Q1 2019 Highlights
- 1st quarter 2019 net income of $209,490, 24.00% higher than 1st quarter 2018
- Loans outstanding grew by 4.74% over Q1 2018
- Total Deposits grew 21.37% over Q1 2018
- Bank remains well-capitalized at 14.03% Tier 1 Capital
Jon M. Jones, President and CEO, of Washington Business Bank has announced the results for the 1st quarter of 2019. The bank posted net income of $209,490 for the quarter ended March 31, 2019 vs. net income of $168,932 in the 1st quarter of 2018, a 24.00% increase.
Earnings year-to-date represent a .94% Return on Average Assets (ROAA) and an 8.88% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.03% at March 31, 2019. Loans outstanding increased in the 1st quarter of 2019 to $73,870,585 from $70,528,760 at the same period in 2018, an increase of 4.74%. Total Deposits increased 21.37% to $81,217,957 in Q1 2019 over $66,918,557 in Q1 2018.
Book Value of Washington Business Bank stock increased to $14.37 per share. Earnings per share for the quarter was $.31 per share. Washington Business Bank stock recently began trading under the symbol WBZB on the OTC Marketplace.
“Another great start to the year.” stated CEO Jones. “We would once again like to thank our clients and community for voting us “Best Bank” in The Olympian’s Best of South Sound contest for the 5th year in a row!”