Northwest Commercial Bank this week reported a third-quarter profit of $111,052, up from a loss of $425,000 in the same quarter last year.
Kurt Graff, CEO and president of the Lakewood-based bank, said in a statement that year-to-date profit has reached $269,048, compared to a nine-month loss of $585,000 in 2009.
This quarter’s gain represents a per-share profit of 21 cents, compared to a loss of $1.09 per share a year ago.
Loans at Northwest Commercial totaled $62.88 million, compared to $61.87 million at the end of the second quarter. Deposits increased from $61.91 million on June 30 to $62.66 million at the end of the third quarter.
“Despite the continued struggles of the economy, the bank is showing growth and we are cautiously optimistic for the remainder of the year and for 2011,” Graff stated.
“There’s a lot of public perception that banks aren’t making loans,” he said. “To the contrary, Northwest Commercial Bank has funds available for loans and is aggressively pursuing new business.”