Business Briefs: Coastal Financial’s income rises in quarter
Published 10:03 am Wednesday, August 28, 2013
Coastal Financial’s income rises in quarter
EVERETT — Coastal Financial Corp., the holding company for Coastal Community Bank, reported second-quarter net income of $365,000, a 10 percent increase over the same period in 2012.
Coastal’s year-to-date net income stands at $806,000, an 82 percent increase in year-to-date earnings compared to the same period in 2012.
“We are very pleased to announce that Coastal continues to grow at a strong and steady pace, fueled by another solid quarter of earnings,” said Coastal chief financial officer Joel Edwards. “We’ve experienced strong loan and deposit growth over the past 12 quarters and continued growth in net income has followed. (The opening of two new branches) in Snohomish and Smokey Point during the second quarter have also helped to accelerate our growth.”
Among second-quarter highlights, Coastal Financial said total assets grew by $58.2 million to $397.5 million year-over-year for a 17.2 percent increase.
Net loans grew by $15.5 million for the quarter and by $51.9 million or 19.2 percent from a year ago.
Loan quality showed continued improvement with total loans delinquent 30 days or more down to 0.35 percent of total loans and assets. Non-performing loans and assets remained under 1 percent of total loans and assets.
Total deposits increased by $51.1 million or 17.1 percent from a year ago and core deposits (excludes all time deposits) increased by $65.2 million or 35.7 percent year-over-year. Total deposits stand at $348.9 million.
Capital ratios for Coastal continued to substantially exceed regulatory requirements for a well-capitalized financial institution with a total risk-based capital ratio of 13.48 percent compared to the 10 regulatory standard.
County unemployment rate falls to 5.6 percent
EVERETT — Snohomish County’s unemployment rate dipped slightly in July to 5.6 percent, according to a report released this week by the state Employment Security Department.
The jobless rate in the county was 5.7 percent in June.
About 5,000 jobs have been added in Snohomish County from July 2012 to July 2013. The county’s unemployment rate a year ago was 8.6 percent.
The construction sector added 700 positions from June to July. That segment has added 1,400 jobs from July 2012 to July 2013.
Manufacturers in the county added 300 positions from June to July. The county’s service-providers added 500 jobs for the month as well.
Edmonds McDonald’s yields to replacement
EDMONDS — The McDonald’s at 10124 Edmonds Way was demolished earlier this month to make way for a newer, fresher version of the restaurant.
The company received OK this spring to tear down the old building and construct a new 4,270-square-foot building, dual lane drive-through facility, and parking lot on a 1.91-acre site.
A company official did not return phone calls about the timeline for reopening the building or what happened to the food-service workers during construction.
Sound Publishing will move staff to Everett
POULSBO — On Oct. 1, Sound Publishing Inc. will relocate its Kitsap County corporate accounting and customer service departments to its Paine Field office in south Everett.
“The decision to make this move was not made lightly,” Sound Publishing President Gloria Fletcher said in a memo to employees. “Kitsap County has been the home of Sound’s corporate office since its inception 25 years ago.”
Fletcher said the move of Sound Publishing’s accounting and customer service departments to Everett will “leverage synergies between newspapers.”
“We will be combining the talents and skills of the accounting and customer service staff members from Poulsbo, The Daily Herald in Everett along with the Paine Field print facility administration team,” Fletcher said.
Announcements
MONROE — Chain Lake Self Storage celebrated a grand reopening on Aug. 3. Corstone Contractors of Snohomish recently completed construction on a new building at the facility to replace one destroyed by fire in 2012. The event also featured a food drive. For every nonperishable food item donated, Chain Lake Self Storage pledged $1 to the Sky Valley Food Bank up to $1,000.
EVERETT — There will be no Community Transit service on Labor Day, Sept. 2. Customer service phone lines and the RideStore will also be closed that day. Community Transit does not operate on Sundays nor on six major holidays: News Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas. Bus and DART paratransit service will resume on Sept. 3.
EVERETT — Vapor Eruption, an authorized distributor of Volcano Fine Electronic Cigarettes, will celebrate its grand opening in the Everett Mall on Sept. 16. Unofficial opening for the new business is scheduled for Sept. 13. The owner is Jeremy Wilson, an active-duty naval officer, and his wife who is a Navy veteran. E-cigarettes are a tobacco alternative.
EVERETT — Frontier Communications was recently chosen to install a Metro Ethernet Solution (Metro E) at Everett’s Flying Heritage Museum. Metro E will offer greater Internet and port speeds as well as bandwidth for data intensive needs such as VoIP, video, data collection and management. The main advantage of the service is its flexibility to adapt to the changing needs of the museum.
EVERETT — Boeing and All Nippon Airways announced that ANA has ordered three additional 777-300ER airplanes. The order, valued at approximately $945 million at current list prices, will increase the total number of 777s in ANA’s fleet to 57 airplanes. ANA is expanding its aircraft fleet to meet new business opportunities in the rapidly growing Asia Pacific market.
EDMONDS — The Edmonds Mural Society has announced the completion of the first of three murals to be painted in the downtown this summer. The first mural was painted by Edmonds artist Mona Smiley-Fairbanks on the wall of Edmonds Frame Design &Atelier. It faces the parking lot where the IGA grocery store, La Galleria Restaurant and the Pancake Haus are located.
MOUNTLAKE TERRACE — The City Council awarded a contract at its Aug. 5 meeting to build a decant facility. The facility is designed to separate contaminated liquid and solid wastes generated from public works maintenance operations. The contract was awarded to McClure and Sons in the amount of $794,726.91
LYNNWOOD — Texas-based ABI Hotel has acquired the 80-room hospitality building at 2519 196th St. SW in Lynnwood from Hanra Investment for $9.4 million, or $117,500 per room. The five-story hotel was built in 2010 on 1.9 acres, just off of exit 181 on I-5. It totals 47,600 square feet.
MONROE — Canyon Creek Cabinet Co. recently introduced new products to its lines of framed and frameless cabinetry, adding a new dimension in appearance and design. These include new door styles and stains. There are three levels of sheen for topcoats including Lo-Luster, the latest addition that has a very low sheen and nearly flat finish with just five percent reflectivity.
SULTAN — The grand opening of Miss Maggie’s Desserts at the Grow Washington store located at 923 U.S. 2 was very successful, according to Grow Washington director Carolyn Eslick. A large crowd enjoyed desserts created by Maggie Torza. Miss Maggie’s Desserts is currently open Tuesday through Saturday from 7 a.m. to 1 p.m. inside the Grow Washington store.
MOUNTLAKE TERRACE — The City Council will contract with an outside recruiting firm to conduct the recruitment process for hiring a new city manager. Proposals could be accepted in September or early October and interviews would be conducted in November or December. Assistant city manager and administrative services director Scott Hugill will serve as the city’s interim city manager.
EVERETT — Economic Alliance Snohomish County investor Umbra Cuscinetti has completed their move from a leased building at Paine Field to their own energy-efficient, 68,000-square-foot building in Seaway Center in Everett. The growing company applies lean principles in the manufacture of precise, close-tolerance gears and drive screws that control movable surfaces on Boeing aircraft.
BOTHELL — Essentia Water, innovator of the first bottled functional water brand in the U.S., has been named the official bottled water for Jetflow hydration packs. Both Essentia and Jetflow use recyclable materials in their products and are advocates of clean and proper hydration. Essentia Water is electrolyte-enhanced and said to have optimum alkalinity and pH.
MOUNTLAKE TERRACE — Arbor Village, a five-story mixed use building in Mountlake Terrace’s Town Center, is now open. Tenants are being sought for some of the street-fronting commercial area, which includes a restaurant space. The project is located at the southeast corner of 56th Avenue W. and 236th Street SW. For more information on occupancy, call 425-744-6266.
EDMONDS — The City of Edmonds is currently accepting applications for the landscape architect position on the Architectural Design Board. It is a volunteer position. Applications can be obtained at Edmonds City Hall, 121 Fifth Ave. N., online at www.edmondswa.gov under government, boards and commissions, current openings, or by calling 425-771-0247. This position is open until filled.
MILL CREEK — The city of Mill Creek’s newly designed website has launched. It offers visitors easier access to community information. Among the many new features are user-friendly ways for residents, visitors and businesses to communicate issues, questions and concerns to city staff. These can include such issues as street repair or public safety concerns. See the new website at www.cityofmillcreek.com.
EVERETT — Combined solar energy capacity for customers of Snohomish County Public Utility District now stands at 2 megawatts, double that of just 18 months ago. The bulk of the small-scale solar energy production comes from customers participating in the PUD’s Solar Express program, which offers financial incentives and technical assistance for solar photovoltaic and solar hot water systems.
BOTHELL — BioLife Solutions, a developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media for cells and tissues, and contract aseptic media manufacturer, announced record revenue of $2.3 million for the second quarter of 2013. The increase in total revenue represented 112 percent growth over the second quarter of 2012. BioLife Solutions has also expanded its relationship with Vancouver, B.C.-based STEMCELL Technologies. STEMCELL Technologies recently selected BioLife’s CryoStor cGMP freeze media for use in the launch of over 50 new primary cell products.
SEATTLE — City University of Seattle is now accredited by the Northwest Commission on Colleges and Universities to offer doctoral degrees. This new classification elevates the school’s accreditation from the master’s degree level to the doctoral level. The new Doctor of Education in Leadership program is designed for experienced leaders in education or business management. This program is available entirely online.
KIRKLAND — A new service, Search by Drive Time, has been announced by Seattle-based Windermere Real Estate and Kirkland-based INRIX. The new search option provides consumers with an easy, visual means to find all homes for sale within a specific drive time between prospective properties and their work address, given typical rush-hour driving conditions.
OLYMPIA — Washington employers are now eligible for a special incentive to participate in a layoff-avoidance program run by the Employment Security Department. The incentive allows employers to participate in the program through June 2015 with virtually no effect on their unemployment taxes. Find more information at www.esd.wa.gov (enter Shared Work in the search box and select the first option on the results screen) or call 800-752-2500.
OLYMPIA — Washington state’s improving economy has forced the state to give up nine weeks of long-term unemployment benefits, according to officials with the Employment Security Department. After the June 2013 unemployment rate was factored in, the three-month average dropped below the seven percent Tier 3 emergency unemployment compensation threshold. Tier 3 funding was phased out on Aug. 11.
OLYMPIA — The Washington State Department of Transportation is accepting applications for state loan funding for freight-rail projects. Ports, rail districts, publicly-owned railroads and local governments are eligible to apply for project loans available through the Freight Rail Investment Bank program. Applications are due Sept. 20. To apply, go to www.wsdot.wa.gov/Freight/Rail/GrantandLoanPrograms.htm.
WASHINGTON — The 2012 Economic Census, the U.S. government’s official five-year measure of American business and the economy, is currently underway. The government thanks those businesses that have responded. Those businesses that were mailed a form but have not yet responded to this mandatory survey are urged to do so as soon as possible. Find more information at econhelp.census.gov.
WASHINGTON — The Obama Administration has launched Business.USA.gov/healthcare, a one-stop-shop website that will provide employers of all sizes educational materials on how the Affordable Care Act may affect businesses and help them compete. The site includes a wizard tool to help businesses learn how the law helps them provide affordable coverage options to their employees while still meeting their own bottom line.
WASHINGTON — The IRS has launched a new Affordable Care Act Tax Provisions website at IRS.gov/aca to educate individuals and businesses on how the health-care law may affect them. The site provides information about tax provisions that are in effect now and those that will go into effect in 2014 and beyond. To help locate additional online resources, the IRS has also issued a new Web-based flyer, Healthcare Law Online Resources (Publication 5093).
Good deeds
LYNNWOOD — The Lynnwood Branch of 1st Security Bank has committed to helping the PAWS organization for one year by encouraging customers and pet lovers to donate a variety of pet food, gift and care items. The Lynnwood branch will also join the Overlake branch in hosting a booth at the annual PAWSwalk on Sept. 7 at Marymoor Park in Redmond.
TULALIP — Cabela’s has teamed up with Safari Club International, Cabela’s pro-staff Mike Jenkins, Eden Ridge Outfitters and a local taxidermist to send 15-year-old Christopher Butler and his family on an elk hunt of a lifetime. Cabela’s employees and suppliers have put together other surprises for the family as well. Butler suffers from Huntington’s disease.
MONROE — Canyon Creek Cabinet Co. has donated the cabinets for the park ranger house remodel at the Fire Mountain Scout Camp in Mount Vernon. This year-round facility provides resident camping during the summer months for Boy Scouts and Cub Scouts. Canyon Creek Cabinet also provided kitchen cabinets for the new office of Concern for Animals, a nonprofit that provides low-income pet owners with pet food and help with pet medical care costs. Located in Olympia, the new office is now the permanent location for the organization after operating out of volunteer homes and donated office spaces for nearly three decades.
LAKE STEVENS — In Western Washington, nine Target stores, including the store in Lake Stevens, gave children from Salvation Army programs a back-to-school shopping spree. The children, who ranged from kindergarten through high school age, each received an $81 Target gift card to purchase much-needed school clothing and supplies. The event took place Aug. 14.
Kudos
ARLINGTON — Fire Chief Bruce Stedman of the Arlington Fire Department has successfully completed the process that awards him the professional designation of Chief Fire Officer. He is one of only 936 CFO’s worldwide. Stedman has been a member of the fire service for 35 years, the past three years with Arlington Fire Department. He currently resides in Snohomish.
EVERETT — Edward Jones financial advisor Joseph Gogal recently received the TNT Client Development Award for his outstanding service efforts over the past year. He was one of only 662 of Edward Jones’ more than 12,000 financial advisers in the U.S. to receive the award.
EVERETT — Western Washington Medical Group ear, nose and throat physician Matthew Ashbach has been named to Seattle Met’s Top Doctor list for 2013. He is the only surgeon in the Everett area nominated for the award. Physicians for this award are nominated by their peers based on who they would choose to see their own family.
EVERETT — Fluke CNX Wireless Test Tools have been named the EC&M 2013 Gold Product of the Year, placing second in the top three awards. CNX Wireless Test Tools won both the portable test and measurement equipment category as well as Gold overall, while the Fluke VT02 Visual Thermometer won the Camera and Imaging Equipment category.
EVERETT — Representatives from American Honda Motor Co. have delivered the Honda Environmental Leadership Award to Klein Honda. The Everett dealership earned the honor earlier this year for doing its part in helping the company’s effort to reduce the environmental impact of Honda dealerships in communities around the nation. Klein Honda was among the first Honda automobile dealers to receive the award.
EVERETT — Snohomish County has been recognized by the Center for Digital Government and the National Association of Counties as one of the top 10 counties in the nation for its use of technology to improve services and efficiency. The nomination cited the achievements and technical service delivery made by more than half of the county’s departments.
Everett shipping
The Port of Everett shipping schedule as of Aug. 26. The schedule is tentative and subject to change. Long term includes regularly scheduled vessels only.
Aug. 27: Westwood Discovery, Westwood
Aug. 29: Bright Stream, ECL; Selenga, SASCO
Sept. 3: Westwood Rainier, Westwood
Sept. 10: Westwood Pacific, Westwood
Sept. 17: Westwood Victoria, Westwood
Sept. 18: Lucas Oldendorff, NYK
Sept. 24: Westwood Cascade, Westwood
Sept. 25: Morning Calypso, EUKOR/FESCO
Ship port calls 2013 YTD: 78
Barge port calls 2013 YTD: 38
Ship port calls 2012: 101
Barge port calls 2012: 66
