Everett-based Frontier Financial Corp. Tuesday announced that its third-quarter earnings increased 5.2 percent to a record $8.8 million, or 43 cents a share. Frontier had earnings of $8.4 million, or 42 cents a share, in the same quarter last year. For the first nine months of the year, net earnings increased from $24.2 million to $24.6 million. However, per-share earnings are down because more shares were issued during the acquisition of Interbancorp Inc. in February. Frontier’s president and chief executive, Bob Dickson, said he was pleased with the results, which were “accomplished in a very competitive market and very difficult interest rate environment.” Most of the success came before the Sept. 11 terrorist attacks, he noted, adding that the economy remains uncertain.
The Boeing Co. declared a 17-cent-a-share quarterly dividend Tuesday. The dividend will be paid Dec. 7 to those holding shares on Nov. 16. The amount is unchanged from the previous quarter.
Snohomish-based First Heritage Bank officials say they’re pleased with their third-quarter results, even though profits fell from last year’s levels. For the quarter, profit was $395,000, down 3.7 percent compared to 2000. For the year, First Heritage has recorded profits of $1.06 million, down from $1.25 million for the first nine months of 2000. Profits are down in part because the bank moved early to bolster its loan loss reserve fund, officials said. As a result, “we are poised to have a very profitable fourth quarter and finish the year off well,” president Robert Bryce said.
Weyerhaeuser Corp., hurt by a weak timber market made worse by the terrorist attacks Sept. 11, said that third-quarter earnings fell 54 percent and cautioned that things might get worse. For the quarter ended Sept. 30, the timber giant had net earnings of $91 million, or 41 cents a share, compared with earnings of $199 million, or 90 cents a share, last year.
People who bought memberships in the unfinished 24 Hour Fitness clubs in Lynnwood and downtown Seattle will get refunds under an agreement negotiated by the state Attorney General’s Office. An investigation found that the company sold more than 5,000 memberships valued at $250 each to the two clubs beginning in January 2000. The company promised to notify customers of their right to restitution and to report to the state on what happens. It will also pay $29,000 in legal costs and fees.
Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
