An eight-fold increase in net income year-over-year is the highlight of third quarter financial results reported by Tacoma’s Commencement Bank today.
Management explains that net income improvement reflects increased loan activity, improved deposit composition and increased efficiencies as a result of the 2016 merger with Thurston First Bank.
Total loans at the end of third quarter increased to $257 million from $160 million the prior period. The Bank’s loan portfolio remained diversified at 33 percent commercial, 64 percent commercial real estate, and 3 percent consumer and other. Total deposits equaled $274 million, compared to $179 million for third quarter 2016.
“We anticipated strong performance in 2017 and I am extremely proud of our team for their accomplishments,” said Hal Russell, Commencement’s president and CEO “We will continue to focus on core deposit and loan growth opportunities to support our momentum through year-end.”