Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 2nd quarter of 2018. The bank posted record Net Income of $174,600 for the quarter ended June 30, 2018 vs. Net Income of $139,800 in the 2nd quarter of 2017, a 24.86% increase. Q2 2018 earnings also surpassed 1st quarter 2018 earnings of $168,900 by 3.35%.
Year-to-date earnings through June 2018 were $343,500, also a record. This was 26.23% higher than the year-to-date June 2017 earnings of $272,100. Earnings year-to-date represent a .87% Return on Average Assets (ROAA) and a 7.64% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 13.60% at June 30, 2018. Loans outstanding increased in the 2nd quarter of 2018 to $73,890,000 from $60,600,000 at the same period in 2017, an increase of 22.00%. Total Deposits increased 21.79% to $69,176,000 in Q2 2018 over $56,797,000 in Q2 2017.
“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 with Washington Business Bank. Our mission is to help them become even more successful.”
Q2 2018 Highlights
- 2nd quarter 2018 Net Income 24.86% higher at $174,600 over Q2 2017
- YTD Net Income 26.23% higher at $343,500 over the same quarter in 2017
- Loans outstanding grew by 22.00% over the same quarter in 2017
- Total Deposits grew 21.79% over the same quarter in 2017
- Bank remains well-capitalized at 13.60% Tier 1 Capital