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Earnings

February 25, 1988

Sterling Savings & Loan in Newport Beach posted record net income of $3.5 million in 1987, a 52.2% increase over $2.3 million earned the previous year. Total annual revenue more than doubled to $65.5 million from $28.8 million in 1986 revenue. For the fourth quarter, Sterling reported net income of $2 million, a 42.9% increase over $1.4 million earned in the final quarter of 1986. Quarterly revenue more than doubled to $24.4 million from $10.4 million in the last quarter of 1986. Sterling's assets grew 43.75% to $161 million at the end of December from $112 million a year earlier. Robert K. Parker, the S&L's president, attributed the big jump in earnings, revenue and assets to the S&L's home-building subsidiary, Sterling Builders, which put up 194 single-family homes and an industrial project last year, compared to 122 homes in 1986. The S&L's deposits rose 83.8% to $129.6 million at the end of the year from $70.5 million a year earlier, and the loan portfolio nearly doubled to $133.8 million from $68.9 million.

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