Business in brief: Sterling posts lower earnings
Sterling Financial Corp. Monday released earnings that reflected a downbeat forecast announced less than two weeks ago.
The parent of Sterling Savings earned just $2.9 million for the first quarter, or 6 cents per share, at the high end of the early estimate that said the number could be as low as 4 cents per share.
The bank earned $22.9 million, or 50 cents per share, during the first quarter of 2007.
A $37.1 million set-aside for loan losses accounted for most of the difference. Results for the 2007 quarter included a $4.2 million set-aside.
Nonperforming assets have climbed to $204 million from $19 million a year ago.
Despite the difficulties, mainly with residential construction lending, Chairman Harold Gilkey noted assets increased 11 percent to $12.69 billion, loans receivable 9 percent to $9.12 billion, and deposits 4 percent to $7.84 billion. The deposit and asset numbers are records.
Sterling has strengthened its capital position, he said.
– Bert Caldwell
Spokane
Lunch lights off for Earth Day
To mark Earth Day, owners of the Bank of America Financial Center in downtown Spokane will ask the building’s nearly 40 tenants to switch off their lights during the lunch hour today – an act owner Unico Properties LLC says could save roughly 250 kilowatts of energy.
That’s enough to power a home for two days, according to a Unico news release.
Dale Sperling, president and CEO of Seattle-based real estate investment company Unico, and Mayor Mary Verner will attend a ceremony in the main atrium at noon. Avista will distribute energy-saving light bulbs to building employees.
Unico purchased the 20-story tower in February 2007 and plans about $2.5 million in renovations.
– Parker Howell
Bellevue, Wash.
Gas price average hits record $3.64
The AAA auto club says the average price of a gallon of gas in Washington is a record $3.64.
That’s up 13 cents in the past month and 50 cents higher than a year ago. The national average is $3.50 a gallon.
The AAA says Bellingham has the highest prices in Washington at $3.68 a gallon, while Spokane is a dime cheaper at $3.58. Prices in some other cities, according to the AAA: Olympia $3.63, Seattle-Bellevue-Everett $3.64, Tri-Cities $3.63, Vancouver $3.60, and Yakima $3.61.
– Associated Press
DALLAS
Texas home to most top HQs
Texas is king of the hill when it comes to corporate headquarters.
The Lone Star State passed New York as home to the most big companies in the latest list compiled by Fortune magazine.
Texas now boasts 58 headquarters, three more than New York, the previous No. 1, and California, with 52.
Business experts say Texas attracts companies with its low taxes, affordable land and large labor force.
– Associated Press