Northwest Bancorporation Inc., the Spokane-based parent of Inland Northwest Bank, reported today fourth-quarter net income of $406,000, or 12 cents a share, up from $182,000, or 6 cents a share, in the year-earlier period.

This marked the company’s eighth consecutive quarter of profitability, and INB said in a press release that it was “the most profitable quarter in the 24-year history of the bank.” The company also raised $12.5 million in capital during the quarter and paid off the $11 million of preferred stock issued in February 2009 under the U.S. Treasury’s capital purchase program.

For all of 2013, the company posted income of $2.6 million, or 81 cents a share, up from $687,000, or 22 cents a share, in 2012.

As of Dec. 31, the bank had total assets of $394.2 million and total deposits of $320.6 million, both down from $398.9 million and $333.1 million, respectively, a year earlier.

Its net loan portfolio, however, rose to $296.9 million on Dec. 31 from $266 million a year earlier.

Randall L. Fewel, president and CEO of the company and the bank, said, “I’m very proud of the job our commercial lenders did in 2013 of working and expanding their relationships to grow the loan portfolio with high-quality, in-market commercial loans.”