Local News - Local News - October 24, 2013
Sterling Financial Corp., the Spokane-based parent of Sterling Bank, reported today third-quarter net income of $21 million, or 33 cents a diluted share, compared with $30.6 million, or 49 cents a share, in the year-earlier quarter.
Greg Seibly, Sterling's president and CEO, said in a press release, "Our third-quarter operating results reflect a substantial reduction in mortgage banking activity and elevated merger-related expenses. With the exception of these two items, our core banking performance was solid. We continued to expand loans, reduce funding costs, and improve asset-quality metrics."
While its earnings declined for the quarter, Sterling's total deposits and total assets increased in the third quarter, compared with a year earlier.
As of Sept. 30, Sterling had $6.9 billion in total deposits, up from $6.7 billion a year earlier.
The company's total assets on Sept. 30 were $10 billion, up from $9.5 billion a year earlier.
Sterling announced last month that it will merge with Umpqua Holdings Corp., of Portland. That merger is expected to be completed in mid-2014, pending regulatory approval.