Jon M. Jones, President and CEO, of Washington Business Bank (WBZB) today announced results for the 3rd quarter of 2020. The Bank posted Net Income of $297,737 for the quarter ended September 30, 2020 vs. Net Income of $292,500 in the 3rd quarter of 2019, a 1.79% increase. Q3 2020 earnings were 29.67% lower than 2nd quarter 2020 record earnings of $423,300.
Book Value of Washington Business Bank stock was $16.62 per share at the end of the quarter. Earnings per share (EPS) for Q3 were $.63 per share. EPS for the nine months ending September 30, 2020 were $1.54 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.
Year-to-date earnings through September 2020 were a record $1,035,450. This was 31.55% higher than the year-to-date September 2019 earnings of $787,000. Earnings year-to-date represent a 1.40% Return on Average Assets (ROAA) and a 12.79% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.77% at September 30, 2020. Loans outstanding increased in the 3rd quarter of 2020 to $92,484,000 from $77,646,800 at the same period in 2019, an increase of 19.11%. Loan growth was primarily due to the Bank’s participation in the SBA’s PPP loan program. Total Deposits increased 5.16% to $80,047,000 in Q3 2020 over $76,120,800 in Q3 2019. Included in that growth is a 42.76% growth in Business Checking Accounts.
“Another solid quarter” stated CEO Jones. “Our team has done an excellent job of providing for the needs of our clients during these challenging times.”
Q3 2020 Highlights
- 3rd quarter 2020 Net Income 1.79% higher at $297,700 over Q3 2019
- YTD Net Income 31.55% higher at $1,035,450 over YTD Q3 2019
- Loans outstanding grew by 19.11% over the same quarter in 2019
- Business Checking Deposits grew 42.76% over the same quarter in 2019
- Bank remains well-capitalized at 14.77% Tier 1 Capital