Sterling Financial's 3Q profit nearly triples

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The Spokane parent company of Sterling Savings Bank announced net income of $30.6 million, or 49 cents a share, for the quarter ended Sept. 30, compared with $11.3 million, or 18 cents a share, in the same period a year ago.

Sterling Financial reported higher revenue from mortgage banking, a lower provision for loan losses and lower interest expense for deposits.

Earlier this week Sterling said it was acquiring the La Mesa, Calif.-based holding company for Borrego Springs Bank for $6.5 million in cash.