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2020 Q3 Financial Results
View/Print Peoples Bank Strong Numbers - 2020 Q3
Financial Highlights that drive Peoples Bank’s top performance:
- Peoples Bank maintains a diversified loan portfolio to minimize risk. In order to do this, geographic, collateral, and industry concentrations are closely monitored to help the Bank maintain appropriate risk exposures. Peoples Bank is also well diversified between loans to consumers and businesses.
- Peoples Bank is well-capitalized at 10.18% equity capital to average assets. Netting out the effect of Paycheck Protection Program Loans, this ratio is 11.30%.
- Peoples Bank funds loans in our community by gathering customer deposits in the markets we serve and does not use brokered deposits to fund banking operations.
- Peoples Bank remains committed to meeting the credit needs of the local community.
- Home Lending – Year-to-date through September 30, Peoples Bank originated 1,700 mortgage loans. This equals $542 million in financing for Washington homeowners.
- Business Lending – Year to date, the Bank extended over $191 million in new loans and commitments to local businesses.
- PPP Loans – Under the program enacted by the government’s CARES Act, Peoples Bank made more than 1,800 Paycheck Protection Loans. This provided $231 million in assistance to small businesses, impacting more than 20,000 jobs in our local communities.
As of the last published quarterly call report, Peoples Bank’s non-performing assets were low at 0.54% of assets. Non-performing assets include loans 90 days or more past due or in nonaccrual status and other real estate owned by the Bank.
Peoples Bank is the leading locally-owned and operated community bank meeting the financial needs of businesses and families in Whatcom, Skagit, Island, Snohomish, King, Chelan, and Douglas Counties. The Bank is closely held and operates three principal business units: business banking, retail banking, and home lending. Our twenty-three branches and one loan production office provide customers with added convenience and the Bank with a reliable source of core funding./p>
At Peoples Bank, we’re actively engaged in strengthening, energizing, and supporting our communities. Learn more at peoplesbank-wa.com/giving.
Peoples Bank is a Member FDIC. Learn more about FDIC insurance >>