Northwest Commercial Bank has reported a profit of $111,052 for the third quarter of 2010. For the same reporting period last year, the bank showed a loss of $425,000.
According to Kurt Graff, CEO & President of the Lakewood-based bank, the positive trend has continued throughout the year. He explained that for the year-to-date 2010, profit has reached $269,048 compared with the 2009 year-to-date result of a $585,000 loss. This is 21 cents per share profit for the quarter compared with a loss of $1.09 per share a year ago.
Loans totaled $62,884,000, compared to $61,879,000 on June 30, 2010 and deposits increased from $61,914,000 on June 30, 2010 to $62,663,000 at the end of the third quarter. Total assets totaled $74,536,000 on September,30, 2010, compared to $73,590,000, as of June 30, 2010.
Graff said the positive report was the fourth consecutive quarterly profit the Lakewood Bank has reported. “We believe our marketing efforts are bearing fruit. Despite the continued struggles of the economy, the bank is showing growth and we are cautiously optimistic for the remainder of the year and for 2011,” Graff added.
“There’s a lot of public perception that banks aren’t making loans,” Graff said. “To the contrary, Northwest Commercial Bank has funds available for loans and is aggressively pursuing new business.”
Northwest Commercial Bank was established by a group of local business people and community residents in 2002. It is headquartered at in Lakewood with a full-service branch in Auburn.