Sterling Bancorp, Inc. (the “Company”) (NASDAQ: SBT), the thrift holding company for Sterling Bank and Trust, F.S.B. (the “Bank”), today announced that the Bank has entered into an agreement with a third-party purchaser to sell a pool of its commercial real estate loans. The pool consists of 21 loans with an aggregate outstanding principal balance of approximately $56.8 million at December 31, 2021. The loans were reclassified as held for sale and written down to fair value as of year-end, and we will receive $4.4 million in excess of their carrying amount in connection with their sale. The commercial real estate loans being sold are primarily secured by single-room occupancy hotel properties. The closing of this transaction is subject to customary closing conditions.
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