Spokane-based Sterling announces 2Q net income

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Sterling Financial Corp., which this year acquired the former First Independent Bank, reported Thursday a net income of $320.9 million, or $5.13 per diluted share, for its second quarter ending June 30. That income included a $288.8 million release of a set-aside, called a deferred tax asset valuation allowance. The corporate parent of Sterling Bank also announced a quarterly cash dividend of 15 cents per share to be paid on Aug. 20.

The Spokane-based bank's pretax income for the quarter was $32 million, a 141 percent increase from the first quarter, Sterling said after the close of trading.

Sterling's stock closed at $19.46, up slightly from Wednesday's closing of $19.24 per share. Its acquisition of Vancouver-based First Independent was completed on Feb. 29, and the two banks were fully integrated this week.