Originally published January 26, 2011 at 2:53 PM | Page modified January 27, 2011 at 6:31 AM
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Sterling reports $623M quarterly loss
Spokane-based Sterling Financial Corp., the parent company of Sterling Savings Bank, reported a fourth-quarter net loss attributable to...
By Seattle Times business staff
Spokane-based Sterling Financial Corp., the parent company of Sterling Savings Bank, reported a fourth-quarter net loss attributable to common shareholders of $642.7 million, or $12.79 per share, compared to a $333.1 million loss, or $423.17 per share, in the fourth quarter of 2009.
Its year-end results were similar: A $756.1 million net loss, or $53.05 per share, compared with a net loss of $855.5 million, or $1,087.41 per share, in 2009.
The company, which raised $730 million in new capital in August by issuing vast quantities of new shares, said a fourth-quarter conversion of preferred stock resulted in a non-cash reduction of $604.6 million in income available to common shareholders.
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