2014 March 4 by Brad Ogura
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.
The Bankers Care 2013 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.
2014 January 15 by Brad Ogura
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.”
2013 October 23 by Brad Ogura
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.”
2013 July 31 by Brad Ogura
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.
2013 July 1 by Brad Ogura
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.
2013 June 14 by Richard Lester
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.”
2013 April 17 by Richard Lester
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.”
2013 March 22 by Richard Lester
Acquisition comes on the heels of 53% annual earnings growth in 2012
March 22, 2013 – Puget Sound Bank (OTCBB: PUGB) and Core Business Bank (Core) today jointly announced the signing of a definitive agreement pursuant to which Puget Sound Bank will acquire Core Business Bank for $8,425,000 with a combination of 20% cash and 80% Puget Sound Bank common stock. This value represents 132% of Core’s December 31, 2012 net book value. The acquisition is expected to be accretive to Puget Sound Bank’s earnings per share and tangible book value per share in the first full year of operations. The deal is expected to close in the second quarter of 2013 and is subject to the customary requirements that include regulatory approval as well as shareholder approval.
2013 January 16 by Richard Lester
January 16, 2013 — Puget Sound Bank (OTCBB: PUGB), today reported that net income for the year increased 53% to $1,932,612 or $.78 per share compared to income of $1,263,963 and $.40 per share for 2011. Net income for 4Q was $359,516 or $.14 per share.
“Puget Sound Bank’s performance was outstanding in 2012,” said Jim Mitchell, President and Chief Executive Officer. “The bank’s earnings grew by 53%, loan and deposit growth continues to be among the highest in the State and nonperforming assets improved to 0.85% of assets.”
2012 October 17 by Brad Ogura
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.