Wainwright Bank & Trust Co. has reported 2009 first quarter consolidated net income of $1.6 million, compared to consolidated net income of $1.2 million for the same quarter last year, a 33 percent increase.

Average deposits increased $86 million, or 14 percent, from the first quarter of 2008 to $721 million in the first quarter of 2009, almost all of which was due to higher certificate of deposit balances, according to the bank.

"The bank is pleased to announce growth in earnings during these difficult economic times," said Jan A. Miller, president and CEO. "As a result of our capital and liquidity strength, Wainwright has continued to capture additional market share with conservatively underwritten residential real estate products. Our 25-percent growth in residential loans, in a challenging market, reflects our commitment to providing housing financing. We also believe that borrowers appreciate the opportunity to conduct business with a local, socially conscious community bank. In the first quarter of this year we have made more than $23 million in new residential loans and have over $50 million in our pipeline."