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Sterling reports smaller loss

Sterling Financial Corp. today reported smaller fourth quarter and annual losses.

The net loss for the quarter was $38.1 million, down from $48 million for the quarter ended Sept. 30 and $328.7 million for the 2009 fourth quarter.

For the year, Sterling's net loss was $224.3 million, compared with $838.1 million for 2009.

After adjustments related to its $730 million recapitalization in August, the quarterly  loss atttributable to common shareholdes was $642.7 million, or $12.79 per common share. For the 2009 fourth quarter, Sterling reported a loss of $333.1 million, or $423.17 per common share.

The annual net loss was $756.1 million, or $53.05 per share, compared with $855.5 milion, or $1,087.41 per common share in 2009.

Total assets were $9.5 billion, compared with $10 billion as of Sept. 30 and $10.9 billion as of Dec. 31, 2009.

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Bert Caldwell
Bert Caldwell oversees production of the opinion pages, including writing editorials, and editing and selecting letters, columns and cartoons.