| Venture Financial Group, Inc., parent company of Venture Bank, announced for the twelve months ended Dec. 31, 2007, net income was $12.7 million, an increase of $1.6 million or 14.4 percent. This compares to $11.1 million for the twelve months ended Dec. 31, 2006. For the three months ended Dec. 31, 2007, net income increased $100,000 or 3.2 percent to $3.2 million compared to $3.1 million for the same period in 2006.
At Dec. 31, 2007, total assets were $1.2 billion — an increase of 22.7 percent or $221.9 million compared to $978.1 million in total assets at Dec. 31, 2006.
“This year represents the highest earnings in Company history”, said Ken F. Parsons, Sr., Venture Financial Group Chairman and CEO. “And I am especially proud, given that we also surpassed the $1 billion asset milestone in 2007.”
Total deposits at Dec. 31, 2007 were $837.1 million which was an increase of $65.8 million or 8.5 percent from $771.3 million the previous year. Total gross loans including loans held for sale at Dec. 31, 2007 were $783.9 million, which was an increase of 9.5 percent or $67.8 million from $716.1 million at Dec. 31, 2006.
At Dec. 31, 2007 nonperforming assets as a percentage of total assets were 0.27 percent compared to a historical low of 0.07 percent a year earlier.
On Oct. 18, 2007, the Board of Directors declared the thirty fifth consecutive quarterly cash dividend, paid on Nov. 9, 2007. The dividend of eight and a half cents per share was paid to all shareholders of record as of Oct. 29, 2007. On Jan. 16, the Board of Directors declared the thirty sixth consecutive quarterly cash dividend, payable on Feb. 8. The dividend of eight and a half cents per share is payable to all shareholders of record as of Jan. 28.
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