Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 4th quarter and year-end 2019. The bank posted a net income of $285,727 for the quarter ended December 31, 2019. Fourth quarter 2019 income was 19.18% higher than the 4th quarter of 2018. Q4 2019 was 2.82% less than Q3 2019 income.
Year-end December 2019 earnings were a record $1,072,801, which was a 38% increase over year-end December 2018 earnings. Earnings year-to-date represent a 1.20% Return on Average Assets (ROAA) and a 10.84% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $15.36 per share at the end of 2019. Earnings per share for Q4 was $.43 per share, which matched Q3 earnings per share of $.43 per share. Earnings per share for the full year 2019 was $1.59 per share. Washington Business Bank stock began trading under the symbol WBZB on the OTC Marketplace in April of 2019.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.25% at December 31, 2019. Loans outstanding increased in the 4th quarter of 2019 to $79,486,000 from $76,053,500 at the same period in 2018, an increase of 4.51%. Total Deposits increased 4.14% to $75,354,100 in Q4 2019 over $72,356,200 in Q4 2018. Demand Deposits now represent 53.74% of total deposits.
“Bankers at the large banks like to say there is no way for a true community bank like ours to thrive.” stated CEO Jones. “We are proof that banking done well is still valued in this community. Thanks to our clients and team for propelling us to another record year.”
Q4 2019 Highlights
- Year-end 2019 record net income of $1,072,801
- Loans outstanding grew by 4.51% over 2018
- Total Deposits grew 4.14% over 2018
- Bank remains well-capitalized at 14.25% Tier 1 Capital
