Sterling Bancorp Reports Fourth Quarter and Full Year 2024 Financial Results
Sterling Bancorp (NASDAQ: SBT) reported fourth quarter 2024 net income of $1.2 million ($0.02 per diluted share) and full-year net income of $2.1 million ($0.04 per diluted share), down from $7.4 million in 2023. The company maintained total assets of $2.4 billion and total deposits of $2.1 billion.
Key financial metrics include a fourth quarter net interest margin of 2.24%, nonperforming loans at $14.6 million (1.26% of total loans), and shareholders' equity of $334.0 million. The company reported a significant recovery of credit losses of $4.2 million in Q4 and $8.5 million for the full year.
Notably, Sterling has entered into a definitive agreement with EverBank Financial Corp to sell the Bank for $261.0 million, with the transaction expected to close in Q1 2025. Following the sale, Sterling plans to dissolve under Michigan law, as approved by shareholders on December 18, 2024.
Sterling Bancorp (NASDAQ: SBT) ha registrato un reddito netto di 1,2 milioni di dollari nel quarto trimestre del 2024 (0,02 dollari per azione diluita) e un reddito netto annuale di 2,1 milioni di dollari (0,04 dollari per azione diluita), in calo rispetto ai 7,4 milioni di dollari del 2023. L'azienda ha mantenuto attivi totali per 2,4 miliardi di dollari e depositi totali per 2,1 miliardi di dollari.
Tra i principali indicatori finanziari si evidenziano un margine di interesse netto del quarto trimestre del 2,24%, prestiti non performanti per 14,6 milioni di dollari (1,26% del totale dei prestiti) e un patrimonio netto di 334,0 milioni di dollari. L'azienda ha riportato un recupero significativo delle perdite creditizie pari a 4,2 milioni di dollari nel Q4 e 8,5 milioni di dollari per l'intero anno.
È interessante notare che Sterling ha stipulato un accordo definitivo con EverBank Financial Corp per vendere la Banca per 261,0 milioni di dollari, con la transazione che dovrebbe chiudersi nel Q1 2025. Dopo la vendita, Sterling prevede di sciogliersi secondo la legge del Michigan, come approvato dagli azionisti il 18 dicembre 2024.
Sterling Bancorp (NASDAQ: SBT) reportó un ingreso neto de 1,2 millones de dólares en el cuarto trimestre de 2024 (0,02 dólares por acción diluida) y un ingreso neto anual de 2,1 millones de dólares (0,04 dólares por acción diluida), una disminución respecto a los 7,4 millones de dólares en 2023. La compañía mantuvo activos totales de 2,4 mil millones de dólares y depósitos totales de 2,1 mil millones de dólares.
Los principales indicadores financieros incluyen un margen de interés neto del cuarto trimestre del 2,24%, préstamos en default por 14,6 millones de dólares (1,26% del total de préstamos) y un patrimonio neto de 334,0 millones de dólares. La empresa reportó una recuperación significativa de las pérdidas crediticias de 4,2 millones de dólares en el cuarto trimestre y 8,5 millones de dólares para el año completo.
Notablemente, Sterling ha llegado a un acuerdo definitivo con EverBank Financial Corp para vender el Banco por 261,0 millones de dólares, con la transacción prevista para cerrarse en el primer trimestre de 2025. Tras la venta, Sterling planea disolverse bajo la ley de Michigan, tal como fue aprobado por los accionistas el 18 de diciembre de 2024.
스터링 은행 (NASDAQ: SBT)는 2024년 4분기 순이익 120만 달러(주당 희석 주가 0.02달러)와 연간 순이익 210만 달러(주당 희석 주가 0.04달러)를 보고했으며, 이는 2023년의 740만 달러에서 감소한 수치입니다. 이 회사는 총 자산 24억 달러와 총 예금 21억 달러를 유지했습니다.
주요 재무 지표로는 4분기 순이자 마진 2.24%, 1460만 달러(총 대출의 1.26%)에 해당하는 부실 대출 및 3억 3400만 달러의 주주 자본이 포함됩니다. 이 회사는 4분기 동안 420만 달러, 연간 850만 달러의 신용 손실 회복을 보고했습니다.
특히, 스터링은 EverBank Financial Corp와 2억 6100만 달러에 은행을 판매하는 최종 협정을 체결하였으며, 거래는 2025년 1분기에 종료될 것으로 예상됩니다. 판매 후, 스터링은 2024년 12월 18일 주주에 의해 승인된 대로 미시간 법에 따라 해산할 계획입니다.
Sterling Bancorp (NASDAQ: SBT) a annoncé un résultat net de 1,2 million de dollars pour le quatrième trimestre de 2024 (0,02 dollar par action diluée) et un résultat net annuel de 2,1 millions de dollars (0,04 dollar par action diluée), en baisse par rapport à 7,4 millions de dollars en 2023. L'entreprise a maintenu un total d'actifs de 2,4 milliards de dollars et des dépôts totaux de 2,1 milliards de dollars.
Les indicateurs financiers clés comprennent un taux de marge d'intérêt net de 2,24 % pour le quatrième trimestre, des prêts non performants s'élevant à 14,6 millions de dollars (1,26 % du total des prêts) et des capitaux propres de 334,0 millions de dollars. La société a signalé une récupération significative des pertes de crédit de 4,2 millions de dollars au quatrième trimestre et de 8,5 millions de dollars pour l'année entière.
À noter que Sterling a conclu un accord définitif avec EverBank Financial Corp pour vendre la Banque pour 261,0 millions de dollars, la transaction devant être finalisée au premier trimestre 2025. Suite à la vente, Sterling prévoit de se dissoudre selon la législation du Michigan, comme approuvé par les actionnaires le 18 décembre 2024.
Sterling Bancorp (NASDAQ: SBT) berichtete für das vierte Quartal 2024 einen Nettogewinn von 1,2 Millionen US-Dollar (0,02 US-Dollar pro verwässerter Aktie) und einen Nettogewinn für das gesamte Geschäftsjahr von 2,1 Millionen US-Dollar (0,04 US-Dollar pro verwässerter Aktie), was einem Rückgang von 7,4 Millionen US-Dollar im Jahr 2023 entspricht. Das Unternehmen hielt Gesamtvermögen von 2,4 Milliarden US-Dollar und Gesamteinlagen von 2,1 Milliarden US-Dollar.
Zu den wichtigsten Finanzkennzahlen gehören eine Nettzinsmarge im vierten Quartal von 2,24 %, notleidende Kredite in Höhe von 14,6 Millionen US-Dollar (1,26 % der Gesamtdarlehen) und ein Eigenkapital von 334,0 Millionen US-Dollar. Das Unternehmen berichtete über eine signifikante Rückgewinnung von Kreditverlusten in Höhe von 4,2 Millionen US-Dollar im Q4 und 8,5 Millionen US-Dollar für das gesamte Jahr.
Bemerkenswert ist, dass Sterling eine endgültige Vereinbarung mit der EverBank Financial Corp getroffen hat, um die Bank für 261,0 Millionen US-Dollar zu verkaufen, wobei der Abschluss der Transaktion im 1. Quartal 2025 erwartet wird. Nach dem Verkauf plant Sterling, gemäß dem rechtlichen Rahmen von Michigan aufzulösen, was den Aktionären am 18. Dezember 2024 genehmigt wurde.
- Recovery of credit losses of $8.5 million for full year 2024
- Strong capital position with 14.08% leverage ratio, well above 9.0% requirement
- Secured sale agreement with EverBank for $261.0 million
- No charge-offs recorded in 2024
- Net income declined to $2.1 million in 2024 from $7.4 million in 2023
- Net interest margin decreased to 2.37% in 2024 from 2.68% in 2023
- Total gross loans declined 14% year-over-year to $1.2 billion
- Non-interest income decreased by $1.7 million to $1.1 million in 2024
Insights
Sterling Bancorp's FY2024 performance reveals significant operational challenges despite maintaining strong capital levels. The 85% year-over-year decline in net income from
The bank's core earnings power shows material deterioration, evidenced by the 13% decline in net interest income and significant margin compression to
Asset quality metrics present a mixed picture: while nonperforming loans remain manageable at
The pending acquisition by EverBank at
Fourth Quarter and Year-End 2024 Highlights
-
Fourth quarter net income of
$1.2 million $0.02 $2.1 million $0.04 -
Fourth quarter net interest margin of
2.24% ; full year net interest margin of2.37% -
Fourth quarter provision for (recovery of) credit losses of
$(4.2) million $(8.5) million -
Nonperforming loans of
$14.6 million 1.26% of total loans and0.60% of total assets -
Ratio of allowance for credit losses to total loans of
1.80% -
Fourth quarter non-interest expense of
$15.9 million $61.8 million -
Shareholders’ equity of
$334.0 million -
Consolidated Company’s and Bank’s leverage ratio of
14.08% and13.76% , respectively -
Total deposits of
$2.1 billion -
Total gross loans of
$1.2 billion
The Company reported net income of
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
Balance Sheet
Total Assets – Total assets were
Cash and due from banks increased
Total gross loans of
Total Deposits – Total deposits were
Capital – Total shareholders’ equity was
At December 31, 2024, the consolidated Company’s and Bank’s leverage ratios were
Asset Quality and Provision for (Recovery of) Credit Losses – A provision for (recovery of) credit losses of
Recoveries of loan losses during the fourth and third quarter of 2024 were
Nonperforming loans, comprised primarily of nonaccrual residential real estate loans, totaled
Results of Operations
Net Interest Income and Net Interest Margin – Net interest income for the fourth quarter of 2024 was
Net interest income for the year ended December 31, 2024 was
Non-Interest Income – Non-interest income for the year ended December 31, 2024 was
Non-Interest Expense – Non-interest expense of
Non-interest expense for the year ended December 31, 2024 was
Income Tax Expense – The Company recorded an income tax expense of
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
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.
| 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 |
|
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 |
|||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) |
December 31,
|
|
September 30,
|
|
%
|
|
December 31,
|
|
%
|
|
December 31,
|
|
December 31,
|
|
%
|
||||||||||||||
| 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. | ||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130937083/en/
Investor Contact:
Sterling Bancorp, Inc.
Karen Knott
Executive Vice President and Chief Financial Officer
(248) 359-6624
kzaborney@sterlingbank.com
Source: Sterling Bancorp, Inc.
FAQ
What is the purchase price for Sterling Bank (SBT) in the EverBank acquisition?
When is the Sterling Bank (SBT) and EverBank transaction expected to close?
What was Sterling Bancorp's (SBT) net income for full year 2024?
How much did Sterling Bancorp's (SBT) total gross loans decline in 2024?
What was Sterling Bancorp's (SBT) net interest margin for Q4 2024?
