Frontier Financial Corp. in Everett, Wash., said Monday that strong loan growth powered a 36% increase in its second-quarter earnings, to $17.4 million.
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The $3.1 billion-asset parent of Frontier Bank said its 25% loan growth, to $2.75 billion, was helped by its January acquisition of the $176 million-asset NorthStar Financial Corp. in Seattle. Loan originations totaled $477.8 million, topping last year's second quarter by 37.2%.
Frontier remains one of the nations top-performing banks. Returns on assets and equity were 2.23% and 18.87%, respectively, and its efficiency ratio was 39%, well above the averages for banks with assets of $1 billion to $10 billion, according to the Federal Deposit of Insurance Corp.
