Local News - Local - October 25, 2012
Sterling Financial Corp., the Spokane-based parent of Sterling Bank, today reported third-quarter net income of $30.6 million, or 49 cents a share, up compared with $11.3 million, or 18 cents a share, in the year-earlier quarter.
Total loans at Sterling were $6.1 billion on Sept. 30, up from $5.6 billion a year earlier. Total deposits grew as well, to $6.7 billion on Sept. 30 from $6.5 billion a year earlier.
Meantime, the company's rate of nonperforming assets to performing assets fell to 2.7 percent at quarter's end, from 4.7 percent on Sept. 30, 2011.
Greg Seibly, Sterling's president and CEO, says in a press release that the quarterly results "reflect Sterling's progress on our fundamental operating objectives."
Separate from its earnings, Sterling announced Oct. 22 that it has entered into an agreement to acquire for $6.5 million American Heritage Holdings LLC, the La Mesa, Calif.-based holding company for Borrego Springs Bank. Pending regulatory approval, the transaction is expected to be completed in the first quarter of 2013.
Borrego Springs Bank currently has three branches and seven loan offices. As of Sept. 30, it had $141 million in assets.
Sterling currently has 186 branches in the Pacific Northwest and also operates as Sonoma Bank, in California.