Apr 26, 201705:30 PMBlog
Commencement Q1 income surges after Thurston First merger
Commencement Bank reported a net income of $569,000 for 2017’S Q1 — up year over year from $272,000 during 2016’s first quarter.
Part of the earnings jump can be attributed to stabilized operating expenses after the bank’s recent merger with Thurston First Bank, according to a statement from the company.
“This quarter was the first full reporting period following our merger with Thurston First Bank, and I am extremely pleased with the strength and performance of the combined bank,” said H.R. “Hal” Russell, President and CEO. “I am confident that we will deliver consistent growth and superior performance throughout 2017.”
Total loans at the end of the first quarter increased to $234.5 million from $151.7 million the previous year. The bank’s loan portfolio remained well-diversified at 30 percent commercial, 67 percent commercial real estate, 2 percent consumer, and 1 percent other.
Total deposits grew substantially to $291.2 million, as compared to $150.5 million in first quarter 2016 due to the addition of the Thurston First Bank deposit portfolio.