IN case you missed on Thursday, Spokane's Sterling Financial Corp. had a good 4Q earnings report.
The company, which operates Sterling Savings Bank, announced it booked net income of $20.9 million, or 33 cents per diluted common share, compared to $30.6 million, or 49 cents per diluted common share, for the quarter ended September 30, 2012, and $14.8 million or 24 cents per diluted common share, for the quarter ended Dec. 31, 2011.
For the year Sterling recorded net income of $385.7 million, or $6.14 per diluted common share, compared to $39.1 million, or 63 cents per diluted common share, for the year ended Dec. 31, 2011.
The 2012 annual net income included an income tax benefit of $292 million associated with the release of a deferred tax asset valuation allowance.
Here are some other bullet points, borrowed from TheStreet.com:
Portfolio loan originations for the quarter were $561.7 million, a 23 percent increase over the prior quarter.
Income from mortgage banking operations for the year was $96.9 million, up 85 percent over 2011.
Nonperforming assets to total assets was 2.28 percent, down from 2.73 percent at September 30, 2012, and 4.01 percent at December 31, 2011.
A total of $40.4 million, or 65 cents per share, was returned to shareholders during the fourth quarter of 2012 through payment of a 15 cent per share regular dividend, a 35 cents per share special dividend and the accelerated payment of the 15 cents regular dividend that would have otherwise been paid during the first quarter of 2013.
During the fourth quarter, Sterling announced the signing of definitive agreements to acquire American Heritage Holdings and its wholly-owned subsidiary, Borrego Springs Bank of California.