Sterling posts profit for 4th quarter and full year

Spokane-based Sterling Financial Corp. reported dramatically improved results for the fourth quarter and full fiscal year after the close of trading today. Sterling — the parent company of Sterling Savings Bank — said it earned $14.8 million, or 24 cents per share, in the fourth quarter, compared with a loss of $642.7 million, or $12.79 per share, in the same quarter the previous year. For the full year, Sterling reported income of $39.1 million, or 63 cents a share, compared with a loss of $756.1 milllion, or $53.05 per share, in 2010. The fourth-quarter and 2010 results include accounting adjustments related to the company’s efforts to recapitalize.