OLYMPIA, WA, October 21, 2014 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 3rd quarter of 2014. The bank posted a net income of $241,000 for the quarter ended September 30, 2014 vs. net income of $78,000 in the 3rd quarter of 2013, a 209% increase. Q3 2014 earnings surpassed Q2 2014 earnings as the best in the company’s history. Earnings this quarter were positively affected by a gain on sale of a bank-owned property and by a recovery on a non-performing loan. These two events also lowered the Bank’s Non-Performing Assets to Total Assets ratio to 1.28% vs. a ratio of 3.36% for the same period in 2013.
Net income for the first 9 months of 2014 was also a record for the organization. Net Income for the 9 months ended September 30, 2014 was $636,000 vs. net income of $286,000 for the first 9 months of 2013, a 122% increase. The Bank’s Tier 1 Capital Ratio increased to 12.40% at September 30, 2014 over a Tier 1 Capital Ratio of 11.90% at September 30, 2013. Loans outstanding increased in the 3rd quarter to $56,958,000 from $53,163,000 at the same period in 2013, an increase of 7.14%.
“This is a very exciting time for us.” stated CEO Jones. “We have finished the move to our new headquarters in downtown Olympia, we are having a record year in earnings, and we are experiencing the best growth in loans that we have had in years. We believe it goes to show that bigger isn’t always better and a true community bank can thrive in this environment.”