INB parent reports return to profitabilityFebruary 28th, 2013
Northwest Bancorporation Inc., the Spokane-based parent of Inland Northwest Bank, reported this morning fourth-quarter 2012 net income of $182,000, or 6 cents a diluted share, compared with a net loss of $777,000, or 25 cents a share, in the year-earlier period.
For all of 2012, the company reported net income of $687,000, or 22 cents a share, up from a loss of $1.4 million, or 46 cents a share, in 2011.
Randall Fewel, president and CEO of Northwest Bancorporation, said in a press release, "We are extremely pleased to see the bank and the company return to profitability in 2012. All four quarters were profitable for us."
The company's total revenue increased 2.4 percent in 2012, to $19.8 million from $19.3 million in 2011.
Also, INB had net charge-offs of $446,000 in bad debt in the fourth quarter, down from $1.7 million in the year-earlier period. For all of 2012, the bank had $3.2 million in net charge-offs, compared with $7 million in 2011.
Fewel said, "Loan losses peaked in 2011 and trended down in 2012. We expect this trend to continue in 2013 because we made excellent progress last year in improving credit quality."
Inland Northwest Bank operates 11 branches in Eastern Washington and North Idaho.