Q2 2019 Highlights
- 2nd quarter 2019 Net Income 63.27% higher at $285,100 over Q2 2018
- YTD Net Income 43.99% higher at $494,600 over the same quarter in 2018
- Loans outstanding grew by 3.25% over the same quarter in 2018
- Total Deposits grew 5.61% over the same quarter in 2018
- Bank remains well-capitalized at 13.88% Tier 1 Capital
Jon M. Jones, President and CEO, of Washington Business Bank (WBZB) today announced the results for the 2nd quarter of 2019. The Bank posted record Net Income of $285,100 for the quarter ended June 30, 2019 vs. Net Income of $174,600 in the 2nd quarter of 2018, a 63.27% increase. Q2 2019 earnings also surpassed 1st quarter 2019 earnings of $209,500 by 36.04%.
Book Value of Washington Business Bank stock was $14.47 per share at the end of the quarter. Earnings per share for Q2 were $.42 per share, which was a 35.48% increase over Q1 earnings per share of $.31 per share. Washington Business Bank stock recently began trading under the symbol WBZB on the OTC Marketplace.
Year-to-date earnings through June 2019 were $494,600, also a record. This was 43.99% higher than the year-to-date June 2018 earnings of $343,500. Earnings year-to-date represent a 1.12% Return on Average Assets (ROAA) and a 10.29% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 13.88% at June 30, 2019. Loans outstanding increased in the 2nd quarter of 2019 to $76,294,000 from $73,890,000 at the same period in 2018, an increase of 3.25%. Total Deposits increased 5.61% to $73,057,000 in Q2 2019 over $69,176,000 in Q2 2018.
“Our team continues to do a great job!” stated CEO Jones. “These kind of results only happen when everyone is working towards our mission of helping to make our clients more successful.”