Share This Post!
2024 First Quarter Financial Highlights
- First quarter 2024 net income of $312,191
- Loans outstanding increased by 6.15% over Q1 2023
- Tangible book value per share increased 8.22% over Q1 2023
- Total deposits increased by 3.72% over Q1 2023
- There were no non-performing assets at the end of the quarter
OLYMPIA, WA April 23, 2024 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the first quarter of 2024. The bank posted net income of $312,191 for the quarter ended March 31, 2024 vs. net income of $388,182 in the first quarter of 2023, a decrease of 19.58%. Earnings for the quarter were primarily lower due to expenses associated with the previously announced agreement for Sound Credit Union to purchase the bank. Deal expenses were approximately $102,000 (pre-tax). Earnings year-to-date represent a 1.2% Return on Average Assets (ROAA) and a 7.88% Return on Average Equity (ROAE).
Tangible Book Value of Washington Business Bank stock was $22.13 per share at the end of March 2024. Earnings per share (EPS) for Q1 2024 were $.43 per share, which was 20.37% lower than Q1 2023 EPS of $.54. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 19.19% at March 31, 2024. Loans outstanding increased in the first quarter of 2024 to $91,070,856 from $85,796,750 at the same period in 2023, an increase of 6.15%. Total Deposits were $82,467,269, up 3.72% over same period 2023 deposits of $79,513,113.
“Exciting times for our organization.” stated CEO Jones. “We are very pleased with our team’s performance in this first quarter of 2024.”