Sterling Financial reports first-quarter profit

April 24, 2013 

Sterling Financial enjoyed a strong first quarter, posting profits over the previous quarter and year.

Net income for the first quarter was $22.7 million, up 8.6 percent from the fourth quarter of 2012 and 70.7 percent from one year ago.

Sterling Financial is based in Spokane, Wash., and holds $9.26 billion in assets. The bank operates in Washington, Oregon, Idaho and California.

Sterling Financial highlighted several first-quarter accomplishments in a Wednesday press release, including an annualized organic loan growth of 8 percent and acquiring Borrego Springs Bank in La Mesa, Calif.

The bank’s stock closed at $21.34 Wednesday, up from $19.19 after the first quarter in 2012.

“The financial results for the first quarter featured strong performance against all of our key operating objectives,” Seibly said.

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