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STERLING SAVINGS ISSUES STATEMENT CONCERNING PUBLISHED REPORT

 STERLING SAVINGS ISSUES STATEMENT CONCERNING PUBLISHED REPORT
 SPOKANE, Wash., June 23 /PRNewswire/ -- Sterling Savings Association (NASDAQ: STSA) announced today that it expects to post fiscal fourth-quarter net income of between $1.4 million and $1.8 million, contrary to a recently published report that the association would post income "probably on the high side" of that range. Harold B. Gilkey, chairman and chief executive officer of Sterling, stated that it is too early to pinpoint net income because the association is currently assessing the impact of a new statement promulgated by the Financial Accounting Standards Board (FASB) to deal with accounting for income taxes. "Although we are not bound to adopt FASB Statement No. 109 until fiscal year 1994," Gilkey said, "the FASB has encouraged earlier application; and we are, therefore, looking closely at the issue. We will be in a position to state our fiscal year 1992 results only when we have decided whether to apply FASB No. 109 for this year."
 The recent report also quoted Gilkey as having said he was comfortable with analysts' projections for substantial increases during fiscal year 1993 in profits, net income and assets. Gilkey said today that such projections are always subject to a host of variables including changes in loan demand; deposits; net interest and other income; operating expenses; and changes in the overall economy. Gilkey said that the association is not in a position to make predictions at this point regarding the association's next fiscal year.
 Gilkey went on to say that he was optimistic about Sterling's future. "As a result of our successful public offering last fall, Sterling meets all regulatory capital standards, and has a good relationship with its regulators. Since last fall, management has been able to focus on conducting and expanding our basic business," Gilkey said.
 -0- 6/23/92
 /CONTACT: Heidi B. Stanley of Sterling Savings Association, 509-458-2711/
 (STSA) CO: Sterling Savings Association ST: Washington IN: FIN SU: ERP


SC-SF -- SE005 -- 2699 06/23/92 09:02 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
Words:333
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