Sterling Earnings Up

Sterling Financial Corp. re- ported higher earnings Thursday for the third quarter and first nine months of 1999.

For the quarter ended Sept. 30, the Spokane-based thrift registered net income of $3.3 million, or 41 cents per diluted share, compared with $2.8 million, or 35 cents per diluted share, for the same 1998 period.

Nine-month earnings were $9.4 million, or $1.15 per share, compared with $4.8 million, or 58 cents per share, in 1998.

Results for the nine-month 1998 period were sapped by acquisition expenses and other charges. Otherwise, net income would have been $8.5 million, or $1.03 per share.

Net interest income for the quarter grew 21.2 percent compared with the 1998 quarter. The increase for the first nine months was 33.2 percent.

Chairman Harold Gilkey noted net interest margins expanded to 3.3 percent in the quarter, while the share of loans to businesses and consumers reached 36.8 percent.

Credit quality held at acceptable levels in a volatile rate environment, he said.

Return on average common equity was 11.15 percent for the quarter, up from 9.82 percent a year ago. Return on average assets was 0.53 percent, up slightly from 0.52 percent.

Assets at the end of September were $2.5 billion, a 17.1 percent increase over a year ago.