Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the second quarter of 2023. The bank posted net income of $377,423 for the quarter ended June 30, 2023 vs. net income of $217,872 in the second quarter of 2022, a 73.23% increase. Second quarter 2023 income was 2.77% less than first quarter 2023.
Year-to-date earnings through June 2023 were $765,605. This was 62.06% higher than the year-to-date June 2022 earnings of $472,422. Earnings year-to-date represent a 1.56% Return on Average Assets (ROAA) and a 10.60% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $20.64 per share at the end of June 2023. Earnings per share (EPS) for Q2 2023 were $.53 per share, EPS for the six months ending June 30, 2023 were $1.07 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 18.55% at June 30, 2023. Loans outstanding increased in the second quarter of 2023 to $89,656,746 from $77,000,001 at the same period in 2022, an increase of 16.44%. Total Deposits decreased 2.94% to $82,765,375 in Q2 2023 from $85,270,326 in Q2 2022. Deposits are up 6.85% over December 31, 2022.
“We are more excited than ever about the future of our organization,” stated CEO Jones. “Our team is focused on building our business by bringing our style of banking to more businesses and professionals.”
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