Q4 2017 Highlights
- 4th quarter 2017 net income 12.64% higher than 4th quarter 2016 at $145,173
- Year-end 2017 net income 21.63% higher than year-end 2016 at $551,000
- Loans outstanding grew by 13.56% over 2016
- Total Deposits grew 19.10% over 2016
- Bank remains well-capitalized at 14.00% Tier 1 Capital
OLYMPIA, WA January 23, 2018 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 4th quarter and year-end 2017. The bank posted a net income of $145,173 for the quarter ended December 31, 2017 vs. net income of $128,885 in the 4th quarter of 2016, a 12.64% increase. Fourth quarter income was also 8.77% higher than the 3rd quarter.
Year-end December 2017 earnings were $551,000. This is 21.63% higher than year-end December 2016 earnings of $453,000. Earnings year-to-date represent a .78% 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 14.00% at December 31, 2017. Loans outstanding increased in the 4th quarter of 2017 to $68,300,000 from $60,144,000 at the same period in 2016, an increase of 13.56%. Total Deposits increased 19.10% to $64,199,000 in Q4 2017 over $53,901,000 in Q4 2016.
“Best year yet!” stated CEO Jones. “Our double digit growth in loans, deposits and earnings is a testament to the great job our team is doing of making people aware that banking with a locally-owned bank, that is committed to our community, 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 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. www.wabizbank.com. Member FDIC, Equal Housing Lender.