secwatch.observer — SEC 8-K summary
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Issuer:     Sterling Bancorp, Inc. (—)
CIK:        0001680379
Form:       8-K
Filed at:   2024-04-24T23:59:59+00:00
Accession:  0001104659-24-050928
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sterling Bancorp reports Q1 2024 net loss of $0.2M vs Q4 2023 net income of $5.1M
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- Net loss of $(0.2) million ($0.00 diluted EPS) vs net income of $5.1M ($0.10) in prior quarter.
- Net interest margin stable at 2.52%; net interest income $14.9M vs $15.1M prior quarter.
- Non-interest expense rose 20% to $15.4M, primarily due to $3.1M increase in professional fees; no insurance reimbursement in Q1 2024.
- Provision for credit losses minimal at $41K; nonperforming loans $9.3M (0.72% of loans); allowance 2.24%.
- Director Lyle Wolberg resigned; COO Christine Meredith elected to fill board vacancy.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1680379/000110465924050928/0001104659-24-050928-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1680379/000110465924050928/tm2412308d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-050928

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer