Recently released fourth quarter and 2012 year end earnings reflect a 2012 annual net income of $385.7 million which includes an income tax benefit of $292 million associated with the release of a deferred tax asset valuation allowance.
In the fourth quarter,
Additionally, Sterling Bank announced that their employees contributed over 53,000 hours to volunteer efforts across their footprint, helping nearly 2,000 regional and national charitable organizations. Taken as a whole, the U.S. Bureau for Labor Statistics equates the total volunteer hours spent to a donation of more than $1.1 million.
The Following are selected financial highlights for the quarter and year ended December 31, 2012:
- Gross loans were $6.25 billion, a seven percent annualized increase over the prior quarter.
- Portfolio loan originations for the quarter were $561.7 million, a 23 percent increase over the prior quarter.
- Net interest margin was 3.49 percent, up six basis points from the prior quarter, and up 23 basis points from the fourth quarter of 2011.
- Deposit costs were reduced by seven basis points compared to the prior quarter, and by 34 basis points compared to the fourth quarter of 2011.
- Income from mortgage banking operations for the year was $96.9 million, up 85 percent over 2011.
- Nonperforming assets to total assets was 2.28 percent, down from 2.73 percent at September 30, 2012, and 4.01 percent at December 31, 2011.
- Net recoveries were $566,000 for the quarter, compared to net charge-offs of $6.0 million for the prior quarter.
- A total of $40.4 million, or $0.65 per share, was returned to shareholders during the fourth quarter of 2012 through payment of a $0.15 per share regular dividend, a $0.35 per share special dividend and the accelerated payment of the $0.15 regular dividend that would have otherwise been paid during the first quarter of 2013.
- During the fourth quarter,
“The fourth quarter capped a year of solid financial performance,” said Greg Seibly,
The full press release is available here:
503-546-7881.
