In a time of turmoil in the industry, the news is good from one South Sound bank.
Northwest Commercial Bank of Lakewood on Wednesday announced what its president and CEO, Kurt Graff, characterized as “a dramatic turnaround in its latest quarter.”
The bank reported a $154,000 net profit for the quarter ended June 30, compared with a net loss of $160,000 for the same period in 2009.
Explaining the change, Graff credited “expense control and a slowly improving economy.”
Although the recovery of local and national economies has not fully settled following the recession, “we will maximize what it gives us,” Graff said. “We have never stopped lending and we believe our clients appreciate a steady and stable approach in banking.”
Net interest income jumped from $1,341,000 for the second quarter of 2009 to $1,705,000 for the same quarter this year.
Total assets increased to $73,585,000 as of June 30, which compares with $71,702,000 at the end of March.
Deposits were up 2 percent for the quarter, from $60.1 million in the previous quarter to $62 million.