January 31, 2014 in Business

Sterling Financial 4Q 2013 earnings

Spokane-based commercial bank
Stock Symbol: STSA
Reporting period:4Q 2013

Profit of $22 million

35 cents per share

Versus 4Q 2012:

Profit of $20.9 million

33 cents per share

Deposits:$7.04 billion. During 2013 deposits increased 10 percent.
Assets: $10.3 billion. Nonperforming assets were 1.2 percent of total assets.
Analysis: For fiscal 2013, Sterling recorded net income of $93.6 million, or $1.48 per common share, compared to $385.7 million, or $6.14 per common share, for 2012. The 2012 annual net income included a one-time income tax benefit of $292 million associated with the release of a deferred tax asset valuation allowance.

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