Ballard-based Viking Bank, which operates a branch in Poulsbo, announced a 19 percent in crease in total assets for 2003, posting $256,767,000. The announcement was made by Patrick Redmond, the bank’s president and chief executive officer.

This continues 11 years of growth for Viking Bank, which has realized a 158 percent increase in total assets in the last five years. At Dec. 31, 2003, net income had grown 46 percent, from $2,320,000 at year end in 2002 to $3,379, 000 in 2003.

Loan volume continued to contribute significantly to the bank’s growth, with $203,179,000 in net loans for 2003, a 26 percent increase over 2002. At the same time, Viking Bank’s non-performing assets remained well below industry average.

“Our strategy is to blend sound banking principles with highly personalized services that meet the needs of growing businesses,” explained Redmond. “We invest in the businesses that we know well – the businesses in our community – and as they succeed, so do we.”

Return on assets also increased from 1.29 percent to 1.45 percent. The bank’s book value per share increased to $17.47 in 2003, a 19 percent over 2002, with basic earnings per share growing by 43 percent, from $2.16 to $3.09.