Sterling Financial Corp. (STSA), the bank holding company for Sterling Savings Bank, Wednesday reported an increase in profit for the first quarter, due mainly to lower credit loss provisions.
The Spokane, Washington-based company reported a first-quarter net profit of $13.29 million or $0.21 per share, compared to $5.42 million or $0.09 per share last year. On average, four analysts polled by Thomson Reuters expected earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter grew to $74.35 million from $73.74 million in the year-ago quarter. Total non-interest income rose to $31.59 million from $29.98 million in the prior-year quarter.
Credit loss provisions for the quarter decreased to $4.0 million from $10.0 million last year.
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