Spokane Journal of Business

Inland Northwest banks report net profits

Most announce increase in quarterly net income

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Banks with branches in the Spokane area report operating in the black during this year’s second quarter, according to their earnings releases. 

Most banks with a presence here have announced an increase in second-quarter net income from the year-earlier period, with some reporting record quarterly earnings. Two institutions disclosed a dip in net income, though both still posted a profit for the quarter. 

 Washington Federal Inc., the Seattle-based parent company of Washington Federal Bank, announced record quarterly earnings of $54 million, or 67 cents per diluted share, an increase of 10% from the previous quarter and about 5% from the year-earlier period. Washington Federal Bank has one branch in Spokane and one in Deer Park. 

Walla Walla, Washington-based Banner Corporation, the parent company of Banner Bank and Islanders Bank, reported second quarter net income of $39.7 million, or $1.14 per share, a 22% increase from the year-earlier period. There are 13 Banner Bank branches in the greater Spokane area. 

Glacier Bancorp Inc., the Kalispell, Montana-based holding company for Glacier Bank and Mountain West Bank, announced second quarter net income of $52.4 million, or 61 cents per share, an 18% increase from the year-earlier period. Mountain West Bank has one branch in North Spokane, one in Spokane Valley, and five in the Coeur d’Alene area. 

Umpqua Holdings Corp., the Portland-based holding company for Umpqua Bank, disclosed second-quarter net income of $111.8 million, or 51 cents a common share, a 40% increase from the year-earlier period. The bank also saw deposits and loans and leases grow by more than 10%. Umpqua Bank has 10 branches in the greater Spokane-Coeur d’Alene area. 

Seattle-based HomeStreet Inc., the parent company of HomeStreet Bank, announced second-quarter net income of $8.9 million, or 32 cents a share, an increase of 20% from the year-earlier period. HomeStreet has two locations in Spokane and a home lending center in Spokane Valley.

Columbia Banking System, the Tacoma-based holding company for Columbia Bank, reported record second-quarter net income of $51.7 million, or 71 cents a share, a $10 million increase from the year-earlier period. Columbia Bank has five branches in the greater Spokane-Coeur d’Alene area. 

Willamette Valley Bank declared record second-quarter net income of $3.3 million, a 44% increase over the year-earlier quarter. Headquartered in Salem, Oregon, Willamette Valley Bank has one branch in Spokane and one in Coeur d’Alene. 

Charlotte, North Carolina-based Bank of America Corporation announced second-quarter net income of $7.3 billion, or 74 cents a diluted share, a 6.8% increase over the year-earlier quarter net income of $6.8 billion, or 63 cents a share. Bank of America has three branches in Spokane. 

U.S. Bancorp, the Minneapolis-based holding company for U.S. Bank, disclosed second-quarter net income of $1.8 million, or $1.09 a diluted share, a slight increase from the year-earlier period net income of $1.75 million, or $1.02 per share. U.S. Bank has two branches in Spokane. 

New York-based J.P. Morgan Chase Bank, which does business as Chase Bank, reported second-quarter net income of $9.7 billion, or $2.82 per share, a 14% increase from the year-earlier period net income of $8.3 billion, or $2.29 per share. Chase Bank has 10 locations in the Spokane-Spokane Valley area. 

Two banks that have Spokane branches reported a decline in quarterly earnings, while still operating well into the black. 

First Interstate BancSystem Inc., the Billings, Montana-based holding company for First Interstate Bank, annwounced second-quarter net income of $37.9 million, or 59 cents a share, a 9% decrease from the year-earlier period. First Interstate BancSystem attributes the decrease to the costs of acquiring Idaho Independent Bank and Community First Bank earlier this year, and Northwest Bancorporation Inc., the parent company of Inland Northwest Bank, last year. First Interstate Bank has six branches in the Spokane area.  

WTB Financial Corp., the Spokane-based holding company for Washington Trust Bank, announced second-quarter net income of $19.3 million, a decrease of about $1 million from the year-earlier period. In its second quarter release, the bank attributes the decrease in earnings to “a partial repositioning of the securities portfolio.” Washington Trust Bank has 22 branches in the greater Spokane-Coeur d’Alene area.

Virginia Thomas
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Reporter Virginia Thomas has worked at the Journal since 2017 and covers the banking and finance industries. As a reporter, she loves learning about Spokane's many growing industries. She enjoys travelling with her husband, snuggling with her cats, and cross stitching.

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