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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):
October 30, 2024
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 October 30, 2024, Sterling Bancorp, Inc.
(the “Company”) issued a press release announcing its financial highlights for the quarter ended September 30,
2024. 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,” and
“would” 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 expectations for the anticipated sale of
the capital stock of Sterling Bank & Trust, F.S.B. and the ensuing plan of dissolution, the economy and financial markets, 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 14, 2024, 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 a 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: October 30, 2024
Exhibit
99.1
Sterling Bancorp Reports Third Quarter 2024
Financial Results
Southfield,
Michigan, October 30, 2024 — 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
third quarter ended September 30, 2024.
Third Quarter 2024 Highlights
| · | Net
loss of $(0.1) million, or $(0.00) per diluted share |
| · | Net
interest margin of 2.30% |
| · | Nonperforming
loans of $13.2 million, 1.08% of total loans and 0.54% of total assets |
| · | Provision
for (recovery of) credit losses of $(2.3) million; ratio of allowance for credit losses to
total loans of 2.04% |
| · | Non-interest
expense of $15.6 million |
| · | Shareholders’
equity of $334.6 million |
| · | Company’s
consolidated and Bank’s leverage ratio of 14.18% and 13.72%, respectively |
| · | Total
deposits of $2.1 billion |
| · | Total
gross loans of $1.2 billion |
The Company reported a net loss of $(0.1) million, or $(0.00) per
diluted share, for the quarter ended September 30, 2024, compared to net income of $1.3 million, or $0.03 per diluted share,
for the quarter ended June 30, 2024.
As
previously disclosed, on September 15, 2024, Sterling, the Bank and EverBank Financial Corp (“EverBank”) entered into
a definitive stock purchase agreement providing for the purchase by EverBank of all of the issued and outstanding shares of capital stock
of the Bank from Sterling (the “Transaction”) for cash consideration of $261.0 million. Also
on September 15, 2024, Sterling’s board of directors unanimously approved a plan of dissolution providing for the dissolution
of Sterling under Michigan law following the closing of the Transaction. The Transaction is expected to close in the first quarter
of 2025. The Transaction is subject to customary closing conditions, among which
include the approval of the definitive stock purchase agreement, the Transaction and the plan of dissolution by the requisite vote of
the Company’s shareholders and the receipt of required regulatory approvals.
Balance Sheet
Total
Assets – Total assets were $2.4 billion at September 30, 2024, an increase of $63.8 million, or 3%, from June 30,
2024.
Cash and due from banks increased $110.6 million, or 18%, to $710.4 million
at September 30, 2024 compared to $599.8 million at June 30, 2024 primarily due to net cash inflows from the growth in
deposits and the decline in loans. Debt securities decreased $5.5 million, or 1%, to $436.4 million at September 30, 2024. All debt
securities are available for sale, have a relatively short duration and are considered part of our liquid assets.
Total gross loans of $1.2 billion at September 30, 2024
decreased $40.5 million, or 3%, from June 30, 2024. Residential real estate loans were $904.4 million, a decrease of $67.9
million, or 7%, from June 30, 2024. Commercial real estate loans were $306.9 million, an increase of $29.7 million, or 11%,
from June 30, 2024.
Total
Deposits – Total deposits were $2.1 billion at September 30, 2024, an increase of $53.7 million, or 3%,
from June 30, 2024. Money market, savings and NOW deposits were $1.1 billion, a decrease of $12.3 million from June 30, 2024.
Time deposits were $972.2 million, an increase of $67.0 million from June 30, 2024. Noninterest-bearing deposits were $31.3 million
at September 30, 2024 compared to $32.2 million at June 30, 2024. Total estimated uninsured deposits to total deposits were
approximately 22% at September 30, 2024, June 30, 2024 and December 31, 2023. 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 $334.6 million at September 30, 2024, an increase of $5.7 million compared
to $328.9 million at June 30, 2024, primarily due to a $5.3 million reduction in the unrealized loss on our debt securities
portfolio included in accumulated other comprehensive loss.
At September 30, 2024, the consolidated Company’s and Bank’s
leverage ratios were 14.18% and 13.72%, respectively. Both the Company and the Bank are required to maintain a Tier 1 leverage ratio
of greater than 9.0% to have satisfied the minimum regulatory capital requirements as well as the capital ratio requirements to be considered
well capitalized for regulatory purposes.
Asset
Quality and Provision for (Recovery of) Credit Losses – A provision for (recovery of) credit losses of $(2.3) million
was recorded for the third quarter of 2024 compared to $(2.1) million for the second quarter of 2024. In the third quarter of 2024, the
recovery of credit losses related to loans of $(2.6) million was primarily due to the reduction in the commercial real estate portfolio’s
allowance reflecting the continued strong credit quality of the portfolio. In addition, the residential mortgage portfolio’s allowance
had a reduction primarily due to continued run-off of that portfolio. A provision for credit losses on unfunded commitments was recorded
for the three months ended September 30, 2024 and June 30, 2024 of $0.3 million and $0.1 million, respectively. The allowance
for credit losses at September 30, 2024 was $25.0 million, or 2.04% of total loans, compared to $27.6 million, or 2.18% of
total loans at June 30, 2024.
Recoveries of loan losses during the third and second quarter of 2024
were $10 thousand and $440 thousand, respectively, with no charge offs in either quarter.
Nonperforming loans, comprised primarily of nonaccrual residential
real estate loans, totaled $13.2 million, or 0.54% of total assets at September 30, 2024, compared to $12.2 million, or 0.51%
of total assets at June 30, 2024.
Results of Operations
Net
Interest Income and Net Interest Margin – Net interest income for the third quarter of 2024 was $13.6 million compared
to $14.4 million for the second quarter of 2024. The net interest margin was 2.30% and 2.44% for the third and second quarter of
2024, respectively. The decrease in net interest income during the third quarter of 2024 compared to the prior quarter was primarily
due to a $1.3 million increase in interest expense. This increase in interest expense reflects an increase in the average balance of
interest-bearing deposits of $42.0 million, or 2%, as well as a 15 basis point increase in the rate paid on deposits during the third
quarter of 2024 over the rate paid during the second quarter of 2024. This increase in interest expense was partially offset by a $0.6
million increase in interest income earned on our average balance of investment securities and other interest-earnings assets. Interest
income on loans declined $0.1 million in the third quarter of 2024 as compared to the prior quarter as a decline in the average loan
portfolio balance of $28.2 million, or 2%, was offset in part by an 11 basis point increase in the yield on the average loan portfolio.
The increase in the yield was due primarily to a 7 basis point increase in residential mortgage rates resetting in the higher interest
rate environment and a 46 basis point increase in commercial real estate loan yields due to the growth in the portfolio at yields higher
than the second quarter portfolio yield.
Non-Interest
Income – Non-interest income for the third quarter of 2024 as comparted to the second quarter of 2024 was essentially
unchanged as an unrealized gain on an equity security of $0.2 million was offset by $0.2 million less in funds received from the Federal
Home Loan Bank based on the performance of loans previously sold to them.
Non-Interest
Expense – Non-interest expense of $15.6 million for the third quarter of 2024 reflected an increase of $0.7 million,
or 5%, compared to $14.9 million for the second quarter of 2024. This increase was primarily due to a $0.9 million increase in professional
fees which included increased professional fees incurred in connection with the Transaction. Salaries and employee benefits expense increased
$0.3 million, or 4%, primarily due to the annual merit increase and adjustments to certain employees’ base compensation. Partially
offsetting the increases in professional fees and salaries and employee benefits, other expenses decreased $0.5 million, or 32%.
Income
Tax Expense – For the three months ended September 30, 2024, the Company recorded an income tax expense of $0.9
million. Income tax expense includes an additional $0.6 million in the third quarter of 2024 to reverse a tax position previously taken
on the deductibility of interest earned on U.S. government obligations under applicable state tax law. For the three months ended June 30,
2024, the Company recorded an income tax expense of $0.6 million, or an effective tax rate of 33.0%. Our effective tax rate varies from
the statutory rate primarily due to the correction in the third quarter of 2024 discussed above as well as the impact of non-deductible
compensation-related expenses.
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 the San Francisco and Los Angeles, California
metropolitan areas and New York City. Sterling also has an operations center and a branch in Southfield, Michigan. Sterling offers a
range of loan products as well as retail and business banking services. 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” and “would” 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 expectations for the anticipated sale of the Bank and
ensuing Plan of Dissolution, the economy and financial markets, 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 14, 2024, 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 a 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 | |
| | |
September 30, | | |
June 30, | | |
September 30, | |
| (dollars in thousands, except per share data) | |
2024 | | |
2024 | | |
2023 | |
| Net income (loss) | |
$ | (143 | ) | |
$ | 1,316 | | |
$ | 314 | |
| Income (loss) per share, diluted | |
$ | (0.00 | ) | |
$ | 0.03 | | |
$ | 0.01 | |
| Net interest income | |
$ | 13,618 | | |
$ | 14,395 | | |
$ | 15,994 | |
| Net interest margin | |
| 2.30 | % | |
| 2.44 | % | |
| 2.62 | % |
| Non-interest income | |
$ | 379 | | |
$ | 412 | | |
$ | 384 | |
| Non-interest expense | |
$ | 15,610 | | |
$ | 14,923 | | |
$ | 17,702 | |
| Loans, net of allowance for credit losses | |
$ | 1,198,767 | | |
$ | 1,236,687 | | |
$ | 1,382,860 | |
| Total deposits | |
$ | 2,067,193 | | |
$ | 2,013,465 | | |
$ | 2,040,658 | |
| Asset Quality | |
| | | |
| | | |
| | |
| Nonperforming loans | |
$ | 13,214 | | |
$ | 12,213 | | |
$ | 6,182 | |
| Allowance for credit losses to total loans | |
| 2.04 | % | |
| 2.18 | % | |
| 2.42 | % |
| Allowance for credit losses to total nonaccrual loans | |
| 189 | % | |
| 249 | % | |
| 681 | % |
| Nonaccrual loans to total loans | |
| 1.08 | % | |
| 0.87 | % | |
| 0.36 | % |
| Nonperforming loans to total loans | |
| 1.08 | % | |
| 0.97 | % | |
| 0.44 | % |
| Nonperforming loans to total assets | |
| 0.54 | % | |
| 0.51 | % | |
| 0.25 | % |
| Net charge offs (recoveries) to average loans during the period | |
| 0.00 | % | |
| (0.03 | )% | |
| 0.00 | % |
| Provision for (recovery of) credit losses | |
$ | (2,338 | ) | |
$ | (2,079 | ) | |
$ | (1,942 | ) |
| Net charge offs (recoveries) | |
$ | (10 | ) | |
$ | (440 | ) | |
$ | (1 | ) |
| Performance Ratios | |
| | | |
| | | |
| | |
| Return on average assets | |
| (0.02 | )% | |
| 0.22 | % | |
| 0.05 | % |
| Return on average shareholders' equity | |
| (0.17 | )% | |
| 1.62 | % | |
| 0.39 | % |
| Efficiency ratio (1) | |
| 111.52 | % | |
| 100.78 | % | |
| 108.08 | % |
| Yield on average interest-earning assets | |
| 5.79 | % | |
| 5.75 | % | |
| 5.39 | % |
| Cost of average interest-bearing liabilities | |
| 4.08 | % | |
| 3.91 | % | |
| 3.24 | % |
| Net interest spread | |
| 1.71 | % | |
| 1.84 | % | |
| 2.15 | % |
| Leverage
Capital Ratios(2) | |
| | | |
| | | |
| | |
| Consolidated | |
| 14.18 | % | |
| 14.26 | % | |
| 13.42 | % |
| Bank | |
| 13.72 | % | |
| 13.81 | % | |
| 12.93 | % |
(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) Leverage capital ratio is Tier 1 (core) capital to average
total assets. September 30, 2024 capital ratios are estimated.
| Sterling Bancorp, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Condensed Consolidated Balance Sheets (Unaudited) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
September
30, | | |
June 30, | | |
% | | |
December 31, | | |
% | | |
September
30, | | |
% | |
| (dollars in
thousands) | |
2024 | | |
2024 | | |
change | | |
2023 | | |
change | | |
2023 | | |
change | |
| Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and due from
banks | |
$ | 710,372 | | |
$ | 599,774 | | |
| 18 | % | |
$ | 577,967 | | |
| 23 | % | |
$ | 563,622 | | |
| 26 | % |
| Interest-bearing time deposits
with other banks | |
| 4,983 | | |
| 5,232 | | |
| (5 | )% | |
| 5,226 | | |
| (5 | )% | |
| 1,174 | | |
| N/M | |
| Debt securities available for
sale | |
| 436,409 | | |
| 441,930 | | |
| (1 | )% | |
| 419,213 | | |
| 4 | % | |
| 398,302 | | |
| 10 | % |
| Equity securities | |
| 4,797 | | |
| 4,637 | | |
| 3 | % | |
| 4,703 | | |
| 2 | % | |
| 4,505 | | |
| 6 | % |
| Loans, net of allowance for credit
losses of $24,970, $27,556, $29,404 and $34,267 | |
| 1,198,767 | | |
| 1,236,687 | | |
| (3 | )% | |
| 1,319,568 | | |
| (9 | )% | |
| 1,382,860 | | |
| (13 | )% |
| Accrued interest receivable | |
| 9,650 | | |
| 8,835 | | |
| 9 | % | |
| 8,509 | | |
| 13 | % | |
| 8,854 | | |
| 9 | % |
| Mortgage servicing rights, net | |
| 1,338 | | |
| 1,392 | | |
| (4 | )% | |
| 1,542 | | |
| (13 | )% | |
| 1,631 | | |
| (18 | )% |
| Leasehold improvements and equipment,
net | |
| 4,710 | | |
| 4,961 | | |
| (5 | )% | |
| 5,430 | | |
| (13 | )% | |
| 5,583 | | |
| (16 | )% |
| Operating lease right-of-use
assets | |
| 10,765 | | |
| 11,481 | | |
| (6 | )% | |
| 11,454 | | |
| (6 | )% | |
| 12,197 | | |
| (12 | )% |
| Federal Home Loan Bank stock,
at cost | |
| 18,423 | | |
| 18,423 | | |
| 0 | % | |
| 18,923 | | |
| (3 | )% | |
| 18,923 | | |
| (3 | )% |
| Federal Reserve Bank stock, at
cost | |
| 9,187 | | |
| 9,139 | | |
| 1 | % | |
| 9,048 | | |
| 2 | % | |
| 9,001 | | |
| 2 | % |
| Company-owned life insurance | |
| 8,872 | | |
| 8,818 | | |
| 1 | % | |
| 8,711 | | |
| 2 | % | |
| 8,658 | | |
| 2 | % |
| Deferred tax asset, net | |
| 15,023 | | |
| 17,923 | | |
| (16 | )% | |
| 16,959 | | |
| (11 | )% | |
| 22,475 | | |
| (33 | )% |
| Other assets | |
| 5,258 | | |
| 5,507 | | |
| (5 | )% | |
| 8,750 | | |
| (40 | )% | |
| 8,888 | | |
| (41 | )% |
| Total
assets | |
$ | 2,438,554 | | |
$ | 2,374,739 | | |
| 3 | % | |
$ | 2,416,003 | | |
| 1 | % | |
$ | 2,446,673 | | |
| (0 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest-bearing deposits | |
$ | 31,276 | | |
$ | 32,167 | | |
| (3 | )% | |
$ | 35,245 | | |
| (11 | )% | |
$ | 40,780 | | |
| (23 | )% |
| Interest-bearing
deposits | |
| 2,035,917 | | |
| 1,981,298 | | |
| 3 | % | |
| 1,968,741 | | |
| 3 | % | |
| 1,999,878 | | |
| 2 | % |
| Total
deposits | |
| 2,067,193 | | |
| 2,013,465 | | |
| 3 | % | |
| 2,003,986 | | |
| 3 | % | |
| 2,040,658 | | |
| 1 | % |
| Federal Home Loan Bank borrowings | |
| — | | |
| — | | |
| N/M | | |
| 50,000 | | |
| (100 | )% | |
| 50,000 | | |
| (100 | )% |
| Subordinated notes, net | |
| — | | |
| — | | |
| N/M | | |
| — | | |
| N/M | | |
| — | | |
| N/M | |
| Operating lease liabilities | |
| 11,753 | | |
| 12,504 | | |
| (6 | )% | |
| 12,537 | | |
| (6 | )% | |
| 13,317 | | |
| (12 | )% |
| Other liabilities | |
| 24,999 | | |
| 19,900 | | |
| 26 | % | |
| 21,757 | | |
| 15 | % | |
| 26,595 | | |
| (6 | )% |
| Total
liabilities | |
| 2,103,945 | | |
| 2,045,869 | | |
| 3 | % | |
| 2,088,280 | | |
| 1 | % | |
| 2,130,570 | | |
| (1 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Shareholders’ Equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Preferred stock, authorized 10,000,000
shares; no shares issued and outstanding | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Common stock, no par value, authorized
shares 500,000,000; shares issued and outstanding 52,313,933, 52,371,509, 52,070,361 and 52,072,631 | |
| 84,323 | | |
| 84,323 | | |
| 0 | % | |
| 84,323 | | |
| 0 | % | |
| 84,323 | | |
| 0 | % |
| Additional paid-in capital | |
| 18,210 | | |
| 17,592 | | |
| 4 | % | |
| 16,660 | | |
| 9 | % | |
| 15,882 | | |
| 15 | % |
| Retained earnings | |
| 242,940 | | |
| 243,083 | | |
| (0 | )% | |
| 241,964 | | |
| 0 | % | |
| 236,901 | | |
| 3 | % |
| Accumulated
other comprehensive loss | |
| (10,864 | ) | |
| (16,128 | ) | |
| 33 | % | |
| (15,224 | ) | |
| 29 | % | |
| (21,003 | ) | |
| 48 | % |
| Total
shareholders’ equity | |
| 334,609 | | |
| 328,870 | | |
| 2 | % | |
| 327,723 | | |
| 2 | % | |
| 316,103 | | |
| 6 | % |
| Total
liabilities and shareholders’ equity | |
$ | 2,438,554 | | |
$ | 2,374,739 | | |
| 3 | % | |
$ | 2,416,003 | | |
| 1 | % | |
$ | 2,446,673 | | |
| (0 | )% |
N/M - Not Meaningful
| Sterling Bancorp, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| |
| Condensed Consolidated Statements of Operations (Unaudited) |
| | |
| | |
| |
| | |
| | |
| | |
| |
| | |
Three
Months Ended | | |
Nine
Months Ended | |
| (dollars
in thousands, except per share amounts) | |
September
30,
2024 | | |
June
30,
2024 | | |
%
change | | |
September
30,
2023 | | |
%
change | | |
September
30,
2024 | | |
September
30,
2023 | | |
%
change | |
| Interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
and fees on loans | |
$ | 20,506 | | |
$ | 20,620 | | |
| (1 | )% | |
$ | 21,663 | | |
| (5 | )% | |
$ | 62,095 | | |
$ | 65,715 | | |
| (6 | )% |
| Interest and dividends on investment
securities and restricted stock | |
| 4,993 | | |
| 4,758 | | |
| 5 | % | |
| 3,134 | | |
| 59 | % | |
| 13,769 | | |
| 8,256 | | |
| 67 | % |
| Interest on
interest-bearing cash deposits | |
| 8,855 | | |
| 8,486 | | |
| 4 | % | |
| 8,081 | | |
| 10 | % | |
| 25,636 | | |
| 19,890 | | |
| 29 | % |
| Total interest income | |
| 34,354 | | |
| 33,864 | | |
| 1 | % | |
| 32,878 | | |
| 4 | % | |
| 101,500 | | |
| 93,861 | | |
| 8 | % |
| Interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest on deposits | |
| 20,736 | | |
| 19,350 | | |
| 7 | % | |
| 16,391 | | |
| 27 | % | |
| 58,186 | | |
| 39,537 | | |
| 47 | % |
| Interest on Federal Home Loan Bank
borrowings | |
| — | | |
| 119 | | |
| (100 | )% | |
| 250 | | |
| (100 | )% | |
| 367 | | |
| 743 | | |
| (51 | )% |
| Interest on
Subordinated Notes | |
| — | | |
| — | | |
| N/M | | |
| 243 | | |
| (100 | )% | |
| — | | |
| 3,727 | | |
| (100 | )% |
| Total interest
expense | |
| 20,736 | | |
| 19,469 | | |
| 7 | % | |
| 16,884 | | |
| 23 | % | |
| 58,553 | | |
| 44,007 | | |
| 33 | % |
| Net interest income | |
| 13,618 | | |
| 14,395 | | |
| (5 | )% | |
| 15,994 | | |
| (15 | )% | |
| 42,947 | | |
| 49,854 | | |
| (14 | )% |
| Provision for (recovery of) credit
losses | |
| (2,338 | ) | |
| (2,079 | ) | |
| (12 | )% | |
| (1,942 | ) | |
| (20 | )% | |
| (4,376 | ) | |
| (4,170 | ) | |
| (5 | )% |
| Net interest income after provision for (recovery of)
credit losses | |
| 15,956 | | |
| 16,474 | | |
| (3 | )% | |
| 17,936 | | |
| (11 | )% | |
| 47,323 | | |
| 54,024 | | |
| (12 | )% |
| Non-interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Service charges and fees | |
| 69 | | |
| 92 | | |
| (25 | )% | |
| 97 | | |
| (29 | )% | |
| 248 | | |
| 269 | | |
| (8 | )% |
| Loss on sale of investment securities | |
| — | | |
| — | | |
| N/M | | |
| — | | |
| N/M | | |
| — | | |
| (2 | ) | |
| 100 | % |
| Gain on sale of loans held for
sale | |
| — | | |
| — | | |
| N/M | | |
| — | | |
| N/M | | |
| — | | |
| 1,695 | | |
| (100 | )% |
| Unrealized gain (loss) on equity
securities | |
| 160 | | |
| (19 | ) | |
| N/M | | |
| (137 | ) | |
| N/M | | |
| 94 | | |
| (137 | ) | |
| N/M | |
| Net servicing income | |
| 61 | | |
| 46 | | |
| 33 | % | |
| 107 | | |
| (43 | )% | |
| 182 | | |
| 268 | | |
| (32 | )% |
| Income earned on company-owned
life insurance | |
| 84 | | |
| 84 | | |
| 0 | % | |
| 83 | | |
| 1 | % | |
| 251 | | |
| 244 | | |
| 3 | % |
| Other | |
| 5 | | |
| 209 | | |
| (98 | )% | |
| 234 | | |
| (98 | )% | |
| 215 | | |
| 236 | | |
| (9 | )% |
| Total non-interest
income | |
| 379 | | |
| 412 | | |
| (8 | )% | |
| 384 | | |
| (1 | )% | |
| 990 | | |
| 2,573 | | |
| (62 | )% |
| Non-interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 8,540 | | |
| 8,196 | | |
| 4 | % | |
| 8,753 | | |
| (2 | )% | |
| 25,196 | | |
| 27,437 | | |
| (8 | )% |
| Occupancy and equipment | |
| 2,019 | | |
| 2,005 | | |
| 1 | % | |
| 2,110 | | |
| (4 | )% | |
| 6,108 | | |
| 6,273 | | |
| (3 | )% |
| Professional fees | |
| 3,005 | | |
| 2,147 | | |
| 40 | % | |
| 4,242 | | |
| (29 | )% | |
| 7,334 | | |
| 10,984 | | |
| (33 | )% |
| FDIC insurance | |
| 260 | | |
| 262 | | |
| (1 | )% | |
| 274 | | |
| (5 | )% | |
| 784 | | |
| 794 | | |
| (1 | )% |
| Data processing | |
| 715 | | |
| 742 | | |
| (4 | )% | |
| 745 | | |
| (4 | )% | |
| 2,190 | | |
| 2,237 | | |
| (2 | )% |
| Other | |
| 1,071 | | |
| 1,571 | | |
| (32 | )% | |
| 1,578 | | |
| (32 | )% | |
| 4,313 | | |
| 5,155 | | |
| (16 | )% |
| Total non-interest
expense | |
| 15,610 | | |
| 14,923 | | |
| 5 | % | |
| 17,702 | | |
| (12 | )% | |
| 45,925 | | |
| 52,880 | | |
| (13 | )% |
| Income before income taxes | |
| 725 | | |
| 1,963 | | |
| (63 | )% | |
| 618 | | |
| 17 | % | |
| 2,388 | | |
| 3,717 | | |
| (36 | )% |
| Income tax expense | |
| 868 | | |
| 647 | | |
| 34 | % | |
| 304 | | |
| N/M | | |
| 1,412 | | |
| 1,367 | | |
| 3 | % |
| Net income (loss) | |
$ | (143 | ) | |
$ | 1,316 | | |
| N/M | | |
$ | 314 | | |
| N/M | | |
$ | 976 | | |
$ | 2,350 | | |
| (58 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income (loss)
per share, basic and diluted | |
$ | (0.00 | ) | |
$ | 0.03 | | |
| | | |
$ | 0.01 | | |
| | | |
$ | 0.02 | | |
$ | 0.05 | | |
| | |
| Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 51,059,012 | | |
| 50,920,703 | | |
| | | |
| 50,699,967 | | |
| | | |
| 50,941,371 | | |
| 50,606,566 | | |
| | |
| Diluted | |
| 51,059,012 | | |
| 51,349,764 | | |
| | | |
| 51,069,683 | | |
| | | |
| 51,344,908 | | |
| 50,749,879 | | |
| | |
N/M - Not Meaningful
Sterling Bancorp, Inc.
Yield Analysis and Net
Interest Income (Unaudited)
| | |
Three
Months Ended | |
| | |
September
30, 2024 | | |
June
30, 2024 | | |
September
30, 2023 | |
| (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 | |
$ | 936,941 | | |
$ | 16,005 | | |
| 6.83 | % | |
$ | 1,006,040 | | |
$ | 17,007 | | |
| 6.76 | % | |
$ | 1,174,075 | | |
$ | 17,546 | | |
| 5.98 | % |
| Commercial
real estate | |
| 296,632 | | |
| 4,160 | | |
| 5.61 | % | |
| 252,380 | | |
| 3,252 | | |
| 5.15 | % | |
| 228,939 | | |
| 2,953 | | |
| 5.16 | % |
| Construction | |
| 5,069 | | |
| 150 | | |
| 11.84 | % | |
| 4,997 | | |
| 130 | | |
| 10.41 | % | |
| 29,337 | | |
| 786 | | |
| 10.72 | % |
| Commercial
and industrial | |
| 7,427 | | |
| 191 | | |
| 10.29 | % | |
| 10,855 | | |
| 231 | | |
| 8.51 | % | |
| 17,796 | | |
| 378 | | |
| 8.50 | % |
| Total loans | |
| 1,246,069 | | |
| 20,506 | | |
| 6.58 | % | |
| 1,274,272 | | |
| 20,620 | | |
| 6.47 | % | |
| 1,450,147 | | |
| 21,663 | | |
| 5.98 | % |
| Securities,
includes restricted stock(2) | |
| 476,506 | | |
| 4,993 | | |
| 4.19 | % | |
| 464,404 | | |
| 4,758 | | |
| 4.10 | % | |
| 400,838 | | |
| 3,134 | | |
| 3.13 | % |
| Other interest-earning
assets | |
| 650,089 | | |
| 8,855 | | |
| 5.45 | % | |
| 618,846 | | |
| 8,486 | | |
| 5.49 | % | |
| 589,267 | | |
| 8,081 | | |
| 5.49 | % |
| Total interest-earning
assets | |
| 2,372,664 | | |
| 34,354 | | |
| 5.79 | % | |
| 2,357,522 | | |
| 33,864 | | |
| 5.75 | % | |
| 2,440,252 | | |
| 32,878 | | |
| 5.39 | % |
| Noninterest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and due from banks | |
| 7,038 | | |
| | | |
| | | |
| 3,391 | | |
| | | |
| | | |
| 4,780 | | |
| | | |
| | |
| Other assets | |
| 29,906 | | |
| | | |
| | | |
| 29,717 | | |
| | | |
| | | |
| 29,535 | | |
| | | |
| | |
| Total
assets | |
$ | 2,409,608 | | |
| | | |
| | | |
$ | 2,390,630 | | |
| | | |
| | | |
$ | 2,474,567 | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Money market, savings and NOW | |
$ | 1,077,346 | | |
$ | 10,265 | | |
| 3.78 | % | |
$ | 1,062,347 | | |
$ | 9,827 | | |
| 3.71 | % | |
$ | 1,099,070 | | |
$ | 8,930 | | |
| 3.22 | % |
| Time deposits | |
| 938,514 | | |
| 10,471 | | |
| 4.43 | % | |
| 911,466 | | |
| 9,523 | | |
| 4.19 | % | |
| 907,466 | | |
| 7,461 | | |
| 3.26 | % |
| Total interest-bearing
deposits | |
| 2,015,860 | | |
| 20,736 | | |
| 4.08 | % | |
| 1,973,813 | | |
| 19,350 | | |
| 3.93 | % | |
| 2,006,536 | | |
| 16,391 | | |
| 3.24 | % |
| FHLB borrowings | |
| — | | |
| — | | |
| 0.00 | % | |
| 24,176 | | |
| 119 | | |
| 1.95 | % | |
| 50,000 | | |
| 250 | | |
| 1.96 | % |
| Subordinated
notes, net | |
| — | | |
| — | | |
| 0.00 | % | |
| — | | |
| — | | |
| 0.00 | % | |
| 9,218 | | |
| 243 | | |
| 10.32 | % |
| Total borrowings | |
| — | | |
| — | | |
| 0.00 | % | |
| 24,176 | | |
| 119 | | |
| 1.95 | % | |
| 59,218 | | |
| 493 | | |
| 3.26 | % |
| Total interest-bearing
liabilities | |
| 2,015,860 | | |
| 20,736 | | |
| 4.08 | % | |
| 1,997,989 | | |
| 19,469 | | |
| 3.91 | % | |
| 2,065,754 | | |
| 16,884 | | |
| 3.24 | % |
| Noninterest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Demand deposits | |
| 31,507 | | |
| | | |
| | | |
| 31,930 | | |
| | | |
| | | |
| 42,355 | | |
| | | |
| | |
| Other liabilities | |
| 33,719 | | |
| | | |
| | | |
| 33,361 | | |
| | | |
| | | |
| 48,640 | | |
| | | |
| | |
| Shareholders'
equity | |
| 328,522 | | |
| | | |
| | | |
| 327,350 | | |
| | | |
| | | |
| 317,818 | | |
| | | |
| | |
| Total
liabilities and shareholders' equity | |
$ | 2,409,608 | | |
| | | |
| | | |
$ | 2,390,630 | | |
| | | |
| | | |
$ | 2,474,567 | | |
| | | |
| | |
| Net
interest income and spread(2) | |
| | | |
$ | 13,618 | | |
| 1.71 | % | |
| | | |
$ | 14,395 | | |
| 1.84 | % | |
| | | |
$ | 15,994 | | |
| 2.15 | % |
| Net
interest margin(2) | |
| | | |
| | | |
| 2.30 | % | |
| | | |
| | | |
| 2.44 | % | |
| | | |
| | | |
| 2.62 | % |
(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.
| | |
Nine
Months Ended | |
|
|
|
|
|
|
|
|
|
|
|
|
| | |
September
30, 2024 | | |
September
30, 2023 | |
|
|
|
|
|
|
|
|
|
|
|
|
| | |
Average | | |
| | |
Average | | |
Average | | |
| | |
Average | |
|
|
|
|
|
|
|
|
|
|
|
|
| (dollars
in thousands) | |
Balance | | |
Interest | | |
Yield/Rate | | |
Balance | | |
Interest | | |
Yield/Rate | |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans(1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate
and other consumer | |
$ | 1,002,156 | | |
$ | 50,209 | | |
| 6.68 | % | |
$ | 1,272,056 | | |
$ | 54,310 | | |
| 5.69 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial real estate | |
| 265,260 | | |
| 10,625 | | |
| 5.34 | % | |
| 225,919 | | |
| 8,336 | | |
| 4.92 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Construction | |
| 5,768 | | |
| 522 | | |
| 12.07 | % | |
| 34,153 | | |
| 2,640 | | |
| 10.31 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial
and industrial | |
| 11,110 | | |
| 739 | | |
| 8.87 | % | |
| 7,204 | | |
| 429 | | |
| 7.94 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans | |
| 1,284,294 | | |
| 62,095 | | |
| 6.45 | % | |
| 1,539,332 | | |
| 65,715 | | |
| 5.69 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Securities, includes
restricted stock(2) | |
| 459,603 | | |
| 13,769 | | |
| 3.99 | % | |
| 380,886 | | |
| 8,256 | | |
| 2.89 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Other interest-earning assets | |
| 623,672 | | |
| 25,636 | | |
| 5.48 | % | |
| 514,957 | | |
| 19,890 | | |
| 5.15 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-earning assets | |
| 2,367,569 | | |
| 101,500 | | |
| 5.72 | % | |
| 2,435,175 | | |
| 93,861 | | |
| 5.14 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks | |
| 5,032 | | |
| | | |
| | | |
| 4,497 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets | |
| 29,713 | | |
| | | |
| | | |
| 28,085 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets | |
$ | 2,402,314 | | |
| | | |
| | | |
$ | 2,467,757 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Money market, savings and NOW | |
$ | 1,071,565 | | |
$ | 29,747 | | |
| 3.70 | % | |
$ | 1,027,336 | | |
$ | 19,814 | | |
| 2.58 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Time deposits | |
| 911,464 | | |
| 28,439 | | |
| 4.16 | % | |
| 926,122 | | |
| 19,723 | | |
| 2.85 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing deposits | |
| 1,983,029 | | |
| 58,186 | | |
| 3.91 | % | |
| 1,953,458 | | |
| 39,537 | | |
| 2.71 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| FHLB borrowings | |
| 24,635 | | |
| 367 | | |
| 1.98 | % | |
| 50,000 | | |
| 743 | | |
| 1.99 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Subordinated notes, net | |
| — | | |
| — | | |
| 0.00 | % | |
| 46,370 | | |
| 3,727 | | |
| 10.60 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total borrowings | |
| 24,635 | | |
| 367 | | |
| 1.96 | % | |
| 96,370 | | |
| 4,470 | | |
| 6.12 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities | |
| 2,007,664 | | |
| 58,553 | | |
| 3.89 | % | |
| 2,049,828 | | |
| 44,007 | | |
| 2.87 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits | |
| 32,923 | | |
| | | |
| | | |
| 45,519 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities | |
| 34,000 | | |
| | | |
| | | |
| 57,427 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity | |
| 327,727 | | |
| | | |
| | | |
| 314,983 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders'
equity | |
$ | 2,402,314 | | |
| | | |
| | | |
$ | 2,467,757 | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
interest income and spread(2) | |
| | | |
$ | 42,947 | | |
| 1.83 | % | |
| | | |
$ | 49,854 | | |
| 2.27 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin(2) | |
| | | |
| | | |
| 2.42 | % | |
| | | |
| | | |
| 2.73 | % |
|
|
|
|
|
|
|
|
|
|
|
|
(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) | | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
September
30, | | |
June
30, | | |
% | | |
December
31, | | |
% | | |
September
30, | | |
% | |
| (dollars in thousands) | |
2024 | | |
2024 | | |
change | | |
2023 | | |
change | | |
2023 | | |
change | |
| Residential real estate | |
$ | 904,438 | | |
$ | 972,326 | | |
| (7 | )% | |
$ | 1,085,776 | | |
| (17 | )% | |
$ | 1,139,205 | | |
| (21 | )% |
| Commercial real estate | |
| 306,927 | | |
| 277,273 | | |
| 11 | % | |
| 236,982 | | |
| 30 | % | |
| 237,812 | | |
| 29 | % |
| Construction | |
| 5,212 | | |
| 5,050 | | |
| 3 | % | |
| 10,381 | | |
| (50 | )% | |
| 22,292 | | |
| (77 | )% |
| Commercial and industrial | |
| 7,158 | | |
| 9,593 | | |
| (25 | )% | |
| 15,832 | | |
| (55 | )% | |
| 17,809 | | |
| (60 | )% |
| Other consumer | |
| 2 | | |
| 1 | | |
| 100 | % | |
| 1 | | |
| 100 | % | |
| 9 | | |
| (78 | )% |
| Total loans held for investment | |
| 1,223,737 | | |
| 1,264,243 | | |
| (3 | )% | |
| 1,348,972 | | |
| (9 | )% | |
| 1,417,127 | | |
| (14 | )% |
| Less: allowance for credit losses | |
| (24,970 | ) | |
| (27,556 | ) | |
| (9 | )% | |
| (29,404 | ) | |
| (15 | )% | |
| (34,267 | ) | |
| (27 | )% |
| Loans, net | |
$ | 1,198,767 | | |
$ | 1,236,687 | | |
| (3 | )% | |
$ | 1,319,568 | | |
| (9 | )% | |
$ | 1,382,860 | | |
| (13 | )% |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| | |
| | |
| | |
| |
| Sterling Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
| |
| | |
| | |
| | |
| |
| Allowance for Credit Losses - Loans (Unaudited) |
|
|
|
|
|
|
| |
| | |
| | |
| | |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| | |
| | |
| | |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three
Months Ended | |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
September 30, | | |
June 30, | | |
December 31, | | |
September 30, | |
| (dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
| |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| Balance at beginning of period |
|
|
|
|
|
|
|
|
| |
$ | 27,556 | | |
$ | 29,257 | | |
$ | 34,267 | | |
$ | 36,153 | |
| Provision for (recovery of) credit losses |
|
|
|
|
|
|
|
| |
| (2,596 | ) | |
| (2,141 | ) | |
| (4,927 | ) | |
| (1,887 | ) |
| Charge offs |
|
|
|
|
|
|
|
|
|
|
|
| |
| — | | |
| — | | |
| — | | |
| — | |
| Recoveries |
|
|
|
|
|
|
|
|
|
|
|
| |
| 10 | | |
| 440 | | |
| 64 | | |
| 1 | |
| Balance at end of period |
|
|
|
|
|
|
|
|
|
|
|
| |
$ | 24,970 | | |
$ | 27,556 | | |
$ | 29,404 | | |
$ | 34,267 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Sterling Bancorp, Inc. |
| | |
| | |
| | |
| | |
| | |
| |
| Deposit
Composition (Unaudited) |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
September
30, | | |
June
30, | | |
% | | |
December
31, | | |
% | | |
September
30, | | |
% | |
| (dollars
in thousands) | |
2024 | | |
2024 | | |
change | | |
2023 | | |
change | | |
2023 | | |
change | |
| Noninterest-bearing deposits | |
$ | 31,276 | | |
$ | 32,167 | | |
| (3 | )% | |
$ | 35,245 | | |
| (11 | )% | |
$ | 40,780 | | |
| (23 | )% |
| Money Market, Savings and NOW | |
| 1,063,746 | | |
| 1,076,079 | | |
| (1 | )% | |
| 1,095,521 | | |
| (3 | )% | |
| 1,127,735 | | |
| (6 | )% |
| Time deposits | |
| 972,171 | | |
| 905,219 | | |
| 7 | % | |
| 873,220 | | |
| 11 | % | |
| 872,143 | | |
| 11 | % |
| Total deposits | |
$ | 2,067,193 | | |
$ | 2,013,465 | | |
| 3 | % | |
$ | 2,003,986 | | |
| 3 | % | |
$ | 2,040,658 | | |
| 1 | % |
| Sterling Bancorp, Inc. | |
| | |
| | |
| | |
| |
| Credit Quality Data (Unaudited) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
At and for the Three Months Ended | |
| | |
September 30, | | |
June 30, | | |
December 31, | | |
September 30, | |
| (dollars in thousands) | |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| Nonaccrual loans(1) | |
| | | |
| | | |
| | | |
| | |
| Residential real estate | |
$ | 13,187 | | |
$ | 11,049 | | |
$ | 8,942 | | |
$ | 5,035 | |
| Loans past due 90 days or more and still accruing interest | |
| 27 | | |
| 1,164 | | |
| 31 | | |
| 1,147 | |
| Nonperforming loans | |
$ | 13,214 | | |
$ | 12,213 | | |
$ | 8,973 | | |
$ | 6,182 | |
| Total loans (1) | |
$ | 1,223,737 | | |
$ | 1,264,243 | | |
$ | 1,348,972 | | |
$ | 1,417,127 | |
| Total assets | |
$ | 2,438,554 | | |
$ | 2,374,739 | | |
$ | 2,416,003 | | |
$ | 2,446,673 | |
| Allowance for credit losses to total loans | |
| 2.04 | % | |
| 2.18 | % | |
| 2.18 | % | |
| 2.42 | % |
| Allowance for credit losses to total nonaccrual loans | |
| 189 | % | |
| 249 | % | |
| 329 | % | |
| 681 | % |
| Nonaccrual loans to total loans | |
| 1.08 | % | |
| 0.87 | % | |
| 0.66 | % | |
| 0.36 | % |
| Nonperforming loans to total loans | |
| 1.08 | % | |
| 0.97 | % | |
| 0.67 | % | |
| 0.44 | % |
| Nonperforming loans to total assets | |
| 0.54 | % | |
| 0.51 | % | |
| 0.37 | % | |
| 0.25 | % |
| Net charge offs (recoveries) to average loans during the period | |
| 0.00 | % | |
| (0.03 | )% | |
| 0.00 | % | |
| 0.00 | % |
(1) Loans are classified as held for investment and are presented before
the allowance for credit losses.
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Sterling Bancorp (NASDAQ:SBT)
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Sterling Bancorp (NASDAQ:SBT)
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