Jon M. Jones, President and CEO, of Washington Business Bank recently announced the results for the second quarter of 2021. The bank posted net income of $352,904 for the quarter ended June 30, 2021 vs. net income of $423,326 in the second quarter of 2020, a 16.63% decrease.
Year-to-date earnings through June 2021 were $777,000. This was 5.33% higher than the year-to-date June 2020 earnings of $737,700. Earnings year-to-date represent a 1.48% Return on Average Assets (ROAA) and a 13.11% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $17.61 per share at the end of June 2021. Earnings per share (EPS) for Q2 2021 were $.51 per share, which was 19.05% lower than Q2 2020 EPS of $.63 and 19.05% lower than Q1 2021 EPS of $.63 per share. EPS for the six months ending June 30, 2021 were $1.14, which was 4.59% higher than EPS for the six months ending June 30, 2020. 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 17.57% at June 30, 2021. The Bank continues to experience loan payoffs from the forgiveness of PPP Loans. Loans outstanding decreased in the second quarter of 2021 to $85,181,617 from $88,144,956 at the same period in 2020, a decrease of 3.36%. Total Deposits increased 10.47% to $85,654,068 in Q2 2021 from $77,532,000 in Q2 2020.
“2021 continues to be a good year,” stated CEO Jones. “The downtown improvement project at our corner of 5th & Franklin is nearing completion and we have welcomed clients back into our lobby.”
2021 Second Quarter Financial Highlights
- Second quarter 2021 net income of $352,904
- YTD earnings of $777,000, 5.33% higher than YTD June 2020
- Total Deposits increased 10.47% over second quarter 2020
- Tangible book value per share increased 9.25% over second quarter 2020
- Nonperforming assets to total assets of 0%