| 2,004,247 | | |
| 2 | % |
| Federal Home Loan Bank borrowings | |
| 50,000 | | |
| 50,000 | | |
| 0 | % | |
| 50,000 | | |
| 0 | % | |
| 50,000 | | |
| 0 | % |
| Subordinated notes, net | |
| 65,234 | | |
| 65,253 | | |
| (0 | )% | |
| 65,271 | | |
| (0 | )% | |
| 65,308 | | |
| (0 | )% |
| Operating lease liabilities | |
| 14,176 | | |
| 15,089 | | |
| (6 | )% | |
| 15,990 | | |
| (11 | )% | |
| 17,540 | | |
| (19 | )% |
| Accrued expenses and other liabilities | |
| 43,433 | | |
| 43,874 | | |
| (1 | )% | |
| 46,810 | | |
| (7 | )% | |
| 31,393 | | |
| 38 | % |
| Total liabilities | |
| 2,214,334 | | |
| 2,096,038 | | |
| 6 | % | |
| 2,132,108 | | |
| 4 | % | |
| 2,168,488 | | |
| 2 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Shareholders’ Equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Preferred stock, authorized 10,000,000
shares; no shares issued and outstanding | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Common stock, no par value, authorized
500,000,000 shares; shares issued and outstanding 52,081,886 at June 30, 2023, 50,808,116 at March 31, 2023, 50,795,871
at December 31, 2022 and 50,818,212 at June 30, 2022 | |
| 84,323 | | |
| 83,295 | | |
| 1 | % | |
| 83,295 | | |
| 1 | % | |
| 83,295 | | |
| 1 | % |
| Additional paid-in capital | |
| 15,098 | | |
| 14,906 | | |
| 1 | % | |
| 14,808 | | |
| 2 | % | |
| 14,313 | | |
| 5 | % |
| Retained earnings | |
| 236,587 | | |
| 234,048 | | |
| 1 | % | |
| 234,049 | | |
| 1 | % | |
| 251,306 | | |
| (6 | )% |
| Accumulated other comprehensive
loss | |
| (18,332 | ) | |
| (16,739 | ) | |
| (10 | )% | |
| (19,525 | ) | |
| 6 | % | |
| (13,582 | ) | |
| (35 | )% |
| Total
shareholders’ equity | |
| 317,676 | | |
| 315,510 | | |
| 1 | % | |
| 312,627 | | |
| 2 | % | |
| 335,332 | | |
| (5 | )% |
| Total liabilities and shareholders’
equity | |
$ | 2,532,010 | | |
$ | 2,411,548 | | |
| 5 | % | |
$ | 2,444,735 | | |
| 4 | % | |
$ | 2,503,820 | | |
| 1 | % |
N/M
- Not Meaningful
Sterling
Bancorp, Inc.
Condensed
Consolidated Statements of Operations (Unaudited)
| | |
Three
Months Ended | | |
Six
Months Ended | |
| | |
June 30, | | |
March 31, | | |
% | | |
June 30, | | |
% | | |
June 30, | | |
June 30, | | |
% | |
| (dollars
in thousands, except per share amounts) | |
2023 | | |
2023 | | |
change | | |
2022 | | |
change | | |
2023 | | |
2022 | | |
change | |
| Interest
income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
and fees on loans | |
$ | 21,892 | | |
$ | 22,160 | | |
| (1 | )% | |
$ | 20,746 | | |
| 6 | % | |
$ | 44,052 | | |
$ | 44,614 | | |
| (1 | )% |
| Interest and dividends on investment securities and restricted stock | |
| 2,666 | | |
| 2,456 | | |
| 9 | % | |
| 1,353 | | |
| 97 | % | |
| 5,122 | | |
| 2,188 | | |
| N/M | |
| Interest-bearing
cash deposits | |
| 7,002 | | |
| 4,807 | | |
| 46 | % | |
| 791 | | |
| N/M | | |
| 11,809 | | |
| 1,006 | | |
| N/M | |
| Total interest
income | |
| 31,560 | | |
| 29,423 | | |
| 7 | % | |
| 22,890 | | |
| 38 | % | |
| 60,983 | | |
| 47,808 | | |
| 28 | % |
| Interest
expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
on deposits | |
| 13,337 | | |
| 9,809 | | |
| 36 | % | |
| 2,016 | | |
| N/M | | |
| 23,146 | | |
| 4,346 | | |
| N/M | |
| Interest
on Federal Home Loan Bank borrowings | |
| 248 | | |
| 245 | | |
| 1 | % | |
| 314 | | |
| (21 | )% | |
| 493 | | |
| 666 | | |
| (26 | )% |
| Interest
on subordinated notes | |
| 1,791 | | |
| 1,693 | | |
| 6 | % | |
| 1,090 | | |
| 64 | % | |
| 3,484 | | |
| 2,054 | | |
| 70 | % |
| Total interest
expense | |
| 15,376 | | |
| 11,747 | | |
| 31 | % | |
| 3,420 | | |
| N/M | | |
| 27,123 | | |
| 7,066 | | |
| N/M | |
| Net interest
income | |
| 16,184 | | |
| 17,676 | | |
| (8 | )% | |
| 19,470 | | |
| (17 | )% | |
| 33,860 | | |
| 40,742 | | |
| (17 | )% |
| Provision
for (recovery of) credit losses | |
| (2,902 | ) | |
| 674 | | |
| N/M | | |
| (1,109 | ) | |
| N/M | | |
| (2,228 | ) | |
| (5,398 | ) | |
| 59 | % |
| Net interest
income after provision for (recovery of) credit losses | |
| 19,086 | | |
| 17,002 | | |
| 12 | % | |
| 20,579 | | |
| (7 | )% | |
| 36,088 | | |
| 46,140 | | |
| (22 | )% |
| Non-interest
income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Service
charges and fees | |
| 78 | | |
| 94 | | |
| (17 | )% | |
| 105 | | |
| (26 | )% | |
| 172 | | |
| 227 | | |
| (24 | )% |
| Loss on
sale of investment securities | |
| — | | |
| (2 | ) | |
| 100 | % | |
| — | | |
| N/M | | |
| (2 | ) | |
| — | | |
| N/M | |
| Gain (loss)
on sale of loans held for sale | |
| 1,720 | | |
| (25 | ) | |
| N/M | | |
| 3 | | |
| N/M | | |
| 1,695 | | |
| 200 | | |
| N/M | |
| Unrealized
gain (loss) on equity securities | |
| (71 | ) | |
| 71 | | |
| N/M | | |
| (170 | ) | |
| 58 | % | |
| — | | |
| (406 | ) | |
| 100 | % |
| Net servicing
income (loss) | |
| 102 | | |
| 59 | | |
| 73 | % | |
| (177 | ) | |
| N/M | | |
| 161 | | |
| 266 | | |
| (39 | )% |
| Income
earned on company-owned life insurance | |
| 81 | | |
| 80 | | |
| 1 | % | |
| 255 | | |
| (68 | )% | |
| 161 | | |
| 583 | | |
| (72 | )% |
| Other | |
| 1 | | |
| 1 | | |
| 0 | % | |
| 29 | | |
| (97 | )% | |
| 2 | | |
| 586 | | |
| (100 | )% |
| Total non-interest
income | |
| 1,911 | | |
| 278 | | |
| N/M | | |
| 45 | | |
| N/M | | |
| 2,189 | | |
| 1,456 | | |
| 50 | % |
| Non-interest
expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries
and employee benefits | |
| 9,274 | | |
| 9,410 | | |
| (1 | )% | |
| 5,569 | | |
| 67 | % | |
| 18,684 | | |
| 15,186 | | |
| 23 | % |
| Occupancy
and equipment | |
| 2,051 | | |
| 2,112 | | |
| (3 | )% | |
| 2,187 | | |
| (6 | )% | |
| 4,163 | | |
| 4,329 | | |
| (4 | )% |
| Professional
fees | |
| 3,521 | | |
| 3,221 | | |
| 9 | % | |
| 7,066 | | |
| (50 | )% | |
| 6,742 | | |
| 12,223 | | |
| (45 | )% |
| FDIC assessments | |
| 263 | | |
| 257 | | |
| 2 | % | |
| 346 | | |
| (24 | )% | |
| 520 | | |
| 715 | | |
| (27 | )% |
| Data processing | |
| 754 | | |
| 738 | | |
| 2 | % | |
| 762 | | |
| (1 | )% | |
| 1,492 | | |
| 1,567 | | |
| (5 | )% |
| Net provision
for (recovery of) mortgage repurchase liability | |
| (59 | ) | |
| 120 | | |
| N/M | | |
| (312 | ) | |
| 81 | % | |
| 61 | | |
| (525 | ) | |
| N/M | |
| Other | |
| 1,537 | | |
| 1,979 | | |
| (22 | )% | |
| 3,876 | | |
| (60 | )% | |
| 3,516 | | |
| 5,422 | | |
| (35 | )% |
| Total non-interest
expense | |
| 17,341 | | |
| 17,837 | | |
| (3 | )% | |
| 19,494 | | |
| (11 | )% | |
| 35,178 | | |
| 38,917 | | |
| (10 | )% |
| Income (loss)
before income taxes | |
| 3,656 | | |
| (557 | ) | |
| N/M | | |
| 1,130 | | |
| N/M | | |
| 3,099 | | |
| 8,679 | | |
| (64 | )% |
| Income tax
expense (benefit) | |
| 1,117 | | |
| (54 | ) | |
| N/M | | |
| 3,327 | | |
| (66 | )% | |
| 1,063 | | |
| 5,616 | | |
| (81 | )% |
| Net income
(loss) | |
$ | 2,539 | | |
$ | (503 | ) | |
| N/M | | |
$ | (2,197 | ) | |
| N/M | | |
$ | 2,036 | | |
$ | 3,063 | | |
| (34 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income
(loss) per share, basic and diluted | |
$ | 0.05 | | |
$ | (0.01 | ) | |
| | | |
$ | (0.04 | ) | |
| | | |
$ | 0.04 | | |
$ | 0.06 | | |
| | |
| Weighted average common shares
outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 50,672,461 | | |
| 50,444,463 | | |
| | | |
| 50,386,856 | | |
| | | |
| 50,559,092 | | |
| 50,289,612 | | |
| | |
| Diluted | |
| 50,778,213 | | |
| 50,444,463 | | |
| | | |
| 50,386,856 | | |
| | | |
| 50,705,998 | | |
| 50,496,487 | | |
| | |
N/M
- Not Meaningful
Sterling
Bancorp, Inc.
Yield
Analysis and Net Interest Income (Unaudited)
| | |
Three
Months Ended | |
| | |
June 30,
2023 | | |
March 31,
2023 | | |
June 30,
2022 | |
| (dollars in thousands) | |
Average
Balance | | |
Interest | | |
Average
Yield/Rate | | |
Average
Balance | | |
Interest | | |
Average
Yield Rate | | |
Average
Balance | | |
Interest | | |
Average
Yield/Rate | |
| Interest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans(1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Residential
real estate and other consumer | |
$ | 1,277,408 | | |
$ | 18,250 | | |
| 5.71 | % | |
$ | 1,366,872 | | |
$ | 18,514 | | |
| 5.42 | % | |
$ | 1,554,077 | | |
$ | 17,310 | | |
| 4.46 | % |
| Commercial
real estate | |
| 224,836 | | |
| 2,787 | | |
| 4.96 | % | |
| 223,929 | | |
| 2,596 | | |
| 4.64 | % | |
| 221,435 | | |
| 2,547 | | |
| 4.60 | % |
| Construction | |
| 31,819 | | |
| 820 | | |
| 10.31 | % | |
| 41,436 | | |
| 1,034 | | |
| 9.98 | % | |
| 62,354 | | |
| 883 | | |
| 5.66 | % |
| Commercial
and industrial | |
| 2,255 | | |
| 35 | | |
| 6.21 | % | |
| 1,382 | | |
| 16 | | |
| 4.63 | % | |
| 355 | | |
| 6 | | |
| 6.76 | % |
| Total loans | |
| 1,536,318 | | |
| 21,892 | | |
| 5.70 | % | |
| 1,633,619 | | |
| 22,160 | | |
| 5.43 | % | |
| 1,838,221 | | |
| 20,746 | | |
| 4.51 | % |
| Securities, includes restricted
stock(2) | |
| 375,094 | | |
| 2,666 | | |
| 2.84 | % | |
| 366,346 | | |
| 2,456 | | |
| 2.68 | % | |
| 396,315 | | |
| 1,353 | | |
| 1.37 | % |
| Other interest-earning assets | |
| 541,887 | | |
| 7,002 | | |
| 5.17 | % | |
| 411,766 | | |
| 4,807 | | |
| 4.67 | % | |
| 406,740 | | |
| 791 | | |
| 0.78 | % |
| Total interest-earning assets | |
| 2,453,299 | | |
| 31,560 | | |
| 5.15 | % | |
| 2,411,731 | | |
| 29,423 | | |
| 4.88 | % | |
| 2,641,276 | | |
| 22,890 | | |
| 3.47 | % |
| Noninterest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and due from banks | |
| 4,233 | | |
| | | |
| | | |
| 4,475 | | |
| | | |
| | | |
| 3,811 | | |
| | | |
| | |
| Other assets | |
| 27,645 | | |
| | | |
| | | |
| 28,398 | | |
| | | |
| | | |
| 46,390 | | |
| | | |
| | |
| Total assets | |
$ | 2,485,177 | | |
| | | |
| | | |
$ | 2,444,604 | | |
| | | |
| | | |
$ | 2,691,477 | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Money market, savings and NOW | |
$ | 980,359 | | |
$ | 6,270 | | |
| 2.57 | % | |
$ | 1,001,505 | | |
$ | 4,614 | | |
| 1.87 | % | |
$ | 1,288,796 | | |
$ | 756 | | |
| 0.24 | % |
| Time deposits | |
| 969,938 | | |
| 7,067 | | |
| 2.92 | % | |
| 900,890 | | |
| 5,195 | | |
| 2.34 | % | |
| 760,017 | | |
| 1,260 | | |
| 0.66 | % |
| Total interest-bearing deposits | |
| 1,950,297 | | |
| 13,337 | | |
| 2.74 | % | |
| 1,902,395 | | |
| 9,809 | | |
| 2.09 | % | |
| 2,048,813 | | |
| 2,016 | | |
| 0.39 | % |
| FHLB borrowings | |
| 50,000 | | |
| 248 | | |
| 1.96 | % | |
| 50,000 | | |
| 245 | | |
| 1.96 | % | |
| 110,440 | | |
| 314 | | |
| 1.12 | % |
| Subordinated notes, net | |
| 65,245 | | |
| 1,791 | | |
| 10.86 | % | |
| 65,264 | | |
| 1,693 | | |
| 10.38 | % | |
| 65,319 | | |
| 1,090 | | |
| 6.60 | % |
| Total borrowings | |
| 115,245 | | |
| 2,039 | | |
| 7.00 | % | |
| 115,264 | | |
| 1,938 | | |
| 6.73 | % | |
| 175,759 | | |
| 1,404 | | |
| 3.16 | % |
| Total interest-bearing liabilities | |
| 2,065,542 | | |
| 15,376 | | |
| 2.99 | % | |
| 2,017,659 | | |
| 11,747 | | |
| 2.36 | % | |
| 2,224,572 | | |
| 3,420 | | |
| 0.62 | % |
| Noninterest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Demand deposits | |
| 44,005 | | |
| | | |
| | | |
| 50,284 | | |
| | | |
| | | |
| 72,496 | | |
| | | |
| | |
| Other liabilities | |
| 61,487 | | |
| | | |
| | | |
| 63,308 | | |
| | | |
| | | |
| 52,075 | | |
| | | |
| | |
| Shareholders' equity | |
| 314,143 | | |
| | | |
| | | |
| 313,353 | | |
| | | |
| | | |
| 342,334 | | |
| | | |
| | |
| Total liabilities and shareholders'
equity | |
$ | 2,485,177 | | |
| | | |
| | | |
$ | 2,444,604 | | |
| | | |
| | | |
$ | 2,691,477 | | |
| | | |
| | |
| Net interest income and spread(2) | |
| | | |
$ | 16,184 | | |
| 2.16 | % | |
| | | |
$ | 17,676 | | |
| 2.52 | % | |
| | | |
$ | 19,470 | | |
| 2.85 | % |
| Net interest margin(2) | |
| | | |
| | | |
| 2.64 | % | |
| | | |
| | | |
| 2.93 | % | |
| | | |
| | | |
| 2.95 | % |
(1) Nonaccrual
loans are included in the respective average loan balances. Income, if any, on such loans is recognized on a cash basis.
(2) Interest
income does not include taxable equivalence adjustments.
| | |
Six
Months Ended | |
|
|
|
|
|
|
|
|
|
|
|
|
| | |
June 30,
2023 | | |
June 30,
2022 | |
|
|
|
|
|
|
|
|
|
|
|
|
| (dollars in thousands) | |
Average
Balance | | |
Interest | | |
Average
Yield/Rate | | |
Average
Balance | | |
Interest | | |
Average
Yield/Rate | |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans(1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Residential
real estate and other consumer | |
$ | 1,321,858 | | |
$ | 36,764 | | |
| 5.56 | % | |
$ | 1,607,090 | | |
$ | 35,588 | | |
| 4.43 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial
real estate | |
| 224,383 | | |
| 5,383 | | |
| 4.80 | % | |
| 234,169 | | |
| 5,983 | | |
| 5.11 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Construction | |
| 36,601 | | |
| 1,854 | | |
| 10.13 | % | |
| 78,762 | | |
| 3,032 | | |
| 7.70 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial
and industrial | |
| 1,821 | | |
| 51 | | |
| 5.60 | % | |
| 352 | | |
| 11 | | |
| 6.25 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans | |
| 1,584,663 | | |
| 44,052 | | |
| 5.56 | % | |
| 1,920,373 | | |
| 44,614 | | |
| 4.65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Securities, includes restricted
stock(2) | |
| 370,744 | | |
| 5,122 | | |
| 2.76 | % | |
| 373,360 | | |
| 2,188 | | |
| 1.17 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Other interest-earning assets | |
| 477,186 | | |
| 11,809 | | |
| 4.95 | % | |
| 429,569 | | |
| 1,006 | | |
| 0.47 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning assets | |
| 2,432,593 | | |
| 60,983 | | |
| 5.01 | % | |
| 2,723,302 | | |
| 47,808 | | |
| 3.51 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks | |
| 4,353 | | |
| | | |
| | | |
| 3,728 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets | |
| 27,349 | | |
| | | |
| | | |
| 45,918 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets | |
$ | 2,464,295 | | |
| | | |
| | | |
$ | 2,772,948 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Money market, savings and NOW | |
$ | 990,874 | | |
$ | 10,884 | | |
| 2.22 | % | |
$ | 1,299,761 | | |
$ | 1,463 | | |
| 0.23 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Time deposits | |
| 935,605 | | |
| 12,262 | | |
| 2.64 | % | |
| 810,620 | | |
| 2,883 | | |
| 0.72 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing deposits | |
| 1,926,479 | | |
| 23,146 | | |
| 2.42 | % | |
| 2,110,381 | | |
| 4,346 | | |
| 0.42 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| FHLB borrowings | |
| 50,000 | | |
| 493 | | |
| 1.99 | % | |
| 130,111 | | |
| 666 | | |
| 1.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Subordinated notes, net | |
| 65,255 | | |
| 3,484 | | |
| 10.62 | % | |
| 65,328 | | |
| 2,054 | | |
| 6.25 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total borrowings | |
| 115,255 | | |
| 3,977 | | |
| 6.86 | % | |
| 195,439 | | |
| 2,720 | | |
| 2.77 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities | |
| 2,041,734 | | |
| 27,123 | | |
| 2.68 | % | |
| 2,305,820 | | |
| 7,066 | | |
| 0.62 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits | |
| 47,127 | | |
| | | |
| | | |
| 68,331 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities | |
| 61,892 | | |
| | | |
| | | |
| 54,752 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity | |
| 313,542 | | |
| | | |
| | | |
| 344,045 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders'
equity | |
$ | 2,464,295 | | |
| | | |
| | | |
$ | 2,772,948 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income and spread(2) | |
| | | |
$ | 33,860 | | |
| 2.33 | % | |
| | | |
$ | 40,742 | | |
| 2.89 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin(2) | |
| | | |
| | | |
| 2.78 | % | |
| | | |
| | | |
| 2.99 | % |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonaccrual
loans are included in the respective average loan balances. Income, if any, on such loans is recognized on a cash basis.
(2) Interest
income does not include taxable equivalence adjustments.
Sterling
Bancorp, Inc.
Loan
Composition (Unaudited)
| | |
June 30, | | |
March 31, | | |
% | | |
December 31, | | |
% | | |
June 30, | | |
% | |
| (dollars in thousands) | |
2023 | | |
2023 | | |
change | | |
2022 | | |
change | | |
2022 | | |
change | |
| Residential real estate | |
$ | 1,214,439 | | |
$ | 1,289,554 | | |
| (6 | )% | |
$ | 1,391,276 | | |
| (13 | )% | |
$ | 1,506,852 | | |
| (19 | )% |
| Commercial real estate | |
| 221,658 | | |
| 224,792 | | |
| (1 | )% | |
| 221,669 | | |
| (0 | )% | |
| 214,494 | | |
| 3 | % |
| Construction | |
| 31,978 | | |
| 36,255 | | |
| (12 | )% | |
| 44,503 | | |
| (28 | )% | |
| 55,150 | | |
| (42 | )% |
| Commercial and industrial | |
| 17,772 | | |
| 1,368 | | |
| N/M | | |
| 1,396 | | |
| N/M | | |
| 1,418 | | |
| N/M | |
| Other consumer | |
| 15 | | |
| 77 | | |
| (81 | )% | |
| 5 | | |
| N/M | | |
| 218 | | |
| (93 | )% |
| Total loans held for investment | |
| 1,485,862 | | |
| 1,552,046 | | |
| (4 | )% | |
| 1,658,849 | | |
| (10 | )% | |
| 1,778,132 | | |
| (16 | )% |
| Less: allowance for credit losses | |
| (36,153 | ) | |
| (38,565 | ) | |
| (6 | )% | |
| (45,464 | ) | |
| (20 | )% | |
| (51,766 | ) | |
| (30 | )% |
| Loans, net | |
$ | 1,449,709 | | |
$ | 1,513,481 | | |
| (4 | )% | |
$ | 1,613,385 | | |
| (10 | )% | |
$ | 1,726,366 | | |
| (16 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans held for sale | |
$ | - | | |
$ | 37,979 | | |
| (100 | )% | |
$ | 7,725 | | |
| (100 | )% | |
$ | 8,964 | | |
| (100 | )% |
| Total gross loans | |
$ | 1,485,862 | | |
$ | 1,590,025 | | |
| (7 | )% | |
$ | 1,666,574 | | |
| (11 | )% | |
$ | 1,787,096 | | |
| (17 | )% |
N/M - Not Meaningful
Sterling
Bancorp, Inc.
Allowance
for Credit Losses (Unaudited)
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended | |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
June 30, | | |
March 31, | | |
December 31, | | |
June 30, | |
| (dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
| |
2023 | | |
2023 | | |
2022 | | |
2022 | |
| Balance at beginning of period |
|
|
|
|
|
|
|
|
|
|
|
| |
$ | 38,565 | | |
$ | 45,464 | | |
$ | 45,362 | | |
$ | 52,455 | |
| Adjustment to adopt ASU 2016-13 |
|
|
|
|
|
|
|
|
|
|
|
| |
| — | | |
| (1,651 | ) | |
| — | | |
| — | |
| Adjustment to adopt ASU 2022-02 |
|
|
|
|
|
|
|
|
|
|
|
| |
| — | | |
| 380 | | |
| — | | |
| — | |
| Balance after adoption |
|
|
|
|
|
|
|
|
|
|
|
| |
$ | 38,565 | | |
$ | 44,193 | | |
$ | 45,362 | | |
$ | 52,455 | |
| Provision for (recovery of) credit losses |
|
|
|
|
|
|
|
|
|
|
|
| |
| (2,814 | ) | |
| 784 | | |
| (179 | ) | |
| (1,109 | ) |
| Charge offs |
|
|
|
|
|
|
|
|
|
|
|
| |
| — | | |
| (6,478 | ) | |
| — | | |
| (197 | ) |
| Recoveries |
|
|
|
|
|
|
|
|
|
|
|
| |
| 402 | | |
| 66 | | |
| 281 | | |
| 617 | |
| Balance at end of period |
|
|
|
|
|
|
|
|
|
|
|
| |
$ | 36,153 | | |
$ | 38,565 | | |
$ | 45,464 | | |
$ | 51,766 | |
Sterling
Bancorp, Inc.
Deposit
Composition (Unaudited)
| | |
June 30, | | |
March 31, | | |
% | | |
December 31, | | |
% | | |
June 30, | | |
% | |
| (dollars in thousands) | |
2023 | | |
2023 | | |
change | | |
2022 | | |
change | | |
2022 | | |
change | |
| Noninterest-bearing deposits | |
$ | 44,799 | | |
$ | 46,496 | | |
| (4 | )% | |
$ | 53,041 | | |
| (16 | )% | |
$ | 82,387 | | |
| (46 | )% |
| Money Market, Savings and NOW | |
| 1,015,394 | | |
| 958,165 | | |
| 6 | % | |
| 1,039,263 | | |
| (2 | )% | |
| 1,252,279 | | |
| (19 | )% |
| Time deposits | |
| 981,298 | | |
| 917,161 | | |
| 7 | % | |
| 861,733 | | |
| 14 | % | |
| 669,581 | | |
| 47 | % |
| Total deposits | |
$ | 2,041,491 | | |
$ | 1,921,822 | | |
| 6 | % | |
$ | 1,954,037 | | |
| 4 | % | |
$ | 2,004,247 | | |
| 2 | % |
Sterling
Bancorp, Inc.
Credit
Quality Data (Unaudited)
| | |
At and for
the Three Months Ended | |
| | |
June 30, | | |
March 31, | | |
December 31, | | |
June 30, | |
| (dollars in thousands) | |
2023 | | |
2023 | | |
2022 | | |
2022 | |
| Nonaccrual loans(1): | |
| | | |
| | | |
| | | |
| | |
| Residential real estate | |
$ | 2,062 | | |
$ | — | | |
$ | 33,690 | | |
$ | 42,567 | |
| Construction | |
| — | | |
| — | | |
| — | | |
| 5,781 | |
| Total nonaccrual loans(2) | |
| 2,062 | | |
| — | | |
| 33,690 | | |
| 48,348 | |
| Loans past due 90 days or more and still accruing interest | |
| 33 | | |
| 34 | | |
| 35 | | |
| 37 | |
| Nonperforming loans | |
| 2,095 | | |
| 34 | | |
| 33,725 | | |
| 48,385 | |
| Other troubled debt restructurings(3) | |
| — | | |
| — | | |
| 2,637 | | |
| 2,646 | |
| Nonaccrual loans held for sale | |
| — | | |
| 26,270 | | |
| 1,942 | | |
| 3,999 | |
| Nonperforming assets | |
$ | 2,095 | | |
$ | 26,304 | | |
$ | 38,304 | | |
$ | 55,030 | |
| Total loans (1) | |
$ | 1,485,862 | | |
$ | 1,552,046 | | |
$ | 1,658,849 | | |
$ | 1,778,132 | |
| Total assets | |
$ | 2,532,010 | | |
$ | 2,411,548 | | |
$ | 2,444,735 | | |
$ | 2,503,820 | |
| Nonaccrual loans to total loans outstanding (2) | |
| 0.14 | % | |
| — | | |
| 2.03 | % | |
| 2.72 | % |
| Nonperforming assets to total assets | |
| 0.08 | % | |
| 1.09 | % | |
| 1.57 | % | |
| 2.20 | % |
| Allowance for credit losses to total loans | |
| 2.43 | % | |
| 2.48 | % | |
| 2.74 | % | |
| 2.91 | % |
| Allowance for credit losses to nonaccrual loans | |
| 1753 | % | |
| — | | |
| 135 | % | |
| 107 | % |
| Net charge offs (recoveries) to average loans outstanding during the period | |
| (0.03 | )% | |
| 0.39 | % | |
| (0.02 | )% | |
| (0.02 | )% |
(1) Loans
are classified as held for investment and are presented before the allowance for credit losses.
(2) Total
nonaccrual loans exclude nonaccrual loans held for sale. If nonaccrual loans held for sale are included, the ratio of total nonaccrual
loans to total gross loans would be 0.14%, 1.65%, 2.14% and 2.93% at June 30, 2023, March 31, 2023, December 31, 2022
and June 30, 2022, respectively.
(3) Other
troubled debt restructurings at December 31, 2022 and June 30, 2022 exclude those loans presented above as nonaccrual or past
due 90 days or more and still accruing interest. Effective January 1, 2023, loan modifications involving borrowers experiencing
financial difficulty are evaluated under the new credit loss model. There were no such loan modifications during the three months ended
June 30, 2023 and March 31, 2023.
v3.23.2
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dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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