Sterling Announces Completion of Sale of Commercial Real Estate Loans

Rhea-AI Summary

Sterling Bancorp, Inc. (NASDAQ: SBT) has completed the sale of a pool of 21 commercial real estate loans valued at approximately $56.8 million as of December 31, 2021. These loans, primarily secured by single-room occupancy hotel properties, were sold to a third-party purchaser. The transaction represents a strategic move for Sterling, aimed at enhancing liquidity and streamlining its loan portfolio. The company's subsidiary, Sterling Bank and Trust, operates mainly in California and New York City, offering a variety of banking services.

Positive

• Sale of 21 commercial real estate loans enhances liquidity.
• The loan pool is valued at approximately $56.8 million.

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• None.

SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Sterling Bancorp, Inc. (the “Company”) (NASDAQ: SBT), the thrift holding company for Sterling Bank and Trust, F.S.B. (the “Bank”), today announced the completion of the sale of a pool of its commercial real estate loans to a third-party purchaser. The pool consisted of 21 loans with an aggregate outstanding principal balance of approximately $56.8 million at December 31, 2021. The commercial real estate loans sold are primarily secured by single-room occupancy hotel properties.

About Sterling Bancorp, Inc.

Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City. Sterling offers a range of loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Company’s website at http://www.sterlingbank.com.

Forward Looking Statements

This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “attribute,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would” and “annualized,” or the negative versions of those words or other comparable words or phrases of a future or forward-looking nature. 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. 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 26, 2021, 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. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220301006268/en/

Sterling Bancorp, Inc.

Karen Knott

Chief Financial Officer

(248) 359-6624

kzaborney@sterlingbank.com

Source: Sterling Bancorp, Inc.

FAQ

What was the value of the commercial real estate loans sold by Sterling Bancorp (SBT)?

The commercial real estate loans sold by Sterling Bancorp were valued at approximately $56.8 million.

What type of properties secured the loans sold by Sterling Bancorp?

The loans sold were primarily secured by single-room occupancy hotel properties.

When was the announcement of the loan sale made by Sterling Bancorp (SBT)?

The announcement regarding the loan sale was made on March 1, 2022.

How many loans did Sterling Bancorp sell?

Sterling Bancorp sold a total of 21 commercial real estate loans.