Sterling Financial Corp., the Spokane-based parent of Sterling Bank, reported this afternoon fourth-quarter 2012 net income of $20.9 million, or 33 cents a diluted share, up from income of $14.8 million, or 24 cents a share, in the year-earlier period.
A net gain of $8.4 million from the sale of Sterling's branches in Montana, which was completed Nov. 30, contributed to the improved earnings.
Sterling President and CEO Greg Seibly said in a press release that the company's financial position "has allowed us to take steps to reduce costly borrowings in order to improve our profitability in future periods."
For the full year, Sterling posted net income of $385.7 million, or $6.14 a share, up from $39.1 million, or 63 cents a share, in 2011. The 2012 figures include a $292 million income-tax benefit.
The company re-established cash dividends for shareholders last year.
As of Dec. 31, Sterling had $6.4 billion in total deposits, compared with $6.5 billion a year earlier. It had $9.2 billion in total assets, about $44 million more than a year earlier, and total loans of about $6.3 billion, up from $5.5 billion a year earlier.