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Puget Sound Bank First Quarter Profits Increase 13%; Return on Equity Increases 20%; Earnings Per Share Grow 24%


News provided by

Puget Sound Bank

Apr 18, 2012, 04:15 ET

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BELLEVUE, Wash., April 18, 2012 /PRNewswire/ -- Puget Sound Bank (OTCBB: PUGB), today 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. "

Loans grew 9% to $187 million from $172 million in first quarter 2011.  Commercial and industrial (C&I) loans, including owner-occupied commercial real estate loans, accounted for 60% of the loan portfolio at the end of the quarter. 

Loan quality continues to be solid with nonperforming loans of $2.3 million, 1.0% of total assets. This percentage continues to be among the lowest of banks in the State.

Noninterest-bearing deposits increased 15% from first quarter 2011 and accounted for 32% of total deposits, compared to 28% a year ago.  Money market and savings deposits account for 36% of Puget Sound's total deposits. 

First Quarter Highlights:

  • Revenues increased 14% from a year ago to $2.7 million.
  • The net interest margin (NIM) was 4.44% for the quarter, up 8 basis points from first quarter 2011 and up 12 basis points from prior quarter.
  • Return of equity increased to 8.08% from 6.72% a year earlier.
  • Total loans grew 9% from a year ago, to $187.5 million.
  • Non-interest bearing demand deposits increased 15% from first quarter 2011, to $63.7 million.
  • Tangible book value per share grew 5% to $10.37 from a year earlier.
  • Nonperforming assets to total assets ratio of 0.99%, down from 1.22% in prior quarter and down from 1.09% in first quarter 2011.
  • Allowance for Loan and Lease Losses is 1.75%.
  • Capital ratios continue to substantially exceed regulatory requirements for a well-capitalized financial institution with total risk-based capital at 16.9%.
  • Puget Sound Bank was awarded a 5-Star rating for the sixth consecutive quarter, which is the highest rating available from BauerFinancial, Inc., an independent banking rating agency.

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

First Quarter 2012 








CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)



Quarterly



2012

2011


2011


($ in thousands except per share data)


1st Qtr

4th Qtr


1st Qtr









EARNINGS







   Net interest income

$

2,578

2,571


2,265


   Provision for loan losses

$

223

(128)


14


   Net interest income after provision for loan losses

2,355

2,699


2,251


   NonInterest income

$

118

106


91


   NonInterest expense

$

1,699

1,690


1,663


   Pre-tax Net income

$

774

1,115


679


   Provision for income taxes (benefit)

$

257

370


223


   Net income

$

517

745


456


   Preferred dividends

$

25

14


73


Net income available to common shareholders

$

492

731


383


   (1) Earnings per share

$

0.21

0.32


0.17


   Average shares outstanding


2,344

2,318


2,307


   Total revenue

$

2,696

2,676


2,356


PERFORMANCE RATIOS







   Return on average assets


0.85%

1.22%


0.83%


   (1) Return on average common equity


8.08%

12.47%


6.72%


   Net interest margin


4.44%

4.32%


4.36%


   Efficiency ratio


63.0%

63.1%


70.6%









CAPITAL







   Tier 1 leverage ratio


14.05%

13.65%


12.48%


   Tier 1 risk-based capital ratio


15.67%

15.13%


13.38%


   Total risked based capital ratio 


16.92%

16.39%


14.63%


   Tangible Common Equity Ratio


10.32%

9.46%


10.09%









ASSET QUALITY







   Net loan charge-offs (recoveries)

$

317

0


0


   Allowance for loan losses

$

3,288

3,376


3,174


   Allowance for losses to total loans


1.75%

1.75%


1.84%


   Nonperforming loans

$

2,346

3,057


2,483


   Other real estate owned

$

0

0


0


   Nonperforming assets to total assets


0.99%

1.22%


1.09%
















Puget Sound Bank

First Quarter 2012 








CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)



Quarterly



2012

2011


2011


($ in thousands except per share data)


1st Qtr

4th Qtr


1st Qtr









BALANCE SHEET














 Cash and Due From Banks 

$

6,070

9,449


6,641


 Investments 

$

40,834

45,833


46,048


 Commercial and Industrial Loans 

$

75,359

82,383


71,378


 Owner-Occupied Commercial Real Estate 

$

36,749

38,040


37,189


 Other Commercial Real Estate 

$

53,175

50,425


46,983


 Personal Loans 

$

20,099

19,716


14,431


 Non-accrual Loans 

$

2,347

3,057


2,483


 Deferred Loan Fees 

$

(242)

(277)


(306)


    Total Loans 

$

187,487

193,343


172,158


 Allowance for Loan Losses 

$

(3,288)

(3,376)


(3,174)


   Net Loans 

$

184,199

189,967


168,984


 Other Assets 

$

4,958

5,213


5,350


 Total Assets 

$

236,061

250,462


227,023









 Non-interest bearing Demand  

$

63,706

62,079


55,449


 Interest Bearing Demand  

$

17,562

30,812


7,605


 Money Market and Savings 

$

71,955

67,260


65,803


 Certificates of Deposit 

$

47,623

52,753


70,066


    Total Deposits 

$

200,846

212,904


198,923


 Borrowings 


-

-


-


Other Liabilities

$

978

3,982


600


Total Equity

$

34,237

33,576


27,500


   Total Liabilities and Equity

$

236,061

250,462


227,023









   Shareholders' equity

$

24,351

23,690


22,898


   Tangible book value per share


10.37

10.22


9.92









(1) Includes preferred stock dividends not included in net income.

SOURCE Puget Sound Bank

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