Frontier completes 17th year
Frontier Financial Corporation, parent company of Frontier Bank, reported its seventeenth consecutive year of record earnings for the year ended December 31, 1995, according to Robert J. Dickson, President.
Net profit for the year increased 22% to $12,614,926 or $2.00 per share, compared to $10,360,273 or $1.65 per share in 1994. Total assets of Frontier Bank grew from $641.4 million to $734.5 million, a gain of 14.5%. Return on average assets for 1995 was 1.87%, and return on average equity was 22.5%.
Results from the fourth quarter ending December 31, 1995 reflected net income of $3,129,498 or 50 cents per share compared to $2,775,983 or 44 cents per share for the fourth quarter of 1994, an increase of 12.7%.
The year-end and quarterly numbers were adjusted to reflect a 3-for-2 stock split issued in March, 1995.
The corporation also announced the declaration of a 7% stock dividend which will be paid to shareholders on March 18, 1996.
Frontier Bank is the sixth largest commercial bank in the State of Washington and the largest independent commercial bank in Western Washington. The 17-year-old bank has sixteen banking offices located in Snohomish and North King Counties.