Wheatland Bank posts record earnings
(Spokane, WA) – Community Financial Group, Inc. and its wholly owned subsidiary Wheatland Bank, reported consolidated net income of $2.4 million for the year ended December 31, 2016, up 38 percent over the prior year’s net income. In 2016, earnings per share increased by 37 percent over the 2015 level to $1.78, and the consolidated return on average equity was 8.4 percent for 2016, up 28 percent from 6.6 percent.
These positive results generated a 22 percent annual appreciation of the market value of the company’s stock. In turn, the board of directors declared a 5 percent stock dividend and approved a related cash repurchase program this month to its 400 plus local shareholders. The record earnings were largely fueled by continued robust loan growth from the bank’s 2015 expansion into the Tri-Cities market, as well as from its Spokane and other eastern and central Washington markets.
Wheatland Bank finished 2016 with $365 million in total assets, $243 million in total loans and total deposits of $328 million. Following 2015’s year of the highest percentage organic loan growth of any bank inWashington State, Wheatland had another year of solid loan growth of 10 percent. Loan quality continues to be very good and compares favorably to industry standards with only .25 percent of its loans delinquent, and only .04 percent of its loans in a nonaccrual status as of December 31, 2016. With deep roots in agricultural and commercial banking, Wheatland uses its local and industry expertise to provide operating capital and finance new opportunities, while also working closely with customers to mitigate risks associated with various business and economic cycles for long-term prosperity. A strong independent reflection of Wheatland Bank’s continued success is the fact that for the past 39 consecutive quarters, including throughout the Great Recession, Wheatland Bank has earned the coveted 5-Star Superior rating from BauerFinancial, Inc., the nation’s leading independent bank rating firm. “A 5-Star rating indicates that Wheatland Bank is one of the strongest banks in the nation, excelling in such areas as capital, loan quality, profitability and much more. Earning Bauer’s 5-star designation proves that Wheatland Bank is getting it right,” said Karen L. Dorway, president of BauerFinancial, Inc.
Wheatland Bank purchased its downtown Spokane headquarters building at 222 N. Wall Street in 2015, and since then has forged ahead with construction projects to renovate space previously occupied by other tenants, to support the Bank’s rapid growth and strategic plans. Wheatland Bank will increase its Spokane workforce by over 30 percent in 2017, including the opening of a full-service Home Loan Center in its first-floor retail space facing Riverfront Park, adjacent to its bank branch and wealth management offices. Wheatland’s Home Loan Center will open on March 1, 2017 with Troy Sims, senior vice president and director of residential lending services at the helm and with an expanded suite of residential mortgage services.
About Wheatland Bank Wheatland Bank, formed in 1979 in Davenport, Washington, is a locally owned independent community bank.