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Mountain Pacific Bancorp, Inc. Announces 4th Quarter 2021 Results
The Company recognized net income of $2.3 million in the fourth quarter of 2021, bringing net income for the year to $7.1 million. Book value per share increased to $7.49 per share at the end of the year, compared to $7.14 at the previous quarter-end, and $6.39 the same time last year. Chairman Rick Pedack noted, "The Board is proud of the performance posted in 2021 and recognizes the important contribution every member of the team made to achieve the results."
The Company's loan portfolio ended the period at $469.4 million, which included $11.3 million in Paycheck Protection Program (PPP) loans. This represented growth in the loan portfolio – excluding PPP loans – of $10.2 million over the previous quarter, and growth of $88.1 million over the same period last year. Deposits ended the quarter at $526.0 million which is an increase of $118.4 million over the same period last year. "Our team continues to find opportunities working with businesses in our communities by providing our extraordinary customer service," stated Mark Duffy, President.
Credit quality and portfolio performance both remain strong, and the bank continues to fund the allowance for loan loss to support the growing loan balances. At year-end the allowance was $8.7 million or 1.92% of loans less PPP balances. Mr. Duffy commented, "Our credit culture is to work proactively with our customers so we recognize the risks they face as well as they do. This helps to minimize credit losses and provides for the best outcomes for everyone."
Full Press Release (https://www.otcmarkets.com/
About Mountain Pacific Bancorp
Mountain Pacific Bancorp, a bank holding company headquartered in Everett, Washington, serves Snohomish, King and Skagit counties communities through its wholly-owned subsidiary, Mountain Pacific Bank with a headquarters office in Everett and three banking offices in Lynnwood, Ballard and Burlington. The Bank provides commercial banking services to small and mid-size businesses, including professional service firms, real estate developers and investors and not-for-profit organizations and to their owners and other individuals. Additional information about the Bank is available on its website at www.mp.bank
Mark Duffy, President