Sterling Bancorp Revises Fourth Quarter and Full Year 2021 Financial Results

Mar 31, 2022

Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today revised its unaudited financial results for its fourth quarter and year ended December 31, 2021 in connection with the filing of its Annual Report on Form 10-K. Subsequent to the Company’s press release issued on February 3, 2022, the Company entered into an agreement with a third-party purchaser to sell a pool of its commercial real estate loans. The loans had been reclassified as held for sale and written down to fair value as of year-end. The Company later determined that the timing of the measurement of the commercial real estate loans at fair value relative to their sale indicated the estimated fair value of the loans at year-end should have been higher. Accordingly, the Company has revised its fair value estimate of the sold commercial real estate loans to correspond to their sale price. The net result of this change was to increase net income for the three months and year ended December 31, 2021 to $8.1 million and $23.4 million, respectively. The revision of the fair value of the sold loans at year-end also results in changing our allowance for loan losses at December 31, 2021 to $56.5 million and our provision (recovery) for loan losses to ($6.1 million) and ($8.3 million) for the three months and year ended December 31, 2021, respectively. The material resulting revisions to the Company’s financial highlights for the fourth quarter and full year ended December 31, 2021 are below.

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