Boise, ID (April 17, 2019) – During its annual meeting of shareholders today, Western Capital Corporation (WCC), the bank holding company which owns Northwest Bank, announced a record setting 2018, during which the company achieved $11.2 million in net income as compared to $4.9 million in 20171, an increase of $6.3 million or 228%. The company’s assets grew $73.7 million to $679.6 million with 10% growth in loans and 11% growth in deposits. WCC earnings continued to increase in the first quarter of 2019, with net income of $3.0 million, a growth of 25% over the same period in 2018.
Based on that strong performance WCC announced a dividend of $0.12 per share, a 33% increase over 2018, and plans to repurchase up to 300,000 shares of stock over the next 12 months. The dividend will be paid on May 15, 2019 to shareholders of record of May 1, 2019.
“The team has continued to execute on our founding business strategy by focusing on customers who want and need more customized solutions, and providing them with exceptionally high levels of service,” said Jeff Gow, Chairman. “That approach consistently delivers greater business results for the bank and, even more importantly, helps our customers achieve their goals. That means stronger local economies and jobs in the communities we serve.”
Northwest Bank was started in Boise, ID in March 2008, and focuses on serving small and medium sized companies, professionals, and non-profit organizations. The bank currently employs 111 people, and is hiring in each of its four locations: Boise and Coeur d’Alene, ID; Lake Oswego, OR; and Seattle, WA.
“The results of the last year demonstrate the benefits of developing deep relationships with our customers, really understanding the fundamentals of their businesses, and anticipating their future needs,” said Jamie Shulman, Northwest Bank Chief Executive Officer. “Being a strategic partner to our customers requires us to go above and beyond every day, and that’s what we’re in business to do.”
Northwest Bank has consistently earned Five-Star ratings from BauerFinancial, an independent rating organization.
Contact: Mark Thomas at 206-621-8715 or email@example.com
This communication contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy and other factors. Western Capital Corporation undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.