Oct. 17, 2012 — Puget Sound Bank (OTCBB: PUGB), today reported that net income for third quarter increased to $529,649 or $.21 per share compared to a loss of $350,406, for third quarter 2011. Net income for the first nine months increased to $1,573,095 from $518,862 in the same period a year ago.
“Puget Sound Bank achieved quarterly earnings in excess of $500,000 for the fourth consecutive quarter driven by growth in lending to small and medium sized businesses and solid credit quality,” said Jim Mitchell, President and Chief Executive Officer. “This is a result of an experienced, customer-oriented staff that provides a higher level of service and counsel to our business clients.”
Loans grew 6% to $201 million from $190 million in third quarter 2011. Commercial and industrial (C&I) loans, including owner-occupied commercial real estate loans, accounted for 65% of the loan portfolio at the end of the quarter.
Deposits grew 8% to $227 million from $210 million a year ago. Noninterest-bearing deposits increased 11% from third quarter 2011 and accounted for 34% of total deposits.