Sterling Bancorp, Inc. Enters Into Plea Agreement with DOJ; Resolves DOJ Investigation of the Company Relating to the Advantage Loan Program; Revises Fourth Quarter and Full Year 2022 Unaudited Financial Results
Based on the estimated financial impact of the Plea Agreement, the Company reported a net loss of $(14.2) million for the full year 2022 and $(18.4) million for the fourth quarter of 2022.
- Based on the estimated financial impact of the Plea Agreement, the Company reported a net loss of $(14.2) million for the full year 2022 and $(18.4) million for the fourth quarter of 2022.
- The resulting material revisions to the Company’s financial highlights for the fourth quarter and full year ended December 31, 2022 are below.
- The Company agreed as part of the Plea Agreement not to seek a tax deduction for the restitution payment.
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