Seattle mortgage lender reports increased profits for first quarter of 2012
The Federal Home Loan Bank of Seattle has announced preliminary findings from its financial highlights of 2012’s first quarter. The business reported a net interest income of $23.2 million for the quarter or a net income of $12.9 million. The positive move may largely be accredited to the improvements seen in the metro area’s economy with houses for sale in Seattle being purchased more regularly.
The increase in income is a drastic improvement from the net loss of $12.1 million the company experienced for the same period in 2011. In addition, the Seattle Bank recorded $1.3 million credit losses on its private-label MBS for the first quarter of 2012 – down from $22.7 million one year earlier.
"Our first quarter results represent another positive step for the Seattle Bank, as we work to improve our earnings and capital and return to more normal operations," stated Seattle Bank President and CEO Michael L. Wilson.
Much of these positive steps are due to increased home sales in the area and the positive direction the economy has taken.