Colfax-based Bank of Whitman, which has three branches in the Spokane area, has reported net income of $5.8 million for 2008, up 5 percent from $5.5 million the prior year. Loans and deposits both grew sharply.

James Tribbett, the bank's president and CEO, says, "We had a good year, made a little bit more money than the prior year, and in this market that's just fine."

Bank of Whitman reported total loans of $630.7 million and total deposits of $504.8 million as of Dec. 31, up 22 percent and 24 percent, respectively, from a year earlier. The bank's total assets shot up 14 percent, to $690.2 million.

The bank's 2008 return on average assets, a key indicator for banks, was 0.92 percent, down from 1.39 percent in 2007, and it reported a return on average equity of 10.28 percent, down from 13.42 percent in the prior year.

Despite the declines, Chief Financial Officer Bill Knox says he's pleased with the bank's numbers, given the ongoing financial-sector turmoil.

"We're expecting a slow-growth year as we move into 2009, a conservative year from our standpoint," Knox says. He adds, though, "We would hope we're going to be at least as good as last year."

Founded in Colfax in 1977, Bank of Whitman has 20 branches in Eastern Washington. In the Spokane area, it operates branches downtown, on the West Plains, and in the Wandermere area. Knox says it doesn't plan to open any new branches this year. The bank employs 196 people, which is up slightly from a year ago, he says.