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Sterling Financial reports $7.6 million in 2Q earnings

Sterling Financial Corporation, the bank holding company of Sterling Savings Bank, earned $7.6 million in the second quarter, or 12 cents per share, the Spokane-based company said today.

The net income is compares to $5.4 million, or 9 cents per share, for the first quarter, and a loss of $58.2 million, or $73.91 per share, for the second quarter of 2010.

Loan originations in the second quarter were $883 million, a 41 percent increase over the previous quarter.

Nonperforming assets declined by $131.3 million, or 21 percent, for the quarter.

Greg Seibly, Sterling’s president and CEO, said in a prepared statement, “Sterling’s earnings growth for the quarter was a result of net interest margin expansion and growth of non-interest income. The margin expansion was a function of growth of the loan portfolio and the success of our deposit strategy, which reduced the cost of deposits by 10 basis points for the quarter. The loan growth was a result of higher loan production, which outpaced the significant reduction in nonperforming assets. Our production teams are continuing to generate momentum as we enter the second half of the year.”


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