Sterling Bancorp Reports Third Quarter 2024 Financial Results

Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today reported its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

Net loss of $(0.1) million, or $(0.00) per diluted share
Net interest margin of 2.30%
Nonperforming loans of $13.2 million, 1.08% of total loans and 0.54% of total assets
Provision for (recovery of) credit losses of $(2.3) million; ratio of allowance for credit losses to total loans of 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% and 13.72%, respectively
Total deposits of $2.1 billion
Total gross loans of $1.2 billion

The Company reported a net loss of $(0.1) million, or $(0.00) per diluted share, for the quarter ended September 30, 2024, compared to net income of $1.3 million, or $0.03 per diluted share, for the quarter ended June 30, 2024.

As previously disclosed, on September 15, 2024, Sterling, the Bank and EverBank Financial Corp (“EverBank”) entered into a definitive stock purchase agreement providing for the purchase by EverBank of all of the issued and outstanding shares of capital stock of the Bank from Sterling (the “Transaction”) for cash consideration of $261.0 million. Also on September 15, 2024, Sterling’s board of directors unanimously approved a plan of dissolution providing for the dissolution of Sterling under Michigan law following the closing of the Transaction. The Transaction is expected to close in the first quarter of 2025. The Transaction is subject to customary closing conditions, among which include the approval of the definitive stock purchase agreement, the Transaction and the plan of dissolution by the requisite vote of the Company’s shareholders and the receipt of required regulatory approvals.

Balance Sheet

Total Assets – Total assets were $2.4 billion at September 30, 2024, an increase of $63.8 million, or 3%, from June 30, 2024.

Cash and due from banks increased $110.6 million, or 18%, to $710.4 million at September 30, 2024 compared to $599.8 million at June 30, 2024 primarily due to net cash inflows from the growth in deposits and the decline in loans. Debt securities decreased $5.5 million, or 1%, to $436.4 million at September 30, 2024. All debt securities are available for sale, have a relatively short duration and are considered part of our liquid assets.

Total gross loans of $1.2 billion at September 30, 2024 decreased $40.5 million, or 3%, from June 30, 2024. Residential real estate loans were $904.4 million, a decrease of $67.9 million, or 7%, from June 30, 2024. Commercial real estate loans were $306.9 million, an increase of $29.7 million, or 11%, from June 30, 2024.

Total Deposits – Total deposits were $2.1 billion at September 30, 2024, an increase of $53.7 million, or 3%, from June 30, 2024. Money market, savings and NOW deposits were $1.1 billion, a decrease of $12.3 million from June 30, 2024. Time deposits were $972.2 million, an increase of $67.0 million from June 30, 2024. Noninterest-bearing deposits were $31.3 million at September 30, 2024 compared to $32.2 million at June 30, 2024. Total estimated uninsured deposits to total deposits were approximately 22% at September 30, 2024, June 30, 2024 and December 31, 2023. Our current strategy is to continue to offer competitive interest rates on our deposit products to maintain our existing customer deposit base and maintain our liquidity.

Capital – Total shareholders’ equity was $334.6 million at September 30, 2024, an increase of $5.7 million compared to $328.9 million at June 30, 2024, primarily due to a $5.3 million reduction in the unrealized loss on our debt securities portfolio included in accumulated other comprehensive loss.

At September 30, 2024, the consolidated Company’s and Bank’s leverage ratios were 14.18% and 13.72%, respectively. Both the Company and the Bank are required to maintain a Tier 1 leverage ratio of greater than 9.0% to have satisfied the minimum regulatory capital requirements as well as the capital ratio requirements to be considered well capitalized for regulatory purposes.

Asset Quality and Provision for (Recovery of) Credit Losses – A provision for (recovery of) credit losses of $(2.3) million was recorded for the third quarter of 2024 compared to $(2.1) million for the second quarter of 2024. In the third quarter of 2024, the recovery of credit losses related to loans of $(2.6) million was primarily due to the reduction in the commercial real estate portfolio’s allowance reflecting the continued strong credit quality of the portfolio. In addition, the residential mortgage portfolio’s allowance had a reduction primarily due to continued run-off of that portfolio. A provision for credit losses on unfunded commitments was recorded for the three months ended September 30, 2024 and June 30, 2024 of $0.3 million and $0.1 million, respectively. The allowance for credit losses at September 30, 2024 was $25.0 million, or 2.04% of total loans, compared to $27.6 million, or 2.18% of total loans at June 30, 2024.

Recoveries of loan losses during the third and second quarter of 2024 were $10 thousand and $440 thousand, respectively, with no charge offs in either quarter.

Nonperforming loans, comprised primarily of nonaccrual residential real estate loans, totaled $13.2 million, or 0.54% of total assets at September 30, 2024, compared to $12.2 million, or 0.51% of total assets at June 30, 2024.

Results of Operations

Net Interest Income and Net Interest Margin – Net interest income for the third quarter of 2024 was $13.6 million compared to $14.4 million for the second quarter of 2024. The net interest margin was 2.30% and 2.44% for the third and second quarter of 2024, respectively. The decrease in net interest income during the third quarter of 2024 compared to the prior quarter was primarily due to a $1.3 million increase in interest expense. This increase in interest expense reflects an increase in the average balance of interest-bearing deposits of $42.0 million, or 2%, as well as a 15 basis point increase in the rate paid on deposits during the third quarter of 2024 over the rate paid during the second quarter of 2024. This increase in interest expense was partially offset by a $0.6 million increase in interest income earned on our average balance of investment securities and other interest-earnings assets. Interest income on loans declined $0.1 million in the third quarter of 2024 as compared to the prior quarter as a decline in the average loan portfolio balance of $28.2 million, or 2%, was offset in part by an 11 basis point increase in the yield on the average loan portfolio. The increase in the yield was due primarily to a 7 basis point increase in residential mortgage rates resetting in the higher interest rate environment and a 46 basis point increase in commercial real estate loan yields due to the growth in the portfolio at yields higher than the second quarter portfolio yield.

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 $0.2 million was offset by $0.2 million less in funds received from the Federal Home Loan Bank based on the performance of loans previously sold to them.

Non-Interest Expense – Non-interest expense of $15.6 million for the third quarter of 2024 reflected an increase of $0.7 million, or 5%, compared to $14.9 million for the second quarter of 2024. This increase was primarily due to a $0.9 million increase in professional fees which included increased professional fees incurred in connection with the Transaction. Salaries and employee benefits expense increased $0.3 million, or 4%, primarily due to the annual merit increase and adjustments to certain employees’ base compensation. Partially offsetting the increases in professional fees and salaries and employee benefits, other expenses decreased $0.5 million, or 32%.

Income Tax Expense – For the three months ended September 30, 2024, the Company recorded an income tax expense of $0.9 million. Income tax expense includes an additional $0.6 million in the third quarter of 2024 to reverse a tax position previously taken on the deductibility of interest earned on U.S. government obligations under applicable state tax law. For the three months ended June 30, 2024, the Company recorded an income tax expense of $0.6 million, or an effective tax rate of 33.0%. Our effective tax rate varies from the statutory rate primarily due to the correction in the third quarter of 2024 discussed above as well as the impact of non-deductible compensation-related expenses.

About Sterling Bancorp, Inc.

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

Forward-Looking Statements

This Press Release contains certain statements that are, or may be deemed to be, “forward-looking statements” regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance, including any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “attribute,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook” and “would” or the negative versions of those words or other comparable words or phrases of a future or forward-looking nature, though the absence of these words does not mean a statement is not forward-looking. All statements other than statements of historical facts, including but not limited to statements regarding expectations for the anticipated sale of the Bank and ensuing Plan of Dissolution, the economy and financial markets, credit quality, the regulatory scheme governing our industry, competition in our industry, interest rates, our liquidity, our business and our governance, are forward-looking statements. We have based the forward-looking statements in this Press Release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs. These forward-looking statements are not historical facts, and they are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. There can be no assurance that future developments will be those that have been anticipated. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. The risks, uncertainties and other factors detailed from time to time in our public filings, including those included in the disclosures under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2024, subsequent periodic reports and future periodic reports, could affect future results and events, causing those results and events to differ materially from those views expressed or implied in the Company’s forward-looking statements. These risks are not exhaustive. Other sections of this Press Release and our filings with the Securities and Exchange Commission include additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Press Release. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. The Company disclaims any obligation to update, revise, or correct any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.

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

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

)

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

change

2023

change

2023

change

Assets Cash and due from banks

710,372

599,774

577,967

563,622

Interest-bearing time deposits with other banks

4,983

5,232

5,226

1,174

N/M

Debt securities available for sale

436,409

441,930

419,213

398,302

Equity securities

4,797

4,637

4,703

4,505

Loans, net of allowance for credit losses of $24,970, $27,556, $29,404 and $34,267

1,198,767

1,236,687

1,319,568

1,382,860

(13

Accrued interest receivable

9,650

8,835

8,509

8,854

Mortgage servicing rights, net

1,338

1,392

1,542

(13

1,631

(18

Leasehold improvements and equipment, net

4,710

4,961

5,430

(13

5,583

(16

Operating lease right-of-use assets

10,765

11,481

11,454

12,197

(12

Federal Home Loan Bank stock, at cost

18,423

18,923

Federal Reserve Bank stock, at cost

9,187

9,139

9,048

9,001

Company-owned life insurance

8,872

8,818

8,711

8,658

Deferred tax asset, net

15,023

17,923

(16

16,959

(11

22,475

(33

Other assets

5,258

5,507

8,750

(40

8,888

(41

Total assets

2,438,554

2,374,739

2,416,003

2,446,673

Liabilities Noninterest-bearing deposits

31,276

32,167

35,245

(11

40,780

(23

Interest-bearing deposits

2,035,917

1,981,298

1,968,741

1,999,878

Total deposits

2,067,193

2,013,465

2,003,986

2,040,658

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

12,537

13,317

(12

Other liabilities

24,999

19,900

21,757

26,595

Total liabilities

2,103,945

2,045,869

2,088,280

2,130,570

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

Additional paid-in capital

18,210

17,592

16,660

15,882

Retained earnings

242,940

243,083

241,964

236,901

Accumulated other comprehensive loss

(10,864

)

(16,128

)

(15,224

)

(21,003

)

Total shareholders’ equity

334,609

328,870

327,723

316,103

Total liabilities and shareholders’ equity

2,438,554

2,374,739

2,416,003

2,446,673

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,

% (dollars in thousands, except per share amounts)

2024

change

2023

change

2024

2023

change

Interest income Interest and fees on loans

20,506

20,620

21,663

62,095

65,715

Interest and dividends on investment securities and restricted stock

4,993

4,758

3,134

13,769

8,256

Interest on interest-bearing cash deposits

8,855

8,486

8,081

25,636

19,890

Total interest income

34,354

33,864

32,878

101,500

93,861

Interest expense Interest on deposits

20,736

19,350

16,391

58,186

39,537

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

16,884

58,553

44,007

Net interest income

13,618

14,395

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

)

Net interest income after provision for (recovery of) credit losses

15,956

16,474

17,936

(11

47,323

54,024

(12

Non-interest income Service charges and fees

(25

(29

248

269

Loss on sale of investment securities

—

N/M

—

N/M

—

)

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

(137

)

N/M

Net servicing income

107

(43

182

268

(32

Income earned on company-owned life insurance

251

244

Other

209

(98

234

(98

215

236

Total non-interest income

379

412

384

990

2,573

(62

Non-interest expense Salaries and employee benefits

8,540

8,196

8,753

25,196

27,437

Occupancy and equipment

2,019

2,005

2,110

6,108

6,273

Professional fees

3,005

2,147

4,242

(29

7,334

10,984

(33

FDIC insurance

260

262

274

784

794

Data processing

715

742

745

2,190

2,237

Other

1,071

1,571

(32

1,578

(32

4,313

5,155

(16

Total non-interest expense

15,610

14,923

17,702

(12

45,925

52,880

(13

Income before income taxes

725

1,963

(63

618

2,388

3,717

(36

Income tax expense

868

647

304

N/M

1,412

1,367

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

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

September 30,

June 30,

December 31,

September 30,

(dollars in thousands)

2024

change

2023

change

2023

change

Residential real estate

904,438

972,326

1,085,776

(17

1,139,205

(21

Commercial real estate

306,927

277,273

236,982

237,812

Construction

5,212

5,050

10,381

(50

22,292

(77

Commercial and industrial

7,158

9,593

(25

15,832

(55

17,809

(60

Other consumer

100

(78

Total loans held for investment

1,223,737

1,264,243

1,348,972

1,417,127

(14

Less: allowance for credit losses

(24,970

)

(27,556

)

(29,404

)

(15

(34,267

)

(27

Loans, net

1,198,767

1,236,687

1,319,568

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

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

440

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

change

2023

change

2023

change

Noninterest-bearing deposits

31,276

32,167

35,245

(11

40,780

(23

Money Market, Savings and NOW

1,063,746

1,076,079

1,095,521

1,127,735

Time deposits

972,171

905,219

873,220

872,143

Total deposits

2,067,193

2,013,465

2,003,986

2,040,658

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

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

1,164

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

2.42

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

(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

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