Frontier Financial Corporation, the holding company that owns Frontier Bank, recently announced earnings for the quarter ending June 30. Net income increased 3.0 percent to $10.5 million compared with net income of $10.1 million in 2003, primarily as a result of an increase in net interest income for 2004 of $1.4 million, or 5.9 percent.

On a diluted per share basis, Q2 net income was $.56 per share compared with $.55 in 2003. Return on average assets and return on average equity were 1.94 percent and 18.14 percent, compared to 2.03percent and 20.18 percent, for last year.

Michael J. Clementz, President and CEO, said, “We continue to be encouraged with our sustained momentum. For the second quarter of 2004 loans increased by $57.6 million, the fourth consecutive quarter of loan growth greater than $50.0 million. This compares to last year’s second quarter increase in total loans of $12.2 million. We are on track to meet our goal of loan growth in the 8 percent to11 percent range for the year.”.