Sterling Bancorp Inc. of New York said Wednesday that it would restate results for the past three years to correct errors in accounting for employee benefit expenses and to reflect the impact of a lawsuit it settled in February.
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The biggest change would be made to 2004 earnings, which would be cut by 11 cents per share, to $1.30. That reduction includes the cost of the $650,000 legal settlement.
The $1.9 billion-asset company said 2002 net income, originally reported at $1.28 per share, would be trimmed by about 3 cents. It said 2002 net income would actually increase as a result of the restatement, but it did not say by how much.
Sterling said the changes are not material and will have no impact on its capital ratios or business activities.
