Wheatland Bank posts record earnings and opens new home loan center in Spokane

Spokane - Community Financial Group, Inc. (CFG) and its wholly owned subsidiary Wheatland Bank, reported consolidated net income of $2.4 million for the year ended December 31, 2016, up 38% over the prior year's net income.  2016 earnings per share increased by 37% over the 2015 level to $1.78 and the consolidated CFG return on average equity was 8.4% for 2016, up 28% from 6.6%. These positive results generated a 22% annual appreciation of the market value of CFG stock.  In turn, the CFG Board of Directors declared a 5% stock dividend and approved a related cash repurchase program this month to its 400 plus local shareholders.  The record earnings were largely fueled by continued robust loan growth from the Bank's 2015 expansion into the Tri-Cities market, as well as from its Spokane and other eastern and central Washington markets.  

Wheatland Bank finished 2016 with $365 million in total assets, $243 million in total loans and total deposits of $328 million.  Following 2015's year of the highest percentage organic loan growth of any bank in Washington State, Wheatland had another year of solid loan growth of 10%.  Loan quality continues to be very good and compares favorably to industry standards with only .25% of its loans delinquent, and only .04% of its loans in a nonaccrual status as of Dec. 31, 2016.  With deep roots in agricultural and commercial banking, Wheatland uses its local and industry expertise to provide operating capital and finance new opportunities, while also working closely with customers to mitigate risks associated with various business and economic cycles for long-term prosperity.  A strong independent reflection of Wheatland Bank's continued success is the fact that for the past 39 consecutive quarters, including throughout the Great Recession, Wheatland Bank has earned the coveted 5-Star Superior rating from BauerFinancial, Inc., the nation's leading independent bank rating firm.

Wheatland Bank purchased its Downtown Spokane headquarters building at 222 N. Wall Street in 2015, and since then has forged ahead with construction projects to renovate space previously occupied by other tenants, to support the Bank's rapid growth and strategic plans.  

Wheatland's Home Loan Center will opened on March 1, 2017 with Troy Sims, Senior Vice President and Director of Residential Lending Services at the helm and with an expanded suite of residential mortgage services. 

Wheatland Bank, formed in 1979 in Davenport, Wash., is a locally owned independent community bank, with 14 branches throughout eastern and central Washington serving over 15,000 customers, including Chelan, Wenatchee and Quincy.