Q3 2017 Highlights
- 3rd quarter 2017 net income 7.63% higher than 3rd quarter 2016 at $133,460
- YTD net income 25.31% higher than the same time 2016 at $405,600
- Loans outstanding grew by 6.98% over the same quarter in 2016
- Total Deposits grew 6.25% over the same quarter in 2016
- Bank remains well-capitalized at 15.17% Tier 1 Capital
OLYMPIA, WA October 10, 2017 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 3rd quarter of 2017. The bank posted a net income of $133,460 for the quarter ended September 30, 2017 vs. net income of $124,007 in the 3rd quarter of 2016, a 7.63% increase.
Year-to-date earnings through September 2017 were $405,600. This is 25.31% higher than the year-to-date September 2016 earnings of $323,670. Earnings year-to-date represent a .78% Return on Average Assets (ROAA) and a 6.23% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 15.17% at September 30, 2017. Loans outstanding increased in the 3rd quarter of 2017 to $62,453,000 from $58,379,000 at the same period in 2016, an increase of 6.98%. Total Deposits increased 6.25% to $58,024,000 in Q3 2017 over $54,609,000 in Q3 2016.
“We are very pleased about another strong quarter,” stated CEO Jones. “Our team is doing a great job of making people aware that banking with a locally-owned community bank really is better.”
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.