Profits Up Overall in Western States, Hawaii, and Alaska
Luke, Robert, American Banker
LOS ANGELES -- Higher profits were reported in the quarter and the year ended Dec. 31 by several western banking companies, including Rainier Bancorp., Valley National Corp., United Bancorp of Arizona, and First Hawaiian Inc.
The Moore Financial Group said profits advanced in the quarter but declined in the full year, largely because of "unusual" charges in the first quarter.
Some Alaska banks reported lower results in the quarter and year. They blamed a slowing state economy.
The Seattle-based Rainier said its profits increased 16% in the quarter to $18 million, or 89 cents a share, a year earlier. In all of 1985, the parent of Rainier National Bank said profits climbed 6% to $65.2 million, or $3.26 a share, from $61.4 million, or $3.13 a share, a year earlier.
Chairman Robert G. Truex Jr. attributed the improved results to increased domestic lending, improved results from international operations, and growth of noninterest income.
Rainier said growth in consumer loans slowed, but climbed in the commercial, tax-exempt, and commercial real estate areas.
Earnings of Rainier National Bank, the company's principal subsidiary, advanced 9% from a year earlier to $15.4 …
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Publication information: Article title: Profits Up Overall in Western States, Hawaii, and Alaska. Contributors: Luke, Robert - Author. Magazine title: American Banker. Volume: 151. Publication date: January 20, 1986. Page number: 3+. © 2009 SourceMedia, Inc. COPYRIGHT 1986 Gale Group.
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