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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):
January 30, 2025
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 January 30, 2025, Sterling Bancorp, Inc.
(the “Company”) issued a press release announcing its financial highlights for the quarter and year ended December 31,
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: January 30, 2025
Exhibit 99.1
Sterling Bancorp Reports Fourth Quarter and
Full Year 2024 Financial Results
Southfield,
Michigan, January 30, 2025 — 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
quarter and year ended December 31, 2024.
Fourth Quarter and Year-End 2024 Highlights
| · | Fourth quarter net income of $1.2 million, or $0.02 per diluted share; full year net income of $2.1 million, or $0.04 per diluted
share |
| · | Fourth quarter net interest margin of 2.24%; full year net interest margin of 2.37% |
| · | Fourth quarter provision for (recovery of) credit losses of $(4.2) million; full year provision for (recovery of) credit losses
of $(8.5) million |
| · | Nonperforming loans of $14.6 million, or 1.26% of total loans and 0.60% of total assets |
| · | Ratio of allowance for credit losses to total loans of 1.80% |
| · | Fourth quarter non-interest expense of $15.9 million; full year non-interest expense of $61.8 million |
| · | Shareholders’ equity of $334.0 million |
| · | Consolidated Company’s and Bank’s leverage ratio of 14.08% and 13.76%, respectively |
| · | Total deposits of $2.1 billion |
| · | Total gross loans of $1.2 billion |
The Company reported net income of $1.2 million, or $0.02 per diluted
share, for the quarter ended December 31, 2024, compared to a net loss of $(0.1) million, or $(0.00) per diluted share, for
the quarter ended September 30, 2024. For the year ended December 31, 2024, net income was $2.1 million, or $0.04 per diluted
share, compared to net income of $7.4 million, or $0.15 per diluted share, for the year ended December 31, 2023.
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 Company’s shareholders approved the definitive stock
purchase agreement for the Transaction and the plan of dissolution at a Special Meeting of Shareholders held on December 18, 2024.
The Transaction is expected to close in the first quarter of 2025. The
Transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.
Balance Sheet
Total
Assets – Total assets were $2.4 billion at December 31, 2024, essentially unchanged as compared to September 30,
2024, and an increase of $20.5 million, or 1%, from December 31, 2023.
Cash and due from banks increased $167.8 million, or 24%, to $878.2 million
at December 31, 2024 compared to $710.4 million at September 30, 2024 primarily due to net cash inflows from maturities in the
debt securities portfolio and loan repayments. Cash and due from banks increased $300.2 million, or 52% from $578.0 million at December 31,
2023. Debt securities of $338.1 million decreased $98.3 million, or 23%, from $436.4 million at September 30, 2024 and decreased
$81.1 million, or 19%, from $419.2 at December 31, 2023. 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 December 31, 2024 decreased
$68.0 million, or 6%, from September 30, 2024. Residential real estate loans were $849.4 million at December 31, 2024,
a decrease of $55.1 million, or 6%, from September 30, 2024. Commercial real estate loans were $296.5 million at December 31,
2024, a decrease of $10.5 million, or 3%, from September 30, 2024. Total gross loans at December 31, 2024 declined $193.2 million,
or 14%, from December 31, 2023 with residential real estate loans decreasing $236.4 million, or 22%, and commercial real estate loans
increasing $59.5 million, or 25%.
Total
Deposits – Total deposits were $2.1 billion at December 31, 2024 and September 30, 2024 and were $2.0
billion at December 31, 2023. During the fourth quarter of 2024, money market, savings and NOW deposits increased $16.0 million,
or 2% and time deposits decreased $19.1 million, or 2%. During 2024, time deposits increased $79.8 million, or 9% and money market, savings
and NOW deposits decreased $15.8 million, or 1%. We 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 $334.0 million at December 31, 2024, a decrease of $0.6 million from September 30,
2024 primarily due to a $2.7 million increase in the unrealized loss on our debt securities portfolio included in accumulated other comprehensive
loss, partially offset by the $1.2 million net income in the fourth quarter of 2024. During 2024, total shareholders’ equity
increased $6.2 million, or 2%, due primarily to the $2.1 million in net income and a $1.7 million reduction in the unrealized loss on
our debt securities portfolio included in accumulated other comprehensive loss.
At December 31, 2024, the consolidated Company’s and Bank’s
leverage ratios were 14.08% and 13.76%, 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 $(4.2) million
was recorded for the fourth quarter of 2024 compared to $(2.3) million for the third quarter of 2024. In the fourth quarter of 2024, the
recovery of credit losses was primarily due to the reduction in the commercial real estate portfolio’s allowance reflecting a decrease
in criticized and classified assets. In addition, the residential mortgage portfolio’s allowance had a reduction primarily due to
continued run-off of that portfolio. The allowance for credit losses was $20.8 million, $25.0 million and $29.4 million, or 1.80%,
2.04% and 2.18% of total loans at December 31, 2024, September 30, 2024 and December 31, 2023, respectively.
Recoveries of loan losses during the fourth and third quarter of 2024
were $2 thousand and $10 thousand, respectively, with no charge offs in either quarter. Recoveries of loan losses during the year ended
December 31, 2024 and 2023 were $0.5 million in both years, with no charge offs in 2024 and $6.5 million in 2023 pertaining to the
reclassification of $41.1 million of nonaccrual and delinquent residential loans as held for sale and charged off down to their fair value
in the first quarter of 2023.
Nonperforming loans, comprised primarily of nonaccrual residential
real estate loans, totaled $14.6 million, or 0.60% of total assets, at December 31, 2024 and $13.2 million, or 0.54% of total assets
at September 30, 2024.
Results of Operations
Net
Interest Income and Net Interest Margin – Net interest income for the fourth quarter of 2024 was $13.5 million compared
to $13.6 million for the prior quarter of 2024 and $15.1 million for the fourth quarter of 2023. The net interest margin of 2.24% for
the fourth quarter of 2024 decreased from the prior quarter’s net interest margin of 2.30% and decreased from the net interest margin
of 2.52% for the fourth quarter of 2023. The decrease in net interest income during the fourth quarter of 2024 compared to the prior quarter
was primarily due to a 23 basis point decrease in the average yield on interest-earning assets which was partially offset by a 17 basis
point decrease in the average rate paid on interest-bearing deposits. The decrease in net interest income during the fourth quarter of
2024 compared to the fourth quarter of 2023 was primarily due to a 41 basis point increase in the average rate paid on interest-bearing
deposits and a $186.9 million, or 14%, decline in average loans, partially offset by a 7 basis point increase in the average yield on
total interest-earning assets during the same period.
Net interest income for the year ended December 31, 2024 was $56.5
million, a decrease of $8.5 million, or 13%, from the year ended December 31, 2023. The net interest margin of 2.37% decreased 31
basis points from the prior year’s net interest margin of 2.68%. The decrease in net interest income for the year ended December 31,
2024 is primarily attributable to a 100 basis point increase in the average rate paid on interest-bearing deposits and a $237.8 million,
or 16%, decline in the average balance of loans. This was partially offset by the impact of a 45 basis point increase in the average yield
of other interest-earning assets and the redemption of all of the Company’s subordinated notes in 2023 which decreased interest
expense by $3.7 million.
Non-Interest
Income – Non-interest income for the year ended December 31, 2024 was $1.1 million, a decrease of $1.7 million from
$2.8 million for the year ended December 31, 2023. The decrease was primarily attributable to a $1.6 million gain on the sale of
all loans that were held for sale, comprised primarily of nonperforming and chronically delinquent residential real estate loans, which
occurred in the second quarter of 2023.
Non-Interest
Expense – Non-interest expense of $15.9 million for the fourth quarter of 2024 reflected an increase of $0.3 million,
or 2%, compared to $15.6 million for the third quarter of 2024 and an increase of $3.1 million, or 24%, compared to $12.8 million for
the fourth quarter of 2023. The increase in non-interest expense from the fourth quarter versus the third quarter of 2024 was primarily
due to a $0.7 million increase in other expenses, partially offset by decreases of $0.2 million in salaries and employee benefits and
$0.3 million in professional fees. Professional fees for the fourth and third quarter of 2024 included Transaction related expense of
$2.1 million and $1.4 million, respectively. The increase to the fourth quarter of 2024 compared to same quarter last year was primarily
due to $3.8 million received in the fourth quarter of 2023 from our insurance carriers for previously incurred expenses related to the
prior government investigations, offset in part by Transaction related expenses included in professional fees incurred in the fourth quarter
of 2024.
Non-interest expense for the year ended December 31, 2024 was
$61.8 million, inclusive of $3.5 million of expenses incurred in connection with the Transaction, a decrease of $3.9 million, or 6%, compared
to $65.7 million for the year ended December 31, 2023. The decrease was primarily attributable to salaries and employee benefits
which were $2.4 million, or 7% lower in 2024 as compared to 2023 due to reductions in staffing levels. Professional fees remained flat
in 2024 compared to 2023, although the components of our professional fees changed significantly as compliance related professional fees
declined in 2024, we received substantial reimbursements from our insurance carriers in 2023 and we incurred significant Transaction related
expenses in 2024.
Income
Tax Expense – The Company recorded an income tax expense of $2.1 million, a 49.7% effective rate, for the year ended
December 31, 2024 and $3.1 million, or an effective rate of 29.8%, for the year ended December 31, 2023. 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. Our effective tax rate varies from the statutory rate primarily
due to the adjustment in the third quarter of 2024 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 | | |
At and for the Year
Ended | |
| | |
December 31, | | |
September 30, | | |
December 31, | | |
December 31, | | |
December 31, | |
| (dollars in thousands, except per share data) | |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Net income (loss) | |
$ | 1,162 | | |
$ | (143 | ) | |
$ | 5,063 | | |
$ | 2,138 | | |
$ | 7,413 | |
| Income (loss) per share, diluted | |
$ | 0.02 | | |
$ | (0.00 | ) | |
$ | 0.10 | | |
$ | 0.04 | | |
$ | 0.15 | |
| Net interest income | |
$ | 13,523 | | |
$ | 13,618 | | |
$ | 15,105 | | |
$ | 56,470 | | |
$ | 64,959 | |
| Net interest margin | |
| 2.24 | % | |
| 2.30 | % | |
| 2.52 | % | |
| 2.37 | % | |
| 2.68 | % |
| Non-interest income | |
$ | 67 | | |
$ | 379 | | |
$ | 213 | | |
$ | 1,057 | | |
$ | 2,786 | |
| Non-interest expense | |
$ | 15,888 | | |
$ | 15,610 | | |
$ | 12,830 | | |
$ | 61,813 | | |
$ | 65,710 | |
| Loans, net of allowance for credit losses | |
$ | 1,134,925 | | |
$ | 1,198,767 | | |
$ | 1,319,568 | | |
$ | 1,134,925 | | |
$ | 1,319,568 | |
| Total deposits | |
$ | 2,070,890 | | |
$ | 2,067,193 | | |
$ | 2,003,986 | | |
$ | 2,070,890 | | |
$ | 2,003,986 | |
| Asset Quality | |
| | | |
| | | |
| | | |
| | | |
| | |
| Nonperforming loans | |
$ | 14,584 | | |
$ | 13,214 | | |
$ | 8,973 | | |
$ | 14,584 | | |
$ | 8,973 | |
| Allowance for credit losses to total loans | |
| 1.80 | % | |
| 2.04 | % | |
| 2.18 | % | |
| 1.80 | % | |
| 2.18 | % |
| Allowance for credit losses to total nonaccrual loans | |
| 143 | % | |
| 189 | % | |
| 329 | % | |
| 143 | % | |
| 329 | % |
| Nonaccrual loans to total loans | |
| 1.26 | % | |
| 1.08 | % | |
| 0.66 | % | |
| 1.26 | % | |
| 0.66 | % |
| Nonperforming loans to total loans | |
| 1.26 | % | |
| 1.08 | % | |
| 0.67 | % | |
| 1.26 | % | |
| 0.67 | % |
| Nonperforming loans to total assets | |
| 0.60 | % | |
| 0.54 | % | |
| 0.37 | % | |
| 0.60 | % | |
| 0.37 | % |
| Net charge offs (recoveries) to average loans during the period | |
| (0.00 | )% | |
| (0.00 | )% | |
| (0.00 | )% | |
| (0.04 | )% | |
| 0.40 | % |
| Provision for (recovery of) credit losses | |
$ | (4,160 | ) | |
$ | (2,338 | ) | |
$ | (4,357 | ) | |
$ | (8,536 | ) | |
$ | (8,527 | ) |
| Net charge offs (recoveries) | |
$ | (2 | ) | |
$ | (10 | ) | |
$ | (64 | ) | |
$ | (452 | ) | |
$ | 5,944 | |
| Performance Ratios | |
| | | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 0.19 | % | |
| (0.02 | )% | |
| 0.83 | % | |
| 0.09 | % | |
| 0.30 | % |
| Return on average shareholders' equity | |
| 1.39 | % | |
| (0.17 | )% | |
| 6.34 | % | |
| 0.65 | % | |
| 2.35 | % |
| Efficiency ratio (1) | |
| 116.91 | % | |
| 111.52 | % | |
| 83.76 | % | |
| 107.45 | % | |
| 97.00 | % |
| Yield on average interest-earning assets | |
| 5.56 | % | |
| 5.79 | % | |
| 5.49 | % | |
| 5.68 | % | |
| 5.23 | % |
| Cost of average interest-bearing liabilities | |
| 3.91 | % | |
| 4.08 | % | |
| 3.47 | % | |
| 3.89 | % | |
| 3.02 | % |
| Net interest spread | |
| 1.65 | % | |
| 1.71 | % | |
| 2.02 | % | |
| 1.79 | % | |
| 2.21 | % |
| Leverage Capital Ratios(2) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Consolidated | |
| 14.08 | % | |
| 14.19 | % | |
| 13.95 | % | |
| 14.08 | % | |
| 13.95 | % |
| Bank | |
| 13.76 | % | |
| 13.70 | % | |
| 13.38 | % | |
| 13.76 | % | |
| 13.38 | % |
(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. December 31, 2024 capital ratios are estimated.
Sterling Bancorp, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
| | |
December 31, | | |
September 30, | | |
% | | |
December 31, | | |
% | |
| (dollars in thousands) | |
2024 | | |
2024 | | |
change | | |
2023 | | |
change | |
| Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and due from banks | |
$ | 878,181 | | |
$ | 710,372 | | |
| 24 | % | |
$ | 577,967 | | |
| 52 | % |
| Interest-bearing time deposits with other banks | |
| — | | |
| 4,983 | | |
| (100 | )% | |
| 5,226 | | |
| (100 | )% |
| Debt securities available for sale | |
| 338,105 | | |
| 436,409 | | |
| (23 | )% | |
| 419,213 | | |
| (19 | )% |
| Equity securities | |
| 4,661 | | |
| 4,797 | | |
| (3 | )% | |
| 4,703 | | |
| (1 | )% |
| Loans, net of allowance for credit losses of $20,805, $24,970 and $29,404 | |
| 1,134,925 | | |
| 1,198,767 | | |
| (5 | )% | |
| 1,319,568 | | |
| (14 | )% |
| Accrued interest receivable | |
| 8,592 | | |
| 9,650 | | |
| (11 | )% | |
| 8,509 | | |
| 1 | % |
| Mortgage servicing rights, net | |
| 1,279 | | |
| 1,338 | | |
| (4 | )% | |
| 1,542 | | |
| (17 | )% |
| Leasehold improvements and equipment, net | |
| 4,480 | | |
| 4,710 | | |
| (5 | )% | |
| 5,430 | | |
| (17 | )% |
| Operating lease right-of-use assets | |
| 10,640 | | |
| 10,765 | | |
| (1 | )% | |
| 11,454 | | |
| (7 | )% |
| Federal Home Loan Bank stock, at cost | |
| 18,423 | | |
| 18,423 | | |
| 0 | % | |
| 18,923 | | |
| (3 | )% |
| Federal Reserve Bank stock, at cost | |
| 9,238 | | |
| 9,187 | | |
| 1 | % | |
| 9,048 | | |
| 2 | % |
| Company-owned life insurance | |
| 8,926 | | |
| 8,872 | | |
| 1 | % | |
| 8,711 | | |
| 2 | % |
| Deferred tax asset, net | |
| 15,389 | | |
| 15,023 | | |
| 2 | % | |
| 16,959 | | |
| (9 | )% |
| Other assets | |
| 3,673 | | |
| 5,258 | | |
| (30 | )% | |
| 8,750 | | |
| (58 | )% |
| Total assets | |
$ | 2,436,512 | | |
$ | 2,438,554 | | |
| (0 | )% | |
$ | 2,416,003 | | |
| 1 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest-bearing deposits | |
$ | 38,086 | | |
$ | 31,276 | | |
| 22 | % | |
$ | 35,245 | | |
| 8 | % |
| Interest-bearing deposits | |
| 2,032,804 | | |
| 2,035,917 | | |
| (0 | )% | |
| 1,968,741 | | |
| 3 | % |
| Total deposits | |
| 2,070,890 | | |
| 2,067,193 | | |
| 0 | % | |
| 2,003,986 | | |
| 3 | % |
| Federal Home Loan Bank borrowings | |
| — | | |
| — | | |
| N/M | | |
| 50,000 | | |
| (100 | )% |
| Operating lease liabilities | |
| 11,589 | | |
| 11,753 | | |
| (1 | )% | |
| 12,537 | | |
| (8 | )% |
| Other liabilities | |
| 20,070 | | |
| 24,999 | | |
| (20 | )% | |
| 21,757 | | |
| (8 | )% |
| Total liabilities | |
| 2,102,549 | | |
| 2,103,945 | | |
| (0 | )% | |
| 2,088,280 | | |
| 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
52,305,036, 52,313,933 and 52,070,361 | |
| 84,323 | | |
| 84,323 | | |
| 0 | % | |
| 84,323 | | |
| 0 | % |
| Additional paid-in capital | |
| 19,053 | | |
| 18,210 | | |
| 5 | % | |
| 16,660 | | |
| 14 | % |
| Retained earnings | |
| 244,102 | | |
| 242,940 | | |
| 0 | % | |
| 241,964 | | |
| 1 | % |
| Accumulated other comprehensive loss | |
| (13,515 | ) | |
| (10,864 | ) | |
| (24 | )% | |
| (15,224 | ) | |
| 11 | % |
| Total shareholders’ equity | |
| 333,963 | | |
| 334,609 | | |
| (0 | )% | |
| 327,723 | | |
| 2 | % |
| Total liabilities and shareholders’
equity | |
$ | 2,436,512 | | |
$ | 2,438,554 | | |
| (0 | )% | |
$ | 2,416,003 | | |
| 1 | % |
N/M - Not Meaningful
Sterling Bancorp, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| | |
Three
Months Ended | | |
Year Ended | |
| | |
December 31, | | |
September 30, | | |
% | | |
December 31, | | |
% | | |
December 31, | | |
December 31, | | |
% | |
| (dollars
in thousands, except per share amounts) | |
2024 | | |
2024 | | |
change | | |
2023 | | |
change | | |
2024 | | |
2023 | | |
change | |
| Interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest and fees on
loans | |
$ | 19,960 | | |
$ | 20,506 | | |
| (3 | )% | |
$ | 20,969 | | |
| (5 | )% | |
$ | 82,055 | | |
$ | 86,684 | | |
| (5 | )% |
| Interest and dividends on investment
securities and restricted stock | |
| 3,965 | | |
| 4,993 | | |
| (21 | )% | |
| 3,800 | | |
| 4 | % | |
| 17,734 | | |
| 12,056 | | |
| 47 | % |
| Interest on
interest-bearing cash deposits | |
| 9,710 | | |
| 8,855 | | |
| 10 | % | |
| 8,159 | | |
| 19 | % | |
| 35,346 | | |
| 28,049 | | |
| 26 | % |
| Total interest income | |
| 33,635 | | |
| 34,354 | | |
| (2 | )% | |
| 32,928 | | |
| 2 | % | |
| 135,135 | | |
| 126,789 | | |
| 7 | % |
| Interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest on deposits | |
| 20,112 | | |
| 20,736 | | |
| (3 | )% | |
| 17,572 | | |
| 14 | % | |
| 78,298 | | |
| 57,109 | | |
| 37 | % |
| Interest on Federal Home Loan Bank
borrowings | |
| — | | |
| — | | |
| N/M | | |
| 251 | | |
| (100 | )% | |
| 367 | | |
| 994 | | |
| (63 | )% |
| Interest on
Subordinated Notes | |
| — | | |
| — | | |
| N/M | | |
| — | | |
| N/M | | |
| — | | |
| 3,727 | | |
| (100 | )% |
| Total interest
expense | |
| 20,112 | | |
| 20,736 | | |
| (3 | )% | |
| 17,823 | | |
| 13 | % | |
| 78,665 | | |
| 61,830 | | |
| 27 | % |
| Net interest income | |
| 13,523 | | |
| 13,618 | | |
| (1 | )% | |
| 15,105 | | |
| (10 | )% | |
| 56,470 | | |
| 64,959 | | |
| (13 | )% |
| Provision for (recovery of) credit
losses | |
| (4,160 | ) | |
| (2,338 | ) | |
| (78 | )% | |
| (4,357 | ) | |
| 5 | % | |
| (8,536 | ) | |
| (8,527 | ) | |
| (0 | )% |
| Net interest income after provision for (recovery of)
credit losses | |
| 17,683 | | |
| 15,956 | | |
| 11 | % | |
| 19,462 | | |
| (9 | )% | |
| 65,006 | | |
| 73,486 | | |
| (12 | )% |
| Non-interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Service charges and fees | |
| 66 | | |
| 69 | | |
| (4 | )% | |
| 75 | | |
| (12 | )% | |
| 314 | | |
| 344 | | |
| (9 | )% |
| Loss on sale of investment securities | |
| — | | |
| — | | |
| N/M | | |
| (111 | ) | |
| 100 | % | |
| — | | |
| (113 | ) | |
| 100 | % |
| Gain (loss) on sale of loans held
for sale | |
| — | | |
| — | | |
| N/M | | |
| (72 | ) | |
| 100 | % | |
| — | | |
| 1,623 | | |
| (100 | )% |
| Unrealized gain (loss) on equity
securities | |
| (136 | ) | |
| 160 | | |
| N/M | | |
| 198 | | |
| N/M | | |
| (42 | ) | |
| 61 | | |
| N/M | |
| Net servicing income | |
| 56 | | |
| 61 | | |
| (8 | )% | |
| 40 | | |
| 40 | % | |
| 238 | | |
| 308 | | |
| (23 | )% |
| Income earned on company-owned
life insurance | |
| 81 | | |
| 84 | | |
| (4 | )% | |
| 83 | | |
| (2 | )% | |
| 332 | | |
| 327 | | |
| 2 | % |
| Other | |
| — | | |
| 5 | | |
| (100 | )% | |
| — | | |
| N/M | | |
| 215 | | |
| 236 | | |
| (9 | )% |
| Total non-interest
income | |
| 67 | | |
| 379 | | |
| (82 | )% | |
| 213 | | |
| (69 | )% | |
| 1,057 | | |
| 2,786 | | |
| (62 | )% |
| Non-interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 8,387 | | |
| 8,540 | | |
| (2 | )% | |
| 8,500 | | |
| (1 | )% | |
| 33,583 | | |
| 35,937 | | |
| (7 | )% |
| Occupancy and equipment | |
| 2,015 | | |
| 2,019 | | |
| (0 | )% | |
| 2,096 | | |
| (4 | )% | |
| 8,123 | | |
| 8,369 | | |
| (3 | )% |
| Professional fees | |
| 2,731 | | |
| 3,005 | | |
| (9 | )% | |
| (908 | ) | |
| N/M | | |
| 10,065 | | |
| 10,076 | | |
| (0 | )% |
| FDIC insurance | |
| 264 | | |
| 260 | | |
| 2 | % | |
| 264 | | |
| 0 | % | |
| 1,048 | | |
| 1,058 | | |
| (1 | )% |
| Data processing | |
| 760 | | |
| 715 | | |
| 6 | % | |
| 704 | | |
| 8 | % | |
| 2,950 | | |
| 2,941 | | |
| 0 | % |
| Other | |
| 1,731 | | |
| 1,071 | | |
| 62 | % | |
| 2,174 | | |
| (20 | )% | |
| 6,044 | | |
| 7,329 | | |
| (18 | )% |
| Total non-interest
expense | |
| 15,888 | | |
| 15,610 | | |
| 2 | % | |
| 12,830 | | |
| 24 | % | |
| 61,813 | | |
| 65,710 | | |
| (6 | )% |
| Income before income taxes | |
| 1,862 | | |
| 725 | | |
| N/M | | |
| 6,845 | | |
| (73 | )% | |
| 4,250 | | |
| 10,562 | | |
| (60 | )% |
| Income tax expense | |
| 700 | | |
| 868 | | |
| (19 | )% | |
| 1,782 | | |
| (61 | )% | |
| 2,112 | | |
| 3,149 | | |
| (33 | )% |
| Net income (loss) | |
$ | 1,162 | | |
$ | (143 | ) | |
| N/M | | |
$ | 5,063 | | |
| (77 | )% | |
$ | 2,138 | | |
$ | 7,413 | | |
| (71 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income (loss)
per share, basic and diluted | |
$ | 0.02 | | |
$ | (0.00 | ) | |
| | | |
$ | 0.10 | | |
| | | |
$ | 0.04 | | |
$ | 0.15 | | |
| | |
| Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 51,062,757 | | |
| 51,059,012 | | |
| | | |
| 50,703,220 | | |
| | | |
| 50,971,884 | | |
| 50,630,928 | | |
| | |
| Diluted | |
| 51,409,877 | | |
| 51,059,012 | | |
| | | |
| 51,182,011 | | |
| | | |
| 51,340,966 | | |
| 50,778,559 | | |
| | |
N/M - Not Meaningful
Sterling Bancorp, Inc.
Yield Analysis and Net Interest Income (Unaudited)
| | |
Three
Months Ended | |
| | |
December 31,
2024 | | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
Average | | |
| | |
Average | | |
Average | | |
| | |
Average | | |
Average | | |
| | |
Average | |
| (dollars in thousands) | |
Balance | | |
Interest | | |
Yield/Rate | | |
Balance | | |
Interest | | |
Yield/Rate | | |
Balance | | |
Interest | | |
Yield/Rate | |
| Interest-earning assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans(1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Residential
real estate and other consumer | |
$ | 877,536 | | |
$ | 15,400 | | |
| 7.02 | % | |
$ | 936,941 | | |
$ | 16,005 | | |
| 6.83 | % | |
$ | 1,111,391 | | |
$ | 17,181 | | |
| 6.18 | % |
| Commercial real estate | |
| 304,178 | | |
| 4,298 | | |
| 5.65 | % | |
| 296,632 | | |
| 4,160 | | |
| 5.61 | % | |
| 237,997 | | |
| 3,065 | | |
| 5.15 | % |
| Construction | |
| 4,846 | | |
| 123 | | |
| 10.15 | % | |
| 5,069 | | |
| 150 | | |
| 11.84 | % | |
| 13,789 | | |
| 347 | | |
| 10.07 | % |
| Commercial
and industrial | |
| 7,358 | | |
| 139 | | |
| 7.56 | % | |
| 7,427 | | |
| 191 | | |
| 10.29 | % | |
| 17,611 | | |
| 376 | | |
| 8.54 | % |
| Total loans | |
| 1,193,918 | | |
| 19,960 | | |
| 6.69 | % | |
| 1,246,069 | | |
| 20,506 | | |
| 6.58 | % | |
| 1,380,788 | | |
| 20,969 | | |
| 6.07 | % |
| Securities, includes restricted stock(2) | |
| 424,824 | | |
| 3,965 | | |
| 3.73 | % | |
| 476,506 | | |
| 4,993 | | |
| 4.19 | % | |
| 431,994 | | |
| 3,800 | | |
| 3.52 | % |
| Other interest-earning assets | |
| 799,605 | | |
| 9,710 | | |
| 4.86 | % | |
| 650,089 | | |
| 8,855 | | |
| 5.45 | % | |
| 585,703 | | |
| 8,159 | | |
| 5.57 | % |
| Total interest-earning assets | |
| 2,418,347 | | |
| 33,635 | | |
| 5.56 | % | |
| 2,372,664 | | |
| 34,354 | | |
| 5.79 | % | |
| 2,398,485 | | |
| 32,928 | | |
| 5.49 | % |
| Noninterest-earning
assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and due from banks | |
| 3,616 | | |
| | | |
| | | |
| 7,038 | | |
| | | |
| | | |
| 3,822 | | |
| | | |
| | |
| Other assets | |
| 26,872 | | |
| | | |
| | | |
| 29,906 | | |
| | | |
| | | |
| 30,305 | | |
| | | |
| | |
| Total assets | |
$ | 2,448,835 | | |
| | | |
| | | |
$ | 2,409,608 | | |
| | | |
| | | |
$ | 2,432,612 | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Money market, savings and NOW | |
$ | 1,077,654 | | |
$ | 9,296 | | |
| 3.42 | % | |
$ | 1,077,346 | | |
$ | 10,265 | | |
| 3.78 | % | |
$ | 1,116,533 | | |
$ | 9,745 | | |
| 3.46 | % |
| Time deposits | |
| 965,544 | | |
| 10,816 | | |
| 4.44 | % | |
| 938,514 | | |
| 10,471 | | |
| 4.43 | % | |
| 873,928 | | |
| 7,827 | | |
| 3.55 | % |
| Total interest-bearing deposits | |
| 2,043,198 | | |
| 20,112 | | |
| 3.91 | % | |
| 2,015,860 | | |
| 20,736 | | |
| 4.08 | % | |
| 1,990,461 | | |
| 17,572 | | |
| 3.50 | % |
| FHLB borrowings | |
| — | | |
| — | | |
| 0.00 | % | |
| — | | |
| — | | |
| 0.00 | % | |
| 50,000 | | |
| 251 | | |
| 1.96 | % |
| Subordinated notes, net | |
| — | | |
| — | | |
| 0.00 | % | |
| — | | |
| — | | |
| 0.00 | % | |
| — | | |
| — | | |
| 0.00 | % |
| Total borrowings | |
| — | | |
| — | | |
| 0.00 | % | |
| — | | |
| — | | |
| 0.00 | % | |
| 50,000 | | |
| 251 | | |
| 1.96 | % |
| Total interest-bearing liabilities | |
| 2,043,198 | | |
| 20,112 | | |
| 3.91 | % | |
| 2,015,860 | | |
| 20,736 | | |
| 4.08 | % | |
| 2,040,461 | | |
| 17,823 | | |
| 3.47 | % |
| Noninterest-bearing
liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Demand deposits | |
| 38,316 | | |
| | | |
| | | |
| 31,507 | | |
| | | |
| | | |
| 38,310 | | |
| | | |
| | |
| Other liabilities | |
| 33,764 | | |
| | | |
| | | |
| 33,719 | | |
| | | |
| | | |
| 36,768 | | |
| | | |
| | |
| Shareholders' equity | |
| 333,557 | | |
| | | |
| | | |
| 328,522 | | |
| | | |
| | | |
| 317,073 | | |
| | | |
| | |
| Total liabilities and shareholders'
equity | |
$ | 2,448,835 | | |
| | | |
| | | |
$ | 2,409,608 | | |
| | | |
| | | |
$ | 2,432,612 | | |
| | | |
| | |
| Net interest income and spread(2) | |
| | | |
$ | 13,523 | | |
| 1.65 | % | |
| | | |
$ | 13,618 | | |
| 1.71 | % | |
| | | |
$ | 15,105 | | |
| 2.02 | % |
| Net interest margin(2) | |
| | | |
| | | |
| 2.24 | % | |
| | | |
| | | |
| 2.30 | % | |
| | | |
| | | |
| 2.52 | % |
(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.
| | |
Year
Ended | |
| | |
December 31,
2024 | | |
December 31,
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 | |
$ | 970,830 | | |
$ | 65,609 | | |
| 6.76 | % | |
$ | 1,231,559 | | |
$ | 71,491 | | |
| 5.80 | % |
| Commercial real estate | |
| 275,043 | | |
| 14,923 | | |
| 5.43 | % | |
| 228,963 | | |
| 11,401 | | |
| 4.98 | % |
| Construction | |
| 5,536 | | |
| 645 | | |
| 11.65 | % | |
| 29,020 | | |
| 2,987 | | |
| 10.29 | % |
| Commercial
and industrial | |
| 10,167 | | |
| 878 | | |
| 8.64 | % | |
| 9,827 | | |
| 805 | | |
| 8.19 | % |
| Total loans | |
| 1,261,576 | | |
| 82,055 | | |
| 6.50 | % | |
| 1,499,369 | | |
| 86,684 | | |
| 5.78 | % |
| Securities, includes restricted stock(2) | |
| 450,861 | | |
| 17,734 | | |
| 3.93 | % | |
| 393,767 | | |
| 12,056 | | |
| 3.06 | % |
| Other interest-earning assets | |
| 668,760 | | |
| 35,346 | | |
| 5.29 | % | |
| 532,789 | | |
| 28,049 | | |
| 5.26 | % |
| Total interest-earning assets | |
| 2,381,197 | | |
| 135,135 | | |
| 5.68 | % | |
| 2,425,925 | | |
| 126,789 | | |
| 5.23 | % |
| Noninterest-earning
assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and due from banks | |
| 3,811 | | |
| | | |
| | | |
| 4,326 | | |
| | | |
| | |
| Other assets | |
| 29,001 | | |
| | | |
| | | |
| 28,648 | | |
| | | |
| | |
| Total assets | |
$ | 2,414,009 | | |
| | | |
| | | |
$ | 2,458,899 | | |
| | | |
| | |
| Interest-bearing liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Money market, savings and NOW | |
$ | 1,073,095 | | |
$ | 39,043 | | |
| 3.63 | % | |
$ | 1,049,818 | | |
$ | 29,559 | | |
| 2.82 | % |
| Time deposits | |
| 925,058 | | |
| 39,255 | | |
| 4.23 | % | |
| 912,966 | | |
| 27,550 | | |
| 3.02 | % |
| Total interest-bearing deposits | |
| 1,998,153 | | |
| 78,298 | | |
| 3.91 | % | |
| 1,962,784 | | |
| 57,109 | | |
| 2.91 | % |
| FHLB borrowings | |
| 18,443 | | |
| 367 | | |
| 1.98 | % | |
| 50,000 | | |
| 994 | | |
| 1.99 | % |
| Subordinated notes, net | |
| — | | |
| — | | |
| 0.00 | % | |
| 34,683 | | |
| 3,727 | | |
| 10.60 | % |
| Total borrowings | |
| 18,443 | | |
| 367 | | |
| 1.96 | % | |
| 84,683 | | |
| 4,721 | | |
| 5.50 | % |
| Total interest-bearing liabilities | |
| 2,016,596 | | |
| 78,665 | | |
| 3.89 | % | |
| 2,047,467 | | |
| 61,830 | | |
| 3.02 | % |
| Noninterest-bearing
liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Demand deposits | |
| 34,279 | | |
| | | |
| | | |
| 43,702 | | |
| | | |
| | |
| Other liabilities | |
| 33,940 | | |
| | | |
| | | |
| 52,220 | | |
| | | |
| | |
| Shareholders' equity | |
| 329,194 | | |
| | | |
| | | |
| 315,510 | | |
| | | |
| | |
| Total liabilities and shareholders'
equity | |
$ | 2,414,009 | | |
| | | |
| | | |
$ | 2,458,899 | | |
| | | |
| | |
| Net interest income and spread(2) | |
| | | |
$ | 56,470 | | |
| 1.79 | % | |
| | | |
$ | 64,959 | | |
| 2.21 | % |
| Net interest margin(2) | |
| | | |
| | | |
| 2.37 | % | |
| | | |
| | | |
| 2.68 | % |
(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)
| | |
December 31, | | |
September 30, | | |
% | | |
December 31, | | |
% | |
| (dollars in thousands) | |
2024 | | |
2024 | | |
change | | |
2023 | | |
change | |
| Residential real estate | |
$ | 849,350 | | |
$ | 904,438 | | |
| (6 | )% | |
$ | 1,085,776 | | |
| (22 | )% |
| Commercial real estate | |
| 296,457 | | |
| 306,927 | | |
| (3 | )% | |
| 236,982 | | |
| 25 | % |
| Construction | |
| 2,509 | | |
| 5,212 | | |
| (52 | )% | |
| 10,381 | | |
| (76 | )% |
| Commercial and industrial | |
| 7,395 | | |
| 7,158 | | |
| 3 | % | |
| 15,832 | | |
| (53 | )% |
| Other consumer | |
| 19 | | |
| 2 | | |
| N/M | | |
| 1 | | |
| N/M | |
| Total loans held for investment | |
| 1,155,730 | | |
| 1,223,737 | | |
| (6 | )% | |
| 1,348,972 | | |
| (14 | )% |
| Less: allowance for credit losses | |
| (20,805 | ) | |
| (24,970 | ) | |
| (17 | )% | |
| (29,404 | ) | |
| (29 | )% |
| Loans, net | |
$ | 1,134,925 | | |
$ | 1,198,767 | | |
| (5 | )% | |
$ | 1,319,568 | | |
| (14 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
Sterling Bancorp, Inc.
Allowance for Credit Losses - Loans (Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
Three Months Ended | | |
Year Ended | |
| | |
December 31, | | |
September 30, | | |
December 31, | | |
December 31, | | |
December 31, | |
| (dollars in thousands) | |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Balance at beginning of period | |
$ | 24,970 | | |
$ | 27,556 | | |
$ | 34,267 | | |
$ | 29,404 | | |
$ | 45,464 | |
| Adjustment to adopt ASU 2016-13 | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,651 | ) |
| Adjustment to adopt ASU 2022-02 | |
| — | | |
| — | | |
| — | | |
| — | | |
| 380 | |
| Balance after adoption | |
| 24,970 | | |
| 27,556 | | |
| 34,267 | | |
| 29,404 | | |
| 44,193 | |
| Provision for (recovery of) credit losses | |
| (4,167 | ) | |
| (2,596 | ) | |
| (4,927 | ) | |
| (9,051 | ) | |
| (8,844 | ) |
| Charge offs | |
| — | | |
| — | | |
| — | | |
| — | | |
| (6,478 | ) |
| Recoveries | |
| 2 | | |
| 10 | | |
| 64 | | |
| 452 | | |
| 533 | |
| Balance at end of period | |
$ | 20,805 | | |
$ | 24,970 | | |
$ | 29,404 | | |
$ | 20,805 | | |
$ | 29,404 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
Sterling Bancorp, Inc.
Deposit Composition (Unaudited) | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
December 31, | | |
September 30, | | |
% | | |
December 31, | | |
% | |
| (dollars in thousands) | |
2024 | | |
2024 | | |
change | | |
2023 | | |
change | |
| Noninterest-bearing deposits | |
$ | 38,086 | | |
$ | 31,276 | | |
| 22 | % | |
$ | 35,245 | | |
| 8 | % |
| Money Market, Savings and NOW | |
| 1,079,744 | | |
| 1,063,746 | | |
| 2 | % | |
| 1,095,521 | | |
| (1 | )% |
| Time deposits | |
| 953,060 | | |
| 972,171 | | |
| (2 | )% | |
| 873,220 | | |
| 9 | % |
| Total deposits | |
$ | 2,070,890 | | |
$ | 2,067,193 | | |
| 0 | % | |
$ | 2,003,986 | | |
| 3 | % |
Sterling Bancorp, Inc.
Credit Quality Data (Unaudited)
| | |
At and for the Three
Months Ended | |
| | |
December 31, | | |
September 30, | | |
December 31, | |
| (dollars in thousands) | |
2024 | | |
2024 | | |
2023 | |
| Nonaccrual loans(1) | |
| | |
| | |
| |
| Residential real estate | |
$ | 13,136 | | |
$ | 13,187 | | |
$ | 8,942 | |
| Commercial real estate | |
| 1,422 | | |
| — | | |
| — | |
| Total nonaccrual loans | |
$ | 14,558 | | |
$ | 13,187 | | |
$ | 8,942 | |
| Loans past due 90 days or more and still accruing interest | |
| 26 | | |
| 27 | | |
| 31 | |
| Nonperforming loans | |
$ | 14,584 | | |
$ | 13,214 | | |
$ | 8,973 | |
| Total loans (1) | |
$ | 1,155,730 | | |
$ | 1,223,737 | | |
$ | 1,348,972 | |
| Total assets | |
$ | 2,436,512 | | |
$ | 2,438,554 | | |
$ | 2,416,003 | |
| Allowance for credit losses to total loans | |
| 1.80 | % | |
| 2.04 | % | |
| 2.18 | % |
| Allowance for credit losses to total nonaccrual loans | |
| 143 | % | |
| 189 | % | |
| 329 | % |
| Nonaccrual loans to total loans | |
| 1.26 | % | |
| 1.08 | % | |
| 0.66 | % |
| Nonperforming loans to total loans | |
| 1.26 | % | |
| 1.08 | % | |
| 0.67 | % |
| Nonperforming loans to total assets | |
| 0.60 | % | |
| 0.54 | % | |
| 0.37 | % |
| Net charge offs (recoveries) to average loans during the period | |
| (0.00 | )% | |
| (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)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Sterling Bancorp (NASDAQ:SBT)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
