OLYMPIA, WA, April 11, 2017 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 1st quarter of 2017. The bank posted a net income of $132,300 for the quarter ended March 31, 2017 vs. net income of $112,300 in the 1st quarter of 2016, a 17.80% increase. Q1 2017 earnings also surpassed Q4 2016 earnings of $128,900 by 2.60%. Earnings this quarter represented a .79% Return on Average Assets (ROAA) and a 6.19% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 15.68% at March 31, 2017. Loans outstanding increased in the 1st quarter of 2017 to $59,087,000 from $54,486,000 at the same period in 2016, an increase of 8.44%. Total Deposits increased 12.30% to $55,643,000 in Q1 2017 over $49,550,000 in Q1 2016.
“I am very proud of the success we are having.” stated CEO Jones. “Being voted “Best Bank” in The Olympian’s Best of South Sound contest for the third year in a row is a tribute to our team’s commitment to great service. It is paying off with excellent growth in both loans and deposits.”
Q1 2017 Highlights
- 1st quarter 2017 net income of $132,300
- Named “Best Bank” for 3rd year in a row
- Loans outstanding grew by 8.44% over the same quarter in 2016
- Total Deposits grew 12.30% over the same quarter in 2016
- Bank remains well-capitalized at 15.68% Tier 1 Capital