Three Everett-based banking companies on Tuesday reported increased profits in their most recent quarters.
Frontier Financial Corp. reported a first-quarter profit of $10.1 million, up 4.9 percent for the same quarter last year.
Cascade Financial Corp. reported it set a record for profitability in the first quarter, with a net profit of $2.6 million, which was 12 percent higher than the same quarter last year.
And EverTrust Financial Group, whose fiscal year ends March 31, reported its fourth-quarter profits had increased 10 percent, to $2.2 million.
At Frontier, officials reported net interest income increased 4.1 percent, to $24.8 million. Earnings per share grew to 54 cents, up from 52 cents last year.
The bank reported that its loan volumes were up by $56.7 million during the quarter, which compared with a decrease of $4 million during the first quarter of 2003. Part of the increase came from the opening of a new Seattle branch, which generated $27 million in deposits and $15.8 million in new loans, the bank said.
Last week, Frontier opened a new real estate lending office in Tacoma.
At Cascade, officials said a 40 percent increase in business loans and 28 percent growth in commercial real estate loans helped drive record profits.
The bank said its net interest income grew 9 percent to $7.3 million, from $6.7 million in the first quarter of 2003. Earnings per share grew to 31 cents, up from 28 cents in the same quarter last year.
During the quarter, Cascade announced plans to acquire Issaquah Bancshares, the parent company of Issaquah Bank, for $32 million worth in cash and stock. The deal, which will push Cascade’s assets over $1 billion, should close in the second quarter, bank officials said.
EverTrust reported that its fourth-quarter net interest income increased 3.8 percent, to $7.1 million from $6.8 million. Earnings per share increased to 30 cents, up from 26 cents.
For the year, EverTrust reported a net profit of $7 million, up from $6.8 million the year before. The year’s earnings would have been higher but for an additional income tax charge.
EverTrust closed the year with net interest income of $26.3 million, down slightly from $26.7 million for the previous year. Earnings per share were 95 cents, up from 90 cents the year before.
"While we are not performing at nearly our potential, we believe that operating fundamentals have certainly improved on several levels," EverTrust chief executive Michael Hansen said.
He said the bank is looking to enhance more profitable commercial mortgage banking while de-emphasizing loans for single-family homes.
Reporter Bryan Corliss: 425-339-3454 or corliss@heraldnet.com.
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