Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 4th quarter and year-end 2021. The bank posted a net income of $311,071 for the quarter ended December 31, 2021. Fourth quarter 2021 income was 1.72% lower than the 4th quarter of 2020. Q4 2021 was 5.42% lower than Q3 2021 income.
Year-end December 2021 earnings were a record $1,416,939, which was a 4.81% increase over year-end December 2020 earnings. Earnings year-to-date represent a 1.35% Return on Average Assets (ROAA) and an 11.51% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $18.59 per share at the end of 2021. Earnings per share for Q4 was $.44 per share, a decrease of 6.38% over Q3 earnings per share of $.47 per share. Earnings per share for the full year 2021 was $2.05 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.
The Bank’s Tier 1 Capital Ratio increased to 17.93% at December 31, 2021. Loans outstanding decreased in the 4th quarter of 2021 to $82,062,418 from $95,161,600 at the same period in 2020, a decrease of 13.77%. The decrease was primarily due to the payoff of PPP loans. Total Deposits increased 8.60% to $90,227,146 in Q4 2021 over $83,085,380 in Q4 2020 including a 38.32% growth in the Business Checking category. Demand Deposits now represent 78.34% of total deposits.
“Big banks like to say there is no way for a true community bank like ours to be successful.” 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 2021 Highlights
- Record YTD net income of $1,416,939. 4.81% higher than year-end 2020
- 4th quarter 2021 Net Income 1.72% lower at $311,071 over Q4 2020
- Business Checking Deposits grew 38.32% over year-end 2020
- Bank remains well-capitalized at 17.93% Tier 1 Capital