Condensed Financial Information of Sterling Bancorp, Inc. (Parent Only) (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information of Sterling Bancorp, Inc. (Parent Only)

Schedule of Financial statements of Sterling Bancorp, Inc

CONDENSED BALANCE SHEETS

	December 31,
	2022		2021
ASSETS
Cash held at Bank	$	20,064	$	26,905
Investment in subsidiaries		386,363		381,936
Other assets		1,160		1,777
Total assets	$	407,587	$	410,618
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Subordinated notes, net	$	65,271	$	65,343
Other liabilities		29,689		1,648
Total liabilities		94,960		66,991
Total shareholders’ equity		312,627		343,627
Total liabilities and shareholders’ equity	$	407,587	$	410,618

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31,
	2022		2021		2020
Expenses:
Interest expense	$	4,969	$	4,127	$	4,713
Provision (recovery) for contingent losses, net		27,239		—		(10,000)
Other		7,602		3,574		6,135
Total expenses		39,810		7,701		848
Loss before income taxes and equity in subsidiaries income (loss)		(39,810)		(7,701)		(848)
Income tax benefit		(3,461)		(2,108)		(246)
Loss before equity in subsidiaries income (loss)		(36,349)		(5,593)		(602)
Equity in subsidiaries income (loss)		22,155		28,983		(12,365)
Net income (loss)	$	(14,194)	$	23,390	$	(12,967)
Other comprehensive income (loss)
Equity in other comprehensive income (loss) of subsidiaries		(18,628)		(1,284)		191
Comprehensive income (loss)	$	(32,822)	$	22,106	$	(12,776)

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2022		2021		2020
Cash flows from operating activities
Net income (loss)	$	(14,194)	$	23,390	$	(12,967)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in subsidiaries (income) loss		(22,155)		(28,983)		12,365
Provision (recovery) for contingent losses		27,239		—		(10,000)
Other		(72)		2		162
Change in operating assets and liabilities:
Other assets		617		12,137		(289)
Other liabilities		802		(11,897)		2,548
Net cash used in operating activities		(7,763)		(5,351)		(8,181)
Cash flows from investing activities
Capital contributed to subsidiary (Bank)		—		—		(50,000)
Dividends received from subsidiaries		—		10,000		—
Net cash provided by (used in) investing activities		—		10,000		(50,000)
Cash flows from financing activities
Proceeds from issuance of shares of common stock		—		1,350		—
Consideration received for issuance of shares of common stock to defined contribution retirement plan		1,138		—		—
Repurchase of shares of common stock		—		—		(82)
Repurchase of restricted shares to pay employee tax liability		(216)		(46)		—
Dividends paid to shareholders		—		—		(499)
Net cash provided by (used in) financing activities		922		1,304		(581)
Net change in cash		(6,841)		5,953		(58,762)
Cash held at Bank, beginning of year		26,905		20,952		79,714
Cash held at Bank, end of year	$	20,064	$	26,905	$	20,952
Supplemental cash flows information:
Cash paid for:
Interest	$	4,484	$	4,249	$	4,550