2014

Puget Sound Bank Earnings Increase 53% in 2012 to $1,932,612

BELLEVUE, Wash., Jan. 16, 2013 /PRNewswire/ -- 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."

Loans grew 11% to $215 million from $194 million at the end of 2011.  Commercial and industrial (C&I) loans, including owner-occupied commercial real estate loans, accounted for 67% of the loan portfolio at the end of the year compared to 63% at the end of 2011. 

Deposits grew 8% to $230 million from $213 million a year ago. Noninterest-bearing deposits increased 40% from the end of 2011 and accounted for 38% of total deposits compared to 29% a year ago. 

2012 Highlights: 

  • Return on equity increased to 7.37% in 2012 from 4.00% in 2011.
  • Return on assets increased to 0.77% in 2012 from 0.55% a year earlier.
  • Total loans grew 11% from a year ago, to $215 million.
  • Non-interest bearing demand deposits increased 40% from the end of 2011, to $87 million, 38% of total deposits.
  • The net interest margin (NIM) was 4.18% for the year, down from 4.33% a year ago.
  • Tangible book value per share grew 8% to $10.99 from $10.22 a year earlier.
  • Nonperforming assets to total assets ratio of 0.85%, down from 1.22% at the end of 2011.
  • Allowance for Loan and Lease Losses was 1.51%.
  • Capital ratios continue to substantially exceed regulatory requirements for a well-capitalized financial institution with total risk-based capital at 15.91%.
  • The efficiency ratio was 63.5% for the year compared to 66.3% a year ago.
  • Puget Sound Bank was awarded a 5-Star rating for the ninth consecutive quarter, which is the highest rating available from BauerFinancial, Inc., an independent banking rating agency.
  • Puget Sound Bank is traded on the over-the-counter bulletin board with the symbol PUGB.

About Puget Sound Bank
Puget Sound Bank is a locally-owned and operated commercial bank proudly serving the greater Puget Sound region.  Based out of Bellevue, Washington, the bank was founded to meet the specialized needs of small and medium-sized businesses, commercial real estate projects, professionals and individuals seeking a higher level of service in the Puget Sound region.  Staffed by the most experienced, customer-oriented banking professionals in the region, Puget Sound Bank offers a full range of competitive financial products with superior customer service and a consultative/partnership approach to its clients.  Puget Sound Bank provides online banking at www.pugetsoundbank.com and has access to a large branch network in the state of Washington.  The bank can also provide remote capture technology which allows its clients to make deposits from their offices.  Puget Sound Bank is located at 10500 NE 8th Street, Suite 1500, Bellevue, Washington.  For more information, please call 425-455-2400.

Safe Harbor Statement. This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements.  Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, referred to from time to time in filings made by Puget Sound Bank with the Securities and Exchange Commission.  Puget Sound Bank undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

 

Puget Sound Bank









Fourth Quarter 2012 


















CONSOLIDATED STATEMENT OF OPERATIONS






(Unaudited)











Quarterly





2012

2012


2011


2012

2011

($ in thousands except per share data)


4th Qtr

3rd Qtr


4th Qtr


YTD

YTD










EARNINGS









   Net interest income

$

2,624

2,460


2,571


10,133

9,608

   Provision for loan losses

$

549

110


(129)


993

1,486

   Net interest income after provision for loan losses


2,074

2,350


2,700


9,140

8,122

   NonInterest income

$

195

109


106


517

395

   NonInterest expense

$

1,733

1,666


1,690


6,766

6,630

   Pre-tax Net income

$

536

793


1,115


2,891

1,888

   Provision for income taxes (benefit)

$

177

263


370


958

624

   Net income

$

360

530


745


1,933

1,264

   Preferred dividends

$

25

25


14


99

330

  Net income available to common shareholders

$

335

505


731


1,834

934

   1Earnings per share

$

0.14

0.21


0.32


0.78

0.40

   Average shares outstanding


2,350

2,349


2,318


2,348

2,313

   Total revenue

$

2,818

2,569


2,676


10,649

10,003

PERFORMANCE RATIOS









   Return on average assets


0.55%

0.82%


1.22%


0.77%

0.55%

   1Return on average common equity


5.23%

8.04%


12.47%


7.37%

4.00%

   Net interest margin


4.11%

3.91%


4.32%


4.18%

4.33%

   Efficiency ratio


61.5%

64.9%


63.1%


63.5%

66.3%










CAPITAL









   Tier 1 leverage ratio


13.56%

13.54%


13.65%




   Tier 1 risk-based capital ratio


14.66%

15.01%


15.13%




   Total risked based capital ratio 


15.91%

16.26%


16.39%




   Tangible Common Equity Ratio


9.68%

9.65%


9.46%













ASSET QUALITY









   Net loan charge-offs (recoveries)

$

330

0


0




   Allowance for loan losses

$

3,241

3,021


3,376




   Allowance for losses to total loans


1.51%

1.50%


1.75%




   Nonperforming loans

$

2,286

2,415


3,057




   Other real estate owned

$

0

0


0




   Nonperforming assets to total assets


0.85%

0.91%


1.22%




 

 

Puget Sound Bank







Fourth Quarter 2012 














CONSOLIDATED FINANCIAL HIGHLIGHTS







(Unaudited)









Quarterly



2012

2012


2011


($ in thousands except per share data)


4th Qtr

3rd Qtr


4th Qtr









BALANCE SHEET














 Cash and Due From Banks 

$

8,903

8,940


9,449


 Investments 

$

42,673

52,484


45,833


 Commercial and Industrial Loans 

$

101,666

88,621


82,383


 Owner-Occupied Commercial Real Estate 

$

40,666

41,275


38,040


 Other Commercial Real Estate 

$

55,392

54,361


50,425


 Personal Loans 

$

15,216

14,921


19,716


 Non-accrual Loans 

$

2,286

2,415


3,057


 Deferred Loan Fees 

$

(361)

(324)


(277)


    Total Loans 

$

214,865

201,269


193,344


 Allowance for Loan Losses 

$

(3,241)

(3,022)


(3,376)


   Net Loans 

$

211,625

198,247


189,967


 Other Assets 

$

5,188

4,994


5,213


 Total Assets 

$

268,389

264,665


250,462









 Non-interest bearing Demand  

$

87,211

77,038


62,172


 Interest Bearing Demand  

$

19,307

20,314


30,719


 Money Market and Savings 

$

74,048

76,978


67,260


 Certificates of Deposit 

$

49,486

52,460


52,754


    Total Deposits 

$

230,053

226,791


212,904


 Borrowings 


-

-


-


Other Liabilities

$

2,474

2,450


3,982


Total Equity

$

35,862

35,425


33,576


   Total Liabilities and Equity

$

268,389

264,665


250,462









   Shareholders' equity

$

25,976

25,539


23,690


   Tangible book value per share


10.99

10.87


10.22









1Includes preferred stock dividends not included in net income.




SOURCE Puget Sound Bank



RELATED LINKS
http://www.pugetsoundbank.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.