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2022 First Quarter Financial Highlights
- First quarter 2022 net income of $254,551, 39.98% lower than Q1 2021
- Loans outstanding decreased by 12.46% over Q1 2021
- Total Deposits increased 2.83% over Q1 2021
- Tangible book value per share increased 7.92% over Q1 2021
- There were no nonperforming assets at the end of the quarter
OLYMPIA, WA April 19, 2022 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the first quarter of 2022. The bank posted net income of $254,551 for the quarter ended March 31, 2022 vs. net income of $424,081 in the first quarter of 2021, a 39.98% decrease. Earnings year-to-date represent a .97% Return on Average Assets (ROAA) and a 7.95% Return on Average Equity (ROAE). The lower earnings and returns are a direct result of the end of the PPP loan program. The fees earned during our participation in the program significantly increased our earnings for the past two years. This year’s earnings are more normalized.
Book Value of Washington Business Bank stock was $18.95 per share at the end of March 2022. Earnings per share (EPS) for Q1 2022 were $.37 per share, which was 41.27% lower than Q1 2021 EPS of $.63 and 21.28% lower than Q4 2021 earnings per share of $.47 per share. Washington Business Bank stock began trading under the symbol WBZB on the OTC Marketplace in April of 2019.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 18.89% at March 31, 2022. Loans outstanding decreased in the first quarter of 2022 to $78,292,433 from $89,440,789 at the same period in 2021, a decrease of 12.46%. Total Deposits increased 2.83% to $87,733,374 in Q1 2022 from $85,322,445 in Q1 2021.
“The benefits of the government’s PPP loan program were significant to our clients and our earnings.” stated CEO Jones. “As the PPP loans payoff, this year’s earnings do not have the benefit of the fees earned and loan balances that the past two years had. However we continue to benefit from a great client base who appreciates a true community bank.”