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Spokane, Washington  Est. May 19, 1883
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Sterling Financial sees rise in 2nd quarter earnings

From staff reports

Sterling Financial Corp., the parent company of Sterling Savings Bank, on Monday announced second-quarter net income of $16 million, or 69 cents a share. In the same period a year ago Sterling had earnings of $13.5 million, or 58 cents a share.

Sterling had assets of $6.7 billion as of June 30, compared with assets of $6.3 billion on that date last year.

Looking forward, Sterling said it expects full-year earnings per share of $2.80 to $2.85, down slightly from its earlier forecast of $2.80 to $2.90 per share. The revisions reflect an uncertain interest-rate climate and the impact of a decision earlier this year by the Federal Home Loan Bank Seattle to suspend its quarterly dividend payments, the company said in its earnings release.

Sterling’s shares fell by 80 cents a share Monday to close at $38.26.

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