Sterling Financial Corp., the Spokane-based parent of Sterling Savings Bank, reported this afternoon second-quarter net income of $27.8 million, or 44 cents a diluted share, down from $320.9 million, or $5.13 a share, in the year-earlier quarter.
Sterling's 2012 second quarter, however, includes a one-time, $288.8 million tax benefit.
The company reported annualized organic loan growth of 14 percent. It posted net interest income of $80.4 million for the latest quarter, up from $78.9 million in the year-earlier period.
Greg Seibly, Sterling's president and CEO, said in a press release, "From a performance perspective, the second quarter of 2013 was one of the best in Sterling's history. We had strong organic loan growth, lower funding costs, better efficiency, and improved asset quality metrics."
During the latest quarter, Sterling completed its acquisition of the Seattle-area offices of Boston Private Bank & Trust Co., which had $276 million in performing loans and $172 million in deposits.
On June 17, Sterling declared a special 35 cents-per-share dividend, following a 20 cents-a-share quarterly dividend on May 20.