Q1 2020 Highlights
- 1st quarter 2020 net income of $314,383, 50.00% higher than 1st quarter 2019
- Loans outstanding grew by 1.42% over Q1 2019
- Total Deposits decreased 12.65% over Q1 2019
- Bank remains well-capitalized at 15.20% Tier 1 Capital
Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 1st quarter of 2020. The bank posted net income of $314,383 for the quarter ended March 31, 2020 vs. net income of $209,491 in the 1st quarter of 2019, a 50.00% increase. Earnings year-to-date represent a 1.38% Return on Average Assets (ROAA) and an 11.94% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $15.72 per share at the end of March 2020. Earnings per share for Q1 was $.47 per share, which was 51.61% higher than Q1 2019 EPS of $.31 and 9.30% higher than Q4 2019 earnings per share of $.43 per share. Washington Business Bank stock began trading under the symbol WBZB on the OTC Marketplace in April of 2019.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 15.20% at March 31, 2020. Loans outstanding increased in the 1st quarter of 2020 to $74,918,567 from $73,870,585 at the same period in 2019, an increase of 1.42%. Total Deposits decreased 12.65% to $70,942,324 in Q1 2020 from $81,217,957 in Q1 2019.
“In these uncertain times it is comforting to know that our bank is strong and continues to serve our community” stated CEO Jones. “We would once again like to thank our clients and community for voting us “Best Bank” in The Olympian’s Best of South Sound contest for the 6th year in a row!”