Sterling Bancorp Reports Third Quarter 2022 Financial Results
Sterling Bancorp, Inc. (SBT) reported a net income of $1.2 million, or $0.02 per diluted share, for Q3 2022, a turnaround from a net loss of $2.2 million in Q2 2022. Key highlights include a net interest margin increase to 3.19%, a decrease in nonperforming assets to $42.2 million, and total deposits at $2.0 billion. However, total assets declined 2% to $2.4 billion. The Bank entered a Consent Order with the OCC regarding the Advantage Loan Program, incurring a $6 million penalty. The company’s capital ratios remain well above regulatory requirements.
- Net income increased to $1.2 million from a loss in the previous quarter.
- Net interest margin improved to 3.19%.
- Nonperforming assets decreased to $42.2 million, indicating improved asset quality.
- Capital ratios exceed regulatory requirements significantly.
- Total assets decreased by 2% to $2.4 billion.
- Total gross loans declined by $96.5 million (5%).
- Noninterest expenses rose by 11% to $21.6 million.
Third Quarter 2022 Highlights
-
Net income of
$1.2 million $0.02 -
Net interest margin of
3.19% -
Non-interest expense of
$21.6 million -
Provision (recovery) for loan losses of
$(4.4) million 2.70% -
Shareholders’ equity of
$329.6 million -
Bank capital ratios continue to be in excess of minimum ratios required to be considered “well-capitalized” with a leverage ratio of
15.88% , a total risk-based capital ratio of26.60% and a common equity tier one ratio of25.33% -
The Company’s consolidated leverage ratio of
14.13% , total risk-based capital ratio of26.32% and common equity tier one ratio of22.53% continue to exceed minimum regulatory capital requirements -
Total deposits of
$2.0 billion -
Total gross loans of
$1.7 billion -
Nonperforming assets decline to
$42.2 million $81.3 million -
Completed sale of high risk commercial real estate loans with unpaid principal balances of
$21.9 million -
Advantage Loan Program loans with unpaid principal balances of
$35.2 million -
Consent Order with OCC entered on
September 27, 2022 -
June 2019 Formal Agreement with OCC terminated - Shareholder derivative action settlement approved by court
The Company reported net income of
During the third quarter, the Bank entered into a Consent Order (the “Consent Order”) with the
In addition, the settlement of the shareholder derivative action received final court approval during the third quarter. The full amount of the attorneys’ fees and expenses due under the settlement was paid by the Company’s insurance carriers under applicable insurance policies subsequent to
“Once more this quarter there are a lot of moving parts in our results, but the main headline is continued and significant improvements in virtually all phases of the Company’s operations. Most importantly, as recently disclosed, Sterling and the OCC entered into a Consent Order wherein the Bank agreed to a
“In our financial results, the very uncomfortable level of classified assets and nonperforming loans from two years ago have now been reduced to much more modest and manageable levels. We sold the last remaining bucket of high risk commercial real estate loans to remove that uncertainty and successfully worked out several more. Our margins have again improved with higher market interest rates however the cost of funding liabilities, notably our variable rate subordinated notes have likewise increased.
“We remain under the investigation of the DOJ and
Balance Sheet
Total Assets – Total assets of
Cash and due from banks increased
Total gross loans held for investment of
Total Deposits – Total deposits of
Capital – Total shareholders’ equity decreased
The Bank exceeded all regulatory capital requirements required to be considered “well-capitalized” at
|
|
To Be Well
|
|
Bank Actual
|
||||
Total adjusted capital to risk-weighted assets |
|
|
10.00 |
% |
|
|
26.60 |
% |
Tier 1 (core) capital to risk-weighted assets |
|
|
8.00 |
% |
|
|
25.33 |
% |
Common Equity Tier 1 (CET1) |
|
|
6.50 |
% |
|
|
25.33 |
% |
Tier 1 (core) capital to adjusted tangible assets (leverage ratio) |
|
|
5.00 |
% |
|
|
15.88 |
% |
|
|
Minimum
|
|
Company Actual
|
||||
Total adjusted capital to risk-weighted assets |
|
|
8.00 |
% |
|
|
26.32 |
% |
Tier 1 (core) capital to risk-weighted assets |
|
|
6.00 |
% |
|
|
22.53 |
% |
Common Equity Tier 1 (CET1) |
|
|
4.50 |
% |
|
|
22.53 |
% |
Tier 1 (core) capital to adjusted tangible assets (leverage ratio) |
|
|
4.00 |
% |
|
|
14.13 |
% |
Asset Quality and Provision (Recovery) for Loan Losses – Nonperforming assets at
Reflecting the overall improvement in asset quality, a recovery for loan losses of
Net charge offs during the third quarter of 2022 were
“As noted earlier, asset quality metrics continue to improve. Our delinquent loans at this time are entirely residential loans and we have no commercial delinquencies or nonaccruals,” said Mr. O’Brien.
Results of Operations
Net Interest Income and Net Interest Margin – Net interest income of
The net interest margin of
Non-Interest Income – Non-interest income for the third quarter of 2022 decreased
Non-Interest Expense – Non-interest expense of
Additionally, other non-interest expense in the second quarter of 2022 includes
Income Tax Expense – Income tax expense was
Mr. O’Brien commented, “Profitability remains heavily constrained by fluctuating legal and consultant expenses related to the investigations and ultimate resolution of the ill-fated Advantage Loan Program. We believe that such expenses will begin to moderate in 2023 but the timing and magnitude remain inexorably linked to the conclusion of the DOJ investigation and ultimate settlement.”
Conference Call and Webcast
Management will host a conference call on
A replay of the conference call may be accessed through
About
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
Consolidated Financial Highlights (Unaudited) |
||||||||||||
|
|
At and for the Three Months Ended |
||||||||||
(dollars in thousands, except per share data) |
|
|
|
|
|
|
||||||
Net income (loss) |
|
$ |
1,176 |
|
|
$ |
(2,197 |
) |
|
$ |
9,557 |
|
Income (loss) per share, diluted |
|
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
$ |
0.19 |
|
Net interest income |
|
$ |
19,539 |
|
|
$ |
19,470 |
|
|
$ |
22,637 |
|
Net interest margin |
|
|
3.19 |
% |
|
|
2.95 |
% |
|
|
2.83 |
% |
Non-interest income |
|
$ |
(357 |
) |
|
$ |
45 |
|
|
$ |
2,058 |
|
Non-interest expense |
|
$ |
21,621 |
|
|
$ |
19,494 |
|
|
$ |
11,076 |
|
Loans, net of allowance for loan losses |
|
$ |
1,636,266 |
|
|
$ |
1,726,366 |
|
|
$ |
2,168,544 |
|
Total deposits(1) |
|
$ |
1,951,014 |
|
|
$ |
2,004,247 |
|
|
$ |
2,348,179 |
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
35,879 |
|
|
$ |
48,385 |
|
|
$ |
77,397 |
|
Allowance for loan losses to total loans |
|
|
2.70 |
% |
|
|
2.91 |
% |
|
|
3.14 |
% |
Allowance for loan losses to nonaccrual loans |
|
|
127 |
% |
|
|
107 |
% |
|
|
91 |
% |
Nonaccrual loans to total loans outstanding |
|
|
2.13 |
% |
|
|
2.72 |
% |
|
|
3.46 |
% |
Net charge offs (recoveries) during the period to average loans outstanding during the period |
|
|
0.12 |
% |
|
|
(0.02 |
)% |
|
|
0.04 |
% |
Provision (recovery) for loan losses |
|
$ |
(4,357 |
) |
|
$ |
(1,109 |
) |
|
$ |
397 |
|
Net charge offs (recoveries) |
|
$ |
2,047 |
|
|
$ |
(420 |
) |
|
$ |
828 |
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.19 |
% |
|
|
(0.33 |
)% |
|
|
1.18 |
% |
Return on average shareholders' equity |
|
|
1.39 |
% |
|
|
(2.57 |
)% |
|
|
11.50 |
% |
Efficiency ratio (2) |
|
|
112.72 |
% |
|
|
99.89 |
% |
|
|
44.85 |
% |
Yield on average interest-earning assets |
|
|
4.06 |
% |
|
|
3.47 |
% |
|
|
3.50 |
% |
Cost of average interest-bearing liabilities |
|
|
1.05 |
% |
|
|
0.62 |
% |
|
|
0.76 |
% |
Net interest spread |
|
|
3.01 |
% |
|
|
2.85 |
% |
|
|
2.74 |
% |
Capital Ratios (3) |
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory and Other Capital Ratios— Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
Total adjusted capital to risk-weighted assets |
|
|
26.32 |
% |
|
|
24.70 |
% |
|
|
19.51 |
% |
Tier 1 (core) capital to risk-weighted assets |
|
|
22.53 |
% |
|
|
21.06 |
% |
|
|
15.78 |
% |
Common Equity Tier 1 (CET1) |
|
|
22.53 |
% |
|
|
21.06 |
% |
|
|
15.78 |
% |
Tier 1 (core) capital to adjusted tangible assets (leverage ratio) |
|
|
14.13 |
% |
|
|
12.91 |
% |
|
|
10.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory and Other Capital Ratios—Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
Total adjusted capital to risk-weighted assets |
|
|
26.60 |
% |
|
|
24.93 |
% |
|
|
19.44 |
% |
Tier 1 (core) capital to risk-weighted assets |
|
|
25.33 |
% |
|
|
23.65 |
% |
|
|
18.16 |
% |
Common Equity Tier 1 (CET1) |
|
|
25.33 |
% |
|
|
23.65 |
% |
|
|
18.16 |
% |
Tier 1 (core) capital to adjusted tangible assets (leverage ratio) |
|
|
15.88 |
% |
|
|
14.44 |
% |
|
|
11.85 |
% |
(1) Refer to note to the condensed consolidated balance sheets. |
(2) Efficiency Ratio is computed as the ratio of non-interest expense divided by the sum of net interest income and non-interest income. |
(3) In order to provide a comparable trend analysis for the Bank's and the Company's risk based capital ratios applying the |
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||||||||||||||||||||||
(dollars in thousands) |
|
|
|
%
|
|
|
%
|
|
|
|
%
|
||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash and due from banks |
|
$ |
352,404 |
|
$ |
285,165 |
|
|
24 |
% |
|
$ |
411,676 |
|
|
(14 |
)% |
|
$ |
609,412 |
|
|
(42 |
)% |
|||
Interest-bearing time deposits with other banks |
|
|
1,183 |
|
|
1,183 |
|
|
0 |
% |
|
|
1,183 |
|
|
0 |
% |
|
|
805 |
|
|
47 |
% |
|||
Investment securities |
|
|
353,219 |
|
|
382,309 |
|
|
(8 |
)% |
|
|
313,879 |
|
|
13 |
% |
|
|
204,689 |
|
|
73 |
% |
|||
Loans held for sale |
|
|
8,833 |
|
|
8,964 |
|
|
(1 |
)% |
|
|
64,987 |
|
|
(86 |
)% |
|
|
12,744 |
|
|
(31 |
)% |
|||
Loans, net of allowance for loan losses of |
|
|
1,636,266 |
|
|
1,726,366 |
|
|
(5 |
)% |
|
|
1,956,266 |
|
|
(16 |
)% |
|
|
2,168,544 |
|
|
(25 |
)% |
|||
Accrued interest receivable |
|
|
7,061 |
|
|
6,721 |
|
|
5 |
% |
|
|
7,696 |
|
|
(8 |
)% |
|
|
8,355 |
|
|
(15 |
)% |
|||
Mortgage servicing rights, net |
|
|
1,842 |
|
|
2,453 |
|
|
(25 |
)% |
|
|
2,722 |
|
|
(32 |
)% |
|
|
2,873 |
|
|
(36 |
)% |
|||
Leasehold improvements and equipment, net |
|
|
6,585 |
|
|
6,848 |
|
|
(4 |
)% |
|
|
7,421 |
|
|
(11 |
)% |
|
|
8,931 |
|
|
(26 |
)% |
|||
Operating lease right-of-use assets |
|
|
15,467 |
|
|
16,332 |
|
|
(5 |
)% |
|
|
18,184 |
|
|
(15 |
)% |
|
|
18,889 |
|
|
(18 |
)% |
|||
|
|
|
20,288 |
|
|
20,288 |
|
|
0 |
% |
|
|
22,950 |
|
|
(12 |
)% |
|
|
22,950 |
|
|
(12 |
)% |
|||
Cash surrender value of bank-owned life insurance |
|
|
8,448 |
|
|
8,396 |
|
|
1 |
% |
|
|
33,033 |
|
|
(74 |
)% |
|
|
32,899 |
|
|
(74 |
)% |
|||
Deferred tax asset, net |
|
|
23,907 |
|
|
22,028 |
|
|
9 |
% |
|
|
21,426 |
|
|
12 |
% |
|
|
23,379 |
|
|
2 |
% |
|||
Other assets |
|
|
12,401 |
|
|
16,767 |
|
|
(26 |
)% |
|
|
15,407 |
|
|
(20 |
)% |
|
|
24,494 |
|
|
(49 |
)% |
|||
Total assets |
|
$ |
2,447,904 |
|
$ |
2,503,820 |
|
|
(2 |
)% |
|
$ |
2,876,830 |
|
|
(15 |
)% |
|
$ |
3,138,964 |
|
|
(22 |
)% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noninterest-bearing deposits |
|
$ |
70,063 |
|
$ |
82,387 |
|
|
(15 |
)% |
|
$ |
63,760 |
|
|
10 |
% |
|
$ |
65,456 |
|
|
7 |
% |
|||
Interest-bearing deposits(1) |
|
|
1,880,951 |
|
|
1,921,860 |
|
|
(2 |
)% |
|
|
2,197,975 |
|
|
(14 |
)% |
|
|
2,282,723 |
|
|
(18 |
)% |
|||
Total deposits |
|
|
1,951,014 |
|
|
2,004,247 |
|
|
(3 |
)% |
|
|
2,261,735 |
|
|
(14 |
)% |
|
|
2,348,179 |
|
|
(17 |
)% |
|||
|
|
|
50,000 |
|
|
50,000 |
|
|
0 |
% |
|
|
150,000 |
|
|
(67 |
)% |
|
|
307,000 |
|
|
(84 |
)% |
|||
Subordinated notes, net |
|
|
65,290 |
|
|
65,308 |
|
|
(0 |
)% |
|
|
65,343 |
|
|
(0 |
)% |
|
|
65,360 |
|
|
(0 |
)% |
|||
Operating lease liabilities |
|
|
16,664 |
|
|
17,540 |
|
|
(5 |
)% |
|
|
19,400 |
|
|
(14 |
)% |
|
|
20,106 |
|
|
(17 |
)% |
|||
Accrued expenses and other liabilities(1) |
|
|
35,335 |
|
|
31,393 |
|
|
13 |
% |
|
|
36,725 |
|
|
(4 |
)% |
|
|
61,754 |
|
|
(43 |
)% |
|||
Total liabilities |
|
|
2,118,303 |
|
|
2,168,488 |
|
|
(2 |
)% |
|
|
2,533,203 |
|
|
(16 |
)% |
|
|
2,802,399 |
|
|
(24 |
)% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred stock, authorized 10,000,000 shares; no shares issued and outstanding |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|||
Common stock, no par value, authorized 500,000,000 shares; issued and outstanding 50,800,012 shares at |
|
|
83,295 |
|
|
83,295 |
|
|
0 |
% |
|
|
82,157 |
|
|
1 |
% |
|
|
82,157 |
|
|
1 |
% |
|||
Additional paid-in capital |
|
|
14,560 |
|
|
14,313 |
|
|
2 |
% |
|
|
14,124 |
|
|
3 |
% |
|
|
13,992 |
|
|
4 |
% |
|||
Retained earnings |
|
|
252,482 |
|
|
251,306 |
|
|
0 |
% |
|
|
248,243 |
|
|
2 |
% |
|
|
240,187 |
|
|
5 |
% |
|||
Accumulated other comprehensive income (loss) |
|
|
(20,736 |
) |
|
(13,582 |
) |
|
(53 |
)% |
|
|
(897 |
) |
|
N/M |
|
|
|
229 |
|
|
N/M |
|
|||
Total shareholders’ equity |
|
|
329,601 |
|
|
335,332 |
|
|
(2 |
)% |
|
|
343,627 |
|
|
(4 |
)% |
|
|
336,565 |
|
|
(2 |
)% |
|||
Total liabilities and shareholders’ equity |
|
$ |
2,447,904 |
|
$ |
2,503,820 |
|
|
(2 |
)% |
|
$ |
2,876,830 |
|
|
(15 |
)% |
|
$ |
3,138,964 |
|
|
(22 |
)% |
|||
N/M - Not Meaningful |
(1) Certain prior period amounts have been reclassified to conform with the current period presentation. The Company has reclassified accrued interest on outstanding time deposits of |
Condensed Consolidated Statements of Operations (Unaudited) |
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|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) |
|
|
|
|
|
%
|
|
|
|
%
|
|
|
|
|
|
%
|
||||||||||||||||
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
20,975 |
|
|
$ |
20,746 |
|
|
|
1 |
% |
|
$ |
27,348 |
|
|
|
(23 |
)% |
|
$ |
65,589 |
|
|
$ |
88,716 |
|
|
|
(26 |
)% |
Interest and dividends on investment securities and restricted stock |
|
|
1,945 |
|
|
|
1,353 |
|
|
|
44 |
% |
|
|
375 |
|
|
|
N/M |
|
|
|
4,133 |
|
|
|
1,150 |
|
|
|
N/M |
|
Other interest |
|
|
1,925 |
|
|
|
791 |
|
|
|
N/M |
|
|
|
253 |
|
|
|
N/M |
|
|
|
2,931 |
|
|
|
743 |
|
|
|
N/M |
|
Total interest income |
|
|
24,845 |
|
|
|
22,890 |
|
|
|
9 |
% |
|
|
27,976 |
|
|
|
(11 |
)% |
|
|
72,653 |
|
|
|
90,609 |
|
|
|
(20 |
)% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
3,724 |
|
|
|
2,016 |
|
|
|
85 |
% |
|
|
3,541 |
|
|
|
5 |
% |
|
|
8,070 |
|
|
|
15,479 |
|
|
|
(48 |
)% |
Interest on |
|
|
253 |
|
|
|
314 |
|
|
|
(19 |
)% |
|
|
826 |
|
|
|
(69 |
)% |
|
|
919 |
|
|
|
2,511 |
|
|
|
(63 |
)% |
Interest on subordinated notes |
|
|
1,329 |
|
|
|
1,090 |
|
|
|
22 |
% |
|
|
972 |
|
|
|
37 |
% |
|
|
3,383 |
|
|
|
3,157 |
|
|
|
7 |
% |
Total interest expense |
|
|
5,306 |
|
|
|
3,420 |
|
|
|
55 |
% |
|
|
5,339 |
|
|
|
(1 |
)% |
|
|
12,372 |
|
|
|
21,147 |
|
|
|
(41 |
)% |
Net interest income |
|
|
19,539 |
|
|
|
19,470 |
|
|
|
0 |
% |
|
|
22,637 |
|
|
|
(14 |
)% |
|
|
60,281 |
|
|
|
69,462 |
|
|
|
(13 |
)% |
Provision (recovery) for loan losses |
|
|
(4,357 |
) |
|
|
(1,109 |
) |
|
|
N/M |
|
|
|
397 |
|
|
|
N/M |
|
|
|
(9,755 |
) |
|
|
(2,146 |
) |
|
|
N/M |
|
Net interest income after provision (recovery) for loan losses |
|
|
23,896 |
|
|
|
20,579 |
|
|
|
16 |
% |
|
|
22,240 |
|
|
|
7 |
% |
|
|
70,036 |
|
|
|
71,608 |
|
|
|
(2 |
)% |
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
124 |
|
|
|
105 |
|
|
|
18 |
% |
|
|
120 |
|
|
|
3 |
% |
|
|
351 |
|
|
|
423 |
|
|
|
(17 |
)% |
Gain on sale of mortgage loans held for sale |
|
|
— |
|
|
|
3 |
|
|
|
(100 |
)% |
|
|
151 |
|
|
|
(100 |
)% |
|
|
200 |
|
|
|
619 |
|
|
|
(68 |
)% |
Unrealized losses on equity securities |
|
|
(184 |
) |
|
|
(170 |
) |
|
|
(8 |
)% |
|
|
(24 |
) |
|
|
N/M |
|
|
|
(590 |
) |
|
|
(99 |
) |
|
|
N/M |
|
Gain on sale of branch office |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,417 |
|
|
|
N/M |
|
|
|
— |
|
|
|
1,417 |
|
|
|
N/M |
|
Net servicing loss |
|
|
(384 |
) |
|
|
(177 |
) |
|
|
N/M |
|
|
|
(31 |
) |
|
|
N/M |
|
|
|
(118 |
) |
|
|
(1,369 |
) |
|
|
N/M |
|
Income on cash surrender value of bank-owned life insurance |
|
|
87 |
|
|
|
255 |
|
|
|
(66 |
)% |
|
|
325 |
|
|
|
(73 |
)% |
|
|
670 |
|
|
|
960 |
|
|
|
(30 |
)% |
Other |
|
|
— |
|
|
|
29 |
|
|
|
(100 |
)% |
|
|
100 |
|
|
|
(100 |
)% |
|
|
586 |
|
|
|
291 |
|
|
|
N/M |
|
Total non-interest income |
|
|
(357 |
) |
|
|
45 |
|
|
|
N/M |
|
|
|
2,058 |
|
|
|
N/M |
|
|
|
1,099 |
|
|
|
2,242 |
|
|
|
(51 |
)% |
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
9,336 |
|
|
|
5,569 |
|
|
|
68 |
% |
|
|
2,774 |
|
|
|
N/M |
|
|
|
24,522 |
|
|
|
19,300 |
|
|
|
27 |
% |
Occupancy and equipment |
|
|
2,112 |
|
|
|
2,187 |
|
|
|
(3 |
)% |
|
|
2,395 |
|
|
|
(12 |
)% |
|
|
6,441 |
|
|
|
6,840 |
|
|
|
(6 |
)% |
Professional fees |
|
|
5,756 |
|
|
|
7,066 |
|
|
|
(19 |
)% |
|
|
4,024 |
|
|
|
43 |
% |
|
|
17,979 |
|
|
|
18,500 |
|
|
|
(3 |
)% |
|
|
|
316 |
|
|
|
346 |
|
|
|
(9 |
)% |
|
|
417 |
|
|
|
(24 |
)% |
|
|
1,031 |
|
|
|
1,636 |
|
|
|
(37 |
)% |
Data processing |
|
|
725 |
|
|
|
762 |
|
|
|
(5 |
)% |
|
|
403 |
|
|
|
80 |
% |
|
|
2,292 |
|
|
|
1,189 |
|
|
|
93 |
% |
Net recovery of mortgage repurchase liability |
|
|
(145 |
) |
|
|
(312 |
) |
|
|
54 |
% |
|
|
(298 |
) |
|
|
51 |
% |
|
|
(670 |
) |
|
|
(963 |
) |
|
|
30 |
% |
Other |
|
|
3,521 |
|
|
|
3,876 |
|
|
|
N/M |
|
|
|
1,361 |
|
|
|
N/M |
|
|
|
8,943 |
|
|
|
5,852 |
|
|
|
53 |
% |
Total non-interest expense |
|
|
21,621 |
|
|
|
19,494 |
|
|
|
11 |
% |
|
|
11,076 |
|
|
|
95 |
% |
|
|
60,538 |
|
|
|
52,354 |
|
|
|
16 |
% |
Income before income taxes |
|
|
1,918 |
|
|
|
1,130 |
|
|
|
70 |
% |
|
|
13,222 |
|
|
|
(85 |
)% |
|
|
10,597 |
|
|
|
21,496 |
|
|
|
(51 |
)% |
Income tax expense |
|
|
742 |
|
|
|
3,327 |
|
|
|
(78 |
)% |
|
|
3,665 |
|
|
|
(80 |
)% |
|
|
6,358 |
|
|
|
6,162 |
|
|
|
3 |
% |
Net income (loss) |
|
$ |
1,176 |
|
|
$ |
(2,197 |
) |
|
|
N/M |
|
|
$ |
9,557 |
|
|
|
N/M |
|
|
$ |
4,239 |
|
|
$ |
15,334 |
|
|
|
(72 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share, basic and diluted |
|
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
|
|
|
|
$ |
0.19 |
|
|
|
|
|
|
$ |
0.08 |
|
|
$ |
0.31 |
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
50,400,412 |
|
|
|
50,386,856 |
|
|
|
|
|
|
|
50,167,295 |
|
|
|
|
|
|
|
50,326,951 |
|
|
|
50,010,341 |
|
|
|
|
|
Diluted |
|
|
50,572,931 |
|
|
|
50,386,856 |
|
|
|
|
|
|
|
50,262,686 |
|
|
|
|
|
|
|
50,523,076 |
|
|
|
50,079,931 |
|
|
|
|
|
N/M - Not Meaningful |
Yield Analysis and Net Interest Income (Unaudited) |
||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
(dollars in thousands) |
|
Average
|
|
Interest |
|
Average
|
|
Average
|
|
Interest |
|
Average
|
|
Average
|
|
Interest |
|
Average
|
||||||||||||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate and other consumer |
|
$ |
1,457,171 |
|
|
$ |
17,310 |
|
|
|
4.75 |
% |
|
$ |
1,554,077 |
|
|
$ |
17,310 |
|
|
|
4.46 |
% |
|
$ |
1,900,611 |
|
|
$ |
22,002 |
|
|
|
4.63 |
% |
Commercial real estate |
|
|
214,453 |
|
|
|
2,458 |
|
|
|
4.58 |
% |
|
|
221,435 |
|
|
|
2,547 |
|
|
|
4.60 |
% |
|
|
285,055 |
|
|
|
3,422 |
|
|
|
4.80 |
% |
Construction |
|
|
52,843 |
|
|
|
1,190 |
|
|
|
9.01 |
% |
|
|
62,354 |
|
|
|
883 |
|
|
|
5.66 |
% |
|
|
135,292 |
|
|
|
1,896 |
|
|
|
5.61 |
% |
Commercial lines of credit |
|
|
1,404 |
|
|
|
17 |
|
|
|
4.84 |
% |
|
|
355 |
|
|
|
6 |
|
|
|
6.76 |
% |
|
|
1,947 |
|
|
|
28 |
|
|
|
5.75 |
% |
Total loans |
|
|
1,725,871 |
|
|
|
20,975 |
|
|
|
4.86 |
% |
|
|
1,838,221 |
|
|
|
20,746 |
|
|
|
4.51 |
% |
|
|
2,322,905 |
|
|
|
27,348 |
|
|
|
4.71 |
% |
Securities, includes restricted stock(2) |
|
|
394,503 |
|
|
|
1,945 |
|
|
|
1.97 |
% |
|
|
396,315 |
|
|
|
1,353 |
|
|
|
1.37 |
% |
|
|
213,945 |
|
|
|
375 |
|
|
|
0.70 |
% |
Other interest-earning assets |
|
|
328,177 |
|
|
|
1,925 |
|
|
|
2.35 |
% |
|
|
406,740 |
|
|
|
791 |
|
|
|
0.78 |
% |
|
|
664,747 |
|
|
|
253 |
|
|
|
0.15 |
% |
Total interest-earning assets |
|
|
2,448,551 |
|
|
|
24,845 |
|
|
|
4.06 |
% |
|
|
2,641,276 |
|
|
|
22,890 |
|
|
|
3.47 |
% |
|
|
3,201,597 |
|
|
|
27,976 |
|
|
|
3.50 |
% |
Noninterest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
4,083 |
|
|
|
|
|
|
|
|
|
|
|
3,811 |
|
|
|
|
|
|
|
|
|
|
|
7,376 |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
20,238 |
|
|
|
|
|
|
|
|
|
|
|
46,390 |
|
|
|
|
|
|
|
|
|
|
|
41,360 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,472,872 |
|
|
|
|
|
|
|
|
|
|
$ |
2,691,477 |
|
|
|
|
|
|
|
|
|
|
$ |
3,250,333 |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market, savings and NOW |
|
$ |
1,184,601 |
|
|
$ |
2,053 |
|
|
|
0.69 |
% |
|
$ |
1,288,796 |
|
|
$ |
756 |
|
|
|
0.24 |
% |
|
$ |
1,329,832 |
|
|
$ |
771 |
|
|
|
0.23 |
% |
Time deposits(3) |
|
|
711,184 |
|
|
|
1,671 |
|
|
|
0.93 |
% |
|
|
760,017 |
|
|
|
1,260 |
|
|
|
0.66 |
% |
|
|
1,075,598 |
|
|
|
2,770 |
|
|
|
1.02 |
% |
Total interest-bearing deposits |
|
|
1,895,785 |
|
|
|
3,724 |
|
|
|
0.78 |
% |
|
|
2,048,813 |
|
|
|
2,016 |
|
|
|
0.39 |
% |
|
|
2,405,430 |
|
|
|
3,541 |
|
|
|
0.58 |
% |
FHLB borrowings |
|
|
50,380 |
|
|
|
253 |
|
|
|
1.97 |
% |
|
|
110,440 |
|
|
|
314 |
|
|
|
1.12 |
% |
|
|
307,733 |
|
|
|
826 |
|
|
|
1.06 |
% |
Subordinated notes, net |
|
|
65,301 |
|
|
|
1,329 |
|
|
|
7.96 |
% |
|
|
65,319 |
|
|
|
1,090 |
|
|
|
6.60 |
% |
|
|
65,372 |
|
|
|
972 |
|
|
|
5.95 |
% |
Total borrowings |
|
|
115,681 |
|
|
|
1,582 |
|
|
|
5.35 |
% |
|
|
175,759 |
|
|
|
1,404 |
|
|
|
3.16 |
% |
|
|
373,105 |
|
|
|
1,798 |
|
|
|
1.91 |
% |
Total interest-bearing liabilities |
|
|
2,011,466 |
|
|
|
5,306 |
|
|
|
1.05 |
% |
|
|
2,224,572 |
|
|
|
3,420 |
|
|
|
0.62 |
% |
|
|
2,778,535 |
|
|
|
5,339 |
|
|
|
0.76 |
% |
Noninterest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
74,550 |
|
|
|
|
|
|
|
|
|
|
|
72,496 |
|
|
|
|
|
|
|
|
|
|
|
66,566 |
|
|
|
|
|
|
|
|
|
Other liabilities(3) |
|
|
50,476 |
|
|
|
|
|
|
|
|
|
|
|
52,075 |
|
|
|
|
|
|
|
|
|
|
|
72,694 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
336,380 |
|
|
|
|
|
|
|
|
|
|
|
342,334 |
|
|
|
|
|
|
|
|
|
|
|
332,538 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,472,872 |
|
|
|
|
|
|
|
|
|
|
$ |
2,691,477 |
|
|
|
|
|
|
|
|
|
|
$ |
3,250,333 |
|
|
|
|
|
|
|
|
|
Net interest income and spread(2) |
|
|
|
|
|
$ |
19,539 |
|
|
|
3.01 |
% |
|
|
|
|
|
$ |
19,470 |
|
|
|
2.85 |
% |
|
|
|
|
|
$ |
22,637 |
|
|
|
2.74 |
% |
Net interest margin(2) |
|
|
|
|
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
|
|
|
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
2.83 |
% |
(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. |
(3) Certain prior period amounts have been reclassified to conform with the current period presentation. The Company has reclassified accrued interest on outstanding time deposits from accrued expenses and other liabilities to interest-bearing deposits in the consolidated balance sheets at |
Yield Analysis and Net Interest Income (Unaudited) |
||||||||||||||||||||||||
|
|
Nine Months Ended |
||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
(dollars in thousands) |
|
Average
|
|
Interest |
|
Average
|
|
Average
|
|
Interest |
|
Average
|
||||||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate and other consumer |
|
$ |
1,556,569 |
|
|
$ |
52,898 |
|
|
|
4.53 |
% |
|
$ |
1,955,375 |
|
|
$ |
70,392 |
|
|
|
4.80 |
% |
Commercial real estate |
|
|
227,524 |
|
|
|
8,441 |
|
|
|
4.95 |
% |
|
|
266,763 |
|
|
|
10,049 |
|
|
|
5.02 |
% |
Construction |
|
|
70,027 |
|
|
|
4,222 |
|
|
|
8.04 |
% |
|
|
168,382 |
|
|
|
8,096 |
|
|
|
6.41 |
% |
Commercial lines of credit |
|
|
707 |
|
|
|
28 |
|
|
|
5.28 |
% |
|
|
3,295 |
|
|
|
179 |
|
|
|
7.24 |
% |
Total loans |
|
|
1,854,827 |
|
|
|
65,589 |
|
|
|
4.71 |
% |
|
|
2,393,815 |
|
|
|
88,716 |
|
|
|
4.94 |
% |
Securities, includes restricted stock(2) |
|
|
380,485 |
|
|
|
4,133 |
|
|
|
1.45 |
% |
|
|
265,545 |
|
|
|
1,150 |
|
|
|
0.58 |
% |
Other interest-earning assets |
|
|
395,400 |
|
|
|
2,931 |
|
|
|
0.99 |
% |
|
|
838,223 |
|
|
|
743 |
|
|
|
0.12 |
% |
Total interest-earning assets |
|
|
2,630,712 |
|
|
|
72,653 |
|
|
|
3.68 |
% |
|
|
3,497,583 |
|
|
|
90,609 |
|
|
|
3.45 |
% |
Noninterest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
3,848 |
|
|
|
|
|
|
|
|
|
|
|
7,472 |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
35,269 |
|
|
|
|
|
|
|
|
|
|
|
42,458 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,669,829 |
|
|
|
|
|
|
|
|
|
|
$ |
3,547,513 |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market, savings and NOW |
|
$ |
1,260,953 |
|
|
$ |
3,516 |
|
|
|
0.37 |
% |
|
$ |
1,352,198 |
|
|
$ |
2,513 |
|
|
|
0.25 |
% |
Time deposits(3) |
|
|
777,110 |
|
|
|
4,554 |
|
|
|
0.78 |
% |
|
|
1,350,172 |
|
|
|
12,966 |
|
|
|
1.28 |
% |
Total interest-bearing deposits |
|
|
2,038,063 |
|
|
|
8,070 |
|
|
|
0.53 |
% |
|
|
2,702,370 |
|
|
|
15,479 |
|
|
|
0.77 |
% |
FHLB borrowings |
|
|
103,242 |
|
|
|
919 |
|
|
|
1.19 |
% |
|
|
314,544 |
|
|
|
2,511 |
|
|
|
1.05 |
% |
Subordinated notes, net |
|
|
65,319 |
|
|
|
3,383 |
|
|
|
6.83 |
% |
|
|
65,372 |
|
|
|
3,157 |
|
|
|
6.44 |
% |
Total borrowings |
|
|
168,561 |
|
|
|
4,302 |
|
|
|
3.37 |
% |
|
|
379,916 |
|
|
|
5,668 |
|
|
|
1.96 |
% |
Total interest-bearing liabilities |
|
|
2,206,624 |
|
|
|
12,372 |
|
|
|
0.75 |
% |
|
|
3,082,286 |
|
|
|
21,147 |
|
|
|
0.92 |
% |
Noninterest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
70,427 |
|
|
|
|
|
|
|
|
|
|
|
62,131 |
|
|
|
|
|
|
|
|
|
Other liabilities(3) |
|
|
51,314 |
|
|
|
|
|
|
|
|
|
|
|
75,162 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
341,464 |
|
|
|
|
|
|
|
|
|
|
|
327,934 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,669,829 |
|
|
|
|
|
|
|
|
|
|
$ |
3,547,513 |
|
|
|
|
|
|
|
|
|
Net interest income and spread(2) |
|
|
|
|
|
$ |
60,281 |
|
|
|
2.93 |
% |
|
|
|
|
|
$ |
69,462 |
|
|
|
2.53 |
% |
Net interest margin(2) |
|
|
|
|
|
|
|
|
|
|
3.06 |
% |
|
|
|
|
|
|
|
|
|
|
2.65 |
% |
(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. |
(3) Certain prior period amounts have been reclassified to conform with the current period presentation. The Company has reclassified accrued interest on outstanding time deposits from accrued expenses and other liabilities to interest-bearing deposits in the consolidated balance sheets at |
Loan Composition (Unaudited) |
||||||||||||||||||||||||||||
(dollars in thousands) |
|
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||||||||||||
Residential real estate |
|
$ |
1,430,472 |
|
|
$ |
1,506,852 |
|
|
|
(5 |
)% |
|
$ |
1,704,231 |
|
|
|
(16 |
)% |
|
$ |
1,818,633 |
|
|
|
(21 |
)% |
Commercial real estate |
|
|
199,446 |
|
|
|
214,494 |
|
|
|
(7 |
)% |
|
|
201,240 |
|
|
|
(1 |
)% |
|
|
291,649 |
|
|
|
(32 |
)% |
Construction |
|
|
50,320 |
|
|
|
55,150 |
|
|
|
(9 |
)% |
|
|
106,759 |
|
|
|
(53 |
)% |
|
|
126,571 |
|
|
|
(60 |
)% |
Commercial lines of credit |
|
|
1,389 |
|
|
|
1,418 |
|
|
|
(2 |
)% |
|
|
363 |
|
|
|
N/M |
|
|
|
1,923 |
|
|
|
(28 |
)% |
Other consumer |
|
|
1 |
|
|
|
218 |
|
|
|
N/M |
|
|
|
221 |
|
|
|
N/M |
|
|
|
6 |
|
|
|
N/M |
|
Total loans held for investment |
|
|
1,681,628 |
|
|
|
1,778,132 |
|
|
|
(5 |
)% |
|
|
2,012,814 |
|
|
|
(16 |
)% |
|
|
2,238,782 |
|
|
|
(25 |
)% |
Less: allowance for loan losses |
|
|
(45,362 |
) |
|
|
(51,766 |
) |
|
|
(12 |
)% |
|
|
(56,548 |
) |
|
|
(20 |
)% |
|
|
(70,238 |
) |
|
|
(35 |
)% |
Loans, net |
|
$ |
1,636,266 |
|
|
$ |
1,726,366 |
|
|
|
(5 |
)% |
|
$ |
1,956,266 |
|
|
|
(16 |
)% |
|
$ |
2,168,544 |
|
|
|
(25 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
8,833 |
|
|
$ |
8,964 |
|
|
|
(1 |
)% |
|
$ |
64,987 |
|
|
|
(86 |
)% |
|
$ |
12,744 |
|
|
|
(31 |
)% |
Total gross loans |
|
$ |
1,690,461 |
|
|
$ |
1,787,096 |
|
|
|
(5 |
)% |
|
$ |
2,077,801 |
|
|
|
(19 |
)% |
|
$ |
2,251,526 |
|
|
|
(25 |
)% |
N/M - Not Meaningful |
||||||||||||||||||||||||||||
Allowance for Loan Losses (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
||||||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period |
|
$ |
51,766 |
|
|
$ |
52,455 |
|
|
$ |
70,238 |
|
|
$ |
70,669 |
|
Provision (recovery) for loan losses |
|
|
(4,357 |
) |
|
|
(1,109 |
) |
|
|
(1,625 |
) |
|
|
397 |
|
Charge offs |
|
|
(4,064 |
) |
|
|
(197 |
) |
|
|
(12,415 |
) |
|
|
(1,965 |
) |
Recoveries |
|
|
2,017 |
|
|
|
617 |
|
|
|
350 |
|
|
|
1,137 |
|
Balance at end of period |
|
$ |
45,362 |
|
|
$ |
51,766 |
|
|
$ |
56,548 |
|
|
$ |
70,238 |
|
Deposit Composition (Unaudited) |
||||||||||||||||||||||||||||
(dollars in thousands) |
|
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||||||||||||
Noninterest-bearing deposits |
|
$ |
70,063 |
|
|
$ |
82,387 |
|
|
|
(15 |
)% |
|
$ |
63,760 |
|
|
|
10 |
% |
|
$ |
65,456 |
|
|
|
7 |
% |
Money Market, Savings and NOW |
|
|
1,123,375 |
|
|
|
1,252,279 |
|
|
|
(10 |
)% |
|
|
1,306,155 |
|
|
|
(14 |
)% |
|
|
1,312,348 |
|
|
|
(14 |
)% |
Time deposits(1) |
|
|
757,576 |
|
|
|
669,581 |
|
|
|
13 |
% |
|
|
891,820 |
|
|
|
(15 |
)% |
|
|
970,375 |
|
|
|
(22 |
)% |
Total deposits |
|
$ |
1,951,014 |
|
|
$ |
2,004,247 |
|
|
|
(3 |
)% |
|
$ |
2,261,735 |
|
|
|
(14 |
)% |
|
$ |
2,348,179 |
|
|
|
(17 |
)% |
(1) The Company has included accrued interest on outstanding time deposits of |
Credit Quality Data (Unaudited) |
||||||||||||||||
|
|
At and for the Three Months Ended |
||||||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
||||||||
Nonaccrual loans(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
$ |
35,843 |
|
|
$ |
42,567 |
|
|
$ |
45,675 |
|
|
$ |
41,643 |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
4,441 |
|
|
|
13,634 |
|
Construction |
|
|
— |
|
|
|
5,781 |
|
|
|
12,499 |
|
|
|
22,076 |
|
Total nonaccrual loans(2) |
|
|
35,843 |
|
|
|
48,348 |
|
|
|
62,615 |
|
|
|
77,353 |
|
Loans past due 90 days or more and still accruing interest |
|
|
36 |
|
|
|
37 |
|
|
|
39 |
|
|
|
44 |
|
Nonperforming loans |
|
|
35,879 |
|
|
|
48,385 |
|
|
|
62,654 |
|
|
|
77,397 |
|
Other troubled debt restructurings(3) |
|
|
2,643 |
|
|
|
2,646 |
|
|
|
2,664 |
|
|
|
2,718 |
|
Nonaccrual loans held for sale |
|
|
3,657 |
|
|
|
3,999 |
|
|
|
18,026 |
|
|
|
8,744 |
|
Nonperforming assets |
|
$ |
42,179 |
|
|
$ |
55,030 |
|
|
$ |
83,344 |
|
|
$ |
88,859 |
|
Total loans (1) |
|
$ |
1,681,628 |
|
|
$ |
1,778,132 |
|
|
$ |
2,012,814 |
|
|
$ |
2,238,782 |
|
Total assets |
|
$ |
2,447,904 |
|
|
$ |
2,503,820 |
|
|
$ |
2,876,830 |
|
|
$ |
3,138,964 |
|
Nonaccrual loans to total loans outstanding (2) |
|
|
2.13 |
% |
|
|
2.72 |
% |
|
|
3.11 |
% |
|
|
3.46 |
% |
Nonperforming assets to total assets |
|
|
1.72 |
% |
|
|
2.20 |
% |
|
|
2.90 |
% |
|
|
2.83 |
% |
Allowance for loan losses to total loans |
|
|
2.70 |
% |
|
|
2.91 |
% |
|
|
2.81 |
% |
|
|
3.14 |
% |
Allowance for loan losses to nonaccrual loans |
|
|
127 |
% |
|
|
107 |
% |
|
|
90 |
% |
|
|
91 |
% |
Net charge offs (recoveries) during the period to average loans outstanding during the period |
|
|
0.12 |
% |
|
|
(0.02 |
)% |
|
|
0.35 |
% |
|
|
0.04 |
% |
(1) Loans are classified as held for investment and are presented before the allowance for loan losses. |
(2) Total nonaccrual loans exclude nonaccrual loans held for sale but include troubled debt restructurings on nonaccrual status. If nonaccrual loans held for sale are included, the ratio of total nonaccrual loans to total gross loans would be |
(3) Other troubled debt restructurings exclude those loans presented above as nonaccrual or past due 90 days or more and still accruing interest. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221031005232/en/
Investor Contact:
Executive Vice President and Chief Financial Officer
(248) 359-6624
kzaborney@sterlingbank.com
Source:
FAQ
What were Sterling Bancorp's earnings for Q3 2022?
How did Sterling Bancorp's net interest margin change in Q3 2022?
What is the status of Sterling Bancorp's nonperforming assets?
What penalty did Sterling Bancorp incur from the OCC?
