Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the third quarter of 2021. The bank posted net income of $328,883 for the quarter ended September 30, 2021 vs. net income of $297,737 in the third quarter of 2020, a 10.46% increase.
Year-to-date earnings through September 2021 were $1,106,000. This was 6.8% higher than the year-to-date September 2020 earnings of $1,035,000. Earnings year-to-date represent a 1.41% Return on Average Assets (ROAA) and a 12.17% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $18.11 per share at the end of September 2021. Earnings per share (EPS) for Q3 2021 were $.47 per share, which was 6.8% higher than Q3 2020 EPS of $.44 and 8.05% lower than Q2 2021 EPS of $.51 per share. EPS for the nine months ending September 30, 2021 were $1.61, which was 4.5% higher than EPS for the nine months ending September 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 19.67% at September 30, 2021. The Bank continues to experience loan payoffs from the forgiveness of PPP Loans. Loans outstanding decreased in the third quarter of 2021 to $78,732,824 from $92,484,317 at the same period in 2020, a decrease of 14.86%. Total Deposits increased 6.12% to $84,943,199 in Q3 2021 from $80,046,959 in Q3 2020. Included in that growth is a 30.22% growth in Business Checking Deposits.
“Our team has produced another strong quarter,” stated CEO Jones. “I’m particularly proud of our growth in business deposits. More and more companies are recognizing the benefits of banking with local business experts.”
Q3 2021 Financial Highlights
- Q3 2021 net income of $328,883, 10.46% higher than Q3 2020
- Record YTD earnings of $1,106,000, 6.8% higher than YTD Q3 2020
- Business Checking Deposits increased 33.33% over Q3 2020
- Tangible book value per share increased 9% over Q3 2020
- Nonperforming assets to total assets of 0.01%