Sterling Financial’s 3Q profit nearly triples
Sterling Financial’s third-quarter profit nearly tripled over the same quarter a year ago.
Seattle Times business staff
The Spokane parent company of Sterling Savings Bank announced net income of $30.6 million, or 49 cents a share, for the quarter ended Sept. 30, compared with $11.3 million, or 18 cents a share, in the same period a year ago.
Sterling Financial reported higher revenue from mortgage banking, a lower provision for loan losses and lower interest expense for deposits.
Earlier this week Sterling said it was acquiring the La Mesa, Calif.-based holding company for Borrego Springs Bank for $6.5 million in cash. The company’s stock closed Thursday at $21.61, up 42 cents.