Sterling Bancorp, Inc.

Good morning, everyone. Thank you for joining us today to discuss Sterling Bancorp's financial results for the fourth quarter and full year ended December 31st, 2023. Joining us today from Sterling's management team are Tom O'Brien, Chairman, CEO, and President, and Karen Knott, Chief Financial Officer and Treasurer. Tom will discuss the fourth quarter and year end results, and then we'll open the call up to your questions. Before we begin, I'd like to remind you that this conference call contains forward-looking statements with respect to the future performance and financial condition of Sterling Bancorp that involve risk and uncertainties. In particular, forward-looking statements may be made on this conference call regarding the economy and financial markets, government investigations, credit quality and regulatory scheme governing the company's industry, competition in the company's industry, interest rates, and company's liquidity, the company's business, and company's governance. Any forward-looking statements made during this conference call are based primarily on the company's current expectations and projections about future events and trends that the company believes may affect its business, financial condition, results of operations, prospects, business strategy, and financial needs. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. These factors, as well as examples of forward-looking statements, are discussed in the company's SEC filings, which are available on the company's website. Exhaustive new risks and uncertainties emerge from time to time, and it is not possible for the company to predict all risks and uncertainties that could have an impact on the forward-looking statements made during this conference call. The company disclaims any obligation to update any forward-looking statements made during this call. Additionally, management may refer to non-GAAP measures which are intended to supplement but not substitute for the most directly comparable gap measures. The press release available on the website contains the financial and other quantitative information to be discussed today, as well as the reconciliation of the gap to non-gap measures. At this time, I'd like to turn the call over to Tom O'Brien. Tom?

Thank you. Good morning, everyone. That intro may be longer than my remarks here, so we'll see how this goes. But anyhow, I'm joined in the boardroom here in Southfield, Michigan, by Karen Knott, our CFO, and Chris Meredith, our Chief Risk Officer, and Liz Keough, our General Counsel. And we're going to run through the fourth quarter and year-end 23 financial results. And I'll just hit the highlights. I assume everybody's looked at the press release. But, you know, for the quarter, we reported net income of 10 cents for the year, 15 cents. Quarters mostly driven by the recovery on D&O insurance that I think we referenced in the third quarter call as being expected in the fourth quarter. And then an allowance reversal, you know, driven by the you know, strong credit metrics for the bank and reduced loan portfolio and, you know, our general process and assessment. But the allowance continues to remain at about two and a quarter percent, roughly.

218, okay.