Posts tagged: Northwest Bancorporation
Anthony Bonanzino has been elected chairman of Northwest Bancorporation, the holding company for Inland Northwest Bank.
Bonanzino succeeds William Shelby, who will retire from the board in 2013.
Bonanzino is the chief executive officer of the Institute for Systems Medicine, and the former CEO of Hollister Stier Laboratories.
The board also waived the corporation's age eleigibility requirement in order to make member Harlan Douglass eligible for re-election by shreholders at their next annual meeting.
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.