Jon M. Jones, President and CEO, of Washington Business Bank announced in January the results (unaudited) for the fourth quarter and year-end 2015.
The bank posted net income of $179,000 for the 4th quarter of 2015 vs. net income of $109,000 for the same quarter in 2014, a 64.22% increase.
The bank completed the year with a year-end profit of $525,000.
The Bank’s Tier 1 Capital Ratio ended the year at a solid 15.07%. Total loans increased in 2015 to $59,859,000 from $57,659,000 at the same period in 2014, an increase of 3.82%.Washington Business Bank completed the year with a Return on Average Assets (ROA) of .79% and a Return on Average Equity (ROE) of 6.21%.
In the first full year in the new Downtown Olympia location balances in Business Checking accounts increased by 37.57%.
“2015 was another excellent year for us.” stated CEO Jones. “The outstanding efforts of our team have continued to help us to grow in both loans and new business accounts. More and more people are finding out why Washington Business Bank is the premier bank for business in Thurston County.”
Washington Business Bank was founded in 2002 and is one of Washington’s premier community-owned financial institutions. Headquartered in Olympia, Washington, Washington Business Bank’s mission is to provide financial services that enable their clients to become more successful.
The bank is located at 223 5th Ave. SE (corner of 5th and Franklin) in downtown Olympia.
Member FDIC, Equal Housing Lender.
Q4 2015 Highlights
- 4th quarter net income of $179,000, up 64%
- Business Checking Account Balances up 37.57%
- Total loans grew by 3.82% over year-end 2014
- Year-end Return on Assets of .79%
- Year-end Return on Equity of 6.21%
- Bank remains well-capitalized at 15.07% Tier 1 Capital