Published March 2006

Financial Briefs

Cascade: Profits up 21 percent
Cascade Financial Corp., parent company of Everett-based Cascade Bank, reported in January that profits grew 21 percent in the fourth quarter and full year 2005, reflecting a strong increase in recurring checking and service fees, continued loan growth and strong credit quality.

Net income was a record $13.0 million in 2005, with diluted earnings per share growing to $1.32, compared to $10.8 million and $1.16 in 2004, according to the bank.

In the quarter ended December 2005, net income increased 21 percent to $3.4 million, or $0.35 per diluted share, compared to $2.8 million, or $0.29 per diluted share, in the fourth quarter of 2004.

Banner Bank offers
mortgage resources online
Banner Bank recently unveiled a new mortgage origination service available via the home page of the company’s Web site, www.bannerbank.com.

The service, a result of a partnership with Mortgagebot LLC, is designed to help potential borrowers research and apply for loans with ease, 24 hours a day, seven days a week, the bank said.

Wells Fargo to make
education loans more affordable
Wells Fargo Education Financial Services, a division of Wells Fargo Bank NA, said it will offer zero percent origination fee Federal Stafford Loans nationwide for the 2006-07 academic year, allowing students to keep more of their loan money for education costs.

The Federal Stafford Loan is a low-interest, government-guaranteed loan for both undergraduate and graduate students. Borrowers normally pay an origination fee — 3 percent of the loan’s principal — to the government. With this new offering, Wells Fargo will pay the origination fee on the students’ behalf.

New Wells Fargo Federal Stafford Loans guaranteed on or after April 1, 2006, will be eligible for the zero percent origination fee savings.

Prime Pacific’s profits double
Prime Pacific Financial Services Inc. of Lynnwood reported that its fourth-quarter profits nearly doubled over the same period in 2004.

The parent company of Prime Pacific Bank reported fourth-quarter profits of $237,000, up from $123,000 in 2004. On a per-share basis, profits grew to 20 cents, from 11 cents.

For the full year, Prime Pacific reported a profit of $747,000, up 31 percent over 2004’s profit of $570,000. Earnings per share grew to 63 cents, from 49 cents.

Whidbey Island Bank
posts record profits
Whidbey Island Bank smashed its previous record for profits in 2005, the bank’s parent company reported in February.

Oak Harbor-based Washington Banking Co. reported it ended the year with a profit of $9.5 million, up 53 percent from $6.2 million profit in 2004. On a per-share basis, earnings grew to $1.26 from 83 cents, adjusted for a 4-for-3 stock split in May.

North County Bank grows assets,
to open new branch
North County Bank ended 2005 strong, with a 44 percent increase in assets, to $145 million; and a 63 percent increase in net income, to $1.355 million, reported County Bancorp Inc., the bank’s parent company.

Also, the bank has applied for a branch to be located at 5006 132nd St. SE, in the Snohomish area and right across the street from the Mill Creek city limits.

Construction of the new branch is expected to be completed in late summer.

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