Published January 25, 2013
Thurston First Bank returns to profitability, earns $467,000 in 2012Rolf Boone/The Business Blog
Thurston First Bank of Olympia, known for its vehicle-based, door-to-door banking services, earned $467,000 in 2012, a record profit for the bank.Last years earnings also were an improvement of $826,000 from 2011, which was the banks only loss in the past five years.Earnings last year were lifted by reduced loan loss expense, the bank said in a news release. Total assets, meanwhile, grew to $112 million from $106 million in 2011, which were boosted by local deposits.Total loans fell by $8.1 million for the year due, in part, to the slow economy which limited qualified loan demand. The bank said it chose to keep lending standards high to maintain loan quality.As the economy improves, we are well positioned to grow with Thurston County, the bank said in a statement.