Fourth Quarter ROE Reaches 11.07% and ROA hits 1.00%
january 18, 2017 — Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today reported record net income of $4.2 million or $1.23 per share for the year ending December 31, 2016. This compares to $4.1 million or $1.22 per share for the year-earlier period.
For the quarter ending December 31, 2016, net income increased to $1.3 million or $0.40 per share as compared to $1.1 million or $0.33 per share for the year-earlier quarter. Return on equity in the fourth quarter increased to 11.07% and return on assets increased to 1.00%, reaching key benchmarks for high-performing banks.
“The board and management team are extremely proud of the Bank’s performance this year – particularly in the fourth quarter,” said Jim Mitchell, Puget Sound Bancorp president and chief executive officer. “This ongoing, consistent growth results from our hardworking team of banking professionals dedicated to delivering an exceptional experience to our loyal customers.”