South Sound Bank's net income nearly doubled in the nine-month period that ended Sept. 30 because of increased activity issuing U.S. Small Business Administration loans.
The Olympia-based bank’s profit rose to $1.32 million through September from $747,000 in the same nine-month period last year. Helping to boost net income was $27 million in SBA loans to existing and new businesses throughout the region, President and Chief Executive Dan Yerrington said.
A comparison of the nine-month data from this year to the same data from last year shows:
• Total assets rose to $172.2 million from $162.8 million.
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• Total loans fell to $107.7 million from $118.4 million.
• Total deposits rose to $137.4 million from $135 million.
Loan volume fell because some of the SBA loans were sold to help generate the bank’s higher nine-month profit, Yerrington said. The bank could generate $10 million to $15 million in SBA loans during the final quarter of the year, he said.