Record Profits Before One-Time Transaction Costs
Zero Nonperforming Assets
BELLEVUE, Wash., October 18, 2017 – Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, announced record net income for the quarter ending September 30, 2017 of $1.4 million or $0.42 per share before one-time extraordinary costs of $441,000 related to the acquisition by Heritage Financial Corporation (“Heritage”) (NASDAQ: HFWA) reported in July 2017. With the costs, net income for the quarter was $1.1 million or $0.33 per share. This compares to $724,712 or $0.21 per share for the year-earlier quarter which included a one-time $700,000 charge-off.