February 1, 2010 in Business, City

Sterling Financial reports big losses for 2009

By The Spokesman-Review
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Writedowns on its loan portfolio resulted in large losses for Sterling Financial Corp. in the fourth quarter and all of 2009.

The Spokane bank reported a quarterly loss of $333.1 million, or $6.41 per common share, compared with $356.3 million, or $6.87 per share, for the last quarter of 2008.

For the year, Sterling lost $855.5 million, or $16.48 per share, compared with $336.7 million, or $6.51 per share, for 2008.

The bank set aside a $340.3 million allowance for loan losses in the fourth quarter, and $681.4 million for the year.

Assets decreased to $10.9 billion at year end, down from $12.8 billion a year ago.

Deposits fell to $7.8 billion from $8.4 billion, due in large part to a $400 million decline in brokered deposits.

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