Commencement sees lower net income, higher assets compared with 2015

Tacoma-based Commencement Bank has reported net income of $334,000 or 15 cents per share for its second quarter, compared with second-quarter 2015 income of $338,000 and 15 cents per share.

Total loans at the end of second quarter settled at $149 million as compared with $146.6 million one year earlier. Total deposits increased to $162.4 million from $151.4 million for second quarter 2015.

Among other quarterly data:

▪ Total assets increased by 7 percent to $189.6 million as compared with $177.2 million as of June 30, 2015.

▪ Net interest margin was 4.4 percent for the quarter as compared with 3.84 percent the year before.

▪ Nonperforming assets to total assets were 0.22 percent compared with 0.26 percent one year earlier.

Also of note:

▪ On July 6, the bank’s first full-service branch outside of its Tacoma headquarters opened in Enumclaw.

▪ On July 8, the bank announced a merger-of-equals with Olympia-based Thurston First Bank. The merger, previously reported in The News Tribune, is expected to close during fourth quarter.

C.R. Roberts: 253-597-8535