Washington Business Bank Reports Q2 & Ytd Results

2024 Second Quarter Financial Highlights

  • Q2 2024 net income of $348,019, 11.48% higher than Q1 2024
  • YTD earnings of $660,210, 13.77% lower than YTD June 2023
  • The bank had no non-performing assets at the end of Q2
  • Tangible book value per share increased 6.83% over second quarter 2023

OLYMPIA, WA July 16, 2024 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the second quarter of 2024.  The bank posted net income of $348,019 for the quarter ended June 30, 2024 vs. net income of $377,423 in the second quarter of 2023, a 7.79% decrease. Second quarter 2024 income was 11.48% greater than first quarter 2024.

Year-to-date earnings through June 2024 were $660,210.  This was 13.77% lower than the year-to-date June 2023 earnings of $765,605. Year over year Q2 earnings and YTD earnings were down primarily because of expenses associated with the previously announced agreement for the purchase of Washington Business Bank by Sound Credit Union. Earnings year-to-date represent a 1.27% Return on Average Assets (ROAA) and an 8.21% Return on Average Equity (ROAE).

Book Value of Washington Business Bank stock was $22.05 per share at the end of June 2024.  Earnings per share (EPS) for Q2 2024 were $.47 per share, EPS for the six months ending June 30, 2023 were $.91 per share. 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 19.77% at June 30, 2024.  Loans outstanding increased in the second quarter of 2024 to $89,723,568 from $89,656,746 at the same period in 2023, an increase of .07%.  Total Deposits decreased 6.25% to $77,593,922 in Q2 2024 from $82,765,375 in Q2 2023.  

“Our team is excited about the pending acquisition by Sound Credit Union.” stated CEO Jones. “It will allow us to offer a much enhanced variety of products and services to our clients.”     

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About Washington Business Bank

Washington Business Bank (WBZB) 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 seventh 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. 

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