INB parent reports income drop
Northwest Bancorporation Inc., parent of Inland Northwest Bank, Tuesday reported lower second-quarter earnings but double-digit growth in assets and loans compared with 2007 levels.
For the quarter ended June 30, the $498,000 in net income was off 24 percent from $657,000 for the 2007 period. Per share, the Spokane company earned 21 cents compared with 28 cents a year ago.
For the first six months of 2008, net income fell to $938,000, or 39 cents per share, from $1.15 million, or 48 cents per share, in 2007.
Assets rose almost 21 percent year-over-year to $368.3 million. Deposits climbed almost 25 percent to $298.6 million, and net loans soared 38.4 percent to $315.7 million.
The allowance for loan losses increased by $195,000, but Northwest President Randy Fewel said the addition had less to do with the minimal increase in bad loans than the expansion of the company’s loan portfolio. The bank has charged off only $32,000 so far in 2008. Total nonperforming assets stood at $2.7 million on June 30 compared with $890,000 a year ago.