OLYMPIA, WA, January 27, 2014 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results (unaudited) for year-end 2014. The bank posted net income of $745,000 for the year-ended December 31, 2014 vs. net income of $436,000 for year-end 2013, a 70.87% increase. 2014 earnings surpassed 2013 earnings as the best in the company’s history.
The bank completed the year with a 4th quarter profit of $109,000. The Bank’s Tier 1 Capital Ratio increased to 12.69% at December 31, 2014 over a Tier 1 Capital Ratio of 12.25% at December 31, 2013. Loans outstanding increased in 2014 to $57,659,000 from $55,113,000 at the same period in 2013, an increase of 4.62%.
Washington Business Bank completed the year with a Return on Average Assets (ROA) of 1.14% and a Return on Average Equity (ROE) of 9.08%.
“2014 was an excellent year for us.” stated CEO Jones. “Our team’s commitment to client service has made us one of the most successful financial institutions in Thurston County. We look forward to continuing the momentum into 2015.”