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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, 2021

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 value per share

SBT

The NASDAQ Stock Market LLC (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 8, 2021, 50,449,063 shares of the registrant’s Common Stock were 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, 2021 and December 31, 2020

2

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020

3

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020

4

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2021 and 2020

5

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

6

Notes to the Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

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

39

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

59

Item 4.

Controls and Procedures

61

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 6.

Exhibits

65

Exhibit Index

65

SIGNATURES

66

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, 

    

2021

    

2020

Assets

 

  

 

  

Cash and due from banks

$

609,412

$

998,497

Interest-bearing time deposits with other banks

805

7,021

Investment securities

 

204,689

 

304,958

Mortgage loans held for sale

 

12,744

 

22,284

Loans, net of allowance for loan losses of $70,238 and $72,387

 

2,168,544

 

2,434,356

Accrued interest receivable

 

8,355

 

10,990

Mortgage servicing rights, net

2,873

5,688

Leasehold improvements and equipment, net

 

8,931

 

8,512

Operating lease right-of-use assets

18,889

19,232

Federal Home Loan Bank stock, at cost

22,950

22,950

Cash surrender value of bank-owned life insurance

 

32,899

 

32,495

Deferred tax asset, net

 

23,379

 

24,326

Other assets

 

24,494

 

22,736

Total assets

$

3,138,964

$

3,914,045

Liabilities and Shareholders’ Equity

 

  

 

  

Liabilities:

 

  

 

  

Noninterest-bearing deposits

$

65,456

$

64,509

Interest-bearing deposits

 

2,274,039

 

3,040,508

Total deposits

 

2,339,495

 

3,105,017

Federal Home Loan Bank borrowings

 

307,000

 

318,000

Subordinated notes, net

 

65,360

 

65,341

Operating lease liabilities

20,106

20,497

Accrued expenses and other liabilities

 

70,438

 

85,599

Total liabilities

 

2,802,399

 

3,594,454

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 50,475,064 shares and 49,981,861 shares at September 30, 2021 and December 31, 2020, respectively

 

82,157

 

80,807

Additional paid-in capital

 

13,992

 

13,544

Retained earnings

 

240,187

 

224,853

Accumulated other comprehensive income

 

229

 

387

Total shareholders’ equity

 

336,565

 

319,591

Total liabilities and shareholders’ equity

$

3,138,964

$

3,914,045

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(dollars in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

Interest income

  

  

Interest and fees on loans

$

27,348

$

35,918

$

88,716

$

112,944

Interest and dividends on investment securities and restricted stock

375

901

 

1,150

 

2,972

Other interest

253

211

 

743

 

786

Total interest income

27,976

37,030

 

90,609

 

116,702

Interest expense

 

 

Interest on deposits

3,541

9,288

 

15,479

 

29,228

Interest on Federal Home Loan Bank borrowings

826

859

 

2,511

 

2,546

Interest on subordinated notes

972

1,178

 

3,157

 

3,533

Total interest expense

5,339

11,325

 

21,147

 

35,307

Net interest income

22,637

25,705

 

69,462

 

81,395

Provision (recovery) for loan losses

397

2,123

 

(2,146)

 

27,273

Net interest income after provision (recovery) for loan losses

22,240

23,582

 

71,608

 

54,122

Non-interest income

 

 

Service charges and fees

120

61

 

423

 

273

Gain (loss) on sale of investment securities

(20)

179

Gain on sale of mortgage loans held for sale

151

437

 

619

 

1,457

Unrealized gains (losses) on equity securities

(24)

(99)

123

Gain on sale of branch office

1,417

1,417

Net servicing loss

(31)

(121)

(1,369)

(1,239)

Income on cash surrender value of bank-owned life insurance

325

317

 

960

 

962

Other

100

437

 

291

 

1,208

Total non-interest income

2,058

1,111

 

2,242

 

2,963

Non-interest expense

 

 

Salaries and employee benefits

2,774

7,517

 

19,300

 

21,606

Occupancy and equipment

2,395

2,219

 

6,840

 

6,545

Professional fees

4,024

12,207

 

18,500

 

23,787

FDIC assessments

417

956

 

1,636

 

1,215

Data processing

403

392

 

1,189

 

1,078

Net provision (recovery) of mortgage repurchase liability

(298)

(963)

25

Other

1,361

1,683

 

5,852

 

5,000

Total non-interest expense

11,076

24,974

 

52,354

 

59,256

Income (loss) before income taxes

13,222

(281)

 

21,496

 

(2,171)

Income tax expense (benefit)

3,665

(170)

 

6,162

 

(897)

Net income (loss)

$

9,557

$

(111)

$

15,334

$

(1,274)

Income (loss) per share, basic and diluted

$

0.19

$

(0.00)

$

0.31

$

(0.03)

Weighted average common shares outstanding:

Basic

50,167,295

49,843,925

50,010,341

49,839,860

Diluted

50,262,686

49,843,925

50,079,931

49,839,860

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(dollars in thousands)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

Net income (loss)

$

9,557

$

(111)

$

15,334

$

(1,274)

Other comprehensive income (loss), net of tax:

 

 

Unrealized gains (losses) on investment securities, arising during the period, net of tax effect of $(89), $(86), $(61), and $131, respectively

(230)

(222)

 

(158)

 

338

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

14

(129)

Total other comprehensive income (loss)

(230)

(208)

 

(158)

 

209

Comprehensive income (loss)

$

9,327

$

(319)

$

15,176

$

(1,065)

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 per share amounts)

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Retained

Comprehensive

Shareholders’

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income

    

Equity

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

Balance at January 1, 2021

49,981,861

$

80,807

$

13,544

$

224,853

$

387

$

319,591

Net income

2,325

2,325

Repurchase of restricted shares to pay employee tax liability

(8,536)

(46)

(46)

Stock-based compensation

36,082

105

105

Other comprehensive loss

(59)

(59)

Balance at March 31, 2021

50,009,407

$

80,807

$

13,603

$

227,178

$

328

$

321,916

Net income

3,452

3,452

Issuance of shares of common stock for cash ($4.50 per share) (Note 10)

300,000

1,350

1,350

Stock-based compensation

165,774

193

193

Other comprehensive income

131

131

Balance at June 30, 2021

50,475,181

$

82,157

$

13,796

$

230,630

$

459

$

327,042

Net income

9,557

9,557

Stock-based compensation

(117)

196

196

Other comprehensive loss

(230)

(230)

Balance at September 30, 2021

50,475,064

$

82,157

$

13,992

$

240,187

$

229

$

336,565

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,

    

2021

    

2020

Cash Flows From Operating Activities

 

  

 

  

Net income (loss)

$

15,334

$

(1,274)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

Provision (recovery) for loan losses

 

(2,146)

 

27,273

Deferred income tax expense (benefit)

 

1,009

 

(8,574)

Gain on sale of branch office

(1,417)

Gain on sale of investment securities

 

 

(179)

Unrealized (gains) losses on equity securities

 

99

 

(123)

Net amortization on investment securities

 

1,229

 

128

Depreciation and amortization on leasehold improvements and equipment

1,395

1,199

Origination, net of principal payments, mortgage loans held for sale

 

(9,385)

 

(160,540)

Proceeds from sale of mortgage loans held for sale

 

19,179