Spokane Valley-based State Bank Northwest's net income jumped to $652,000 last year, up 17 percent from $556,000 in 2007, while its loans, deposits, and assets all grew by double-digit percentages, according to year-end financial documents it has filed with the Federal Deposit Insurance Corp.

Greg Deckard, the bank's president, CEO, and board chairman, couldn't be reached for comment. The FDIC data show, however, that the bank ended last year with loans of $94.2 million and deposits of $99.7 million, up 22 percent and 16 percent, respectively, from a year earlier.

Its assets at the end of 2008 totaled $111.1 million, up 15 percent from $96.7 million at the end of 2007 and cresting the $100 million milestone for the first time, though a year later than it had forecasted. That milestone is viewed as a benchmark by community banks partly because they begin to see some size-related operating efficiencies beyond that point.

State Bank offers business, consumer, and agricultural banking services, as well as residential and commercial mortgages, and employs 29 people, its Web site says. Its headquarters is located at 12902 E. Sprague, and it also has branches at 9729 N. Nevada on Spokane's North Side and in Garfield, Wash., and a lending office in downtown Spokane at 827 W. First.

The bank was founded in Garfield in 1902 and formerly operated under the name State National Bank.

It moved its headquarters to Spokane Valley in 2000 and changed its name to State Bank Northwest in 2007 when it converted to a state charter from a national charter. It said it made the switch to lower its regulatory costs, increase its lending limits, and enable it to compete better against other state-chartered institutions here.