STSA - Sterling Financial Corporation (NASDAQ Stock)

[thegreatgate]

STSA - Sterling Financial Corporation (NASDAQ):

This stock has been getting killed lately. All I see on the chart is large red candles. It is getting close to $1 (currently $1.20) and has a nice pincher setup going. THEY REPORT EARNINGS THIS THURSDAY, OCT 22, AFTER HOURS....Bad report and under $1, good report and will see a huge pop....I will be looking to take a small nibble possibly this week...Book value according to Yahoo Finance is $15.47 <----scroll down to balance sheet bottom left

Chart:


52-week range:
$1.00 to $12.77

Website:
Sterling Financial Corporation

Description:
Sterling Financial Corporation (Sterling) is a bank holding company. Its principal operating subsidiaries are Sterling Savings Bank and Golf Savings Bank. During the year ended December 31, 2008, the principal operating subsidiary of Sterling Savings Bank was INTERVEST-Mortgage Investment Company (INTERVEST). The main focus of Golf Savings Bank, a Washington State-chartered savings bank, is the origination and sale of residential mortgage loans. The Company's revenues are derived primarily from interest earned on loans and mortgage-backed securities (MBS), fees and service charges, and mortgage banking operations (MBO).

[thegreatgate]

Down again today and losing 15% after hours on their Q3 earnings report. 11 out of the last 12 sessions have been red and tomorrow will most likely be red again.....Look for a major bounce to take place starting on Monday or Tuesday. I'm not in yet, looking for a good entry (80 to 95 cents).

SPOKANE, Wash.--(Business Wire)--
Sterling Financial Corporation (NASDAQ:STSA), the bank holding company of
Sterling Savings Bank and Golf Savings Bank, today announced results for the
quarter and the nine months ended September 30, 2009.

The net loss attributable to Sterling's common shareholders was $463.7 million,
or $8.93 per common share, compared with net income in last year's third quarter
of $5.0 million or $0.10 per common share.

The net loss was $459.4 million before the accrual of $4.3 million in cumulative
preferred dividends associated with the U.S. Treasury's Capital Purchase
Program. The loss for the quarter reflects the following:

* a non-cash charge of $227.6 million to account for the impairment of the
remaining goodwill, which primarily relates to banks that Sterling acquired
between 1998 and 2007;
* a provision of $195.5 million to increase the allowance for loan losses; and,
* a non-cash valuation allowance of $143.0 million established against its
deferred tax asset.

"In the third quarter, Sterling continued to make progress on the four
objectives in the recovery plan that we launched last year. Sterling is working
through problem loans, maintaining liquidity, addressing capital needs and
improving management oversight. In addition, Sterling and its financial advisor
are exploring options for raising capital to strengthen Sterling," said William
L. Eisenhart, chairman of Sterling's board of directors. "Sterling's actions
reflect these important steps to put the company on the right course for the
future."

"The leadership team is committed to building upon the strength of Sterling's
relationship-focused franchise. Throughout this cycle, we have grown deposits,
lowered funding costs, deepened customer relationships, improved product
offerings and maintained good liquidity," said Greg Seibly, acting president and
chief executive officer. "We recognize the challenges before us and we have
developed a focused recovery plan that is aligned with the priorities
established by our board of directors."

Third-Quarter 2009 Highlights

* Total deposits increased 3% from September 30, 2008 to $8.28 billion.
* Tier I leverage capital ratio was 7.0%.
* Allowance for credit losses was 3.48%, up from 2.71% at June 30, 2009.
* The pace of growth of classified and non-performing assets has slowed since
June 30, 2009.
* Net interest margin was 2.98%, an improvement of 11 basis points over last
quarter.

Sterling Financial Corporation of Spokane, Washington, Announces Third-Quarter 2009 Results | Reuters

[greencat]

STSA has a good candlestick setup and will challenge the old high. It has filled the gap and making a mive.

STSA Chart

[greencat]

STSA looks like its ready to take off big out of this inverted head and shoulders pattern..

STSA Chart

[mentalmoron]

you were so right i'm kicking myself for not looking at it harder Thursday night

[greencat]

Originally Posted by mentalmoron

you were so right i'm kicking myself for not looking at it harder Thursday night

Don't be- there will be others. STSA gives sell signal..