NW CORPORATE RESULTS | Dollar figures in thousands, except per share; parentheses denote losses. City Bank Banking March 31 % 1st QTR 2008...

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Dollar figures in thousands, except per share; parentheses denote losses.

City Bank
Banking
March 31 %
1st QTR 2008 2007 CHG
Profit $9,685 $10,376 -6.7
Per share 0.61 0.65 -6.2
Assets 1,309,029 1,116,060 +17.3
COMMENT: The Lynnwood-based bank said its return on assets fell to 3.11 percent in the quarter, versus 3.87 percent a year earlier. Return on equity, another measure of profitability, slipped to 18.09 percent from 21.03 percent. The quarter’s profit included a one-time gain of $791,000 from the partial redemption of City Bank’s stake in Visa after the latter’s IPO.
Washington Federal
Banking
March 31 %
2nd QTR 2008 2007 CHG
Profit $35,452 $33,483 +5.9
Per share 0.40 0.38 +5.3
Assets 11,739,249 9,877,795 +18.8
1st HALF 2008 2007 CHG
Profit $68,500 $66,867 +2.4
Per share 0.78 0.76 +2.6
COMMENT: The Seattle S&L said “declining asset quality caused by the current housing cycle” prompted it to set aside $9.5 million in the fiscal second quarter for loan losses, compared with $1 million in the first quarter. Nonperforming assets rose to 0.58 percent of total assets, compared with 0.38 percent in the first quarter. Asset growth was due in part to the acquisition of First Mutual Bank, completed in February.