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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-38290

Sterling Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Michigan

38-3163775

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

One Towne Square, Suite 1900

Southfield, Michigan 48076

(248) 355-2400

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common stock, no par

SBT

The NASDAQ Stock Market LLC

value per share

(NASDAQ Capital Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

    

Accelerated filer 

    

Non-accelerated filer

    

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of November 3, 2020, there were 49,973,861 shares of the Registrant’s Common Stock outstanding.

Table of Contents

STERLING BANCORP, INC.

FORM 10-Q

INDEX

PART I — FINANCIAL INFORMATION

Item 1.

    

Financial Statements (Unaudited)

    

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

2

Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019

3

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

4

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2020 and 2019

5

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

6

Notes to the Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

61

Item 4.

Controls and Procedures

62

PART II — OTHER INFORMATION

63

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

65

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

65

Item 6.

Exhibits

66

Exhibit Index

66

SIGNATURES

67

1

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(dollars in thousands)

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

September 30, 

December 31, 

    

2020

    

2019

Assets

 

  

 

  

Cash and due from banks

$

917,996

$

77,819

Interest-bearing time deposits with other banks

7,988

1,025

Investment securities

 

247,884

 

152,544

Mortgage loans held for sale

 

3,643

 

1,337

Loans, net of allowance for loan losses of $48,258 and $21,730

 

2,627,324

 

2,891,530

Accrued interest receivable

 

12,385

 

13,718

Mortgage servicing rights, net

6,423

9,765

Leasehold improvements and equipment, net

 

8,493

 

9,198

Operating lease right-of-use assets

19,253

18,715

Federal Home Loan Bank stock, at cost

22,950

22,950

Cash surrender value of bank-owned life insurance

 

32,355

 

31,917

Deferred tax asset, net

 

20,589

 

12,095

Other assets

 

9,322

 

2,271

Total assets

$

3,936,605

$

3,244,884

Liabilities and Shareholders' Equity

 

  

 

  

Liabilities:

 

  

 

  

Noninterest-bearing deposits

$

66,316

$

77,563

Interest-bearing deposits

 

3,028,854

 

2,417,877

Total deposits

 

3,095,170

 

2,495,440

Federal Home Loan Bank borrowings

 

318,000

 

229,000

Subordinated notes, net

 

65,300

 

65,179

Operating lease liabilities

20,514

19,868

Accrued expenses and other liabilities

 

106,477

 

102,783

Total liabilities

 

3,605,461

 

2,912,270

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 49,977,209 shares at September 30, 2020 and 49,944,473 shares at December 31, 2019, respectively

 

80,807

 

80,889

Additional paid-in capital

 

13,386

 

13,210

Retained earnings

 

236,546

 

238,319

Accumulated other comprehensive income

 

405

 

196

Total shareholders’ equity

 

331,144

 

332,614

Total liabilities and shareholders’ equity

$

3,936,605

$

3,244,884

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Interest income

  

  

Interest and fees on loans

$

35,918

$

42,351 

$

112,944

$

127,374 

Interest and dividends on investment securities and restricted stock

901

1,252 

 

2,972

 

3,751 

Other interest

211

608 

 

786

 

1,060 

Total interest income

37,030

44,211 

 

116,702

 

132,185 

Interest expense

 

 

Interest on deposits

9,288

12,249 

 

29,228

 

34,429 

Interest on Federal Home Loan Bank borrowings

859

777 

 

2,546

 

3,207 

Interest on subordinated notes

1,178

1,175 

 

3,533

 

3,524 

Total interest expense

11,325

14,201 

 

35,307

 

41,160 

Net interest income

25,705

30,010 

 

81,395

 

91,025 

Provision (recovery) for loan losses

2,123

251 

 

27,273

 

(583)

Net interest income after provision (recovery) for loan losses

23,582

29,759 

 

54,122

 

91,608 

Non-interest income

 

 

Service charges and fees

61

111 

 

273

 

327 

Investment management and advisory fees

310

477 

 

878

 

1,242 

Gain (loss) on sale of investment securities

(20)

179

Gain on sale of mortgage loans held for sale

437

194 

 

1,457

 

374 

Gain on sale of portfolio loans

1,683 

 

 

5,985 

Unrealized gains on equity securities

30 

123

136 

Net servicing income (loss)

(121)

240 

(1,239)

(437)

Income on cash surrender value of bank-owned life insurance

317

324 

 

962

 

949 

Other

127

106 

 

330

 

485 

Total non-interest income

1,111

3,165 

 

2,963

 

9,061 

Non-interest expense

 

 

Salaries and employee benefits

7,517

7,545 

 

21,606

 

22,193 

Occupancy and equipment

2,219

2,126 

 

6,545

 

6,533 

Professional fees

12,207

1,389 

 

23,787

 

3,455 

Advertising and marketing

71

269 

 

414

 

1,114 

FDIC assessments

956

(5)

 

1,215

 

440 

Data processing

392

271 

 

1,078

 

882 

Other

1,612

1,831 

 

4,611

 

5,656 

Total non-interest expense

24,974

13,426 

 

59,256

 

40,273 

Income (loss) before income taxes

(281)

19,498 

 

(2,171)

 

60,396 

Income tax expense (benefit)

(170)

5,614 

 

(897)

 

17,395 

Net income (loss)

$

(111)

$

13,884 

$

(1,274)

$

43,001

Income (loss) per share:

Basic

$

(0.00)

$

0.28

$

(0.03)

$

0.84

Diluted

$

(0.00)

$

0.28

$

(0.03)

$

0.83

Weighted average common shares outstanding:

Basic

49,843,925

50,428,108 

49,839,860

51,490,046 

Diluted

49,843,925

50,441,572 

49,839,860

51,500,657 

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(dollars in thousands)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Net income (loss)

$

(111)

$

13,884

$

(1,274)

$

43,001

Other comprehensive income (loss), net of tax:

 

 

Unrealized gains (losses) on investment securities, arising during the period, net of tax effect of $(86), $(14), $131, and $63, respectively

(222)

(35)

 

338

 

162

Reclassification adjustment for (gains) losses included in net income of $20, $-, $(179), and $-, respectively, included in gain (loss) on sale of investment securities, net of tax effect of $(6), $-, $50, and $-, respectively

14

(129)

Total other comprehensive income (loss)

(208)

(35)

 

209

 

162

Comprehensive income (loss)

$

(319)

$

13,849

$

(1,065)

$

43,163

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(dollars in thousands, except share amounts)

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Retained

Comprehensive

Shareholders’

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

Equity

Balance at January 1, 2019

53,012,283

$

111,238

$

12,713

$

211,115

$

(9)

$

335,057

Net income

15,683

15,683

Repurchases of shares of common stock (Note 10)

(1,212,574)

(11,544)

(11,544)

Stock-based compensation

71,144

126

126

Other comprehensive income

 

 

 

 

106

 

106

Dividends distributed ($0.01 per share)

 

 

 

(526)

 

 

(526)

Balance at March 31, 2019

51,870,853

$

99,694

$

12,839

$

226,272

$

97

$

338,902

Net income

13,434

13,434

Repurchases of shares of common stock (Note 10)

(1,034,792)

(10,011)

(10,011)

Stock-based compensation

10,460

153

153

Other comprehensive income

91

91

Dividends distributed ($0.01 per share)

(516)

(516)

Balance at June 30, 2019

50,846,521

$

89,683

$

12,992

$

239,190

$

188

$

342,053

Net income

13,884

13,884

Repurchases of shares of common stock (Note 10)

(421,581)

(4,168)

(4,168)

Stock-based compensation

146

146

Other comprehensive loss

(35)

(35)

Dividends distributed ($0.01 per share )

(503)

(503)

Balance at September 30, 2019

50,424,940

$

85,515

$

13,138

$

252,571

$

153

$

351,377

Balance at January 1, 2020

49,944,473

$

80,889

$

13,210

$

238,319

$

196

$

332,614

Net loss

(4,030)

(4,030)

Repurchases of shares of common stock (Note 10)

(10,912)

(82)

(82)

Stock-based compensation

134,177

109

109

Other comprehensive income

563

563

Dividends distributed ($0.01 per share)

(499)

(499)

Balance at March 31, 2020

50,067,738

$

80,807

$

13,319

$

233,790

$

759

$

328,675

Net income

2,867

2,867

Stock-based compensation

(60,323)

9

9

Other comprehensive loss

(146)

(146)

Balance at June 30, 2020

50,007,415

$

80,807

$

13,328

$

236,657

$

613

$

331,405

Net loss

(111)

(111)

Stock-based compensation

(30,206)

58

58

Other comprehensive loss

(208)

(208)

Balance at September 30, 2020

49,977,209

$

80,807

$

13,386

$

236,546

$

405

$

331,144

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(dollars in thousands)

Nine Months Ended

September 30, 

    

2020

    

2019

Cash Flows From Operating Activities

 

  

 

  

Net income (loss)

$

(1,274)

$

43,001

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Provision (recovery) for loan losses

 

27,273

 

(583)

Deferred income taxes

 

(8,574)

 

(622)

Gain on sale of investment securities

 

(179)

 

Unrealized gains on equity securities

 

(123)

 

(136)

Amortization (accretion), net, on investment securities

 

128

 

(1,273)

Depreciation and amortization on leasehold improvements and equipment

1,199

1,210

Amortization of intangible asset

 

 

338

Origination, premium paid and purchase of loans, net of principal payments, mortgage loans held for sale

 

(160,540)

 

(42,026)

Proceeds from sale of mortgage loans held for sale

 

158,683

 

42,375

Gain on sale of mortgage loans held for sale

 

(1,457)

 

(374)

Gain on sale of portfolio loans

 

 

(5,985)

Increase in cash surrender value of bank-owned life insurance, net of premiums

 

(438)

 

(459)

Valuation allowance adjustments and amoritzation of mortgage servicing rights

 

3,951

 

3,488

Stock-based compensation

176

425

Other

 

121

 

124

Change in operating assets and liabilities:

 

 

Accrued interest receivable

 

1,333

 

(332)

Other assets

(3,937)

4,170

Accrued expenses and other liabilities

 

855

 

30,443

Net cash provided by (used in) operating activities

 

17,197

 

73,784

Cash Flows From Investing Activities

 

  

 

  

Maturities of interest-bearing time deposits with other banks

1,743

Purchases of interest-bearing time deposits with other banks

(8,706)

Maturities and principal receipts of investment securities

 

117,533

 

114,433

Sales of investment securities

99,971