OLYMPIA, WA April 11, 2023 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the first quarter of 2023. The bank posted net income of $388,183 for the quarter ended March 31, 2023 vs. net income of $254,551 in the first quarter of 2022, a 52.49% increase. Earnings year-to-date represent a 1.62% Return on Average Assets (ROAA) and a 10.92% Return on Average Equity (ROAE).
Tangible Book Value of Washington Business Bank stock was $20.45 per share at the end of March 2023. Earnings per share (EPS) for Q1 2023 were $.54 per share, which was 45.95% higher than Q1 2022 EPS of $.37 and 8.47% lower than Q4 2022 earnings per share of $.59 per share. Washington Business Bank stock is traded under the symbol WBZB on the OTC Marketplace.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 19.16% at March 31, 2023. Loans outstanding increased in the first quarter of 2023 to $85,796,750 from $78,292,433 at the same period in 2022, an increase of 9.58%. Loans were up 2.95% from year-end 2022. Non-performing loans were only .30% of assets at the end the first quarter. Total Deposits were $79,513,113, up 2.66% over year-end 2022.
Two items of interest, given recent events, are the bank only had $288 of unrealized losses at the end of the quarter and uninsured deposits represented only 37% of total deposits.
“Our success and financial strength are proof that bigger isn’t always better.” stated CEO Jones. “We are a different type of bank than you may have read about recently in the media. Our clients can feel confident that our team is working hard to keep their money safe and sound.”
2023 First Quarter Financial Highlights
- First quarter 2023 net income of $388,183, 52.49% higher than Q1 2022
- Loans outstanding increased by 9.58% over Q1 2022
- Tangible book value per share increased 7.92% over Q1 2022
- Total deposits increased by 2.66% over year-end 2022
- Non-performing assets at the end of the quarter were .30% of assets
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