Net profit rises at Thurston First Bank

Staff writerOctober 29, 2013 

Thurston First Bank doubled its net profit in the third quarter, increasing it to $201,670 from $99,816 in the third quarter of 2012, the bank announced.

ROLF BOONE

Thurston First Bank doubled its net profit in the third quarter, increasing it to $201,670 from $99,816 in the third quarter of 2012, the bank announced.

Other highlights for the year-over-year third quarter period:

-Total assets grew to $111 million from $102 million.

-Total deposits grew to $93.7 million from $83.9 million.

Meanwhile, earnings for the nine-month period have grown to $534,841, already exceeding the bank's best year ever -- earnings of $402,474 in 2010.

The bank's total risk based capital ratio -- a measurement of how well-capitalized the bank is -- stands at 20.1 percent.

Thurston First also announced in the third quarter that it plans to expand to a new location next year. That destination is the former state Department of Personnel building at Franklin Street and Legion Way.

Once renovations are complete, which the bank is financing, the building will be known as the Thurston First Bank Building.

 

Rolf Boone rboone@theolympian.com 360-754-5403

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