Northwest Bancorporation Thursday reported its first profitable quarter in more than a year.
The parent of Inland Northwest Bank earned $586,000 in the quarter ended March 31, a reversal from a loss of $256,000 for the first quarter of 2009. After allowing for preferred stock dividends and other adjustments, the gain per common share was 17 cents, compared with a 14-cent loss in the 2009 quarter.
Revenues for the quarter increased almost 16 percent, to $4.6 million, compared with 2009.
President Randall Fewel noted the bank benefited from an increase in interest margins to 4.04 percent, and improving non-interest income on average assets.
As of March 31, the bank had assets of $398.2 million, up for the year but one percent below March 2009 levels.
The bank has improved its "Texas Ratio," a measure of credit soundness, from 36 percent to 27 percent, Fewel said, adding that the average ratio for banks headquartered in Washington was 100 percent.