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Net Income Up 30% for Puget Sound Bank

2015 April 15 by

First Quarter ROE reaches 10.07% and ROA at 1.01%

April 15, 2015 – Puget Sound Bank (OTCQB: PUGB) today reported net income of $979,470 or $0.31 per share for the quarter ending March 31, 2015, an increase of 30% as compared to $752,521 or $0.25 per share for the year earlier period.
For the second consecutive quarter, Puget Sound Bank achieved a return on equity above 10% and return on assets above 1% – primary industry ratios used to measure high-performing banks.

“We continue to grow earnings as we build our loan portfolio, prudently balancing risk and return,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “At the same time, we are expanding our service team and supporting technology to ensure the customer experience is the best in the marketplace, and we are always seeking new efficiencies to lower operating costs.”

Read the complete earnings release

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Puget Sound Bank One of Region’s Top 75 Corporate Philanthropists

2015 April 13 by

Puget Sound Business Journal to Recognize Companies May 21

PSBJ Corporate Citizenship 2

April 13, 2015 – Puget Sound Business Journal recently announced that Puget Sound Bank is one of Washington’s top 75 corporate phhilanthropists for the Bank’s support of the local nonprofit community. The Business Journal will host an awards luncheon at the Seattle Sheraton Hotel on May 21, 2015 to announce the top three corporations in the categories of small, medium and large companies, and the rankings in each category.

Each year the Puget Sound Business Journal reaches out to local companies to survey their support of local nonprofits. This year’s event, the Corporate Citizenship and Healthy Community Champion Awards Luncheon, honors the list makers as well as philanthropists and companies who have made significant contributions in the arts, education, global giving, health care, economic opportunity, neighborhoods and the environment. For more information visit the Puget Sound Business Journal registration page.

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10 Years and Stronger than Ever

2015 April 10 by

Puget Sound Bank Celebrates its 10th Anniversary

April 10, 2015 — On April 11, 2015 Puget Sound Bank will celebrate its 10-year anniversary as one of the most successful and strongest banks in the country. The board, management and staff of Puget Sound Bank extend their thanks to all who have made these 10 years such a success.

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Puget Sound Bank Lends a Helping Hand

2015 March 27 by

Elizabeth Jim and Goode with a check 626

Bankers Care Program Funds One Million Meals

March 27, 2015 — Seattle, WA — Throughout the month of March, Puget Sound Bank joined 22 separate financial institutions in the Bankers Care spring food drive. It was an important effort because local food bank shelves typically are at their lowest points this time of year. The effort culminated with a major event at Westlake Center on Friday, March 27th, with participating bankers spreading throughout downtown Seattle to solicit additional donations. All donations directly supported Northwest Harvest.

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Team PSB Joins Fight Against Colon Cancer

2015 March 25 by

KNT and DTP

Money Raised to Support Patient Assistance at Swedish Cancer Institute

March 22, 2015 — Mercer Island, Washington — Puget Sound Bank’s own Katherine Thompson and Dean Peterson (shown above) joined thousand of walkers and runners to support colon cancer awareness and prevention at the 43rd Annual Mercer Island Rotary Half Marathon. The event raised over $22,000 and is one of the area’s spring kick-off events to Puget Sound’s running season.

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Puget Sound Bank Receives Another “Superior” Rating

2015 March 16 by

18th Consecutive Quarter for 5-Star Award

5-star logo MARCH 2015March 16, 2015 – BauerFinancial, an independent research firm that analyzes and reports on banks and credit unions, has rated Puget Sound Bank “superior” (5 stars) for the 18th consecutive quarter. For a bank to bear the five-star (superior) emblem, it must have received an excellent or superior rating for 11 consecutive quarters. Some of the criteria rated (but not limited to) include: capital level, asset quality, profitability, loan delinquencies, reserves and regulatory compliance.

Since 1983 BauerFinancial has been compiling information that federal regulators require financial institutions to file every quarter. The information is subjected to a thorough analysis and is compared with historical data for consistency. Upon completion of the analysis, a star rating is assigned based on a scale of zero to five starts, with five stars the highest.

No institution pays for its rating, nor can banks or credit unions avoid a rating. For more information about BauerFinancial visit their website.

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Puget Sound Bank Ranked 5th in State

2015 March 11 by

“Washington’s Banks Looking Pretty Good” says Industry Analyst

March 11, 2015 – In a recent Puget Sound Business Journal article by local digital managing editor Emily Parkhurst, Puget Sound Bank is highlighted as Washington state’s fifth-best as ranked several ratios, including earnings, asset quality, capitalization, growth and other factors.

The list was compiled by St. Louis-based industry analyst Kirk Briden, a banking industry veteran who goes beyond traditional measure criteria to measure performance. As Parkhurst points out in her article, the strength of a bank is important for businesses looking for a loan because banks that are not performing well can have issues with regulators, which can make it more difficult to work with them.

She quotes Briden as saying “When you start running into trouble, regulators often define a very narrow box to confine (the bank) to.” Read her full article to see Briden’s top 25 banks in Washington state.

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Step Up to the Plate for Bellevue LifeSpring

2015 March 5 by

Join Puget Sound Bank at Bellevue LifeSpring’s March Benefit Luncheon

March 5, 2015 — This year’s Step Up to the Plate benefit luncheon for Bellevue LifeSpring will focus on two critical areas for those in Bellevue living in poverty: food and education. Puget Sound Bank is honored to support Bellevue LifeSpring’s outreach to those struggling with these basic needs.

Jim Mitchell, Puget Sound Bank president and chief executive officer — and chair of Bellevue LifeSpring’s board of directors as well — invites community members to attend the event on Thursday, March 26, 2015 at Meydenbauer Center in Bellevue. The event begins at 11:30 with a lunch and program. Suggested donation is $150. For more information visit Bellevue LifeSpring online.

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Teresa Lundman Promoted to Assistant Vice President

2015 January 30 by

Teresa Lundman

Recognized for Dedication and Commitment to Service

January 30, 2015 — Puget Sound Bank recently announced Teresa Lundman has been promoted to assistant vice president, customer service supervisor.

“Teresa’s dedication and commitment to consistently exceeding our customers’ expectations has been critical to supporting the Bank’s phenomenal growth,” said LoAnn Phung, Puget Sound Bank vice president and customer service manager.

Ms. Lundman joined Puget Sound Bank in 2011 and was promoted to customer service associate supervisor in 2012. She is a Seattle native and has worked in customer service positions for a number of community banks for nearly 20 years.

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Puget Sound Bank Net Income Increases 49% in 2014

2015 January 21 by

Fourth Quarter ROE reaches 10.29% and ROA hits 1.01%

January 21, 2015 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $3.2 million or $1.06 per share for the year ending December 31, 2014, which compares to $2.2 million or $.77 per share for the year-earlier period. Net income for the quarter ending December 31, 2014 was $952,426 or $0.31 per share as compared to $553,366 or $0.18 per share for the year-earlier quarter.

Read the complete earnings release

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