Puget Sound Bank Earnings Increase to $533,126 in First Quarter
2013 April 17 by Richard Lester
BELLEVUE, WA —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.”
Net income for the quarter was impacted by acquisition-related expenses of approximately $230,000 related to the agreement to acquire Core Business Bank. Net income would have been nearly $700,000 this quarter without those expenses.
Loans grew 9% to $204 million from $187 million a year ago. Commercial and industrial (C&I) loans, including owner-occupied commercial real estate loans grew 22% from a year ago and, accounted for 67% of the loan portfolio at the end of the year compared to 60% at the end of 1Q 2012.
Nonperforming assets declined to 0.66% of assets from 0.99% a year ago.
Deposits grew 19% to $238 million from $201 million a year ago. Noninterest-bearing deposits increased 50% from 1Q 2012 and accounted for 40% of total deposits compared to 32% a year ago.
Follow the link below for the full news release.
Bankers Care 2013 Spring Food Drive
2013 April 1 by Richard Lester
From March 1st through April 5th, 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 includes the participation of approximately 500 local bank branches across the region spanning from Everett to Olympia. The campaign builds 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.
Puget Sound Bank is proud to serve as a drop location for cash and non-perishable food items. Additional information can be found by following the link provided below.
Puget Sound Bank Earnings Increase 53% in 2012
2013 January 17 by Richard Lester
Puget Sound Bank Earnings Increase 53% in 2012 to $1,932,612
BELLEVUE, WA —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.”
Loans grew 11% to $215 million from $194 million at the end of 2011. Commercial and industrial (C&I) loans, including owner-occupied commercial real estate loans, accounted for 67% of the loan portfolio at the end of the year compared to 63% at the end of 2011.
Deposits grew 8% to $230 million from $213 million a year ago. Noninterest-bearing deposits increased 40% from the end of 2011 and accounted for 38% of total deposits compared to 29% a year ago.
Click the link below for the full News Release.
PUGB+4Q12+earnings+releaseFinal
About Puget Sound Bank
Puget Sound Bank is a locally-owned and operated commercial bank proudly serving the greater Puget Sound region. Based out of Bellevue, Washington, the bank was founded to meet the specialized needs of small and medium-sized businesses, commercial real estate projects, professionals and individuals seeking a higher level of service in the Puget Sound region. Staffed by the most experienced, customer-oriented banking professionals in the region, Puget Sound Bank offers a full range of competitive financial products with superior customer service and a consultative/partnership approach to its clients. Puget Sound Bank provides online banking at www.pugetsoundbank.com and has access to a large branch network in the state of Washington. The bank can also provide remote capture technology which allows its clients to make deposits from their offices. Puget Sound Bank is located at 10500 NE 8th Street, Suite 1500, Bellevue, Washington. For more information, please call 425-455-2400.
Safe Harbor Statement.
This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, referred to from time to time in filings made by Puget Sound Bank with the Securities and Exchange Commission. Puget Sound Bank undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Special New Years Eve and New Years Day Hours
2012 December 31 by Richard Lester
Puget Sound Bank will be closing at 3:00 pm on Monday December 31st and will be closed on Tuesday January 1st in observance of New Years Day. The Bank will be open for normal business hours on Wednesday January 2nd.
Puget Sound Bank Second Quarter Profits Jump 27%
2012 August 16 by Richard Lester
BELLEVUE, WA —July 18, 2012 — Puget Sound Bank (OTCBB: PUGB.OB), today reported that net income for second quarter increased 27% to $526,381, or $.21 per share compared to $413,145, or $.15 per share for second quarter 2011. Net income for the first six months increased 20% from the same period a year ago to $1,043,446.
“Puget Sound Bank continues to produce consistently strong earnings driven by solid loan and deposit growth and improving credit quality,” said Jim Mitchell, President and Chief Executive Officer. “We are very pleased that the bank’s nonperforming loans are just 0.75% of total assets, which is among the lowest levels in the State.”
Loans grew 11% to $195 million from $175 million in second quarter 2011. Commercial and industrial (C&I) loans, including owner-occupied commercial real estate loans, accounted for 62% of the loan portfolio at the end of the quarter. Deposits grew 11% to $217 million from $197 million a year ago. Noninterest-bearing deposits increased 28% from second quarter 2011 and accounted for 34% of total deposits, compared to 29% a year ago.
See here for full release.
Puget Sound Bank Recognized as One of Washington’s Best Workplaces in 2012
2012 June 20 by Richard Lester
BELLEVUE, WA – June 19, 2012 – Puget Sound Bank (OTCBB: PUGB.OB), announced today that is was recently recognized by the Puget Sound Business Journal as a finalist for Washington’s Best Workplaces in 2012.
This year, 85 companies have been named finalists in the Puget Sound Business Journal’s Washington’s Best Workplaces competition. They will be featured in a special report of the Business Journal on August 10th and will be celebrated at an awards event at Safeco Field. Winners of the small, medium, large, and extra-large company categories will be announced there.
Acknowledging the recognition, Puget Sound Bank’s President and Chief Executive Officer Jim Mitchell said, “This is a tribute to our tremendous team and customer-oriented employees that work hard every day to create a positive work environment. We are focused on continually recognizing and appreciating the dedicated banking professionals at Puget Sound Bank.”
Safe Harbor Statement. This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, referred to from time to time in filings made by Puget Sound Bank with the Securities and Exchange Commission. Puget Sound Bank undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Puget Sound Bank CEO on being a ‘0.99-percenter’ – in nonperforming loans
2012 June 19 by Richard Lester
Puget Sound Business Journal by Greg Lamm, Staff Writer
Date: Thursday, April 19, 2012, 1:46pm PDT – Last Modified: Thursday, April 19, 2012, 1:51pm PDT
Puget Sound Bank saw profits increase by 13 percent and revenue go up 14 percent in the first quarter of 2012. But bank CEO Jim Mitchell wants to call attention to another figure: 0.99 percent.
That’s the Bellevue bank’s percentage of nonperforming loans compared to total assets, a percentage that is below most in the industry and that declined from 1.22 percent at the end of the first quarter of 2011.
“We are pleased with the direction we are heading, particularly on the nonperforming loans,” Mitchell told me Thursday. “I particularly like being below 1 percent.”
Puget Sound Bank reported profits increased 13 percent in the first quarter of 2012, compared to the same quarter a year ago. Puget Sound Bank said it saw net income of $517,065, or 21 cents per share, for first quarter 2012 compared to $456,124, or 17 cents per share, for first quarter 2011.
The first-quarter financial performance report is the continuation of a familiar story line that helped the 7-year-old locally owned commercial bank avoid the worst of the banking industry’s financial meltdown by staying focused on lending to small and medium-sized businesses.
For the first quarter of 2012, the bank said revenue was up 14 percent from a year ago, at $2.7 million.
Compared to a year ago, the bank said its loans grew by 9 percent in the first quarter to $187 million. Commercial and industrial loans — including owner-occupied commercial real estate loans — accounted for 60 percent of the bank’s loan portfolio at the end of the quarter, the bank reported.
The bank said its nonperforming loans — a key gauge of a bank’s overall health — were at $2.3 million — 0.99 percent or just shy of 1 percent of total assets.
Mitchell said Puget Sound Bank’s first quarter results reflect a continued focus on building strong relationships with small businesses.
That relationship with small businesses has helped the bank in another way. Puget Sound Bank reported that its non-interest-bearing deposits increased 15 percent from a year ago. And the non-interest accounts now make up 32 percent of the bank’s total deposits, up from 28 percent a year ago.
Mitchell said that reflects a strategy to have a broad banking relationship with its business customers. When the bank makes a loan to a small business, it requires the business to move its business checking account to Puget Sound Bank.
The Federal Reserve had long banned interest-bearing business checking accounts. The rule traced its roots back to the Great Depression, when the government saw it as a way to discourage companies from stashing away cash in interest-bearing accounts instead of reinvesting it in factories or equipment.
But the ban was lifted last summer. Some banks have started offering businesses interest-bearing checking accounts.
Mitchell said with interest rates so low, there has not been much demand among his customers seeking to gain interest on their business checking accounts.
Mitchell also said the bank has continued to pay attention to costs, noting that its revenue increased 14 percent from a year ago, while expenses grew by only 2 percent.
By total assets, Puget Sound Bank is ranked No. 34 on the Puget Sound’s list of largest banks based in Washington. That’s up from No. 41 a year ago.
Puget Sound Bank Rated 5 Stars Again!
2012 June 11 by Richard Lester
June 7, 2012 – We’ve done it again! BauerFinancial maintained its highest rating for Puget Sound Bank at 5 Stars (“Superior”). BauerFinancial is an independent organization that has been reporting on and analyzing the performance of US banks since 1983. Institutions do not pay a fee to BauerFinancial for their ratings, nor can they avoid a rating. BauerFinancial’s Star ratings are based on the call report data that all banks are required to file with the FDIC on a quarterly basis.
Puget Sound Bank’s continued strong performance in 2012 reflects the core competitive advantage of the bank: strong capital and liquidity, robust deposit and loan growth, and solid credit quality. See our investor site for more details.
Teresa Lundman promoted to Supervisor
2012 May 21 by Richard Lester
Puget Sound Bank is very pleased to announce the promotion of Teresa Lundman to Customer Service Associate Supervisor. In addition to her current role as a Senior Customer Service Officer, Teresa will be managing and work closely with Customer Service Associates to ensure effective execution of process and client service delivery.
2012 Puget Sound Bank Annual Meeting of Shareholders
2012 May 15 by Richard Lester
General Information
Date: Wednesday, May 16, 2012
Time: 3 p.m. (Pacific Time)
Location: Hyatt Regency Bellevue
2nd Floor Cascade Tower in the Cedar Ballroom
900 Bellevue Way NE
Bellevue WA 98004
Record Date
You may vote at the meeting if you were a shareholder of record at the close of business on March 5, 2012.
Agenda
The meeting will include:
- A review of the company’s recent performance, which can be viewed along with Puget Sound Bank’s Fiscal Year 2011 Audited Financial Statements on the Investor Relations homepage of our website
- Voting on proposals described in the 2012 Proxy Statement
- Question and Answer Session
Driving Directions and Parking
We will validate parking in the Hyatt Parking garage for attendees; please bring your parking ticket with you to the meeting. Driving Directions
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