It’s been a while since I’ve been able to post any good news about bank stocks, but here’s the lead of a Bloomberg story out today:

“Wells Fargo led Washington Mutual Inc., SunTrust Inc. and other bank stocks to the biggest one-day gain in almost two decades after posting profit that exceeded estimates and raising its dividend.”

It’s about time – and it was interesting watching the Washington Mutual ticker near the close of the market today.

As for the numbers, Washington Mutual stock is up on the day by 25.48 percent; Columbia Bank is up 12.17 percent, Key Bank is up 16.36 percent, Frontier Bank is up 15.88 percent, Umpquah is up 25.75 percent and Bank of America is up 22.40 percent.

According to Bloomberg News, the Standard & Poor’s 500 Banks Index of 22 companies rose as much as 15 percent, the biggest rise since September 1989, and the KBW Bank Index of 24 companies climbed as much as 10 percent, the most since May 1992.

I’ll be watching tomorrow. Is this a one-day rally or the start of a recovery in financials that I figure is now about six months overdue?

Tacoma-based Rainier Pacific financial Group, parent of Rainier Pacific Bank, today reported second-quarter net income up 3.6 percent over the same quarter in 2007. The increase of $1 million brings per-share earnings to 17 cents over 16 cents a year ago..

As with several other banks, the group is also announcing an increase in its provision for loan losses.– to $550,000, compared to $150,000 for the first quarter and the second quarter last year.

The group said in a release that it has classified $13.5 million in real estate construction loans as non-performing, and has placed the loans on nonaccrual status. The loans, which have not produced specific losses, are due to “cash flow problems experienced by two local residential builders during the quarter resulting in their inability to fully meet the debt service requirements.”

The loans comprise $6.6 million in land for future development; $5.5 million in one-to-four family residential construction loans and $1.3 million in developed residential lots.

Total non-performing loans at Rainier Pacific have increased to $13.9 million, or 2.09 percent of total loans, the release said. A year ago, non-performing loans were $233,000 or 0.03 percent of total loans.

Net charge-offs have increased modestly to $258,000 for the quarter, compared to $250,000 for the first quarter and $191,000 for the second quarter a year ago.

“The current operating environment remains very difficult, and we expect the economic slowdown and lower consumer confidence to continue to place pressure on the financial services industry over the near term,” said John Hall, Rainier Pacific president and CEO.

At the end of the quarter, the group counted $663.9 million in total loans, compared to $637 million a year ago. Total deposits rose to $40.7 million from $33.9 million, while total interest income fell from $14.3 million to $12.9 million.

The group continues to purchase its stock, buying 29,793 shares during the quarter. Near the close of trading this afternoon, Rainier Pacific shares (RPFG) were down 4 cents to $8.63.

Unless you’re drinking alcohol, buying new clothes or visiting the doctor, you’re right: Things are starting to cost more.

The Bureau of Labor Statistics is reporting this morning that overall consumer prices in the Tacoma-Bremerton-Seattle area are up 2.2 percent over the last two months. And from June 2007 to June 2008, prices are up 5.8 percent.

Over the last two months, only three categories saw a decline: alcoholic beverages, down 1.4 percent; apparel, down 2.8 percent; and medical care, down 1.1 percent.

Electricity was up 11.7 percent in the region in April and June; food and beverages were up 1.4 percent; gasoline rose 19.7 percent; and education rose by 0.4 percent.

For the month of June alone, the shelter index was up 0.9 percent, with an annual increase of 7.6 percent.

The centerpiece of Southcenter's ambitious new addition, the 16-screen AMC theater, is due to raise the curtain Friday.

The official opening for the full 75-store, multi-restaurant addition to the '60s-vintage center is still set for July 25, but you may be able to get a peek at some of the stores and restaurants if you see a movie.

The theater, which includes an IMax screen, is on the top level overlooking the 90-foot-tall atrium. For a list of some of the new stores and restaurants go here.

Members of Boeing's largest union, the International Association of Machinists and Aerospace Workers District Lodge 751, meeting at Key Arena today overwhelmingly approved a motion to sanction a strike against the company.

The strike sanction vote is not a sign that a strike is imminent, but that the lodge is taking preliminary steps to prepare for one if necessary.

A successful strike sanction vote will enable the national union to pay workers strike benefits if necessary and is a shot across Boeing's bow in negotiations.

Boeing union members who work at least a partial shift, will be excused for the rally, but won't be paid for the time off, the union said. The rally usually slows production at Boeing plants to a crawl.

The union has more than 20,000 members in the Puget Sound area including membership at Boeing's plant at Frederickson in Pierce County.

The contract between Boeing and the union is set to expire Sept. 3. Boeing spokesman Tim Healey said the company has provided the union with both its incentive plan and health care proposals much earlier than normal to allow sufficient time to discuss the possibilities.

Healey said the company is disappointed that the union scheduled its vote for a work day because of the impact that members' absences have on production schedules.

The company has said it wants to institute a modified pension plan for new hires beginning with the new contract, but has yet to make a formal proposal on that issue.

That new pension plan proposal will call for a defined contribution rather than a defined benefit plan.

The union wants substantial wage and benefit increases because of Boeing's unprecedented backlog of commercial airplane orders and high profits. It wants to retain and enhance the current defined benefit pension plan for all workers.

Malaysia Airlines and Air China today announced orders for a total of 80 aircraft worth $8.9 billion from Boeing.

Air china's order was for 15 Boeing 777s and 30 Boeing 737s. The airline will use the wide-bodied 777s on long-haul routes. It will use the single-aisle 737s for shorter and domestic routes.

The additions to Air China's fleet will boost its capacity by about 35 percent. The airline already has an order with Boeing for 15 787 Dreamliners. The order is worth $6.3 billion at list prices.

Malaysia's order is for 35 737-800s built at Boeing's Renton plant. The Southeast Asian airline has also acquired purchase rights for an additional 20 737s.

The 35 737s will cost Malaysia $2.6 billion based on the planes' sticker prices.

The Malaysian order takes the 737 past another milestone, 8,000 planes since the debut of the original version of the workhorse plane in the mid-'60s. The 737 is now in its third generation.