Sterling Financial Posts Lower Earnings

Thu., Jan. 25, 1996

From Staff And Wire Reports

Sterling Financial Corp. Wednesday reported lower earnings for the quarter ending December 31 compared with the same period in 1994.

Net income for the Spokane thrift was $1.9 million, or 25 cents per common share, vs. $2.5 million, or 35 cents per common share, a year ago.

For the first six months of its fiscal year, Sterling earned $3.2 million, or 42 cents per share, compared with $4.9 million, or 69 cents per share, a year ago.

Chairman Harold Gilkey attributed the drop-off to lower home loan production and narrower interest margins.

He said the bank responded to the anticipated reverses by shifting more emphasis to business and consumer lending.

Assets declined to $1.5 billion from $1.6 billion during the year, and deposits also declined, mostly due to a falloff in jumbo deposits.

The slowdown in mortgage lending dropped overall loan production to $179.6 million from $191.8 million.

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Sterling Financial Posts Lower Earnings

Jesse Tinsley

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