MOUNTAIN PACIFIC BANK ANNOUNCES RETIREMENT OF CHIEF FINANCIAL OFFICER

Mountain Pacific Bank
3732 Broadway
Everett, WA  98201
425-263-3500
www.mp.bank

FOR IMMEDIATE RELEASE

Contact:
Mark A. Duffy, President and CEO, (425) 263-3524
mduffy@mp.bank

MOUNTAIN PACIFIC BANK ANNOUNCES RETIREMENT OF CHIEF FINANCIAL OFFICER

 

EVERETT, WA – After 12 years of service with Mountain Pacific Bank, Chief Financial Officer Ross Maynard has elected to retire as of May 2021. Mr. Maynard will remain in a consulting capacity through July 2021. Senior Vice President and Controller Racquel Folchi now leads the bank’s Accounting Department.

Mr. Maynard was named Executive Vice President and Chief Financial Officer in June of 2009 and has been a key contributor to the bank’s tremendous growth and success. The Mountain Pacific Bank team is grateful for Mr. Maynard’s leadership and dedication and wishes him the best as he begins this new chapter.

“As I prepare to transition from my career at Mountain Pacific Bank into retirement, I have come to realize just how fortunate I have been to be part of such a wonderful organization and team for the past 12 years,” said Maynard. “It has been a privilege to represent a company that places such a strong emphasis on providing quality services that meet the needs of customers and the communities Mountain Pacific Bank serves.”

Mr. Maynard has been involved in the banking industry for over 40 years, beginning his career with a locally owned community bank in his hometown of Duluth, Minnesota. He moved to the Everett area in the mid 1980’s with his family and has continued to work for a number of local community banks since that time.

ABOUT MOUNTAIN PACIFIC BANK

Mountain Pacific Bank is a full-service community bank, serving the financial needs of local businesses, professionals, and individuals in Snohomish County. The bank is headquartered in Everett, Washington and operates branch offices in Everett, Lynnwood, Ballard, and Burlington coupled with a Mobile Branch for the convenience of its customers. More information about Mountain Pacific can be found at www.mp.bank.

Contact:
Mark Duffy, President/CEO
(425) 263-3524

MOUNTAIN PACIFIC BANK RANKED PUBLICLY TRADED COMMUNITY BANK

Mountain Pacific Bank
3732 Broadway
Everett, WA  98201
425-263-3500
www.mp.bank

– FOR IMMEDIATE RELEASE –

MOUNTAIN PACIFIC BANK RANKED PUBLICLY TRADED COMMUNITY BANK

Mountain Pacific ranked #80 on American Banker Top 200 Publicly Traded Community Banks List

EVERETT, WA – June 2021  – Mountain Pacific Bancorp the parent company of Mountain Pacific Bank, is proud to announce that the bank has been named on American Banker magazines top 200 Publicly Traded Community Banks List.  Mountain Pacific Bank ranked 80th on American Banker’s Top 200 Publicly Traded Community Banks List, as published in their May 2021 issue.

“We are honored and delighted to have made the list this year. Being listed as one of the Top 200 Publicly Traded Community Banks, illustrates Mountain Pacific Bank’s continued financial strength and performance”, said, Mark Duffy, President and CEO. “The bank would not be recognizing the success it does today without the loyalty and trust of our customers and continued dedication and commitment to excellence demonstrated by our employees. This recognition also was achieved during a time of heighted challenges related to the COVID-19 pandemic and is a testament to our team who brings their best to work each day to serve our customers.

Over the past 18 months, Mountain Pacific Bank, has been focused on providing customer access to SBA Paycheck Protection Program (PPP) loans. To date the bank has competed 873 PPP loans totaling $113 million. We are expecting to have another strong performance in 2021, with solid contributions coming from our Mortgage and Small Business Administration (SBA) Lending areas.”

ABOUT MOUNTAIN PACIFIC BANK

Mountain Pacific Bank is a full-service community bank, serving the financial needs of local businesses, professionals, and individuals in Snohomish County. The bank is headquartered in Everett, Washington and operates branch offices in Everett, Lynnwood, Ballard, and Burlington coupled with a Mobile Branch for the convenience of its customers. More information about Mountain Pacific can be found at www.mp.bank.

Contact:

Mark Duffy, President/CEO

(425) 263-3524

COVID-19 Update

Our lobbies are open! We have missed you. Mountain Pacific Bank continues to monitor the impact of the COVID-19 pandemic and is implementing several measures to protect what matters the most – the health of our community, customers, and staff. During these challenging times, it is key priority we continue to provide the excellent service and capabilities you expect from us.

MOUNTAIN PACIFIC BANK ANNOUNCES NEW BOARD MEMBER DAVID C. TINGSTAD

– FOR IMMEDIATE RELEASE –

MOUNTAIN PACIFIC BANK ANNOUNCES NEW BOARD MEMBER
David C. Tingstad, Joins Board

EVERETT, WA – March 2021 – Mountain Pacific Bank is pleased to announce the addition of David C. Tingstad to its Board of Directors.

Mountain Pacific Bank President and CEO Mark Duffy commented, “We are very happy to have David Tingstad join our Board of Directors. His legal and business experience strengthens our Board and will help Mountain Pacific as we continue to grow and support the region.”
“I am honored to serve on the Board for Mountain Pacific Bank,” said Tingstad. “I look forward to contributing to the management of an organization that is committed to Snohomish County.”
Tingstad continued, “Beresford Booth has a long history of service to our community and to organizations that have missions similar to ours. We are pleased to continue that commitment through our work with Mountain Pacific Bank and variety of companies and non-profit organizations in the region.”
David Tingstad maintains an extensive practice in the areas of business and real estate matters, limited liability companies (LLCs), corporations and real estate for financial services clients and clients throughout the state of Washington in a variety of industries. David regularly counsels’ clients in all aspects of business including operations, asset acquisitions, conversions, and mergers. His practice includes assisting operating businesses with succession planning, financing, dissolution, and disputes between owners. David’s clients range from family businesses to large corporations.

David lives and works in Edmonds. He serves as a director for Homage Senior Services, a non-profit company that promotes independence, preserves dignity, and enhances the quality of life for older adults and people with disabilities in Snohomish County.

ABOUT MOUNTAIN PACIFIC BANK
Mountain Pacific Bank is a full-service community bank, serving the financial needs of local businesses, professionals, and individuals in Snohomish County. The bank is headquartered in Everett, Washington and operates branch offices in Everett, Lynnwood, Ballard, and Burlington coupled with a Mobile Branch for the convenience of its customers. More information about Mountain Pacific can be found at www.mp.bank.

Contact:
Mark Duffy, President/CEO
(425) 263-3524

About Beresford Booth
Since 1946, Beresford Booth has provided a full range of legal services to businesses and individuals in Snohomish County and throughout the state of Washington. The Beresford Booth team proudly serves as trusted and independent advisors to our clients, providing creative and timely solutions to their most complex legal challenges. To learn more about Beresford Booth, please visit our website at www.beresfordlaw.com.

Contact:
David Tingstad, Managing Partner
(425) 776-4100

MOUNTAIN PACIFIC BANK ANNOUNCES NEW BOARD MEMBER DAVID PEDACK

– FOR IMMEDIATE RELEASE –

MOUNTAIN PACIFIC BANK ANNOUNCES NEW BOARD MEMBER
David Pedack, Joins Board

EVERETT, WA – February 2021 – Mountain Pacific Bank is pleased to announce the addition of David Pedack to its Board of Directors.

Mountain Pacific Bank President and CEO Mark Duffy commented, “I am really excited to have David Pedack join our Board of Directors. His addition complements and strengthens the Board’s overall depth, knowledge, and oversight as Mountain Pacific continues to grow and increase its presence in the community.”

David Pedack is a Portfolio Manager at Russell Investments, currently holding the Chartered Financial Analyst® designation.  His primary focus is on designing investment strategies to solve clients’ problems and achieve their financial goals.  David has over 15 years of personal experience in the trading and management of portfolios with complex financial derivatives, including options, futures, swaps, and forwards.
Born and raised in Snohomish, David is a native Washingtonian. He graduated with honors from Pacific Lutheran University in Tacoma with degrees in Mathematics and Physics.

ABOUT MOUNTAIN PACIFIC BANK
Mountain Pacific Bank is a full-service community bank, serving the financial needs of local businesses, professionals, and individuals in Snohomish County. The bank is headquartered in Everett, Washington and operates branch offices in Everett, Lynnwood, Ballard, and Burlington coupled with a Mobile Branch for the convenience of its customers. More information about Mountain Pacific can be found at www.mp.bank.

Contact:

Mark Duffy, President/CEO

(425) 263-3524

 

Join Us For a Food Drive To Help Support Our Communities Nov 2 – Dec 31.

We love this community.

That’s why we are collecting non-perishable food benefiting our local food banks:

• Helping Hands Food Bank

• Volunteers of America

• Concern For Neighbors

• Ballard Food Bank

Drop off donations at our front lobby doors and help our communities prosper. Or have us grab your donations at your place of business when our Mobile Branch picks up your deposits.

Mountain Pacific Bank Keeping it Local Logo

Mountain Pacific Bancorp Reports Financial Results for the Six Months Ended June 30, 2020

August 20, 2020
EVERETT, WA – Mountain Pacific Bancorp (OTC Pink: MPCB) announced today its financial results for the second quarter ended June 30, 2020.

The Company reported net income of $2,050,000 for the six months ended June 30, 2020 compared to net income of $1,760,000 for the same period last year. Earnings per share were $0.31 for the three months ended June 30, 2020 compared to $0.28 for the same period last year.

The return on average assets for the six months ended June 30, 2020 and 2019 were .97% and 1.08%, respectively. The net interest margin was 3.60% for the six months ended June 30, 2020 compared to 4.15% for the same period last year and the efficiency ratio improved to 57.98% for the six months ended June 30, 2020 compared to 67.82% for the same period last year.

President, Mark Duffy, stated, “Processing over 480 PPP loans totaling over $75.7 million resulted in tremendous growth in loans and deposits year to date. This translated into solid earnings year to date.”

Net Interest Income

Net interest income increased to $7,012,295 for the six months ended June 30, 2020 compared to $6,078,983 for the same period last year.

Provision for credit losses

The Company recorded a $975,000 provision for credit losses for the six months ended June 30, 2020 compared to $200,000 for the same quarter last year. The increase year over year is due to COVID19’s impact on the economy and the long term influence it may have on our loan portfolio.

Non-Interest Income

Non-interest income for the six months ended June 30, 2020 was $1,484,187 compared to $1,300,747 for the six months ended June 30, 2019.

Non-Interest Expense

Non-interest expense was $4,926,482 for the six months ended June 30, 2020 compared to $5,004,730 for the same period last year.

Balance Sheet

The Company had total assets at June 30, 2020 of $505.0 million compared to $331.2 million at June 30, 2019.

Total loans on June 30, 2020 were $411.2 million compared to $269.7 million at June 30, 2019.

Total deposits were $373.8 million at June 30, 2020 compared to total deposits of $278.2 million at June 30, 2019.

Credit Quality

The allowance for loan losses was $5,344,079, or 1.30% of loans at June 30, 2020, compared to $4,064,683 or 1.51% of loans at June 30, 2019. Excluding SBA PPP loans of $75.8 million, reserves are 1.59% as of June 30, 2020. There were $3,098,302 in nonperforming assets at June 30, 2020 and $9,140,616 in nonperforming assets at June 30, 2019.

Capital

At June 30, 2020, shareholders’ equity totaled $39.4 million compared to $34.1 million at June 30, 2019. Book value per share was $6.04 per share at June 30, 2020 compared to $5.37 per share at June 30, 2019.

About Mountain Pacific Bancorp

Mountain Pacific Bancorp, a bank holding company headquartered in Everett, Washington, serves Snohomish, King and Skagit counties communities through its wholly-owned subsidiary, Mountain Pacific Bank with a headquarters office in Everett and three banking offices in Lynnwood, Ballard and Burlington. The Bank provides commercial banking services to small and mid-size businesses, including professional service firms, real estate developers and investors and not-for-profit organizations and to their owners and other individuals. Additional information about the Bank is available on its website at www.mp.bank

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of Mountain Pacific Bancorp and on information available to management at the time these statements were made. There are a number of factors, many of which are beyond Mountain Pacific Bancorp’s control, which could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which Mountain Pacific Bancorp is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than Mountain Pacific Bancorp; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, Mountain Pacific Bancorp does not undertake to update forward-looking statements to reflect subsequent circumstances or events.

CARES Act SBA Programs

Paycheck Protection Program: This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. We are working on a checklist (for required documentation) and an application packet. We will post that information here.

EIDL Loan Advance: This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. (links to https://mp.bank/sba-disaster-loans-for-covid-19/)

SBA Express Bridge Loans: Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

Mountain Pacific Bank will be helping small businesses in our local communities with these loan programs. If you are out of our geographical footprint you will need to go to your local bank. Details of eligibility and administration of this assistance from SBA are still being addressed by the SBA. We will update this information as we get new information.

Covid-19: A Message from Mark Duffy, CEO

Throughout our history, the communities Mountain Pacific Bank serves have seen lots of ups and downs. Through it all, we have always stood ready to assist our customers and communities in which we serve. Building relationships with customers since 2006 has taught us that people need us the most when times are most challenging, and our customers know that Mountain Pacific Bank will do what is right.

At Mountain Pacific Bank, the well-being of our customers, employees, and community is very important to us and we are here to support you and your business. We intend to keep our branches open, if feasibly possible, using the drive-up only to protect both staff and customers.

To protect you and our employees, we are limiting our branch lobbies to appointments only. Those customers wanting to open an account, access safe deposit box, or meet with a banker in person are asked to call 425.263.3500 or your local branch to setup an appointment.

Of course, meeting your needs is always important to us. We are well staffed and banking business is taking place as usual. We hope you will continue to contact your Relationship Manager by phone or email as you do regularly. We also encourage you to leverage our digital options that allow you to access your accounts to view balances, make transfers, make mobile deposits, or send payments via our P2P feature. All these great features and more are available via our mobile app or online at https://mp.bank/

As our communities continue to be impacted, we will assess the capacity and abilities of our branches to serve the needs of our customers. We will be sure to post information and updates to our website and social media channels as decisions are made.

We apologize for any inconveniences and we appreciate your flexibility and understanding during this unusual time. It is our goal to continue to provide the highest quality customer service and support.

As always, thank you for the opportunity to serve you. For specific questions related to COVID-19, please see Our FAQs.

Wishing you and your family health and safety,
Mark Duffy

COVID-19

We are monitoring the latest news about COVID-19 and taking all necessary precautions. We are following Center for Disease Control (CDC) guidelines to appropriately respond to this potential public health threat.

All of our branch drive-ups are open during regular business hours. Our lobbies are currently closed.