The parent company of Whidbey Island Bank said Tuesday that its profits were up 6 percent in the second quarter. Oak Harbor-based Washington Banking Co. reported net income of $2.5 million, compared to the $2.3 million it recorded a year ago. Total loans increased 12 percent to $686.1 million, while deposits were up 9 percent to $679.9 million, the bank reported. Population growth continues to increase loan demand, bank officers said.
Goodrich board continues dividend
Goodrich Corp. said Tuesday it will pay a 20-cent quarterly dividend Oct. 2 to shareholders of record on Sept. 5. The payment is unchanged from the previous quarter.
Natural gas rate hike recommended
Staff members at the Washington Utilities and Transportation Commission are recommending a 2 percent increase in natural gas rates charged by Puget Sound Energy, which serves most of Snohomish County. That increase, which would add about $1.84 to the typical household’s monthly bill, would be less than half of the 5.6 percent hike PSE requested. The company also wants to raise the customer service fee by $2 to $8.25. The staff is recommending a 75 cents. The commission is expected to decide on the new rates by the end of the year.
Bothell’s Nastech wins key patent
Nastech Pharmaceutical Co. has received a crucial patent related to its experimental anti-obesity nasal spray, the Bothell company said Tuesday. In response, investors pushed Nastech shares up by 6.5 percent to $13.02. The new patent gives Nastech broad rights to use the naturally occurring Peptide YY to control appetite.
Bothell biotech loses $8.6 million
Seattle Genetics Inc. of Bothell lost $8.6 million, or 17 cents a share, during the second quarter, compared to an $8.4 million loss in the same period of 2005. The biotechnology company reported $104 million in cash at the quarter’s end, including $43 million raised from stock sales.
Forth &Towne to join Alderwood
Forth &Towne, a new women’s clothing chain owned by Gap Inc., will open a store at Lynnwood’s Alderwood mall in November. Launched in 2005, Forth &Towne has only five stores nationwide so far. It offers “chic, grown-up style” fashions for women above the age of 35.
Alaska Air Group posts solid profit
Alaska Air Group Inc., operator of carriers Alaska Airlines and Horizon Air, said Tuesday second-quarter profit more than tripled on a 14 percent rise in revenue, even as it continues to face high fuel prices. Net income for the quarter was $55.5 million, or $1.38 per share, up from $17.4 million, or 56 cents per share last year.
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