Q2 2017 Highlights
- 2nd quarter 2017 net income 60.08% higher at $139,800
- YTD net income 36.25% higher at $272,100
- Loans outstanding grew by 8.88% over the same quarter in 2016
- Total Deposits grew 10.69% over the same quarter in 2016
- Bank remains well-capitalized at 15.14% Tier 1 Capital
OLYMPIA, WA, July 11, 2017 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 2nd quarter of 2017. The bank posted a net income of $139,800 for the quarter ended June 30, 2017 vs. net income of $87,300 in the 2nd quarter of 2016, a 60.08% increase. Q2 2017 earnings also surpassed 1st quarter 2017 earnings of $132,300 by 5.67%.
Year-to-date earnings through June 2017 were $272,100. This was 36.25% higher than the year-to-date June 2016 earnings of $199,700. Earnings year-to-date represent a .80% Return on Average Assets (ROAA) and a 6.32% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 15.14% at June 30, 2017. Loans outstanding increased in the 2nd quarter of 2017 to $60,588,000 from $55,645,000 at the same period in 2016, an increase of 8.88%. Total Deposits increased 10.69% to $56,797,000 in Q2 2017 over $51,311,000 in Q2 2016.
“Our team continues to do a great job of growing the bank” stated CEO Jones. “We are pleased that more entrepreneurs and professionals are learning about the benefits of banking at Washington Business Bank. Our mission is to help them become even more successful.”
About Washington Business Bank
Washington Business Bank was founded in 2002 and is one of Washington’s premier community-owned financial institutions. The bank was voted “Best Bank” in the Olympian’s “Best of South Sound” contest for the third year in a row and is also rated “5 Stars” by Bauer Financial. Headquartered in Olympia, Washington, Washington Business Bank’s mission is to provide financial services that enable their clients to become more successful. The bank is located at 223 5th Ave. SE (corner of 5th and Franklin) in downtown Olympia. Phone 360-754-1945. Fax 360-456-0252. wabizbank.com. Member FDIC, Equal Housing Lender.