Jon M. Jones, President and CEO, of Washington Business Bank yesterday announced the results for the 1st quarter of 2014. The bank posted a net income of $157,000 for the quarter ended March 31, 2014 vs. net income of $95,000 in the 1st quarter of 2013, a 65.26% increase. The 1st quarter 2014 net income was also a 5.37% increase over the previous quarter. The Bank’s Tier 1 Capital Ratio increased to 11.72% at March 31, 2014 over a Tier 1 Capital Ratio of 11.25% at March 31, 2013. Loans outstanding increased in the 1st quarter to $57,978,000 from $52,510,000 at the same period in 2013, an increase of 10.41%.
“We are very pleased to announce another strong quarter” stated CEO Jones. “We are excited about our great start to the year and the purchase of a new headquarters location in Downtown Olympia” added Jones. “We look forward to the move and the opportunity to bring the WaBizBank style of banking to the downtown core.”
Q1 2014 Highlights
- 1st quarter 2014 net income of $157,000
- 11th consecutive quarter of profitability
- Loans outstanding grew by 10.41% over the same quarter in 2013
- Bank remains well-capitalized at 11.72% Tier 1 Capital
- Purchase of new headquarters location in Downtown Olympia
Washington Business Bank was founded in 2002 and is one of Washington’s premier community-owned financial institutions. Headquartered in Olympia, Washington, it focuses primarily on helping to create success for small to medium-sized businesses, business owners and professionals. Washington Business Bank’s employees are experienced bankers who understand, respect and service their client’s deposit and lending needs. Please contact the main office at 2607 Martin Way East, in Olympia. Phone 360-754-1945. Fax 360-456-0252. www.wabizbank.com. Member FDIC, Equal Housing Lender.