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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 March 31, 2022

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

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 May 6, 2022, 50,651,466 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)

2

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

2

Condensed Consolidated Statements of Income for the three months ended March 31, 2022 and 2021

3

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021

4

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2022 and 2021

5

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

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

33

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

53

Item 4.

Controls and Procedures

55

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 6.

Exhibits

59

Exhibit Index

SIGNATURES

60

1

Table of Contents

Sterling Bancorp, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(dollars in thousands)

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

March 31, 

December 31, 

2022

2021

Assets

 

 

Cash and due from banks

$

486,743

$

411,676

Interest-bearing time deposits with other banks

1,183

1,183

Investment securities

 

364,361

 

313,879

Loans held for sale

 

12,230

 

64,987

Loans, net of allowance for loan losses of $52,455 and $56,548

 

1,822,186

 

1,956,266

Accrued interest receivable

 

6,655

 

7,696

Mortgage servicing rights, net

2,888

2,722

Leasehold improvements and equipment, net

 

7,144

 

7,421

Operating lease right-of-use assets

17,210

18,184

Federal Home Loan Bank stock, at cost

20,288

22,950

Cash surrender value of bank-owned life insurance

 

33,163

 

33,033

Deferred tax asset, net

 

20,865

 

21,426

Other assets

 

14,213

 

15,407

Total assets

$

2,809,129

$

2,876,830

Liabilities and Shareholders’ Equity

 

 

Liabilities:

 

 

Noninterest-bearing deposits

$

64,944

$

63,760

Interest-bearing deposits

 

2,135,228

 

2,197,975

Total deposits

 

2,200,172

 

2,261,735

Federal Home Loan Bank borrowings

 

150,000

 

150,000

Subordinated notes, net

 

65,326

 

65,343

Operating lease liabilities

18,421

19,400

Accrued expenses and other liabilities

 

33,804

 

36,725

Total liabilities

 

2,467,723

 

2,533,203

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 50,496,833 shares and 50,460,932 shares at March 31, 2022 and December 31, 2021, respectively

 

82,157

 

82,157

Additional paid-in capital

 

14,186

 

14,124

Retained earnings

 

253,503

 

248,243

Accumulated other comprehensive loss

 

(8,440)

 

(897)

Total shareholders’ equity

 

341,406

 

343,627

Total liabilities and shareholders’ equity

$

2,809,129

$

2,876,830

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

March 31, 

2022

2021

Interest income

Interest and fees on loans

$

23,868

$

31,294

Interest and dividends on investment securities and restricted stock

835

390

Other interest

215

263

Total interest income

24,918

31,947

Interest expense

Interest on deposits

2,330

6,702

Interest on Federal Home Loan Bank borrowings

352

838

Interest on subordinated notes

964

1,180

Total interest expense

3,646

8,720

Net interest income

21,272

23,227

Provision (recovery) for loan losses

(4,289)

(737)

Net interest income after provision (recovery) for loan losses

25,561

23,964

Non-interest income

Service charges and fees

122

159

Gain on sale of mortgage loans held for sale

197

398

Unrealized losses on equity securities

(236)

(90)

Net servicing income (loss)

443

(430)

Income on cash surrender value of bank-owned life insurance

328

313

Other

557

103

Total non-interest income

1,411

453

Non-interest expense

Salaries and employee benefits

9,617

7,848

Occupancy and equipment

2,142

2,196

Professional fees

5,157

8,755

FDIC assessments

369

719

Data processing

805

346

Net recovery of mortgage repurchase liability

(213)

(153)

Other

1,546

1,623

Total non-interest expense

19,423

21,334

Income before income taxes

7,549

3,083

Income tax expense

2,289

758

Net income

$

5,260

$

2,325

Income per share, basic and diluted

$

0.10

$

0.05

Weighted average common shares outstanding:

Basic

50,191,288

49,851,202

Diluted

50,406,123

49,912,860

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

March 31, 

2022

2021

Net income

$

5,260

$

2,325

Other comprehensive income (loss), net of tax:

Unrealized losses on investment securities, arising during the period, net of tax effect of $(2,933) and $(23), respectively

(7,543)

(59)

Comprehensive income (loss)

$

(2,283)

$

2,266

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)

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Retained

Comprehensive

Shareholders’

Shares

Amount

Capital

Earnings

Income (Loss)

Equity

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

Balance at January 1, 2022

50,460,932

$

82,157

$

14,124

$

248,243

$

(897)

$

343,627

Net income

5,260

5,260

Repurchase of restricted shares to pay employee tax liability

(13,383)

(84)

(84)

Stock-based compensation

49,284

146

146

Other comprehensive loss

(7,543)

(7,543)

Balance at March 31, 2022

50,496,833

$

82,157

$

14,186

$

253,503

$

(8,440)

$

341,406

See accompanying notes to condensed consolidated financial statements.

5

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Sterling Bancorp, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(dollars in thousands)

Three Months Ended

March 31,

2022

2021

Cash Flows From Operating Activities

 

 

Net income

$

5,260

$

2,325

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

 

 

Provision (recovery) for loan losses

 

(4,289)

 

(737)

Deferred income taxes

 

3,494

 

245

Unrealized losses on equity securities

 

236

 

90

Amortization, net, on investment securities

 

86

 

576

Depreciation and amortization on leasehold improvements and equipment

391

408

Originations, net of principal payments, of loans held for sale

 

(698)

 

(7,980)

Proceeds from sale of mortgage loans held for sale

 

1,518

 

10,740

Gain on sale of loans originated for investment and loans held for sale

 

(197)

 

(398)

Net recovery of mortgage repurchase liability

(213)

(153)

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

 

(130)

 

(136)

Valuation allowance adjustments and amortization of mortgage servicing rights

 

(157)

 

1,136

Stock-based compensation

146

105

Other

 

(17)

 

43

Change in operating assets and liabilities:

 

 

Accrued interest receivable

 

1,041

 

551

Other assets

(1,586)

190

Accrued expenses and other liabilities

 

(3,687)

 

(4,094)

Net cash provided by operating activities

 

1,198

 

2,911

Cash Flows From Investing Activities

 

 

Maturities of interest-bearing time deposits with other banks

1,493

Maturities and principal receipts of investment securities

12,352

44,524

Purchases of investment securities

 

(73,632)

Proceeds received from redemption of Federal Home Loan Bank stock

2,662

Net decrease in loans

 

142,123

 

133,438

Purchases of portfolio loans

(90,862)

Principal payments received on commercial real estate loans held for sale

2,515

Proceeds from the sale of commercial real estate loans originated for investment

49,610

Purchases of leasehold improvements and equipment

 

(114)

 

(981)

Net cash provided by investing activities

 

135,516

 

87,612

Cash Flows From Financing Activities

 

 

Net decrease in deposits

 

(61,563)

 

(215,751)

Cash paid for surrender of vested shares to satisfy employee tax liability

(84)

(46)

Net cash used in financing activities

 

(61,647)

 

(215,797)

Net change in cash and due from banks

 

75,067

 

(125,274)

Cash and due from banks at beginning of period

 

411,676

 

998,497

Cash and due from banks at end of period

$

486,743

$

873,223

Supplemental cash flows information

 

 

Cash paid for:

 

 

Interest

$

3,768

$

11,582

Income taxes

82

Noncash investing and financing activities:

Right-of-use assets obtained in exchange for new operating lease liabilities

530

See accompanying notes to condensed consolidated financial statements.

6

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STERLING BANCORP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(dollars in thousands, except share and per share amounts)

Note 1—Nature of Operations and Basis of Presentation

Nature of Operations

Sterling Bancorp, Inc. (the “Company”) is a unitary thrift holding company that was incorporated in 1989 and the parent company of its wholly owned subsidiary, Sterling Bank and Trust, F.S.B. (the “Bank”). The Company’s business is conducted through the Bank, which was formed in 1984. The Bank originates residential and commercial real estate loans, construction loans, commercial lines of credit and other consumer loans and provides deposit products, consisting primarily of checking, savings and term certificate accounts. The Bank operates through a network of 28 branches of which 26 branches are located in San Francisco and Los Angeles, California with the remaining branches located in New York, New York and Southfield, Michigan.

The Company is headquartered in Southfield, Michigan, and its operations are in the financial services industry. Management evaluates the performance of the Company’s business based on one reportable segment, community banking.

The Company is subject to regulation, examination and supervision by the Board of Governors of the Federal Reserve System (the “FRB” or “Federal Reserve”). The Bank is a federally chartered stock savings bank that is subject to regulation, supervision and examination by the Office of the Comptroller of the Currency (“OCC”) of the U.S. Department of Treasury and the Federal Deposit Insurance Corporation (“FDIC”) and is a member of the Federal Home Loan Bank (“FHLB”) system.

Basis of Presentation

The condensed consolidated balance sheet as of March 31, 2022, and the condensed consolidated statements of income, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, in the opinion of management, of a normal recurring nature that are necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The financial data and other financial information disclosed in these notes to the condensed consolidated financial statements related to these periods are also unaudited. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022 or for any future annual or interim period. The condensed consolidated balance sheet at December 31, 2021 included herein was derived from the audited financial statements as of that date. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2022 (the “2021 Form 10-K”).

Note 2— Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated financial statements include the results of the Company and its wholly-owned subsidiary.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Due to the inherent uncertainty involved in making estimates, actual results reported in the future periods may be based upon amounts that could differ from those estimates.

7

Table of Contents

STERLING BANCORP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(dollars in thousands, except share and per share amounts)

Concentration of Credit Risk

The loan portfolio consists primarily of residential real estate loans, which are collateralized by real estate. At March 31, 2022 and December 31, 2021, residential real estate loans accounted for 84% and 83%, respectively, of total gross loans. In addition, most of these residential loans and other commercial loans have been made to individuals and businesses in the state of California, which are dependent on the area economy for their livelihoods and servicing of their loan obligation. At March 31, 2022 and December 31, 2021, approximately 85% of gross loans was originated with respect to properties or businesses located in the state of California.

In March 2020, the Bank permanently discontinued its Advantage Loan program. Loans originated under this program comprised a significant component of the Bank’s total loan originations. Advantage Loan Program loans (including residential real estate loans held for sale of $10,262 and $11,359 at March 31, 2022 and December 31, 2021, respectively, of which $7,249 and $8,671 were on nonaccrual status at March 31, 2022 and December 31, 2021, respectively) totaled $1,058,794 and $1,185,458, or 67% and 69% of gross residential loans, at March 31, 2022 and December 31, 2021, respectively. Refer to Note 14—Commitments and Contingencies.

Recently Issued Accounting Guidance Not Yet Adopted

In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings by creditors in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings involving borrowings that are experiencing financial difficulty. Specifically, rather than applying the troubled debt restructuring recognition and measurement guidance, creditors will evaluate all loan modifications to determine if they result in a new loan or a continuation of the existing loan. Also, losses associated with troubled debt restructurings should be incorporated in a creditor’s estimate of its allowance for credit losses. Public business entities are required to disclose current-period gross write-offs by year of origination for loan financing receivables and net investment in leases. For entities that have not yet adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“2016-13”), ASU 2022-02 is effective when the entity adopts the guidance in ASU 2016-13. The Company is currently evaluating this ASU, along with its adoption of ASU 2016-13, as discussed below.

In June 2016, the FASB issued ASU No. 2016-13, which is intended to improve financial reporting by requiring recording of credit losses on loans and other financial instruments on a more timely basis. The guidance will replace the current incurred loss accounting model with an expected loss approach and requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies the scope of the credit losses standard and addresses issues related to accrued interest receivable balances and recoveries, among other things. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. The amendments provide entities with an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis, upon adoption of Topic 326. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This update deferred the effective dates of Topic 326 to January 1, 2023 for certain entities including smaller reporting companies as defined by the SEC. The Company, as a smaller reporting company as of the relevant measuring period, qualified for this extension.

8

Table of Contents

STERLING BANCORP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(dollars in thousands, except share and per share amounts)

At this time, a cross-functional implementation team consisting of individuals from accounting, finance, servicing and information systems is working with the Bank’s loan system vendor and consultants, and an application to create credit loss estimation models and processes has been developed. The historical data set for model development has been finalized, and the credit loss estimation models have been developed and tested. Once the credit loss estimation models have been finalized, the Bank will run the new credit loss estimation models in parallel with the current allowance for loan losses model to understand the differences in the models and assess the impact of the change. The Company expects to recognize a cumulative effect adjustment to the opening balance of retained earnings as of January 1, 2023, the beginning of the first reporting period in which ASU No. 2016-13 is effective. The Company has not yet determined the magnitude of any such one-time cumulative adjustment or of the overall impact of ASU No. 2016-13 on its condensed consolidated financial statements.

Note 3—Investment Securities

Debt Securities

The following tables summarize the amortized cost and fair value of debt securities available for sale at March 31, 2022 and December 31, 2021 and the corresponding amounts of gross unrealized gains and losses:

March 31, 2022

Amortized

Gross Unrealized

Fair

Cost

Gain

Loss

Value

Available for sale:

 

 

 

 

U.S. Treasury and Agency securities

$

170,881

$

40

$

(3,278)

$

167,643

Mortgage-backed securities

46,422

(2,378)

44,044

Collateralized mortgage obligations

 

153,584

 

348

 

(6,448)

 

147,484

Collateralized debt obligations

 

210

 

 

(6)

 

204

Total

$

371,097

$

388

$

(12,110)

$

359,375

December 31, 2021

Amortized

Gross Unrealized

Fair

Cost

Gain

Loss

Value

Available for sale:

 

 

 

 

U.S. Treasury and Agency securities

$

122,291

$

106

$

(229)

$

122,168

Mortgage-backed securities

49,739

84

(386)

49,437

Collateralized mortgage obligations

 

137,662

 

530

 

(1,343)

 

136,849

Collateralized debt obligations

 

211

 

 

(8)

 

203

Total

$

309,903

$

720

$

(1,966)

$

308,657

Securities with a fair value of $119,588 were pledged as collateral on FHLB borrowings at March 31, 2022.

All of the Company’s mortgage-backed securities, and a majority of the Company’s collateralized mortgage obligations are issued and/or guaranteed by a U.S. government agency (Government National Mortgage Association) or a U.S. government-sponsored enterprise (Federal Home Loan Mortgage Corporation (“Freddie Mac”) or Federal National Mortgage Association (“Fannie Mae”)). The fair value of the private-label collateralized mortgage obligations was $480 and $529 at March 31, 2022 and December 31, 2021, respectively.

No securities of any single issuer, other than debt securities issued by the U.S. government, government agency and government-sponsored enterprises, were in excess of 10% of total shareholders’ equity as of March 31, 2022 and December 31, 2021.

9

Table of Contents

STERLING BANCORP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(dollars in thousands, except share and per share amounts)

The amortized cost and fair value of U.S. Treasury and Agency securities at March 31, 2022 are shown by contractual maturity in the table below. Mortgage-backed securities, collateralized mortgage obligations and collateralized debt obligations are disclosed separately, as the expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Amortized

Fair

Cost

Value

U.S. Treasury and Agency securities

 

 

Due less than one year

$

50,200

$

50,120

Due after one year through five years

120,681

117,523

Mortgage-backed securities

46,422

44,044

Collateralized mortgage obligations

 

153,584

 

147,484

Collateralized debt obligations

 

210

 

204

Total

$

371,097

$

359,375

The following table summarizes debt securities available for sale, at fair value, with unrealized losses at March 31, 2022 and December 31, 2021 aggregated by major security type and length of time the individual securities have been in a continuous unrealized loss position:

March 31, 2022

Less than 12 Months

12 Months or More

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

U.S Treasury and Agency securities

$

119,602

$

(3,278)

$

$

$

119,602

$

(3,278)

Mortgage-backed securities

36,413

(1,496)

7,631

(882)

44,044

(2,378)

Collateralized mortgage obligations

102,154

(6,448)

102,154

(6,448)

Collateralized debt obligations

 

204

(6)

204

(6)

Total

$

258,169

$

(11,222)

$

7,835

$

(888)

$

266,004

$

(12,110)

December 31, 2021

Less than 12 Months

12 Months or More

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

U.S Treasury and Agency securities

$

49,865

$

(229)

$

$

$

49,865

$

(229)

Mortgage-backed securities

7,878

(36)

8,729

(350)

16,607

(386)

Collateralized mortgage obligations

86,354

(1,342)

2,413

(1)

88,767

(1,343)

Collateralized debt obligations

 

 

 

203

 

(8)

 

203

 

(8)

Total

$

144,097

$

(1,607)

$

11,345

$

(359)

$

155,442

$

(1,966)

As of March 31, 2022, the debt securities portfolio consisted of 31 debt securities, with 22 debt securities in an unrealized loss position. For debt securities in an unrealized loss position, management has both the intent and ability to hold these investments until the recovery of the decline. The fair value is expected to increase as these securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2022, the unrealized losses in these securities are due to non-credit-related factors, including changes in interest rates and other market conditions; thus, the impairment was determined to be temporary. All interest and dividends are considered taxable.

Equity Securities

Equity securities consist of an investment in a qualified community reinvestment act investment fund, which is a publicly-traded mutual fund and an investment in the common equity of Pacific Coast Banker’s Bank, a thinly traded restricted stock. At March 31, 2022 and December 31, 2021, equity securities totaled $4,986 and $5,222, respectively, and are included in investment securities in the condensed consolidated balance sheets.

10

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STERLING BANCORP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(dollars in thousands, except share and per share amounts)

Equity securities with readily determinable fair values are stated at fair value with realized and unrealized gains and losses reported in income. At March 31, 2022 and December 31, 2021, equity securities with readily determinable fair values were $4,740 and $4,976, respectively. The following is a summary of unrealized and realized gains and losses recognized in the condensed consolidated statements of income:

Three Months Ended

March 31, 

    

2022

    

2021

Net losses recorded during the period on equity securities

$

(236)

$

(90)

Less: net gains (losses) recorded during the period on equity securities sold during the period

 

Unrealized losses recorded during the period on equity securities held at the reporting date

$

(236)

$

(90)

The Company has elected to account for its investment in a thinly traded restricted stock using the measurement alternative for equity securities without readily determinable fair values, resulting in the investment carried at cost based on no evidence of impairment or observable trading activity during the three months ended March 31, 2022 and 2021. The investment was reported at $246 at March 31, 2022 and December 31, 2021.

Note 4—Loans

Loans Held for Sale

The major categories of loans held for sale were as follows: