- Completed three acquisitions: Borrego Springs Bank, N.A., the Puget Sound operations of Boston Private Bank & Trust Co., and Commerce National Bank.
- Gross loans expanded by 19 percent; organic loan growth of 12 percent.
- Portfolio loan originations were $2.39 billion, a 31 percent increase over 2012.
- Deposits expanded by 10 percent.
- Net interest margin (tax equivalent) was 3.64 percent, 18 basis points higher than 2012.
- Nonperforming assets to total assets was 1.21 percent, down from 2.28 percent at December 31, 2012.
- Sterling announced that it will merge with Umpqua Holdings Corporation, creating the largest community bank on the West Coast.
Sterling Financial Corporation (NASDAQ:STSA) ("Sterling") today announced its operating results for the quarter and year ended December 31, 2013. For the quarter, Sterling recorded net income of $22.2 million, or $0.35 per diluted common share, compared to $21.0 million, or $0.33 per diluted common share, for the quarter ended September 30, 2013, and $20.9 million, or $0.33 per diluted common share, for the quarter ended December 31, 2012. For the year ended December 31, 2013, Sterling recorded net income of $93.6 million, or $1.48 per diluted common share, compared to $385.7 million, or $6.14 per diluted common share, for the year ended December 31, 2012. The 2012 annual net income included an income tax benefit of $292.0 million associated with the release of a deferred tax asset valuation allowance. Following are selected financial highlights for the year ended December 31, 2013: