Cowlitz Bancorp. in Longview, Wash., said its first-quarter net income rose 65% from the same quarter last year, to $1 million, as a result of strong loan and deposit growth.
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Diluted earnings per share rose 40%, to 21 cents, the $385 million-asset Cowlitz said Friday.
The loan book increased 45%, to $287 million, and deposits climbed 30%, to $314 million.
Commercial and construction lending drove the much of the loan growth. Commercial loans increased 29%, to $226 million, while loans for real estate construction rose more than 200%, to $54.6 million.
