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Net Income Up 41% for Puget Sound Bank

2014 April 16 by

First Quarter Results Reflect Successful Acquisition Strategy

April 16, 2014 — Puget Sound Bank (OTCQB:PUGB) today reported record net income of $752,521 or $0.25 per share for the quarter ending March 31, 2014, an increase of 41% as compared to $533,126 or $0.21 per share for the year earlier period.

This quarter’s net income exceeds all previous quarterly results in the Company’s nine-year history and is the first quarter since announcing the purchase of Core Business Bank in March 2013 (completed in June 2013) to include no acquisition costs.

Read the complete earnings release.

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Growth Conference Panel to Feature Jim Mitchell

2014 April 9 by

Industry Leaders to Share and Explore Strategies at Annual Event

BRENTWOOD, Tenn., April 9, 2014 – Jim Mitchell, president and chief executive officer of Puget Sound Bank (OTCQB: PUGB), will speak at the Bank Director’s Growth Conference on May 1, 2014 in a panel session that will discuss where and how banks should be looking for loan growth. The Growth Conference will feature Mr. Mitchell’s insights as an integral part of the event, which explores strategies and concepts to improve efficiencies to provide solutions to the growth challenges faced by the banking industry.

Over 100 chairmen and senior executives of banks, including chief executive officers, presidents, chief marketing officers and senior retail banking executives, are expected to attend the event, which will take place in New Orleans from May 1-2, 2014.


About Bank Director
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its quarterly magazine, executive-level research, annual conferences, and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Bank Director is headquartered in Brentwood, Tennessee. For more information about The Growth Conference, visit BankDirector.com/conferences or contact Michelle King, director of marketing, (800) 826-8987.

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Jane K. Miller Promoted to Vice President

2014 March 19 by

March 19, 2014 — Puget Sound Bank recently announced the promotion of Jane K. Miller to vice president, operations support services manager.

“As the Bank has grown and our customers’ needs have become more complex, Jane has been an invaluable resource to ensure we continue to seamlessly meet their needs,” said Jim Mitchell, Puget Sound Bank chief executive officer and president. “Her expertise, team leadership and mentoring will all help support the anticipated growth of Puget Sound Bank.”

Jane joined Puget Sound Bank in 2007 after serving in various customer service positions in community banks. She is a Northwest native and a graduate of Pacific Lutheran University (Tacoma, Wash.).

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PSB Joins Bankers Care to Support Northwest Harvest

2014 March 4 by

March 4, 2014 — This March, bankers in Washington will join together to make a difference for Northwest Harvest and thousands of hungry people in the community, filling a critical need during a season where many food banks find their shelves are far too empty.

Last year the Bankers Care Spring Food Drive included the participation of approximately 500 local bank branches across the region – spanning from Everett to Olympia. The campaign built on the individual efforts of many of the banks in their active fight against hunger, increasing the reach and impact by collectively helping the hungry in our communities.

This year we hope to make an even bigger impact in our communities. During the three week Spring Food Drive bank branches of WBA member banks, including Puget Sound Bank, will serve as donation drop locations. Because Northwest Harvest works with local food banks throughout the region, all contributions directly support the communities in which they are collected.

Please join Puget Sound Bank, March 10 – 31, as we rally together to fight hunger.

Facts about hunger.

Types of food Northwest Harvest needs.

Donate cash to Northwest Harvest.

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Puget Sound Bank Reports Record Earnings

2014 January 15 by

2013 Results Highlighted by Successful Acquisition and Strong Loan Growth

January 15, 2014 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $2.2 million or $.77 per share for the year ending December 31, 2013, which compares to $1.9 million or $.78 per share for the year earlier period. Net income for the current quarter was $553,366 or $0.18 per share as compared to $359,516 or $0.14 per share for the year-earlier quarter. Without one-time costs resulting from Puget Sound Bank’s acquisition of Core Business Bank completed in June 2013, net income for 2013 would have been $2.7 million or $0.96 per share.

“2013 was truly remarkable for Puget Sound Bank,” said Jim Mitchell, Puget Sound Bank chief executive officer and president. “We successfully completed our acquisition of Core Business Bank, ended the year with 0.22% of nonperforming assets to total assets (less than $1 million) and grew assets 26% to $339.3 million.”

Read the complete earnings release.

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Puget Sound Bank Reports Strong Third Quarter Results

2013 October 23 by

Successful Acquisition Drives Higher-than-Expected Earnings

October 23, 2013 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $601,533 or $.20 per share for the third quarter ending September 30, 2013 as compared to $529,649 or $.21 per share in the third quarter of 2012. Net income for the current quarter would have been approximately $733,000 or $0.24 per share before one-time costs resulting from Puget Sound Bank’s acquisition of Core Business Bank, completed June 14, 2013.

Net income for the first nine months of 2013 increased to $1.611 million from $1.573 million in the year-earlier period. Without one-time acquisition costs net income for the current nine-months would have been $2.0 million.

“This quarter – the first full quarter with Core Business Bank contributing to our operations – has been particularly strong for the Bank, said Jim Mitchell, Puget Sound Bank chief executive officer and president. “Our credit quality and performance ratios have exceeded our expectations to support our long-term strategy.”

Read the complete earnings release.

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Puget Sound Bank Reports Second Quarter Results

2013 July 31 by

Acquisition Fuels Loan Growth and Sets Stage for Increased Profitability

July 31, 2013 – Puget Sound Bank (OTCQB: PUGB), today reported net income for the second quarter 2013 of $476,416 or $.18 per share as compared to $533,126 or $.21 per share in the first quarter of 2013. This compares to $526,381 or $.21 per share for the year-earlier quarter.

Net income would have been approximately $645,000 or $0.25 per share before one-time costs resulting from Puget Sound Bank’s acquisition of Core Business Bank, completed on June 14, 2013.

“Not only did we grow our loan portfolio 28% year-over-year to $249.2 million as a result of the acquisition and 11% of organic loan growth, we grew it according to our strategic plan – primarily from strong commercial and industrial loans,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “Plus,” he continued, “Core Business Bank had no nonperforming loans, so combined with our very low level of nonperforming loans, we continue to build a stronger asset base.” The Bank reported 0.54% of total assets as nonperforming, down from 0.66% in the first quarter of this year and 0.75% one year ago.

“The board and executive management team will continue to grow the bank in a careful and prudent manner,” said Mr. Mitchell, “beginning with capitalizing on additional growth opportunities with the Bank’s new legal lending limit of $9 million and continuing to focus on lending to small-to-medium sized businesses.” Including acquired loans from Core Business Bank, Puget Sound Bank’s commercial and industrial loans (including owner-occupied real estate) account for approximately 67% of Puget Sound Bank’s portfolio as compared to 62% in the year-earlier quarter.

Read the complete earnings release.

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David V. Huguenin Joins Puget Sound Bank

2013 July 1 by

July 1, 2013 — Puget Sound Bank (OTCBB: PUGB) has announced that David V. Huguenin has joined the Bank as senior vice president, relationship manager. Mr. Huguenin joined the Bank upon Puget Sound Bank’s acquisition of Core Business Bank.

Read the complete news release.

Puget Sound Bank Completes Acquisition of Core Business Bank

2013 June 14 by

June 14, 2013 -– Puget Sound Bank (OTCBB: PUGB) today announced the completion of its acquisition of Core Business Bank. With its increased assets Puget Sound Bank builds upon its long-term vision of strategically building shareholder value through expanding its customer base.

Total assets are now $320 million and net worth is approximately $43 million with a total risk-based capital ratio of over 15% (well above the FDIC’s 10% minimum it considers to be a well-capitalized bank). The acquisition is expected to be accretive to earnings per share and tangible book value per share in the first full year of operations.

“Our board and executive team carefully evaluated this acquisition to not only ensure we would enhance shareholder value in a prudent and controlled manner,” said Jim Mitchell, Puget Sound Bank president and chief executive officer, “but also better serve our customers to contribute to growth in the Puget Sound region.”

Read the complete news release.

Puget Sound Bank Earnings Increase to $533,126 in First Quarter

2013 April 17 by

April 17, 2013 – Puget Sound Bank (OTCBB: PUGB) today reported that net income for the 1Q 2013 increased to $533,126 or $.21 per share from $359,516 or $.14 per share in 4Q 2012. Net income in 1Q 2012 was $517,065 or $.21 per share.

“We continue to have strong balance sheet growth in combination with excellent asset quality. Assets grew 17% from a year ago with continued improvement in nonperforming asset levels,” said Jim Mitchell, President and Chief Executive Officer. “We were particularly pleased to announce an agreement to acquire Core Business Bank (Core). Core is a great fit culturally as their business model focuses on small and medium sized business lending like ours.”

Read the complete earnings release.