Northwest Commercial posts profit

Lakewood’s Northwest Commercial Bank announced a dramatic turn-round in its latest quarter, according to Kurt Graff, president and CEO. The bank reported a $154,000 net profit for the quarter ended June 30, compared with a net loss of $160,000 for the same period in 2009.

Graff credits expense control and a slowly improving economy for the major improvement. The economy is not “out of the woods,” Graff said,  “but we will maximize what it gives us. We have never stopped lending and we believe our clients appreciate a steady and stable approach in banking.”

Net interest income jumped from $1,341,000 for the second quarter of 2009 to $1,705,000 for the corresponding quarter this year.

Total assets increased to $73,585,000 as of June 30, 2010, which compares to $71,702,000 at the end of March 31, 2010. “Although the increase is only 2.60%, it comes at a time when many banks are still shrinking their balance sheets,” Graff pointed out.

Deposits also went up during this same time from $60,100,000 to $62,000,000 for a 2.00% increase.

The bank executive said he anticipates continued strong showings during the third quarter due in part to increased activity in the local economy. As the bank celebrates its seventh year of operation, Graff said plans are to continue expanding the bank. Currently bank locations include Lakewood and Auburn.

Northwest Commercial Bank was organized by a local group of investors with the goal of providing personalized, full service banking services to small businesses and individuals in Pierce, South King County and surrounding areas. The bank’s headquarters is located at 5726 100th St SW, Lakewood.