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STERLING FINANCIAL CORP.'S FINANCIAL HIGHLIGHTS FOR FIRST QUARTER EARNINGS

 SPOKANE, Wash., Oct. 19 /PRNewswire/ -- Sterling Financial Corp. (NASDAQ: STSA) today released financial highlights for the first quarter ended Sept. 30, 1993, as a supplement to the earnings release dated Oct. 4.
 FINANCIAL HIGHLIGHTS
 (Dollar amounts in thousands except per share amounts; unaudited)
 For the three For the three
 months ended months ended
 Sept. 30, 1993 Sept. 30, 1992
 OPERATING DATA:
 Interest income $17,864 $12,889
 Interest expense (10,419) (7,709)
 Net interest income 7,445 5,180
 Provision for loan losses (400) (450)
 Net interest income after provision
 for loan losses 7,045 4,730
 Other income 2,341 3,502
 Operating expenses (6,051) (5,070)
 Income before income taxes and
 other items 3,335 3,162
 Income tax provision (1,267) (1,173)
 Income before extraordinary item 2,068 1,989
 Extraordinary item:
 Early extinguishment of Federal Home Loan
 Bank advances, net of income taxes 0 (188)
 Net income $2,068 $1,801
 Net income applicable to common
 shares $2,068 $1,801
 EARNINGS PER COMMON SHARE:
 Earnings per common share before
 extraordinary item $ 0.51 $ 0.50
 Extraordinary item, net of income
 taxes 0.00 (0.05)
 Earnings per common share $ 0.51 $ 0.45
 Weighted average shares outstanding 4,092,613 3,952,293
 Ratios (Annualized):
 Book value per common share at end
 of period $11.99 $10.13
 Tangible book value per common share
 at end of period $10.08 $ 7.58
 Return on average assets (percents) 0.79 1.10
 Return on average common stockholders'
 equity (percents) 16.58 18.33
 Net interest margin (percents) 2.96 3.37
 Average financial assets to financial
 liabilities (percents) 104.40 103.40
 Nonperforming assets to total assets
 at end of period (percents) 1.18 1.75
 Stockholders' equity to assets at
 end of period (percents) 4.69 6.04
 SELECTED FINANCIAL INFORMATION AT: SEPT. 30, 1993 SEPT. 30, 1992
 Total assets $1,059,893 $ 662,927
 Loans receivable 612,324 469,249
 Mortgage-backed securities 317,615 93,221
 Investments 47,243 19,256
 Deposits 580,971 508,511
 FHLB advances 331,323 98,782
 Stockholders' equity $ 49,683 $ 40,024
 Number of full-time equivalent employees 406 345
 PRICE RANGE OF COMMON STOCK COMMON STOCK PRICE
 Sterling Financial Corp. has FISCAL 1994 HIGH LOW
 outstanding one class of common FIRST QUARTER 15 11 5/8
 stock. On Sept. 30, 1993, there FISCAL 1993
 were outstanding 4,144,996 shares. FOURTH QUARTER 13 5/8 11 1/8
 The stock is currently traded in THIRD QUARTER 13 5/8 9 3/4
 the over-the-counter market and SECOND QUARTER 10 8 7/8
 is quoted on the NASDAQ-NMS system FIRST QUARTER 10 1/2 8 1/2
 under the symbol STSA. The table
 sets forth the high and low bid
 prices per share for the common
 stock for the periods indicated.
 NOTE: Weighted average shares and per share amounts have been retroactively restated to reflect the 10-percent stock dividend paid on Aug. 31, 1993.
 -0- 10/19/93
 /CONTACT: Daniel G. Byrne of Sterling Financial, 509-458-3711/
 (STSA)


CO: Sterling Financial Corp. ST: Washington IN: FIN SU: ERN

RB-JH -- SE015 -- 4178 10/19/93 16:30 EDT
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Date:Oct 19, 1993
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