| Venture Financial Group, Inc., parent company of Venture Bank, announced that Q1 net income was $2.3 million, an increase of 13.8 percent or $281,000 as compared to $2.0 million for the first quarter of 2005. $2.3 million represents the highest first quarter earnings in Company history.
On March 31, total assets were $824.3 million, which is an increase of 9.5 percent or $71.5 million for the first quarter as compared to $752.8 million in total assets at the end of last year. $71.5 million represents the highest first quarter asset growth in company history.
Total assets at March 31 were 42.6 percent or $246.1 million higher than at March 31, 2005 when total assets were $578.2 million. The acquisition of Redmond National Bank and its parent company, Washington Commercial Bancorp during the third quarter of 2005 contributed $131.8 million of the $246.1 million asset growth that has occurred since March 31, 2005.
Total loans on March 31, were $626.7 million which was a quarterly increase of 4.0 percent or $24.4 million as compared to $602.3 million in total loans at December 31, 2005. Total loans at March 31, 2006 increased $173.9 million or 38.4 percent from $452.8 million the same time a year ago. Loans attributed to the acquisition of Redmond National Bank were $107.1 million.
Total deposits at March 31, were $584.5 million which was a quarterly increase of 13.7 percent or $70.4 million as compared to $514.0 million in total deposits at December 31, 2005. Total deposits at March 31, increased $225.0 million or 62.6 percent from $359.5 million at March 31, 2005; deposits attributed to the acquisition of Redmond National Bank were $86.9 million.
The quality of the Company’s assets remains strong. Nonperforming assets as a percentage of total assets declined to 0.43 percent on March 31, from 0.92 percent at March 31, 2005. Nonperforming assets as a percentage of total assets increased slightly in the first quarter from the December 31, 2005 level of 0.36 percent. |
