July 26 / Sterling Financial reports jump in earnings

Sterling Financial Corp., the Spokane-based parent of Sterling Bank, reported second-quarter net income of $320.9 million, or $5.13 a diluted share, up from $7.6 million, or 12 cents a share, in the year-earlier period. The results included a $288.8 million release of deferred tax asset valuation allowance, which boosted Sterling's bottom line. The company also said it was issuing a cash dividend for the quarter of 14 cents per common share.

July 26 / Hecla pursues hostile takeover

Hecla Mining Co., of Coeur d'Alene, took initial steps to gain control of the Galena Mine in Idaho's Silver Valley through a hostile takeover of its owner. Through an indirect wholly owned subsidiary, it offered to pay shareholders of U.S. Silver Corp. $1.80 (Cdn.) for each share of that company's stock. If Hecla's all-cash bid is successful—another company, RX Gold & Silver, has made a competing, though lesser offer—the Silver Valley's two largest mines would be owned by the same operator. Hecla owns Lucky Friday Mine, the other largest mine there.

July 26 / Glacier Bancorp posts record quarter

Glacier Bancorp. Inc., the Kalispell, Mont.-based parent of Mountain West Bank, said it had record earnings in the second quarter. The company reported net income of $19 million, or 26 cents a share, for the quarter, up from $11.9 million, or 17 cents a share, in the year-earlier quarter. Glacier President and CEO Mick Blodnick said loans grew for the first time in three years, and the number and balances of checking accounts also increased.

July 26 / Red Lion to sell Montana hotel

Red Lion Hotels Corp., of Spokane, said it has agreed to sell the 149-room Red Lion Colonial Hotel, in Helena, Mont., to Helena Colonial LLC for $5.6 million. The transaction was to be completed July 31. Red Lion said Helena Colonial planned to maintain the Red Lion brand by entering into a franchise license agreement with Red Lion Franchising Inc.

July 25 / Ambassadors' net income rises

Spokane-based travel program provider Ambassadors Group Inc. reported second-quarter net income of $14.2 million, or 81 cents a diluted share, up from $13.4 million, or 75 cents a share, in the 2011 second quarter. The company said its number of travel delegates was down, to about 12,800 delegates through the first two quarters, compared with about 13,600 in the year-earlier period. However, it said its total operating expenses also were down 15 percent this year compared with the first half of 2011.

July 25 / Employment here rises

About 208,100 people held nonagricultural wage and salary jobs in the Spokane area in June, up 1,200 from the June 2011 level and up 300 from May of this year, preliminary state figures showed. Preliminary results from another state survey put the unemployment rate here at 8.8 percent during June, down from 9.2 percent from the year-earlier month.

July 25 / Clearwater Paper's earnings increase

Clearwater Paper Corp., of Spokane, posted second-quarter net income of $21.5 million, or 91 cents a diluted share, up sharply from $13.9 million, or 59 cents a share, in the year-earlier period. The company attributed the upswing partly to strong performance in both the consumer-products and pulp-and-paper sectors.

July 24 / Potlatch sees dip in net, jump in sales

Spokane-based Potlatch Corp. reported second-quarter net income of $5.1 million, or 13 cents a diluted share, down from $8.4 million, or 21 cents a share, in the year-earlier period. The company's total revenues for the quarter rose, however, to $117.5 million, up from $112.4 million in the 2011 second quarter. Potlatch Chairman, President, and CEO Michael Covey said the wood-products segment "greatly exceeded expectations during the quarter" and had its highest quarterly operating income in more than five years.