Wheatland Bank Earnings Are Strong
Wheatland Bank earnings increased 33 percent in 1997 compared with 1996 despite expenses associated with an aborted merger.
The Davenport, Wash.-based institution reported Monday net income of $773,630, up from $583,111 in 1996.
Loans grew 19 percent to $51.7 million, outpacing 10 percent growth in deposits - to $66.8 million. Assets swelled 11.4 percent to $75.8 million.
Return on average assets and equity, two key benchmarks of bank performance, were 1.07 percent and 9.42 percent, respectively.
Chairman Roger Underwood said bank directors also declared an 8 percent stock dividend to stockholders of record Feb. 5. The dividend will be paid March 3.
He said bank officials also will evaluate expansion opportunities in areas near existing branches in Davenport, Cheney, Ritzville, Odessa and Wilbur, Wash.