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Mortgage Results Flagging at SIB.(Staten Island Bancorp)(Brief Article)

Mortgage Servicing News

| May 01, 2003 | COPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Analysts at Sandler O'Neill have reduced their rating on the stock of Staten Island Bancorp to "maintain," but they say an SEC "informal inquiry" into the bank's restatement of financials for 2001 and 2002 does not affect its earnings estimates for price targets for the bank.

The restatement relates to accounting for employee stock options, the impairment of certain securities, and mortgage banking operations, the Sandler O'Neill report said. In June of last year, Staten Island Bancorp replaced Arthur Andersen with PricewaterhouseCoopers as its accounting firm.

In early February, prior to the announcement of an SEC inquiry, Sandler O'Neill reduced its rating on the bank to "maintain" from "buy" and also lowered its price target by $6 to $18. Staten Island Bancorp trades under the symbol SIB.

The stock ...

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