Q2 2017 Highlights
- 2nd quarter 2017 net income 60.08% higher at $139,800
- YTD net income 36.25% higher at $272,100
- Loans outstanding grew by 8.88% over the same quarter in 2016
- Total Deposits grew 10.69% over the same quarter in 2016
- Bank remains well-capitalized at 15.14% Tier 1 Capital
Jon M. Jones, President, and CEO, of Washington Business Bank has announced the results for the 2nd quarter of 2017. The bank posted a net income of $139,800 for the quarter ended June 30, 2017, vs. net income of $87,300 in the 2nd quarter of 2016, a 60.08% increase. Q2 2017 earnings also surpassed 1st quarter 2017 earnings of $132,300 by 5.67%.
Year-to-date earnings through June 2017 were $272,100. This was 36.25% higher than the year-to-date June 2016 earnings of $199,700. Earnings year-to-date represent a .80% Return on Average Assets (ROAA) and a 6.32% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 15.14% at June 30, 2017. Loans outstanding increased in the 2nd quarter of 2017 to $60,588,000 from $55,645,000 at the same period in 2016, an increase of 8.88%. Total Deposits increased 10.69% to $56,797,000 in Q2 2017 over $51,311,000 in Q2 2016.
“Our team continues to do a great job of growing the bank” stated CEO Jones. “We are pleased that more entrepreneurs and professionals are learning about the benefits of banking at Washington Business Bank. Our mission is to help them become even more successful.”