Year-over-year comparison reflects the Bank’s improved deposit composition, increased loan balances, and efficiencies as a result of the 2016 merger with Thurston First Bank.
Total loans at the end of the first quarter increased to $247.8 million from $234.5 million the previous year. The Bank’s loan portfolio remained diversified at 32% commercial, 65% commercial real estate, and 3% consumer.
Deposits decreased to $281.7 million as compared to $291.2 million in first quarter 2017. This reduction is a result of the Bank’s initiative to eliminate high-cost, institutional and brokered deposits while increasing core customer deposits and decreasing cost of funds. The deposit mix at quarter-end was 33% non-interest-bearing, 50% interest bearing checking, savings, and money market, and 17% time deposit. Demand deposits, or non-interest-bearing deposits, improved by 11% when compared to the same period one-year earlier.
“The Bank’s record performance this quarter surpassed all expectations. Net income in first quarter 2018 exceeded $1 million, only slightly less than what was reported for the year in 2016. As we move forward, we will continue to focus on efficiency and maintaining our stable loan and deposit portfolios to maximize our returns. I am very proud of our staff for their contributions and dedication to operating a sound and efficient organization,” said H.R. “Hal” Russell, Chief Executive Officer.
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