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SOUTHFIELD, Mich.--(BUSINESS WIRE)--Sterling Bancorp, Inc. (NASDAQ: SBT) (the Company), the holding company of Sterling Bank and Trust, F.S.B. (the Bank), today announced that the audit of its consolidated financial statements for the year ended December 31, 2019 has been completed and the Company has filed its 2019 Annual Report on Form 10-K (the 2019 Form 10-K) with the Securities and Exchange Commission. As previously reported, the Company was unable to timely file the 2019 Form 10-K and its Quarterly Reports on Form 10-Q for the first and second quarters of 2020 as a result of (i) additional review and procedures, including on the part of the Companys independent auditors, relating to the circumstances that led to the previously-reported suspension and permanent discontinuation of the Advantage Loan Program, and (ii) an internal review relating to the permanently discontinued Advantage Loan Program, which has been led by outside legal counsel under the direction of a special committee of independent directors. The Company expects to file its Quarterly Reports on Form 10-Q for the first and second quarters of 2020 within the next few weeks. The Company previously announced its fourth quarter and full year 2019 unaudited financial results in a press release issued on January 29, 2020. In connection with the completion of the audit of its consolidated financial statements, the Company revised its consolidated statements of income for the year ended December 31, 2019 to reflect the establishment of a loan repurchase liability of $7.8 million and a contingent loss liability of $25.0 million as of December 31, 2019. The loan repurchase liability relates primarily to the sale of loans originated under the Advantage Loan Program and the contingent loss liability relates to previously-disclosed litigation and investigations stemming from the Advantage Loan program. The Company originally had established these liabilities as of March 31, 2020, as announced in the Companys first quarter financial highlights press release issued on June 1, 2020. Set forth below are revised year end 2019 financial highlights. The Companys revised consolidated balance sheets for the years ended December 31, 2019 and 2018 and consolidated statements of income for the years ended December 31, 2019, 2018 and 2017, as filed with the 2019 Form 10-K, are included at the end of this press release. Year End 2019 Financial Highlights Thomas M. OBrien, Chairman, President and Chief Executive Officer of the Company, stated, We are pleased to have achieved this filing milestone for the Company along the road to addressing the various challenges facing the Company in 2020. We expect to have our Quarterly Reports on Form 10-Q for the first two quarters of 2020 filed very soon. We are currently on schedule to file our 2020 third quarter Form 10-Q within the SEC required time frame, and expect to release our third quarter earnings shortly before then. We will continue to work hard to bring the Company into full regulatory compliance and achieve sustainable profitable operations as quickly as possible. About Sterling Bancorp, Inc. Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California, New York City and Bellevue, Washington. Sterling offers loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Companys website at http://www.sterlingbank.com. Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally can be identified by the use of forward-looking terminology such as will, propose, may, plan, seek, expect, intend, estimate, anticipate, believe, continue, predict, project, potential, could, would, should or similar terminology, including references to assumptions. Forward-looking statements are based on various assumptions and analyses made by us in light of our management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond our control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These factors include, without limitation, the following: the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond our control; increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment; changes in deposit flows, loan demand or collateral values; changes in accounting principles, policies or guidelines; changes in general economic, business and political conditions, either nationally or locally in some or all areas in which we do business, or conditions in the real estate, securities or financial markets or the banking industry; legislative or regulatory changes; supervision and examination by the OCC and the Board of Governors of the Federal Reserve System; our ability to successfully implement technological changes; our ability to successfully consummate new business initiatives; litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, including litigation and investigations relating to our residential lending practices and the Advantage Loan Program; the outcomes of such litigation and investigations, including the risk of civil or criminal enforcement action, regulatory restrictions on the Banks activities, financial penalties or judgments, other adverse consequences, and any resulting effects on the Companys business, financial condition, and/or results of operations; losses from such litigation and investigations that may be materially higher than expected and that may materially exceed our contingency reserves; repurchase requests related to the sale of loans originated under the Advantage Loan Program may be materially higher than expected and result in repurchase obligations that may materially exceed our loan repurchase reserves; our ability to comply with Nasdaqs continued listing requirements and the possibility that our shares will be delisted if such requirements are not satisfied; our ability to implement enhanced risk management policies, procedures and controls commensurate with shifts in our business strategies and regulatory expectations; the occurrence of natural and other disasters, pandemics, terrorist activities, significant political events, cyberattacks, security breaches or system failures that affect us or our counterparties or service providers, including the COVID-19 pandemic and the regulatory and governmental actions implemented in response to COVID-19; and the risks, uncertainties, and other factors detailed from time to time in our public filings, including those included in the disclosures under the headings Cautionary Note Regarding Forward-Looking Statements and Risk Factors in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on October 6, 2020, subsequent periodic reports and future periodic reports. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update, revise, or correct any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, the receipt of new information, or otherwise. 2019 2018 $ 77,819 $ 52,526 1,025 1,100 152,544 148,896 1,337 1,248 2,891,530 2,895,953 13,718 13,529 9,765 10,633 9,198 9,489 18,715 22,950 22,950 31,917 31,302 12,095 6,122 2,271 3,026 $ 3,244,884 $ 3,196,774 $ 77,563 $ 76,815 2,417,877 2,375,870 2,495,440 2,452,685 229,000 293,000 65,179 65,029 19,868 102,783 51,003 2,912,270 2,861,717 80,889 111,238 13,210 12,713 238,319 211,115 196 (9 ) 332,614 335,057 $ 3,244,884 $ 3,196,774 2019 2018 2017 $ 168,955 $ 157,499 $ 122,789 4,976 3,679 1,890 1,438 593 157 175,369 161,771 124,836 45,693 32,031 17,570 3,991 4,951 3,795 4,701 4,689 4,070 54,385 41,671 25,435 120,984 120,100 99,401 (133 ) 3,229 2,700 121,117 116,871 96,701 444 379 253 1,577 2,035 2,338 6 86 119 396 240 (381 ) 5,970 16,433 10,062 114 (87 ) 238 1,381 407 1,275 1,193 1,175 1,427 377 535 11,447 22,037 14,508 29,503 28,438 23,778 8,988 7,250 5,986 5,984 3,118 1,673 1,364 1,640 1,025 436 1,447 1,296 1,233 1,223 1,059 7,823 25,000 7,342 7,220 5,944 87,673 50,336 40,761 44,891 88,572 70,448 15,643 25,104 32,471 $ 29,248 $ 63,468 $ 37,977 $ 0.57 $ 1.20 $ 0.82 51,115,986 52,963,308 46,219,367 51,127,879 52,965,567 46,219,367

Answer: Sterling Bancorp Announces Filing of Form 10-K for the Year Ended December 31, 2019 and Updated 2019 Financial Results Reports 2019 Net Income of $29.2 Million