I’m very pleased to share Seattle Bancshares’ financial results for the second quarter of 2023. Following a tumultuous spring in the banking industry, we transitioned to a quieter summer, but have recognized the traditional banking model of relying on low-cost deposits to fund low-rate loans is under pressure. Fortunately, Seattle Bank has been built to be a competitive rate payer on deposits, which has led us to make very different choices about the loans and investments we put on our books. Based on Q2 2023 performance data, Seattle Bank:
Ranked in the 95th percentile for our net interest rate margin, a key indicator of profitability
Experienced a 12% annualized increase in total deposits
Originated $26 million in new loans through Partner Banking services
We are in a position of strength and are on the offense in all areas. View our full financial summary here.
