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Originally published Thursday, October 25, 2012 at 6:32 PM

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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

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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.

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