Jon M. Jones, President, and CEO, of Washington Business Bank today announced the results for the 3rd quarter of 2017. The bank posted a net income of $133,460 for the quarter ended September 30, 2017 vs. net income of $124,007 in the 3rd quarter of 2016, a 7.63% increase.
Year-to-date earnings through September 2017 were $405,600. This is 25.31% higher than the year-to-date September 2016 earnings of $323,670. Earnings year-to-date represent a .78% Return on Average Assets (ROAA) and a 6.23% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 15.17% at September 30, 2017. Loans outstanding increased in the 3rd quarter of 2017 to $62,453,000 from $58,379,000 at the same period in 2016, an increase of 6.98%. Total Deposits increased 6.25% to $58,024,000 in Q3 2017 over $54,609,000 in Q3 2016.
“We are very pleased about another strong quarter,” stated CEO Jones. “Our team is doing a great job of making people aware that banking with a locally-owned community bank really is better.”
Q3 2017 Highlights
- 3rd quarter 2017 net income 7.63% higher than 3rd quarter 2016 at $133,460
- YTD net income 25.31% higher than the same time 2016 at $405,600
- Loans outstanding grew by 6.98% over the same quarter in 2016
- Total Deposits grew 6.25% over the same quarter in 2016
- Bank remains well-capitalized at 15.17% Tier 1 Capital
