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Puget Sound Bank Earnings Increase to $1,573,095 in the First Nine Months of 2012

2012 October 17 by

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.

Read the complete earnings release.

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Puget Sound Bank Second Quarter Profits Jump 27%

2012 July 18 by

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.”

Read the complete earnings release.

Puget Sound Bank Recognized as One of Washington’s Best Workplaces in 2012

2012 June 19 by

June 19, 2012 – Puget Sound Bank (OTCBB: PUGB), 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.”

Read the complete news release.

Puget Sound Bank Rated 5 Stars Again!

2012 June 7 by

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. 

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Teresa Lundman Promoted to Supervisor

2012 May 21 by

May 21, 2012 – 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.

Puget Sound Bank Hires Nicole Gomez

2012 May 4 by

May 4, 2012 — Puget Sound Bank is pleased to announce the addition of a new operations specialist, Nicole Gomez. Nicole is a University of Washington graduate and has years of back office experience at various other organizations.  In her free time, Nicole likes to camp and kayak with her family.

“Employing dedicated professionals like Nicole enable us to continue to provide stellar service to our clients,” said Jim Mitchell, Puget Sound Bank chief executive officer and president.

Puget Sound Bank First Quarter Profits Increase 13%

2012 April 19 by

April 18, 2012 — Puget Sound Bank (OTCBB: PUGB), reported that strong revenue growth and year-over-year loan growth contributed to net income of $517,065, or $.21 per share for first quarter 2012 compared to $456,124, or $.17 per share for first quarter 2011. 

“Puget Sound Bank’s strong first quarter results are attributable to our continued focus on building strong relationships with small businesses and their owners,” said Jim Mitchell, President and Chief Executive Officer. “Our focus on growing relationships lead to an increase in revenues of 14% from a year ago, compared to growth of just 2% in expenses. These strong results are due to the extraordinary effort of the Puget Sound Bank team. ”

Read the complete earnings release.

Gregg Lamm of PSBJ Talks to Jim Mitchell

2012 April 19 by

What it’s Like to be a 0.99-percenter’ — In Nonperforming Loans

April 19, 2012 — From the Puget Sound Business Journal –

“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.” ”

Read the complete story by PSBJ staff writer Greg Lamm.

Puget Sound Bank Celebrates 7th anniversary!

2012 April 11 by

April 11, 2012 — Today marks the 7th anniversary of Puget Sound Bank! We have accomplished a great deal these past 7 years. As we celebrate this milestone, we want to take this time to honor our contributors, clients, and colleagues who believed in our mission and worked tirelessly to support our vision. We know that shared objectives are vital to our success and we appreciate those who helped us deliver on our brand promise of stellar service. Here’s to many more exceptional milestones!


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Puget Sound Bank Hires Senior Credit Analyst Noelia Martinez

2012 April 9 by

April 9, 2012 – Puget Sound Bank is pleased to announce the addition of a senior commercial credit analyst, Noelia Martinez.  Noelia earned a BBA and an MBA from the University of Puerto Rico and brings exceptional underwriting skills which align with the Bank’s values. Noelia is known for her high quality work, her application of best practices, and her ability to develop appropriate solutions. Noelia is an avid runner and uses that talent to raise money for the Leukemia & Lymphoma Society and the Northwest chapter of the Juvenile Diabetes Research Foundation.

“Excellent credit professionals are the heart and soul of our stellar service culture,” says team lead Katherine Thompson.