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Gregg Lamm of PSBJ Talks to Jim Mitchell

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What it’s Like to be a 0.99-percenter’ — In Nonperforming Loans

April 19, 2012 — From the Puget Sound Business Journal —

“Puget Sound Bank saw profits increase by 13 percent and revenue go up 14 percent in the first quarter of 2012. But bank CEO Jim Mitchell wants to call attention to another figure: 0.99 percent.

That’s the Bellevue bank’s percentage of nonperforming loans compared to total assets, a percentage that is below most in the industry and that declined from 1.22 percent at the end of the first quarter of 2011.

“We are pleased with the direction we are heading, particularly on the nonperforming loans,” Mitchell told me Thursday. “I particularly like being below 1 percent.” ”

Read the complete story by PSBJ staff writer Greg Lamm.