Peoples Bank announced its financial results for 2009, demonstrating continued strong performance and profitability even thought it closed all branches in Kitsap County.
Peoples Bank reports 2009 after tax profits of $3,965,657 on total assets of $1.1 billion as of December 31. Strong growth in core-deposits and home lending contributed to continued profitability.
The bank remains a leading local lender. In 2009, the bank’s home loan centers provided $558 million in financing to nearly 2,400 homeowners for purchase or refinance of their homes. In addition, Peoples continued to work closely with local businesses and farmers, extending $98 million in new loans and commitments last year.
The Bank’s loan portfolio performance, as measured by non-current loans and leases, continues to be stronger than industry averages. As of the last published quarterly call report on 12/31/09, the Washington State average for non-performing assets in banks over $1 billion in assets was 7.57 percent of total assets. As of 3/31/09, Peoples Bank’s non-performing assets were 2.13 percent of total assets. In addition, Peoples Bank remains well capitalized with risk based capital over 12.50 percent.
“In the face of uncertainty these past 18-months, customers depended on Peoples Bank to help them make safe and sound decisions regarding their finances,” commented Charles LeCocq, president/CEO, “as our local economy improves we stand ready to deliver responsible banking solutions to families and business including the ability to lend millions to well qualified applicants.”
A number of fundamental business decisions have driven the Bank’s performance:
