Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 2nd quarter of 2014. The bank posted a net income of $238,000 for the quarter ended June 30, 2014 vs. net income of $113,000 in the 2nd quarter of 2013, a 110.62% increase. 2nd quarter earnings were positively affected by an extraordinary adjustment for recovery of a Deferred Tax Asset. However, even without the adjustment, net income for the quarter would have been $139,000, a 23.01% increase over the same quarter in 2013. Net income for the first 6 months of 2014 was also a record for the organization. Net Income for the 6 months ended June 30, 2014 was $395,000 vs. net income of $208,000 for the first 6 months of 2013, an 89.90% increase. The Bank’s Tier 1 Capital Ratio increased to 12.21% at June 30, 2014 over a Tier 1 Capital Ratio of 11.77% at June 30, 2013. Loans outstanding increased in the 2nd quarter to $55,275,000 from $53,000,000 at the same period in 2013, an increase of 4.29%.
“The momentum seems to be building as we are on the verge of opening our new headquarters in Downtown Olympia” stated CEO Jones. “Our team has done an excellent job of getting the word out about the benefits of banking with a local bank like Washington Business Bank while spending a lot of time preparing for our very big move.”