Q3 2019 Highlights
- 3rd quarter 2019 Net Income of $292,500 is 51.34% higher than Q3 2018
- YTD Net Income of $787,000 is 46.60% higher than the same 9 months in 2018
- Loans outstanding grew by 6.68% over the same quarter in 2018
- Total Deposits grew 8.07% over the same quarter in 2018
- Bank remains well-capitalized at 13.91% Tier 1 Capital
Jon M. Jones, President and CEO, of Washington Business Bank (WBZB) today announced the results for the 3rd quarter of 2019. The Bank posted record Net Income of $292,500 for the quarter ended September 30, 2019 vs. Net Income of $193,277 in the 3rd quarter of 2018, a 51.34% increase. Q3 2019 earnings also surpassed 2nd quarter 2019 earnings of $285,000 by 2.63%.
Book Value of Washington Business Bank stock was $14.93 per share at the end of the quarter. Earnings per share for Q3 were $.43 per share, which was a 3.27% increase over Q2 earnings per share of $.42 per share. Washington Business Bank stock recently began trading under the symbol WBZB on the OTC Marketplace.
Year-to-date earnings through September 2019 were $787,000, also a record. This was 46.60% higher than the year-to-date September 2018 earnings of $536,800. Earnings year-to-date represent a 1.18% Return on Average Assets (ROAA) and a 10.75% Return on Average Equity (ROAE). Earnings per share for the nine months ended September 30, 2019 were $1.17.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 13.91% at September 30, 2019. Total Capital exceeded $10 million, a milestone for the company. Loans outstanding increased in the 3rd quarter of 2019 to $77,647,000 from $72,782,000 at the same period in 2018, an increase of 6.68%. Total Deposits increased 8.07% to $76,121,000 in Q3 2019 over $70,435,000 in Q3 2018.
“Once again, I’m very proud of our team for producing outstanding results,” stated CEO Jones. “Their laser focus on providing our clients with excellent service and advice has made us the “go to” bank for business services.”