Herald staff
Two Snohomish County banks on Friday reported big increases in their third-quarter profits.
First Heritage Bank of Snohomish reported an almost 40 percent increase with net income of $1.25 million, up from last year’s $894,000.
Profits have increased every quarter, and for the first nine months of the year, they’re up 40 percent. Earnings per share are up 30 percent, to $1.40 from $1.07.
Bank President Robert Bryce attributed the profits to strong loan growth, increased fee income and "a good interest-rate environment."
Also Friday, City Bank reported this year’s third-quarter profits were up almost 23 percent over the same quarter last year.
The Lynnwood-based bank on Friday reported net income of $5 million for the quarter, up from $4.1 million for the third quarter of 1999. Per-share earnings increased 21 percent, to 51 cents from 42 cents a year ago.
For the year so far, City Bank has shown a profit of $13.9 million, up roughly 18 percent over the first nine months of last year. Per-share earnings are up 17 percent, to $1.42 from $1.21.
Shares of City Bank stock, traded on Nasdaq, closed at $20 Friday, up 25 cents.
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