Sterling’s earnings climb
The Spokane parent company of Sterling Savings Bank reported fourth-quarter net income of $20.9 million, or 33 cents a share, up from $14.8 million, or 24 cents a share, in the same period a year ago.
Sterling Financial said it originated $561.7 million in new loans in the fourth quarter, 62 percent more than in the same period a year ago.
It also booked a net gain of $8.4 million from selling its Montana branches. The company’s nonperforming assets fell to 2.28 percent of total assets, down from 4 percent a year ago.