Printer Friendly

INTERWEST SAVINGS BANK ANNOUNCES FIRST-QUARTER EARNINGS

 INTERWEST SAVINGS BANK ANNOUNCES FIRST-QUARTER EARNINGS
 OAK HARBOR, Wash., Jan. 20 /PRNewswire/ -- InterWest Savings Bank (NASDAQ: IWBK) today announced continued profitable results for its first quarter ended Dec. 31, 1991, with the disclosure of its net income and net income per share as compared with the same period last year.
 Net income increased 45 percent to $1,509,000 million in the first quarter of 1991 compared with $1,040,000 million in the first quarter of 1990. The increase in net income and net income per share resulted primarily from an increase in the spread between the yield on earning assets and the cost of interest sensitive liabilities. Net income per share for the first quarter ended Dec. 31, 1991, increased to 27 cents versus 26 cents in the year earlier period.
 During the first three months ended Dec. 31, 1991, the bank's net interest income after provision for loan losses improved to $5,223,000 in 1991 compared to $4,395,000 in 1990. At Dec. 31, 1991, InterWest's total assets increased 4.3 percent to $690.8 million compared with $662.2 million at Sept. 30, 1991.
 "We are pleased with InterWest's continued steady performance," said Stephen M. Walden, chief executive officer. InterWest is a state chartered savings bank with 26 branches in western and central Washington.
 The common stock of InterWest's Savings Bank is traded in the over-the-counter national market system under the NASDAQ symbol "IWBK."
 INTERWEST SAVINGS BANK
 FINANCIAL HIGHLIGHTS
 (Unaudited, dollars in thousands except per-share amounts)
 Dec. 31, Dec. 30,
 Three Months Ended: 1991 1990
 Interest income $15,058 $14,561
 Interest expense $ 9,385 $ 9,866
 Net interest income (before prov.) $ 5,673 $ 4,695
 Net income $ 1,509 $ 1,040
 Net income per share $ 0.27 $ 0.26
 Weighted average
 shares outstanding 5,555,494 3,929,920
 At Dec. 31, At Sept. 30,
 1991 1991
 Total assets $690,848 $662,164
 Loans receivable, net $466,608 $443,321
 Loans held for sale $ 2,722 $ 3,833
 Deposits $574,400 $583,697
 Total stockholders' equity $ 53,912 $ 52,477
 (A)Non-performing assets $ 14,567 $ 14,753
 Stockholders' equity/assets
 (percents) 7.80 7.93
 Tangible book value per share $ 9.77 $ 9.54


(A) Non-performing assets consist of loans over 90 days delinquent, real estate owned and assets subject to adverse classifications.
 -O- 1/20/92
 /CONTACT: H. Glenn Mouw or Gina Dyer, 206-679-4181, of InterWest Savings Bank/
 (IWBK) CO: InterWest Savings Bank ST: Washington IN: FIN SU: ERN


RR-JH -- SE002 -- 1271 01/20/92 06:01 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 20, 1992
Words:426
Previous Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT FOR JAN. 19, 1992
Next Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT FOR JAN. 20, 1992
Topics:


Related Articles
INTERWEST SAVINGS BANK ANNOUNCES FIRST-QUARTER EARNINGS
INTERWEST SAVINGS BANK ANNOUNCES RECORD EARNINGS; QUARTERLY INCOME INCREASED 27 PERCENT
INTERWEST SAVINGS BANK REPORTS RECORD EARNINGS UP 25 PERCENT
InterWest Bancorp, Inc. Announces Increased Core Earnings
InterWest Bancorp, Inc. Announces 16 Percent Increase in Net Income.
InterWest Bancorp, Inc. Announces 12 Percent Increase in Net Income.
/C O R R E C T I O N - InterWest Bancorp, Inc./.
InterWest Bancorp, Inc. Quarterly Financial Results.
InterWest Bancorp, Inc. Quarterly Financial Results.
InterWest Bancorp, Inc. to Incur Expenses Associated With a Change In Management and Commitment to Commercial Banking.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters