January 19, 2011 – Puget Sound Bank (OTCBB: PUGB”) today reported that higher revenues, sound core deposit growth and strong loan growth generated a substantial increase in full year profits. For the year ended December 31, 2010, Puget Sound Bank’s net income more than tripled to $1.4 million compared to $418,107 in 2009. Net income in the fourth quarter of 2010 increased sharply to $436,361 from $315,122 in the preceding quarter and $361,152 in the fourth quarter a year ago.
“Our achievements this year include strong earnings and a solid increase in net interest margin, demonstrating the underlying earnings power of our franchise and the solid quality of our assets,” said Jim Mitchell, President and Chief Executive Officer. “We have a strong focus on our customers, and we are delighted with the continued demand for good loans generated by our lending team and the solid growth we have produced in local deposits.”