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 June 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) (State or other jurisdiction of incorpora ...

Start Time: 10:00 January 1, 0000 10:28 AM ET Sterling Bancorp, Inc. (Southfield, MI) (NASDAQ:SBT) Q2 2021 Earnings Conference Call August 02, 2021, 10:00 AM ET Company Participants Tom O’Brien - Chairman, CEO, and President Steve Huber - EVP, CFO and Treasurer Conference Call Participants Ben Gerlinger - Hovde Group Nick Cucharale - Piper Sandler Ross Haberman - RLH Investments Operator Good morning, everyone. Thank you for joining us today to discuss Sterling Bancorp's Financial Results for the Second Qua ...

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited consolidated financial statements and notes detail financial position, performance, cash flows, and key accounting policies [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202021%20and%20December%2031%2C%202020) Total assets, cash, investment securities, and loans decreased; liabilities fell due to reduced deposits; equity slightly increased Condensed Consolidated Balance Sheet Highlights | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | Change (in thousands) | | :--------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Total Assets | $3,694,027 | $3,914,045 | $(220,018) | | Cash and due from banks | $873,223 | $998,497 | $(125,274) | | Investment securities | $259,686 | $304,958 | $(45,272) | | Loans, net | $2,389,599 | $2,434,356 | $(44,757) | | Total Liabilities | $3,372,111 | $3,594,454 | $(222,343) | | Interest-bearing deposits | $2,749,868 | $3,040,508 | $(290,640) | | Total Shareholders' Equity | $321,916 | $319,591 | $2,325 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20for%20the%20three%20months%20ended%20March%2031%2C%202021%20and%202020) Q1 **2021** net income of **$2.3 million** improved from a **$4.0 million** net loss in Q1 **2020**, driven by loan loss recovery Condensed Consolidated Income Statement Highlights | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | Change (in thousands) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Total interest income | $31,947 | $40,993 | $(9,046) | | Total interest expense | $8,720 | $12,351 | $(3,631) | | Net interest income | $23,227 | $28,642 | $(5,415) | | Provision (recovery) for loan losses | $(737) | $20,853 | $(21,590) | | Total non-interest income | $453 | $529 | $(76) | | Total non-interest expense | $21,334 | $14,235 | $7,099 | | Income (loss) before income taxes | $3,083 | $(5,917) | $9,000 | | Net income (loss) | $2,325 | $(4,030) | $6,355 | | Income (loss) per share, basic and diluted | $0.05 | $(0.08) | $0.13 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20for%20the%20three%20months%20ended%20March%2031%2C%202021%20and%202020) Q1 **2021** comprehensive income of **$2.3 million** improved from a **$3.5 million** loss in Q1 **2020**, driven by net income Condensed Consolidated Comprehensive Income Highlights | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | Change (in thousands) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Net income (loss) | $2,325 | $(4,030) | $6,355 | | Total other comprehensive income (loss) | $(59) | $563 | $(622) | | Comprehensive income (loss) | $2,266 | $(3,467) | $5,733 | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity%20for%20the%20three%20months%20ended%20March%2031%2C%202021%20and%202020) Total shareholders' equity increased slightly to **$321.9 million** at March 31, **2021**, primarily due to net income Shareholders' Equity Highlights | Metric | March 31, 2021 (in thousands) | March 31, 2020 (in thousands) | | :--------------------------------- | :----------------------------- | :----------------------------- | | Balance at January 1 | $319,591 | $332,614 | | Net income (loss) | $2,325 | $(4,030) | | Stock-based compensation | $105 | $109 | | Other comprehensive income (loss) | $(59) | $563 | | Balance at March 31 | $321,916 | $328,675 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20three%20months%20ended%20March%2031%2C%202021%20and%202020) Operating cash flows remained negative; investing activities provided cash; financing used cash due to deposit reduction Condensed Consolidated Cash Flow Highlights | Cash Flow Activity | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :--------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net cash used in operating activities | $(3,106) | $(2,457) | | Net cash provided by investing activities | $87,612 | $65,350 | | Net cash provided by (used in) financing activities | $(209,780) | $249,272 | | Net change in cash and due from banks | $(125,274) | $312,165 | | Cash and due from banks at end of period | $873,223 | $389,984 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes detail operations, accounting policies, financial instruments, loan portfolio, regulatory capital, and legal matters [Note 1—Nature of Operations and Basis of Presentation](index=8&type=section&id=Note%201%E2%80%94Nature%20of%20Operations%20and%20Basis%20of%20Presentation) Sterling Bancorp operates Sterling Bank, offering diverse loans and deposits in California; selling Bellevue branch with **$78.0 million** in deposits - The Company's primary business is conducted through Sterling Bank, which originates residential and commercial real estate loans, construction loans, commercial lines of credit, other consumer loans, and provides deposit products. Operations are concentrated in California, with **26 of 30 branches** in San Francisco and Los Angeles[21](index=21&type=chunk) - The Bank entered an agreement to sell its Bellevue, Washington branch office, including **$78.0 million** in deposits, with a **2.1%** premium on deposits, expected to close in Q2 **2021**[23](index=23&type=chunk) [Note 2—New Accounting Standards](index=8&type=section&id=Note%202%E2%80%94New%20Accounting%20Standards) Company prepares for CECL adoption by **2023** and evaluates LIBOR transition impact, not using derivatives - The Company, as a smaller reporting company, has deferred the effective date of ASU No. **2016-13** (CECL) to **January 1, 2023**, and is actively developing and testing credit loss estimation models[27](index=27&type=chunk)[28](index=28&type=chunk) - The Company may take advantage of LIBOR transition relief allowed under ASU No. **2020-04** for contract modifications between **March 12, 2020, and December 31, 2022**, for contracts referencing LIBOR, but does not anticipate using derivative instruments for this purpose[29](index=29&type=chunk)[30](index=30&type=chunk) [Note 3—Summary of Significant Accounting Policies](index=10&type=section&id=Note%203%E2%80%94Summary%20of%20Significant%20Accounting%20Policies) Financial statements conform to GAAP; loan portfolio concentrated in residential real estate and California; Advantage Loan Program discontinued; COVID-19 impacts delinquencies - Residential real estate loans constituted **82%** of the loan portfolio at March 31, **2021**, with approximately **86%** originated to California

Sterling Bancorp, Inc. (Southfield, MI) (NASDAQ:SBT) Q1 2021 Earnings Conference Call May 3, 2021 11:00 AM ET Company Participants Tom O'Brien - Chairman, CEO, and President Steve Huber - CFO and Treasurer Conference Call Participants Ben Gerlinger - Hovde Group Nick Cucharale - Piper Sandler Jeremy Zhu - TCW Anthony Polini - American Capital Partners Operator Good morning, everyone, and thank you for joining us today to discuss Sterling Bancorp's financial results for the first quarter March 31, of 2021. J ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2020 OR ☐ 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) (State or other jurisdiction of incorporation or ...

Financial Data and Key Metrics Changes - The company reported a loan loss provision of $27.6 million, increasing the allowance to approximately 2.9% of total loans, reflecting concerns about the credit risk profile in various components of the legacy bank loan portfolio [8][9] - Nonperforming loans remain high, with approximately $23 million to $24 million worth of loans moved into held for sale, resulting in a write-down [9][41] - The company expects legal and professional fees to decrease by about one-third in 2021 compared to 2020, although this reduction may not be significant in the first half of the year [14][15] Business Line Data and Key Metrics Changes - The company continues to focus on construction loans and residential loans, with a significant portion of loan originations coming from these areas [23] - The company has a significant amount of time deposits maturing, with expectations to reprice these deposits, which could lead to a reduction in deposit costs [18][19] Market Data and Key Metrics Changes - The liquidity position of the company continues to grow, which is seen as a drag on margins, but is expected to decrease once mortgage repurchases conclude [21] - The current spot rate for deposits is just under 1%, with expectations for further decreases as time deposits reprice [18] Company Strategy and Development Direction - The company is focused on remedial compliance and technology work, with a significant amount of progress made in 2020, but acknowledges that there is still much work to be done [7][10] - The company is prioritizing fixing existing issues before developing new loan products, as outlined in a formal agreement with regulators [49] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the credit quality in the community bank space, indicating that there may be significant challenges throughout 2021 [26] - The company is taking a thorough approach to risk rating and identifying loans, with a focus on addressing problematic loans [27] Other Important Information - The company announced the resignation of a long-time director and the appointment of a new board member, pending regulatory approvals [10] Q&A Session Summary Question: Guidance on professional fees post-settlement - Management expects legal and professional fees to trend down in the second half of 2021, with a potential reduction of about one-third compared to 2020 [14][15] Question: Impact of liquidity on margins - Management confirmed that liquidity is a drag on margins and aims to reduce the balance sheet size while funding repurchase loans [21] Question: Credit quality concerns - Management acknowledged ongoing concerns with credit quality, particularly in the commercial construction portfolio, and indicated that there will be a reckoning in 2021 [26][27] Question: Write-downs on held-for-sale loans - The company wrote down approximately $3.5 million on loans classified as held for sale, with a total value of about $24 million [41][42] Question: Future loan focus - Management stated that the current focus is on addressing existing issues before exploring new loan products [49]

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. Not Applicable (Exact name of registrant as specified in its charter) (Former name, former ...

Sterling Bancorp, Inc. (Southfield, MI) (NASDAQ:SBT) Q3 2020 Earnings Conference Call October 29, 2020 2:00 PM ET Company Participants Larry Clark - Senior Vice President, Financial Profiles, Inc. Tom O'Brien - Chairman, Chief Executive Officer & President Steve Huber - Chief Financial Officer & Treasurer Conference Call Participants Vince Staunton - TCW Anthony Polini - American Capital Partners Ross Haberman - RLH Operator Good afternoon, everyone and welcome to the Sterling Bancorp Incorporated Third Qu ...

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 Table of Contents For the quarterly period ended June 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) (State or other jurisdiction of incorpora ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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) (State or other jurisdiction of (I.R.S. Employer incorpora ...