Published March 2003

EverTrust ends quarter up slightly over year before

SCBJ Staff

EverTrust Financial Group Inc., the Everett-based parent company of savings bank EverTrust Bank, Commercial Mortgage Banking Group and EverTrust Asset Management, reported a net income of $1.4 million for the quarter ending Dec. 31, the third quarter in the company’s fiscal year, which ends March 31. That compares to quarterly profits of $1.3 million for the year before.

Included in the most recent numbers was a $414,000 write-down on an investment made by a limited partnership EverTrust participated in through its venture-capital subsidiary, Mutual Bancshares Capital. EverTrust is now working to shift day-to-day operations of Mutual Bancshares Capital to another local capital venture firm, according to the company.

Net charge-offs for the quarter ending Dec. 31 were $21,000, less than one-one-hundredth of a percent of average outstanding loans, bank officials reported.

“While the company’s loan delinquency and charge-off ratios continue to be extremely low, the persistent weakness in the Pacific Northwest economy requires careful monitoring of the loan portfolio and stringent underwriting,” said Jeffrey Mitchell, EverTrust CFO, in a prepared statement.

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