Apr 22, 201110:09 AMBlog

South Sound Bank doubles Q1 net income

Apr 22, 2011 - 10:09 AM
South Sound Bank reported this week that net income for first quarter 2011 more than doubled first quarter 2010.

"Our first quarter net income of $689,100 exceeded our expectations," said Dan Yerrington, president and CEO.  He attributed most of the growth to the increase in the volume of Small Business Administration loans. The Olympia-based bank's total assets increased from $167.8 million at the end of Q1 2010 to $169.7 million at the end of Q1 2011. Deposits were up from $135.3 million to $140.1 million. Loans decreased from $113.7 million to $109.9 million.

Shareholders of record on April 21 will receive a 5 percent stock dividend, making this the sixth consecutive year that shareholders received stock dividends.


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