Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 4th quarter and year-end 2018. The bank posted a net income of $239,750 for the quarter ended December 31, 2018. Fourth quarter income was 24% higher than the 3rd quarter.
Year-end December 2018 earnings were $776,551. Earnings year-to-date represent a .94% Return on Average Assets (ROAA) and an 8.45% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 13.87% at December 31, 2018. Loans outstanding increased in the 4th quarter of 2018 to $76,053,500 from $68,300,500 at the same period in 2017, an increase of 11.35%. Total Deposits increased 12.70% to $72,356,000 in Q4 2018 over $64,199,000 in Q4 2017.
“Best year yet!” stated CEO Jones. “Two years in a row with double digit increases in loans and deposits. We are proud that more members of the community value our local ownership and our great team of banking experts.”
Q4 2018 Highlights
- 4th quarter 2018 net income 24% higher than 3rd quarter 2018 at $239,750
- Year-end 2018 record net income of $776,551
- Loans outstanding grew by 11.35% over 2017
- Total Deposits grew 12.70% over 2017
- Bank remains well-capitalized at 13.87% Tier 1 Capital