July 20, 2011 – Puget Sound Bank (OTCBB: PUGB), today reported solid growth in earnings, fueled by growing revenues and loans, a higher net interest margin, and strong capital ratios. For the first half of 2011, profits grew 44% to $869,269 from $605,105 in the like period a year ago. Puget Sound Bank’s net income increased 31% to $413,145 in the second quarter compared to $315,095 in the same quarter a year ago.
“Puget Sound Bank has reported consistently profitable results for the last few years, and we are very encouraged with the progress we continue to see in our franchise,” said Jim Mitchell, President and Chief Executive Officer. “Our capital strength and strong operating results are noteworthy accomplishments in any environment but particularly in today’s weak economic climate.”
“We are honored to be among the first banks accepted to receive Small Business Lending Funds from the U.S. Treasury at a dividend rate of 1%. These funds count as capital and will increase our total risk-based capital to over 16%. A portion of these funds will retire the preferred shares issued under the Treasury’s Capital Purchase Program from two years ago,” added Mitchell. “As a strong business bank, we believe we will be able to deploy this capital to help businesses in the region expand and create jobs.”