Exceptional Service. Progressive Vision.
At Thurston First Bank, we strive to cultivate a deep understanding of our clients, their businesses and their goals in order to serve them best. It’s only natural to build a business relationship with a solid foundation. We invite you to browse this section to learn about our history, values, and commitment to serving our community.A Message from the President.
Dear Clients and Friends of the Bank,
I am pleased to report to you that the first quarter of operations in 2012 resulted in a net profit of $204,400 vs. $70,030 in 2011 and gives us a good start for the year. This equates to an annualized Return on Equity of 7.90% and a Return on Assets of 0.79%. Tier One Leverage has improved to 9% and Total Risked Based Capital has increased to 17.5%; both remain far above the “Well Capitalized” measurements of 5% and 10% respectively, and represent a strong capital position. The Bank continues to open new local accounts building franchise value with the capacity to expand new borrowing relationships within our market.
Looking forward, my impression is that the local economy is stabilizing as businesses have recalibrated their operations and real estate feels like it has touched bottom. I have noticed fewer “For Sale” signs in some areas, more “Sold” signs and even full price offers being accepted. While not a statistically sound study, it does feel like positive economic movement is beginning to be seen. Many bank clients have admitted that the recent recession has allowed them to become more efficient and look to better performance in the future. This being said, I remain cautious about the next three quarters as the domestic recovery is weak, European troubles remain and the positive performance of the Bank could be impacted by unanticipated events.
Our annual shareholder meeting was held on April 20th at the Waterstreet Café with a record number in attendance. We had the pleasure of hearing comments on the Washington State banking industry from Rick Riccobono, Director of Banks from the Washington State Department of Financial Institutions. Several excellent questions were asked and important issues discussed at the meeting. Heartfelt thanks to Dennis Matson for his term of service as a founding director who did not run for re-election this year. Dennis’ passion for tennis, warm weather and travel finally outweighed the time required for bank business. Our best wishes for a well-deserved retirement.
This April, I was privileged to be invited to participate for a second time in the Independent Community Bankers of America (ICBA) Policy Summit in Washington DC. I was able to meet personally with several of our elected officials to discuss issues affecting our industry as well as Thurston First Bank specifically. Support for Main Street Community Banks is very strong and we are recognized as the most powerful job creators in the nation through small business lending. The need to keep the community banking model viable is unquestioned among members of both the House and Senate.
If you haven’t been near the Port of Olympia recently, take a moment to drive by the new location for the Hands On Children’s Museum. This spectacular addition to Olympia will not only benefit early education but will also be an economic driver. We are proud to be the financial partner on this project as it reflects our mission to “improve our community through superior banking practices.”
Finally, mark your calendar for July 30 through August 5 for the “Paddle to Squaxin 2012” canoe journey landing at the Port of Olympia. The Bank will be one of the sponsors and volunteer at the event. We are honored to have a wonderful relationship with the Squaxin Island Tribe and support this celebration of ancestral heritage of the tribes in the Puget Sound region.
If you have any questions about the Bank or what we are doing in the community, do not hesitate to call me on my direct line at (360)528-4101 or send me an email at email@example.com.
James H. Haley