Frontier Financial Corporation recently announced earnings for the fourth quarter and the year ended Dec. 31, 2003. Net income for the year 2003 increased 10 percent to $39.6 million compared with $36.0 million in 2002.

Net income for 2003 was $2.12 per diluted share compared with $1.87 in 2002, an increase of 13.4 percent. Return on average assets and return on average equity were 1.96 percent and 19.23 percent, respectively, compared to 1.94 percent and 18.36 in 2002.

Net income for the fourth quarter was $9.3 million, an increase of 15.5 percent from $8.1 million in the fourth quarter of 2002. On a diluted per share basis, net income for the fourth quarter was $.50, up 16.3 percent from $.43 in 2002. Return on average assets and return on average equity for the fourth quarter 2003 were 1.79 percent and 17.15 percent, respectively, compared to 1.66 percent and 16.31 percent in 2002.