Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 4th quarter and year-end 2017. The bank posted a net income of $145,173 for the quarter ended December 31, 2017 vs. net income of $128,885 in the 4th quarter of 2016, a 12.64% increase. Fourth quarter income was also 8.77% higher than the 3rd quarter.
Year-end December 2017 earnings were $551,000. This is 21.63% higher than year-end December 2016 earnings of $453,000. Earnings year-to-date represent a .78% Return on Average Assets (ROAA) and a 6.32% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.00% at December 31, 2017. Loans outstanding increased in the 4th quarter of 2017 to $68,300,000 from $60,144,000 at the same period in 2016, an increase of 13.56%. Total Deposits increased 19.10% to $64,199,000 in Q4 2017 over $53,901,000 in Q4 2016.
“Best year yet!” stated CEO Jones. “Our double digit growth in loans, deposits and earnings is a testament to the great job our team is doing of making people aware that banking with a locally-owned bank, that is committed to our community, really is better.”
Q4 2017 Highlights
- 4th quarter 2017 net income 12.64% higher than 4th quarter 2016 at $145,173
- Year-end 2017 net income 21.63% higher than year-end 2016 at $551,000
- Loans outstanding grew by 13.56% over 2016
- Total Deposits grew 19.10% over 2016
- Bank remains well-capitalized at 14.00% Tier 1 Capital
