Business

Boise parent of Northwest Bank reports record profits

Northwest’s predecessor bank, Western Capital Bank, was founded in Boise in 2008. Following a 2012 acquisition, the bank became Northwest Bank and today operates offices in the Seattle, Portland and Treasure Valley markets.
Northwest’s predecessor bank, Western Capital Bank, was founded in Boise in 2008. Following a 2012 acquisition, the bank became Northwest Bank and today operates offices in the Seattle, Portland and Treasure Valley markets.

Last year was the best ever for business lender Northwest Bank. Parent company Western Capital Corp. in Boise announced earnings of nearly $3.9 million, a 17 percent increase from 2014.

Northwest grew its loan portfolio by 18 percent, compared with a 12 percent average reported by other commercial banks in the region, according to the company. Assets grew to $450 million in 2015, up 7 percent from the year before.

The community bank’s loan portfolio has increased 6 percent so far in 2016. The bank expects more growth in the year, CEO Steve Wasson said.

“We have the resources to continue growing and to support the business communities we serve,” he said in a news release. “We are optimistic about both the Northwest economy and our bank’s future.”

Western Capital will pay its first-ever dividend — 4 cents per share — to its roughly 125shareholders. Western Capital plans to pay annual dividends, a spokesman said. The largest shareholder is GWY, a bank holding company in Seattle.

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