Puget Sound Bank

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.

 Puget Sound Bank Q1 2013 News Release

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 First Quarter Profits Increase 13%

2012 April 19 by Richard Lester

BELLEVUE, WA —April 18, 2012 — Puget Sound Bank (OTCBB: PUGB.OB), 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. ”

See here for the full release.

Puget Sound Bank Made Strides Against Breast Cancer

2011 October 14 by Richard Lester

10/9/11 In support of National Breast Cancer Month, Puget Sound Bank joined 2,000 walkers in the King County Making Strides Against Breast Cancer walk.  The Bank had 27 enthusiastic participants who prevailed against wind and rain and a few steep hills to honor the survivors and support the cause.  Through various office fundraisers, including the beloved “Jeans day,” the Bank raised $2,665 for the American Cancer Society.

“We wholeheartedly believe in the effectiveness of early detection and want to do what we can to empower women to reduce their risks of breast cancer,” said Jim Mitchell, CEO and President of Puget Sound Bank.

Puget Sound Bank sponsors SU O’Brien Open

2011 September 29 by Richard Lester

Reflecting our shared belief in educating the whole person through academics, social justice, and athletics, Puget Sound Bank proudly sponsored the 9th Annual Seattle University O’Brien Open.  The tournament was held at Redmond Ridge on September 12, 2011 with 166 golfers.  Jim Mitchell, the president and CEO of Puget Sound Bank, is a 1971 graduate of the Albers School of Business and Economics and currently serves on that school’s board. Although final totals are still pending, the event was hugely successful, with over $40,000 raised for the Redhawk men’s basketball program.

Puget Sound Bank YTD Earnings Increase 44% Year-Over-Year

2011 July 20 by Richard Lester

Puget Sound Bank (OTCBB:PUGB), today reported solid growth in earnings, fueled by growing revenues and loans, a higher net interest margin, and strong capital ratios.  For the first half of 2011, profits grew 44% to $869,269 from $605,105 in the like period a year ago.  Puget Sound Bank’s net income increased 31% to $413,145 in the second quarter compared to $315,095 in the same quarter a year ago.

“Puget Sound Bank has reported consistently profitable results for the last few years, and we are very encouraged with the progress we continue to see in our franchise,” said Jim Mitchell, President and Chief Executive Officer.  “Our capital strength and strong operating results are noteworthy accomplishments in any environment but particularly in today’s weak economic climate.”

“We are honored to be among the first banks accepted to receive Small Business Lending Funds from the U.S. Treasury at a dividend rate of 1%,” added Mitchell.  “As a strong business bank, we believe we will be able to deploy this capital to help businesses in the region expand and create jobs.”  See GlobeNewswire for the full News Release.

Puget Sound Bank continues to be rated 5 stars (“Superior”) by BauerFinancial Inc

2011 June 8 by Richard Lester

June 8, 2011 – BauerFinancial maintained Puget Sound Bank’s Star rating at 5 Stars (“Superior”), its highest rating. 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. Please click here to access the BauerFinancial website: www.bauerfinancial.com.

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 2011 reflects the many positive trends we have seen this year: strong capital and liquidity, robust local deposit growth and solid credit quality.  “We are pleased that our performance continues to be recognized by an independent third party organization,” said Jim Mitchell, President and CEO.