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 second quarter ended June 30, 2021. Subsequent to the Company’s press release issued on August 2, 2021, the Company determined that the negative escrow account balances on residential real estate loans with a “Pass” classification, totaling approximately $1.2 million at June 30, 2021, should not be factored into the establishment of the provision (recovery) for loan losses for the second quarter of 2021 or the resulting allowance for loan losses because such balances continued to merit a reasonable expectation of collection based on the Company’s historical experience. In reporting its second quarter results, the Company had, for the first time, taken these negative escrow balances into account in its evaluation of the allowance for loan losses in the same manner as the negative escrow balances on nonperforming loans. The net result of this change was to increase net income for the three months and six months ended June 30, 2021 by $0.9 million. The material resulting revisions to the Company’s financial highlights for the second quarter ended June 30, 2021 are below.
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