on M. Jones, President and CEO, of Washington Business Bank today announced the results for the first quarter of 2021. The bank posted net income of $424,081 for the quarter ended March 31, 2021 vs. net income of $314,383 in the first quarter of 2020, a 34.89% increase. Earnings year-to-date represent a 1.61% Return on Average Assets (ROAA) and a 14.69% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $17.56 per share at the end of March 2021. Earnings per share (EPS) for Q1 2021 were $.63 per share, which was 34.04% higher than Q1 2020 EPS of $.47 and 34.04% higher than Q4 2020 earnings per share of $.47 per share. Washington Business Bank stock began trading under the symbol WBZB on the OTC Marketplace in April of 2019.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 16.47% at March 31, 2021. Loans outstanding increased in the first quarter of 2021 to $89,440,789 from $74,918,567 at the same period in 2020, an increase of 19.38%. Total Deposits increased 20.27% to $85,322,445 in Q1 2021 from $70,942,324 in Q1 2020.
“We are off to a very good start for the year,” stated CEO Jones. “Our team continues to provide our clients with the financial tools and service they need to make their comeback from the challenges of the past year.”
2021 First Quarter Financial Highlights
- First quarter 2021 net income of $424,081, 34.89% higher than first quarter 2020
- Loans outstanding grew by 19.38% over first quarter 2020
- Total Deposits increased 20.27% over first quarter 2020
- Tangible book value per share increased 11.70% over first quarter 2020
- Nonperforming assets to total assets of .07%