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Puget Sound Bank First Quarter Profits Increase 13%

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April 18, 2012 — Puget Sound Bank (OTCBB: PUGB), reported that strong revenue growth and year-over-year loan growth contributed to net income of $517,065, or $.21 per share for first quarter 2012 compared to $456,124, or $.17 per share for first quarter 2011. 

“Puget Sound Bank’s strong first quarter results are attributable to our continued focus on building strong relationships with small businesses and their owners,” said Jim Mitchell, President and Chief Executive Officer. “Our focus on growing relationships lead to an increase in revenues of 14% from a year ago, compared to growth of just 2% in expenses. These strong results are due to the extraordinary effort of the Puget Sound Bank team. ”

Read the complete earnings release.