TACOMA, WA / ACCESSWIRE / February 2, 2021 /
2020 Financial Highlights:
Total assets increased $140 million, or 36%, to $528 million at December 31, 2020 from $388 million at December 31, 2019. $97 million of the asset increase consists of Paycheck Protection Program (PPP) loans, for a net gain of $43 million, or 11%.
Deposits grew 40% in 2020, improving non-interest bearing balances to 30%.
Net income of $4 million for the year ended December 31, 2020, despite over $1 million in provisions to the Allowance for Loan and Lease Losses (ALLL).
Tangible book value per share increased to $12.05 at