Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 3rd quarter of 2018. The bank posted record Net Income of $193,300 for the quarter ended September 30, 2018 vs. Net Income of $133,500 in the 3rd quarter of 2017, a 44.82% increase. Q3 2018 earnings also surpassed 2nd quarter 2018 earnings of $174,600 by 10.70%.
Year-to-date earnings through September 2018 were $536,800, also a record. This was 32.35% higher than the year-to-date September 2017 earnings of $405,600. Earnings year-to-date represent a .89% Return on Average Assets (ROAA) and a 7.88% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 13.92% at September 30, 2018. Loans outstanding increased in the 3rd quarter of 2018 to $72,782,500 from $62,453,000 during the same period in 2017, an increase of 16.54%. Total Deposits increased 21.39% to $70,435,000 in Q3 2018 over $58,024,000 in Q3 2017.
“Our team continues to do a great job of taking advantage of the consolidation in the market,” stated CEO Jones. “We are pleased that more entrepreneurs and professionals appreciate the difference of banking with a local bank, headquartered in Thurston County. Banking with a “homegrown” bank is simply better.”
Q3 2018 Highlights
- 3rd quarter 2018 Net Income of $193,300, 44.82% higher than Q3 2017
- YTD Net Income 32.35% higher at $536,800 over September 2017
- Loans outstanding grew by 16.54% over the same quarter in 2017
- Total Deposits grew 21.39% over the same quarter in 2017
- Bank remains well-capitalized at 13.92% Tier 1 Capital
