Sterling Bancorp Reports Third Quarter 2024 Financial Results
Sterling Bancorp (NASDAQ: SBT) reported a net loss of $(0.1) million, or $(0.00) per diluted share, for Q3 2024, compared to net income of $1.3 million in Q2 2024. The company announced a definitive agreement with EverBank Financial Corp to purchase Sterling Bank for $261.0 million, expected to close in Q1 2025. Key metrics include: total assets of $2.4 billion (up 3%), total deposits of $2.1 billion (up 3%), and total gross loans of $1.2 billion (down 3%). Net interest margin decreased to 2.30% from 2.44% in Q2. The company maintains strong capital positions with a leverage ratio of 14.18%.
Sterling Bancorp (NASDAQ: SBT) ha riportato una perdita netta di $(0.1) milioni, ovvero $(0.00) per azione diluita, per il terzo trimestre del 2024, rispetto a un utile netto di $1.3 milioni nel secondo trimestre del 2024. L'azienda ha annunciato un accordo definitivo con EverBank Financial Corp per l'acquisto di Sterling Bank per $261.0 milioni, previsto per la chiusura nel primo trimestre del 2025. I principali metriche includono: attività totali di $2.4 miliardi (in aumento del 3%), depositi totali di $2.1 miliardi (in aumento del 3%), e prestiti lordi totali di $1.2 miliardi (in diminuzione del 3%). Il margine di interesse netto è sceso al 2.30% dal 2.44% del secondo trimestre. L'azienda mantiene solide posizioni di capitale con un rapporto di leverage del 14.18%.
Sterling Bancorp (NASDAQ: SBT) reportó una pérdida neta de $(0.1) millones, o $(0.00) por acción diluida, para el tercer trimestre de 2024, en comparación con una ganancia neta de $1.3 millones en el segundo trimestre de 2024. La empresa anunció un acuerdo definitivo con EverBank Financial Corp para adquirir Sterling Bank por $261.0 millones, que se espera se cierre en el primer trimestre de 2025. Las métricas clave incluyen: activos totales de $2.4 mil millones (un aumento del 3%), depósitos totales de $2.1 mil millones (un aumento del 3%), y préstamos brutos totales de $1.2 mil millones (una disminución del 3%). El margen de interés neto disminuyó al 2.30% desde el 2.44% en el segundo trimestre. La compañía mantiene posiciones de capital sólidas con un ratio de apalancamiento del 14.18%.
Sterling Bancorp (NASDAQ: SBT)는 2024년 3분기 동안 $(0.1)백만 달러, 즉 희석 주당 $(0.00)의 순손실을 보고했으며, 이는 2024년 2분기 순이익 $1.3백만 달러와 비교됩니다. 이 회사는 EverBank Financial Corp와의 최종 계약을 발표하여 Sterling Bank를 $261.0백만 달러에 인수할 예정이며, 2025년 1분기에 마감될 것으로 예상됩니다. 주요 지표는 다음과 같습니다: 총 자산 $2.4억 달러 (3% 증가), 총 예금 $2.1억 달러 (3% 증가), 총 총 대출 $1.2억 달러 (3% 감소). 순이자 마진은 2분기 2.44%에서 2.30%로 감소했습니다. 회사는 14.18%의 레버리지 비율로 강력한 자본 위치를 유지하고 있습니다.
Sterling Bancorp (NASDAQ: SBT) a rapporté une perte nette de $(0.1) million, soit $(0.00) par action diluée, pour le troisième trimestre de 2024, contre un bénéfice net de $1.3 million au deuxième trimestre de 2024. La société a annoncé un accord définitif avec EverBank Financial Corp pour l'acquisition de Sterling Bank pour $261.0 millions, qui devrait être finalisé au premier trimestre de 2025. Les principaux indicateurs comprennent : total des actifs de $2.4 milliards (en hausse de 3 %), dépôts totaux de $2.1 milliards (en hausse de 3 %), et total des prêts bruts de $1.2 milliard (en baisse de 3 %). La marge d'intérêt nette a diminué à 2.30 % contre 2.44 % au deuxième trimestre. L'entreprise maintient de solides positions de capital avec un ratio d'endettement de 14.18 %.
Sterling Bancorp (NASDAQ: SBT) berichtete für das 3. Quartal 2024 einen Nettoverlust von $(0.1) Millionen, oder $(0.00) pro verwässerter Aktie, im Vergleich zu einem Nettogewinn von $1.3 Millionen im 2. Quartal 2024. Das Unternehmen gab eine endgültige Vereinbarung mit EverBank Financial Corp bekannt, um Sterling Bank für $261.0 Millionen zu erwerben, was voraussichtlich im 1. Quartal 2025 abgeschlossen wird. Wichtige Kennzahlen sind: Gesamte Vermögenswerte von $2.4 Milliarden (3% Anstieg), Gesamteinlagen von $2.1 Milliarden (3% Anstieg), und Gesamtdarlehen von $1.2 Milliarden (3% Rückgang). Die Netto-Zinsmarge ging im Vergleich zu 2.44% im 2. Quartal auf 2.30% zurück. Das Unternehmen hält starke Kapitalpositionen mit einem Leverage-Verhältnis von 14.18%.
- Strong capital position with 14.18% leverage ratio, well above 9.0% regulatory requirement
- Total deposits increased by $53.7 million (3%) to $2.1 billion
- Total assets increased by $63.8 million (3%) to $2.4 billion
- Low nonperforming loans ratio at 1.08% of total loans
- Pending sale to EverBank for $261.0 million cash consideration
- Net loss of $(0.1) million compared to $1.3 million profit in previous quarter
- Net interest margin declined to 2.30% from 2.44% in Q2
- Total gross loans decreased by $40.5 million (3%)
- Non-interest expense increased by $0.7 million (5%)
- Higher professional fees due to transaction costs
Insights
Sterling Bancorp's Q3 2024 results show concerning trends with a
The loan portfolio quality remains stable with no charge-offs and a healthy
Third Quarter 2024 Highlights
-
Net loss of
$(0.1) million $(0.00) -
Net interest margin of
2.30% -
Nonperforming loans of
$13.2 million 1.08% of total loans and0.54% of total assets -
Provision for (recovery of) credit losses of
$(2.3) million 2.04% -
Non-interest expense of
$15.6 million -
Shareholders’ equity of
$334.6 million -
Company’s consolidated and Bank’s leverage ratio of
14.18% and13.72% , respectively -
Total deposits of
$2.1 billion -
Total gross loans of
$1.2 billion
The Company reported a net loss 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 September 30, 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 third and second 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 third quarter of 2024 was
Non-Interest Income – Non-interest income for the third quarter of 2024 as comparted to the second quarter of 2024 was essentially unchanged as an unrealized gain on an equity security of
Non-Interest Expense – Non-interest expense of
Income Tax Expense – For the three months ended September 30, 2024, 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 |
|||||||||||||
September 30, |
|
June 30, |
|
September 30, |
|||||||||
| (dollars in thousands, except per share data) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
||
| Net income (loss) | $ |
(143 |
) |
$ |
1,316 |
|
$ |
314 |
|
||||
| Income (loss) per share, diluted | $ |
(0.00 |
) |
$ |
0.03 |
|
$ |
0.01 |
|
||||
| Net interest income | $ |
13,618 |
|
$ |
14,395 |
|
$ |
15,994 |
|
||||
| Net interest margin |
|
2.30 |
% |
|
2.44 |
% |
|
2.62 |
% |
||||
| Non-interest income | $ |
379 |
|
$ |
412 |
|
$ |
384 |
|
||||
| Non-interest expense | $ |
15,610 |
|
$ |
14,923 |
|
$ |
17,702 |
|
||||
| Loans, net of allowance for credit losses | $ |
1,198,767 |
|
$ |
1,236,687 |
|
$ |
1,382,860 |
|
||||
| Total deposits | $ |
2,067,193 |
|
$ |
2,013,465 |
|
$ |
2,040,658 |
|
||||
| Asset Quality | |||||||||||||
| Nonperforming loans | $ |
13,214 |
|
$ |
12,213 |
|
$ |
6,182 |
|
||||
| Allowance for credit losses to total loans |
|
2.04 |
% |
|
2.18 |
% |
|
2.42 |
% |
||||
| Allowance for credit losses to total nonaccrual loans |
|
189 |
% |
|
249 |
% |
|
681 |
% |
||||
| Nonaccrual loans to total loans |
|
1.08 |
% |
|
0.87 |
% |
|
0.36 |
% |
||||
| Nonperforming loans to total loans |
|
1.08 |
% |
|
0.97 |
% |
|
0.44 |
% |
||||
| Nonperforming loans to total assets |
|
0.54 |
% |
|
0.51 |
% |
|
0.25 |
% |
||||
| Net charge offs (recoveries) to average loans during the period |
|
0.00 |
% |
|
(0.03 |
)% |
|
0.00 |
% |
||||
| Provision for (recovery of) credit losses | $ |
(2,338 |
) |
$ |
(2,079 |
) |
$ |
(1,942 |
) |
||||
| Net charge offs (recoveries) | $ |
(10 |
) |
$ |
(440 |
) |
$ |
(1 |
) |
||||
| Performance Ratios | |||||||||||||
| Return on average assets |
|
(0.02 |
)% |
|
0.22 |
% |
|
0.05 |
% |
||||
| Return on average shareholders' equity |
|
(0.17 |
)% |
|
1.62 |
% |
|
0.39 |
% |
||||
| Efficiency ratio (1) |
|
111.52 |
% |
|
100.78 |
% |
|
108.08 |
% |
||||
| Yield on average interest-earning assets |
|
5.79 |
% |
|
5.75 |
% |
|
5.39 |
% |
||||
| Cost of average interest-bearing liabilities |
|
4.08 |
% |
|
3.91 |
% |
|
3.24 |
% |
||||
| Net interest spread |
|
1.71 |
% |
|
1.84 |
% |
|
2.15 |
% |
||||
| Leverage Capital Ratios(2) | |||||||||||||
| Consolidated |
|
14.18 |
% |
|
14.26 |
% |
|
13.42 |
% |
||||
| Bank |
|
13.72 |
% |
|
13.81 |
% |
|
12.93 |
% |
||||
| (1) Efficiency ratio is computed as the ratio of non-interest expense divided by the sum of net interest income and non-interest income. | |||||||||||||
| (2) Leverage capital ratio is Tier 1 (core) capital to average total assets. September 30, 2024 capital ratios are estimated. | |||||||||||||
| Sterling Bancorp, Inc. | |||||||||||||||||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||||||||||||||||
September 30, |
|
June 30, |
|
% |
|
December 31, |
|
% |
|
September 30, |
|
% |
|||||||||||||
| (dollars in thousands) |
|
2024 |
|
|
|
2024 |
|
|
change |
|
|
2023 |
|
|
change |
|
|
2023 |
|
|
change |
||||
| Assets | |||||||||||||||||||||||||
| Cash and due from banks | $ |
710,372 |
|
$ |
599,774 |
|
18 |
% |
$ |
577,967 |
|
23 |
% |
$ |
563,622 |
|
26 |
% |
|||||||
| Interest-bearing time deposits with other banks |
|
4,983 |
|
|
5,232 |
|
(5 |
)% |
|
5,226 |
|
(5 |
)% |
|
1,174 |
|
N/M |
|
|||||||
| Debt securities available for sale |
|
436,409 |
|
|
441,930 |
|
(1 |
)% |
|
419,213 |
|
4 |
% |
|
398,302 |
|
10 |
% |
|||||||
| Equity securities |
|
4,797 |
|
|
4,637 |
|
3 |
% |
|
4,703 |
|
2 |
% |
|
4,505 |
|
6 |
% |
|||||||
| Loans, net of allowance for credit losses of |
|
1,198,767 |
|
|
1,236,687 |
|
(3 |
)% |
|
1,319,568 |
|
(9 |
)% |
|
1,382,860 |
|
(13 |
)% |
|||||||
| Accrued interest receivable |
|
9,650 |
|
|
8,835 |
|
9 |
% |
|
8,509 |
|
13 |
% |
|
8,854 |
|
9 |
% |
|||||||
| Mortgage servicing rights, net |
|
1,338 |
|
|
1,392 |
|
(4 |
)% |
|
1,542 |
|
(13 |
)% |
|
1,631 |
|
(18 |
)% |
|||||||
| Leasehold improvements and equipment, net |
|
4,710 |
|
|
4,961 |
|
(5 |
)% |
|
5,430 |
|
(13 |
)% |
|
5,583 |
|
(16 |
)% |
|||||||
| Operating lease right-of-use assets |
|
10,765 |
|
|
11,481 |
|
(6 |
)% |
|
11,454 |
|
(6 |
)% |
|
12,197 |
|
(12 |
)% |
|||||||
| Federal Home Loan Bank stock, at cost |
|
18,423 |
|
|
18,423 |
|
0 |
% |
|
18,923 |
|
(3 |
)% |
|
18,923 |
|
(3 |
)% |
|||||||
| Federal Reserve Bank stock, at cost |
|
9,187 |
|
|
9,139 |
|
1 |
% |
|
9,048 |
|
2 |
% |
|
9,001 |
|
2 |
% |
|||||||
| Company-owned life insurance |
|
8,872 |
|
|
8,818 |
|
1 |
% |
|
8,711 |
|
2 |
% |
|
8,658 |
|
2 |
% |
|||||||
| Deferred tax asset, net |
|
15,023 |
|
|
17,923 |
|
(16 |
)% |
|
16,959 |
|
(11 |
)% |
|
22,475 |
|
(33 |
)% |
|||||||
| Other assets |
|
5,258 |
|
|
5,507 |
|
(5 |
)% |
|
8,750 |
|
(40 |
)% |
|
8,888 |
|
(41 |
)% |
|||||||
| Total assets | $ |
2,438,554 |
|
$ |
2,374,739 |
|
3 |
% |
$ |
2,416,003 |
|
1 |
% |
$ |
2,446,673 |
|
(0 |
)% |
|||||||
| Liabilities | |||||||||||||||||||||||||
| Noninterest-bearing deposits | $ |
31,276 |
|
$ |
32,167 |
|
(3 |
)% |
$ |
35,245 |
|
(11 |
)% |
$ |
40,780 |
|
(23 |
)% |
|||||||
| Interest-bearing deposits |
|
2,035,917 |
|
|
1,981,298 |
|
3 |
% |
|
1,968,741 |
|
3 |
% |
|
1,999,878 |
|
2 |
% |
|||||||
| Total deposits |
|
2,067,193 |
|
|
2,013,465 |
|
3 |
% |
|
2,003,986 |
|
3 |
% |
|
2,040,658 |
|
1 |
% |
|||||||
| Federal Home Loan Bank borrowings |
|
— |
|
|
— |
|
N/M |
|
|
50,000 |
|
(100 |
)% |
|
50,000 |
|
(100 |
)% |
|||||||
| Subordinated notes, net |
|
— |
|
|
— |
|
N/M |
|
|
— |
|
N/M |
|
|
— |
|
N/M |
|
|||||||
| Operating lease liabilities |
|
11,753 |
|
|
12,504 |
|
(6 |
)% |
|
12,537 |
|
(6 |
)% |
|
13,317 |
|
(12 |
)% |
|||||||
| Other liabilities |
|
24,999 |
|
|
19,900 |
|
26 |
% |
|
21,757 |
|
15 |
% |
|
26,595 |
|
(6 |
)% |
|||||||
| Total liabilities |
|
2,103,945 |
|
|
2,045,869 |
|
3 |
% |
|
2,088,280 |
|
1 |
% |
|
2,130,570 |
|
(1 |
)% |
|||||||
| Shareholders’ Equity | |||||||||||||||||||||||||
| Preferred stock, authorized 10,000,000 shares; no shares issued and outstanding |
|
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|||||||
| Common stock, no par value, authorized shares 500,000,000; shares issued and outstanding 52,313,933, 52,371,509, 52,070,361 and 52,072,631 |
|
84,323 |
|
|
84,323 |
|
0 |
% |
|
84,323 |
|
0 |
% |
|
84,323 |
|
0 |
% |
|||||||
| Additional paid-in capital |
|
18,210 |
|
|
17,592 |
|
4 |
% |
|
16,660 |
|
9 |
% |
|
15,882 |
|
15 |
% |
|||||||
| Retained earnings |
|
242,940 |
|
|
243,083 |
|
(0 |
)% |
|
241,964 |
|
0 |
% |
|
236,901 |
|
3 |
% |
|||||||
| Accumulated other comprehensive loss |
|
(10,864 |
) |
|
(16,128 |
) |
33 |
% |
|
(15,224 |
) |
29 |
% |
|
(21,003 |
) |
48 |
% |
|||||||
| Total shareholders’ equity |
|
334,609 |
|
|
328,870 |
|
2 |
% |
|
327,723 |
|
2 |
% |
|
316,103 |
|
6 |
% |
|||||||
| Total liabilities and shareholders’ equity | $ |
2,438,554 |
|
$ |
2,374,739 |
|
3 |
% |
$ |
2,416,003 |
|
1 |
% |
$ |
2,446,673 |
|
(0 |
)% |
|||||||
| N/M - Not Meaningful | |||||||||||||||||||||||||
| Sterling Bancorp, Inc. | |||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, |
|
June 30, |
|
% |
|
September 30, |
|
% |
|
September 30, |
|
September 30, |
|
% | |||||||||||||||
| (dollars in thousands, except per share amounts) |
|
2024 |
|
|
|
2024 |
|
|
change |
|
|
2023 |
|
|
change |
|
|
2024 |
|
|
|
2023 |
|
|
change |
||||
| Interest income | |||||||||||||||||||||||||||||
| Interest and fees on loans | $ |
20,506 |
|
$ |
20,620 |
|
(1 |
)% |
$ |
21,663 |
|
(5 |
)% |
$ |
62,095 |
|
$ |
65,715 |
|
(6 |
)% |
||||||||
| Interest and dividends on investment securities and restricted stock |
|
4,993 |
|
|
4,758 |
|
5 |
% |
|
3,134 |
|
59 |
% |
|
13,769 |
|
|
8,256 |
|
67 |
% |
||||||||
| Interest on interest-bearing cash deposits |
|
8,855 |
|
|
8,486 |
|
4 |
% |
|
8,081 |
|
10 |
% |
|
25,636 |
|
|
19,890 |
|
29 |
% |
||||||||
| Total interest income |
|
34,354 |
|
|
33,864 |
|
1 |
% |
|
32,878 |
|
4 |
% |
|
101,500 |
|
|
93,861 |
|
8 |
% |
||||||||
| Interest expense | |||||||||||||||||||||||||||||
| Interest on deposits |
|
20,736 |
|
|
19,350 |
|
7 |
% |
|
16,391 |
|
27 |
% |
|
58,186 |
|
|
39,537 |
|
47 |
% |
||||||||
| Interest on Federal Home Loan Bank borrowings |
|
— |
|
|
119 |
|
(100 |
)% |
|
250 |
|
(100 |
)% |
|
367 |
|
|
743 |
|
(51 |
)% |
||||||||
| Interest on Subordinated Notes |
|
— |
|
|
— |
|
N/M |
|
|
243 |
|
(100 |
)% |
|
— |
|
|
3,727 |
|
(100 |
)% |
||||||||
| Total interest expense |
|
20,736 |
|
|
19,469 |
|
7 |
% |
|
16,884 |
|
23 |
% |
|
58,553 |
|
|
44,007 |
|
33 |
% |
||||||||
| Net interest income |
|
13,618 |
|
|
14,395 |
|
(5 |
)% |
|
15,994 |
|
(15 |
)% |
|
42,947 |
|
|
49,854 |
|
(14 |
)% |
||||||||
| Provision for (recovery of) credit losses |
|
(2,338 |
) |
|
(2,079 |
) |
(12 |
)% |
|
(1,942 |
) |
(20 |
)% |
|
(4,376 |
) |
|
(4,170 |
) |
(5 |
)% |
||||||||
| Net interest income after provision for (recovery of) credit losses |
|
15,956 |
|
|
16,474 |
|
(3 |
)% |
|
17,936 |
|
(11 |
)% |
|
47,323 |
|
|
54,024 |
|
(12 |
)% |
||||||||
| Non-interest income | |||||||||||||||||||||||||||||
| Service charges and fees |
|
69 |
|
|
92 |
|
(25 |
)% |
|
97 |
|
(29 |
)% |
|
248 |
|
|
269 |
|
(8 |
)% |
||||||||
| Loss on sale of investment securities |
|
— |
|
|
— |
|
N/M |
|
|
— |
|
N/M |
|
|
— |
|
|
(2 |
) |
100 |
% |
||||||||
| Gain on sale of loans held for sale |
|
— |
|
|
— |
|
N/M |
|
|
— |
|
N/M |
|
|
— |
|
|
1,695 |
|
(100 |
)% |
||||||||
| Unrealized gain (loss) on equity securities |
|
160 |
|
|
(19 |
) |
N/M |
|
|
(137 |
) |
N/M |
|
|
94 |
|
|
(137 |
) |
N/M |
|
||||||||
| Net servicing income |
|
61 |
|
|
46 |
|
33 |
% |
|
107 |
|
(43 |
)% |
|
182 |
|
|
268 |
|
(32 |
)% |
||||||||
| Income earned on company-owned life insurance |
|
84 |
|
|
84 |
|
0 |
% |
|
83 |
|
1 |
% |
|
251 |
|
|
244 |
|
3 |
% |
||||||||
| Other |
|
5 |
|
|
209 |
|
(98 |
)% |
|
234 |
|
(98 |
)% |
|
215 |
|
|
236 |
|
(9 |
)% |
||||||||
| Total non-interest income |
|
379 |
|
|
412 |
|
(8 |
)% |
|
384 |
|
(1 |
)% |
|
990 |
|
|
2,573 |
|
(62 |
)% |
||||||||
| Non-interest expense | |||||||||||||||||||||||||||||
| Salaries and employee benefits |
|
8,540 |
|
|
8,196 |
|
4 |
% |
|
8,753 |
|
(2 |
)% |
|
25,196 |
|
|
27,437 |
|
(8 |
)% |
||||||||
| Occupancy and equipment |
|
2,019 |
|
|
2,005 |
|
1 |
% |
|
2,110 |
|
(4 |
)% |
|
6,108 |
|
|
6,273 |
|
(3 |
)% |
||||||||
| Professional fees |
|
3,005 |
|
|
2,147 |
|
40 |
% |
|
4,242 |
|
(29 |
)% |
|
7,334 |
|
|
10,984 |
|
(33 |
)% |
||||||||
| FDIC insurance |
|
260 |
|
|
262 |
|
(1 |
)% |
|
274 |
|
(5 |
)% |
|
784 |
|
|
794 |
|
(1 |
)% |
||||||||
| Data processing |
|
715 |
|
|
742 |
|
(4 |
)% |
|
745 |
|
(4 |
)% |
|
2,190 |
|
|
2,237 |
|
(2 |
)% |
||||||||
| Other |
|
1,071 |
|
|
1,571 |
|
(32 |
)% |
|
1,578 |
|
(32 |
)% |
|
4,313 |
|
|
5,155 |
|
(16 |
)% |
||||||||
| Total non-interest expense |
|
15,610 |
|
|
14,923 |
|
5 |
% |
|
17,702 |
|
(12 |
)% |
|
45,925 |
|
|
52,880 |
|
(13 |
)% |
||||||||
| Income before income taxes |
|
725 |
|
|
1,963 |
|
(63 |
)% |
|
618 |
|
17 |
% |
|
2,388 |
|
|
3,717 |
|
(36 |
)% |
||||||||
| Income tax expense |
|
868 |
|
|
647 |
|
34 |
% |
|
304 |
|
N/M |
|
|
1,412 |
|
|
1,367 |
|
3 |
% |
||||||||
| Net income (loss) | $ |
(143 |
) |
$ |
1,316 |
|
N/M |
|
$ |
314 |
|
N/M |
|
$ |
976 |
|
$ |
2,350 |
|
(58 |
)% |
||||||||
| Income (loss) per share, basic and diluted | $ |
(0.00 |
) |
$ |
0.03 |
|
$ |
0.01 |
|
$ |
0.02 |
|
$ |
0.05 |
|
||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
| Basic |
|
51,059,012 |
|
|
50,920,703 |
|
|
50,699,967 |
|
|
50,941,371 |
|
|
50,606,566 |
|
||||||||||||||
| Diluted |
|
51,059,012 |
|
|
51,349,764 |
|
|
51,069,683 |
|
|
51,344,908 |
|
|
50,749,879 |
|
||||||||||||||
| N/M - Not Meaningful | |||||||||||||||||||||||||||||
| Sterling Bancorp, Inc. | |||||||||||||||||||||||||||
| Yield Analysis and Net Interest Income (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||||||||||||||||
| 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 | $ |
936,941 |
$ |
16,005 |
6.83 |
% |
$ |
1,006,040 |
$ |
17,007 |
6.76 |
% |
$ |
1,174,075 |
$ |
17,546 |
5.98 |
% |
|||||||||
| Commercial real estate |
|
296,632 |
|
4,160 |
5.61 |
% |
|
252,380 |
|
3,252 |
5.15 |
% |
|
228,939 |
|
2,953 |
5.16 |
% |
|||||||||
| Construction |
|
5,069 |
|
150 |
11.84 |
% |
|
4,997 |
|
130 |
10.41 |
% |
|
29,337 |
|
786 |
10.72 |
% |
|||||||||
| Commercial and industrial |
|
7,427 |
|
191 |
10.29 |
% |
|
10,855 |
|
231 |
8.51 |
% |
|
17,796 |
|
378 |
8.50 |
% |
|||||||||
| Total loans |
|
1,246,069 |
|
20,506 |
6.58 |
% |
|
1,274,272 |
|
20,620 |
6.47 |
% |
|
1,450,147 |
|
21,663 |
5.98 |
% |
|||||||||
| Securities, includes restricted stock(2) |
|
476,506 |
|
4,993 |
4.19 |
% |
|
464,404 |
|
4,758 |
4.10 |
% |
|
400,838 |
|
3,134 |
3.13 |
% |
|||||||||
| Other interest-earning assets |
|
650,089 |
|
8,855 |
5.45 |
% |
|
618,846 |
|
8,486 |
5.49 |
% |
|
589,267 |
|
8,081 |
5.49 |
% |
|||||||||
| Total interest-earning assets |
|
2,372,664 |
|
34,354 |
5.79 |
% |
|
2,357,522 |
|
33,864 |
5.75 |
% |
|
2,440,252 |
|
32,878 |
5.39 |
% |
|||||||||
| Noninterest-earning assets | |||||||||||||||||||||||||||
| Cash and due from banks |
|
7,038 |
|
3,391 |
|
4,780 |
|||||||||||||||||||||
| Other assets |
|
29,906 |
|
29,717 |
|
29,535 |
|||||||||||||||||||||
| Total assets | $ |
2,409,608 |
$ |
2,390,630 |
$ |
2,474,567 |
|||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||||||
| Money market, savings and NOW | $ |
1,077,346 |
$ |
10,265 |
3.78 |
% |
$ |
1,062,347 |
$ |
9,827 |
3.71 |
% |
$ |
1,099,070 |
$ |
8,930 |
3.22 |
% |
|||||||||
| Time deposits |
|
938,514 |
|
10,471 |
4.43 |
% |
|
911,466 |
|
9,523 |
4.19 |
% |
|
907,466 |
|
7,461 |
3.26 |
% |
|||||||||
| Total interest-bearing deposits |
|
2,015,860 |
|
20,736 |
4.08 |
% |
|
1,973,813 |
|
19,350 |
3.93 |
% |
|
2,006,536 |
|
16,391 |
3.24 |
% |
|||||||||
| FHLB borrowings |
|
- |
|
- |
0.00 |
% |
|
24,176 |
|
119 |
1.95 |
% |
|
50,000 |
|
250 |
1.96 |
% |
|||||||||
| Subordinated notes, net |
|
- |
|
- |
0.00 |
% |
|
- |
|
- |
0.00 |
% |
|
9,218 |
|
243 |
10.32 |
% |
|||||||||
| Total borrowings |
|
- |
|
- |
0.00 |
% |
|
24,176 |
|
119 |
1.95 |
% |
|
59,218 |
|
493 |
3.26 |
% |
|||||||||
| Total interest-bearing liabilities |
|
2,015,860 |
|
20,736 |
4.08 |
% |
|
1,997,989 |
|
19,469 |
3.91 |
% |
|
2,065,754 |
|
16,884 |
3.24 |
% |
|||||||||
| Noninterest-bearing liabilities | |||||||||||||||||||||||||||
| Demand deposits |
|
31,507 |
|
31,930 |
|
42,355 |
|||||||||||||||||||||
| Other liabilities |
|
33,719 |
|
33,361 |
|
48,640 |
|||||||||||||||||||||
| Shareholders' equity |
|
328,522 |
|
327,350 |
|
317,818 |
|||||||||||||||||||||
| Total liabilities and shareholders' equity | $ |
2,409,608 |
$ |
2,390,630 |
$ |
2,474,567 |
|||||||||||||||||||||
| Net interest income and spread(2) | $ |
13,618 |
1.71 |
% |
$ |
14,395 |
1.84 |
% |
$ |
15,994 |
2.15 |
% |
|||||||||||||||
| Net interest margin(2) | 2.30 |
% |
2.44 |
% |
2.62 |
% |
|||||||||||||||||||||
| (1) Nonaccrual loans are included in the respective average loan balances. Income, if any, on such loans is recognized on a cash basis. | |||||||||||||||||||||||||||
| (2) Interest income does not include taxable equivalence adjustments. | |||||||||||||||||||||||||||
| Nine Months Ended | |||||||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||||||||||||
| (dollars in thousands) | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||||||||||
| Loans(1) | |||||||||||||||||||||||||||
| Residential real estate and other consumer | $ |
1,002,156 |
$ |
50,209 |
6.68 |
% |
$ |
1,272,056 |
$ |
54,310 |
5.69 |
% |
|||||||||||||||
| Commercial real estate |
|
265,260 |
|
10,625 |
5.34 |
% |
|
225,919 |
|
8,336 |
4.92 |
% |
|||||||||||||||
| Construction |
|
5,768 |
|
522 |
12.07 |
% |
|
34,153 |
|
2,640 |
10.31 |
% |
|||||||||||||||
| Commercial and industrial |
|
11,110 |
|
739 |
8.87 |
% |
|
7,204 |
|
429 |
7.94 |
% |
|||||||||||||||
| Total loans |
|
1,284,294 |
|
62,095 |
6.45 |
% |
|
1,539,332 |
|
65,715 |
5.69 |
% |
|||||||||||||||
| Securities, includes restricted stock(2) |
|
459,603 |
|
13,769 |
3.99 |
% |
|
380,886 |
|
8,256 |
2.89 |
% |
|||||||||||||||
| Other interest-earning assets |
|
623,672 |
|
25,636 |
5.48 |
% |
|
514,957 |
|
19,890 |
5.15 |
% |
|||||||||||||||
| Total interest-earning assets |
|
2,367,569 |
|
101,500 |
5.72 |
% |
|
2,435,175 |
|
93,861 |
5.14 |
% |
|||||||||||||||
| Noninterest-earning assets | |||||||||||||||||||||||||||
| Cash and due from banks |
|
5,032 |
|
4,497 |
|||||||||||||||||||||||
| Other assets |
|
29,713 |
|
28,085 |
|||||||||||||||||||||||
| Total assets | $ |
2,402,314 |
$ |
2,467,757 |
|||||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||||||
| Money market, savings and NOW | $ |
1,071,565 |
$ |
29,747 |
3.70 |
% |
$ |
1,027,336 |
$ |
19,814 |
2.58 |
% |
|||||||||||||||
| Time deposits |
|
911,464 |
|
28,439 |
4.16 |
% |
|
926,122 |
|
19,723 |
2.85 |
% |
|||||||||||||||
| Total interest-bearing deposits |
|
1,983,029 |
|
58,186 |
3.91 |
% |
|
1,953,458 |
|
39,537 |
2.71 |
% |
|||||||||||||||
| FHLB borrowings |
|
24,635 |
|
367 |
1.98 |
% |
|
50,000 |
|
743 |
1.99 |
% |
|||||||||||||||
| Subordinated notes, net |
|
- |
|
- |
0.00 |
% |
|
46,370 |
|
3,727 |
10.60 |
% |
|||||||||||||||
| Total borrowings |
|
24,635 |
|
367 |
1.96 |
% |
|
96,370 |
|
4,470 |
6.12 |
% |
|||||||||||||||
| Total interest-bearing liabilities |
|
2,007,664 |
|
58,553 |
3.89 |
% |
|
2,049,828 |
|
44,007 |
2.87 |
% |
|||||||||||||||
| Noninterest-bearing liabilities | |||||||||||||||||||||||||||
| Demand deposits |
|
32,923 |
|
45,519 |
|||||||||||||||||||||||
| Other liabilities |
|
34,000 |
|
57,427 |
|||||||||||||||||||||||
| Shareholders' equity |
|
327,727 |
|
314,983 |
|||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ |
2,402,314 |
$ |
2,467,757 |
|||||||||||||||||||||||
| Net interest income and spread(2) | $ |
42,947 |
1.83 |
% |
$ |
49,854 |
2.27 |
% |
|||||||||||||||||||
| Net interest margin(2) | 2.42 |
% |
2.73 |
% |
|||||||||||||||||||||||
| (1) Nonaccrual loans are included in the respective average loan balances. Income, if any, on such loans is recognized on a cash basis. | |||||||||||||||||||||||||||
| (2) Interest income does not include taxable equivalence adjustments. | |||||||||||||||||||||||||||
| Sterling Bancorp, Inc. | |||||||||||||||||||||||||||
| Loan Composition (Unaudited) | |||||||||||||||||||||||||||
September 30, |
|
June 30, |
|
% |
|
December 31, |
|
% |
|
September 30, |
|
% |
|||||||||||||||
| (dollars in thousands) |
|
2024 |
|
|
|
2024 |
|
|
change |
|
|
2023 |
|
|
change |
|
|
2023 |
|
|
change |
||||||
| Residential real estate | $ |
904,438 |
|
$ |
972,326 |
|
(7 |
)% |
$ |
1,085,776 |
|
|
(17 |
)% |
$ |
1,139,205 |
|
|
(21 |
)% |
|||||||
| Commercial real estate |
|
306,927 |
|
|
277,273 |
|
11 |
% |
|
236,982 |
|
|
30 |
% |
|
237,812 |
|
|
29 |
% |
|||||||
| Construction |
|
5,212 |
|
|
5,050 |
|
3 |
% |
|
10,381 |
|
|
(50 |
)% |
|
22,292 |
|
|
(77 |
)% |
|||||||
| Commercial and industrial |
|
7,158 |
|
|
9,593 |
|
(25 |
)% |
|
15,832 |
|
|
(55 |
)% |
|
17,809 |
|
|
(60 |
)% |
|||||||
| Other consumer |
|
2 |
|
|
1 |
|
100 |
% |
|
1 |
|
|
100 |
% |
|
9 |
|
|
(78 |
)% |
|||||||
| Total loans held for investment |
|
1,223,737 |
|
|
1,264,243 |
|
(3 |
)% |
|
1,348,972 |
|
|
(9 |
)% |
|
1,417,127 |
|
|
(14 |
)% |
|||||||
| Less: allowance for credit losses |
|
(24,970 |
) |
|
(27,556 |
) |
(9 |
)% |
|
(29,404 |
) |
|
(15 |
)% |
|
(34,267 |
) |
|
(27 |
)% |
|||||||
| Loans, net | $ |
1,198,767 |
|
$ |
1,236,687 |
|
(3 |
)% |
$ |
1,319,568 |
|
|
(9 |
)% |
$ |
1,382,860 |
|
|
(13 |
)% |
|||||||
| Sterling Bancorp, Inc. | |||||||||||||||||||||||||||
| Allowance for Credit Losses - Loans (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
|||||||||||||||||||||
| (dollars in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
||||||||||||
| Balance at beginning of period | $ |
27,556 |
|
$ |
29,257 |
|
$ |
34,267 |
|
$ |
36,153 |
|
|||||||||||||||
| Provision for (recovery of) credit losses |
|
(2,596 |
) |
|
(2,141 |
) |
|
(4,927 |
) |
|
(1,887 |
) |
|||||||||||||||
| Charge offs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||||||||||
| Recoveries |
|
10 |
|
|
440 |
|
|
64 |
|
|
1 |
|
|||||||||||||||
| Balance at end of period | $ |
24,970 |
|
$ |
27,556 |
|
$ |
29,404 |
|
$ |
34,267 |
|
|||||||||||||||
| Sterling Bancorp, Inc. | |||||||||||||||||||||||||||
| Deposit Composition (Unaudited) | |||||||||||||||||||||||||||
September 30, |
|
June 30, |
|
% |
|
December 31, |
|
% |
|
September 30, |
|
% |
|||||||||||||||
| (dollars in thousands) |
|
2024 |
|
|
|
2024 |
|
|
change |
|
|
2023 |
|
|
change |
|
|
2023 |
|
|
change |
||||||
| Noninterest-bearing deposits | $ |
31,276 |
|
$ |
32,167 |
|
(3 |
)% |
$ |
35,245 |
|
|
(11 |
)% |
$ |
40,780 |
|
|
(23 |
)% |
|||||||
| Money Market, Savings and NOW |
|
1,063,746 |
|
|
1,076,079 |
|
(1 |
)% |
|
1,095,521 |
|
|
(3 |
)% |
|
1,127,735 |
|
|
(6 |
)% |
|||||||
| Time deposits |
|
972,171 |
|
|
905,219 |
|
7 |
% |
|
873,220 |
|
|
11 |
% |
|
872,143 |
|
|
11 |
% |
|||||||
| Total deposits | $ |
2,067,193 |
|
$ |
2,013,465 |
|
3 |
% |
$ |
2,003,986 |
|
|
3 |
% |
$ |
2,040,658 |
|
|
1 |
% |
|||||||
| Sterling Bancorp, Inc. | ||||||||||||||||
| Credit Quality Data (Unaudited) | ||||||||||||||||
| At and for the Three Months Ended | ||||||||||||||||
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
||||||||||
| (dollars in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
| Nonaccrual loans(1) | ||||||||||||||||
| Residential real estate | $ |
13,187 |
|
$ |
11,049 |
|
$ |
8,942 |
|
$ |
5,035 |
|
||||
| Loans past due 90 days or more and still accruing interest |
|
27 |
|
|
1,164 |
|
|
31 |
|
|
1,147 |
|
||||
| Nonperforming loans | $ |
13,214 |
|
$ |
12,213 |
|
$ |
8,973 |
|
$ |
6,182 |
|
||||
| Total loans (1) | $ |
1,223,737 |
|
$ |
1,264,243 |
|
$ |
1,348,972 |
|
$ |
1,417,127 |
|
||||
| Total assets | $ |
2,438,554 |
|
$ |
2,374,739 |
|
$ |
2,416,003 |
|
$ |
2,446,673 |
|
||||
| Allowance for credit losses to total loans |
|
2.04 |
% |
|
2.18 |
% |
|
2.18 |
% |
|
2.42 |
% |
||||
| Allowance for credit losses to total nonaccrual loans |
|
189 |
% |
|
249 |
% |
|
329 |
% |
|
681 |
% |
||||
| Nonaccrual loans to total loans |
|
1.08 |
% |
|
0.87 |
% |
|
0.66 |
% |
|
0.36 |
% |
||||
| Nonperforming loans to total loans |
|
1.08 |
% |
|
0.97 |
% |
|
0.67 |
% |
|
0.44 |
% |
||||
| Nonperforming loans to total assets |
|
0.54 |
% |
|
0.51 |
% |
|
0.37 |
% |
|
0.25 |
% |
||||
| Net charge offs (recoveries) to average loans during the period |
|
0.00 |
% |
|
(0.03 |
)% |
|
0.00 |
% |
|
0.00 |
% |
||||
| (1) Loans are classified as held for investment and are presented before the allowance for credit losses. | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030548637/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
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