Spokane7
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January 25, 2012 in Business
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.
Northwest wheat 
westerly on January 25 at 3:00 p.m.
You bet profit…paying bank savers .01 percent interest on their money…arrogant, greed driven sob…
dataxman on January 25 at 8:16 p.m.
Good to hear. Considering the tens of millions in bad loans it says a lot about the management team to get this bank turned around
woamike on January 25 at 10:00 p.m.
Westerly,
Short term solution for you: move your money to a credit union. You’ll make a better rate of return. Longer term solution and chance for you to make a ton of money: since Sterling is a “arrogant, greed driven sob” and since surely there are many like-minded individuals as yourself, I suggest you get together with some of them and start up your own bank. As you are obviously not an “arrogant, greed driven sob”, I’m sure you’ll treat your customers better and people will flock to your institution. It’s win-win for all.
johnclarke on January 26 at 1:11 p.m.
Good suggestion on the Credit Union.
@dataxman on January 25 at 8:16 p.m.
Sorry, I do not share your view. Sterling basically got a do over at the cost of people’s investments. All of their stock was wiped out, and then Sterling got a gift in the form of hundreds of millions of dollars of my tax dollars. I’m sorry, but if they can’t keep that bank in business then they are idiots. Banking is so easy considering the free money they can get from the Fed.