Net profit at Thurston First Bank rose more than 50 percent last year, making it a record year for the business bank.
The bank's profit rose nearly 55 percent to $620,000 in 2013 from $401,000 in 2012.
President and Chief Executive Jim Haley said the bank achieved that growth by attracting local deposits, carefully managing operating expenses and improving credit quality.
As an example of improving credit quality, tier 1 capital leverage rose to 9.6 percent last year from 8.7 percent in 2012. Total risk based capital rose to 20.8 percent from 20.1 percent in the same period.
"We are beginning to realize the true potential of Thurston First Bank," Haley said in a statement.
Haley also pointed out how banking has changed in the current economy.
"The concepts of growth just for growth's sake and operating with minimal capital levels were dismantled by the Great Recession," he said. "Capital, profitability, sustainable growth and being compliant with regulations are now the expectations."
After a record year last year, Thurston First Bank is set to move into a new downtown home this year, transforming the former state office building at Legion Way and Franklin Street into the Thurston First Bank Building.
Rolf Boone email@example.com 360-754-5403