Local News - Local News - October 24, 2013
Northwest Bancorporation Inc., the Spokane-based holding company of Inland Northwest Bank, announced today third-quarter net income of $708,000, or 22 cents a diluted share, up from $229,000, or 7 cents a share, in the year-earlier quarter.
The company said in a press release that this marks its seventh consecutive quarter of operating at a profit.INB's net loans increased to $291.4 million as of Sept. 30 from $259.1 million a year earlier.
Randall L. Fewel, president and CEO of both the holding company and the bank, said in the release, "We were fortunate to hire a three-person lending team early in the year, and they have been successful in building their loan portfolio at INB."
While loans increased, total assets remained largely unchanged, and total deposits decreased.
As of Sept. 30, the company reported total assets of $393.5 million, down slightly from $394.9 million in assets a year earlier. Its total deposits fell about $10 million, to $330.3 million on Sept. 30 from $340.6 million a year earlier.
Headquartered in downtown Spokane, the company has seven branches in the Spokane area and four in Kootenai County.