Sterling Financial Corp., the Spokane-based holding company for Sterling Bank, reported this afternoon  fourth-quarter net income of $22.2 million, or 35 cents a diluted share, up from $20.9 million, or 33 cents a share, in the year-earlier period.

For all of 2013, the company posted net income of $93.6 million, or $1.48 a share, down from $385.7 million, or $6.14 a share, the previous year. Results for 2012, however, included a $292 million income tax benefit associated with the release of a deferred tax-asset valuation allowance.

Greg Seibly, Sterling’s president and CEO, said in a press release, “Significant progress was made on each of our key operating objectives, as we expanded loans, reduced funding costs, improved asset quality metrics, and increased our cash dividend by 19 percent.”

Net-interest income at the bank increased to $84.4 million in the fourth quarter, up from $76.1 million in the year-earlier period.

Sterling’s total deposits and total assets both rose in year-to-year comparisons. The bank’s deposits as of Dec. 31 stood at $7.07 billion, up from $6.44 billion a year earlier. Assets were $10.32 billion at year-end, up from $9.24 billion.

Late last year, Portland-based Umpqua Bank announced that it had agreed to acquire Sterling Bank. That acquisition is expected to be completed in this year’s second quarter, Sterling’s release says.