Q2 2020 Highlights
- 2nd quarter 2020 Net Income 48.49% higher at $423,300 over Q2 2019
- YTD Net Income 49.16% higher at $737,700 over YTD Q2 2019
- Loans outstanding grew by 15.53% over the same quarter in 2019
- Total Deposits grew 6.13% over the same quarter in 2019
- Bank remains well-capitalized at 14.85% Tier 1 Capital
OLYMPIA, WA, July 14, 2020 – Jon M. Jones, President and CEO, of Washington Business Bank (WBZB) today announced record results for the 2nd quarter of 2020. The Bank posted record Net Income of $423,300 for the quarter ended June 30, 2020 vs. Net Income of $285,100 in the 2nd quarter of 2019, a 48.49% increase. Q2 2020 earnings also surpassed 1st quarter 2020 earnings of $314,400 by 34.65%.
Book Value of Washington Business Bank stock was $16.12 per share at the end of the quarter. Earnings per share (EPS) for Q2 were $.63 per share, which was a 103.23% increase over Q1 earnings per share of $.31 per share. EPS for the six months ending June 30, 2020 were $1.09 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.
Year-to-date earnings through June 2020 were $737,700, also a record. This was 49.16% higher than the year-to-date June 2019 earnings of $494,600. Earnings year-to-date represent a 1.56% Return on Average Assets (ROAA) and a 13.88% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.85% at June 30, 2020. Loans outstanding increased in the 2nd quarter of 2020 to $88,145,000 from $76,294,000 at the same period in 2019, an increase of 15.53%. Loan growth was primarily due to the Bank’s participation in the SBA’s PPP loan program. Total Deposits increased 6.13% to $77,532,000 in Q2 2020 over $73,057,000 in Q2 2019.
“This was a very busy quarter.” stated CEO Jones. “Our team worked day and night to help every one of our clients who requested a PPP loan to get a PPP loan. Working with a bank that understands business lending is now more essential than ever.”