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 May 6 by Brad Ogura
One of Seven Recognized by Bellevue Chamber
The “2013 Best of the Eastside Top Corporate Citizens” included seven businesses whose leaders serve on business, civic and nonprofit boards as well as encouraging their employees to engage in their communities.
The Chamber recognized Puget Sound Bank, along with the six other businesses, for delivering top quality products and services while growing and prospering.
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 April 11 by Brad Ogura
April 11, 2013 — Everyone here at Puget Sound Bank would like to reach out to our customers, friends and family to thank them for eight wonderful years of support. In this relatively short time period Puget Sound Bank has grown into one of the region’s premier banks in the region.
Puget Sound Bank is the bank of choice for the owners of many of the area’s fastest growing companies. We provide the expertise, experience and resources needed to take growing companies to their next growth stage.
2013 April 4 by Brad Ogura
April 4, 2013 — 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.
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.”