Spokane7
48°
July 27, 2010 in Business
Sterling Financial reports another quarter of losses
Sterling Financial Corp. today reported a second-quarter loss of $58.2 million, including a $70.8 million allowance for credit losses.
A year ago, the Spokane bank reported a net loss of $33.9 million after a $79.7 million allowance for credit losses.
Per share, the 2010 quarter loss was $1.12, compared with 65 cents for the 2009 quarter.
But Chief Executive Officer Greg Seibly said the second-quarter numbers were an improvement compared with the first quarter, and there were other positive indicators for Sterling, which has been trying since last fall to raise additional capital.
Non-performing loans declined eight percent compared with the first quarter, to $884.1 million, and loan origination increased 25 percent.
Retail deposits climbed but the total fell, to $7.2 billion, as Sterling continued to reduce its dependence on brokered deposits. The number of accounts increased.
Total assets, at $9.7 billion, have fallen 21 percent since June 30, 2009.
Caldwell: West Point trained local bankers to survive 
liarsinnews on July 27 at 4:07 p.m.
Another cover-up. I wonder what the bankers at Sterling did with their taxpayer stimulus money. Jim West is dead so they can`t give anymore money to him.
edmitch on July 27 at 6:34 p.m.
Sterling previously reported that the US Treasury’s $303 million of preferred shares would be converted to about $76 million of common stock and the difference (303-76=) $227 million of taxpayer money goes poof into a puff of smoke.
For a $303 million taxpayer investment, taxpayers will own about 10% of a bank valued by the market at $35 million today. Hmmmm …. but we get warrants to buy more shares in the future ….
Form 10-Q for Sterling as of May 3, 2010
http://biz.yahoo.com/e/100503/stsa10-q.html
Perhaps Sterling or a business reporter could explain all this too us a bit better. Thanks.
SpokaneSportsFan on July 27 at 7:42 p.m.
Easy question: Would you move your accounts to Sterling?