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Puget Sound Bank First Quarter Profits Jump 57%

2011 April 22 by

April 20, 2011 — Puget Sound Bank (OTCBB: PUGB>, today reported record profits for the first quarter 2011. For the three months ended March 31, 2011, earnings increased 57% to $456,124, compared to $290,009 for the first quarter a year ago. In the fourth quarter of 2010 Puget Sound Bank earned $436,361. The sharp increase in earnings reflects the bank’s strong credit quality and a substantial increase in the net interest margin.

“Following a stellar year for Puget Sound Bank, as 2010 profits rose to $1.4 million, we posted record earnings for the first quarter of 2011,” said Jim Mitchell, President and Chief Executive Officer. “The continued profitability is due to the dedication of our hard-working employees who consistently deliver exceptional service to our customers. We also owe a big thanks to our loyal long-term customers who have established successful businesses in our marketplace. With their support and referrals, we continue building our presence in the business banking market in the Puget Sound region.”

Read the complete earnings release.

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