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2022 Second Quarter Financial Highlights
- Second quarter 2022 net income of $217,872
- YTD earnings of $472,500, 39.19% lower than YTD June 2021
- Total Deposits decreased .45% over second quarter 2021
- Tangible book value per share increased 7.16% over second quarter 2021
- Nonperforming assets to total assets of 0%
OLYMPIA, WA July 21, 2022 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the second quarter of 2022. The bank posted net income of $217,872 for the quarter ended June 30, 2022 vs. net income of $352,904 in the second quarter of 2021, a 38.26% decrease. The decrease in earnings was primarily attributable to expenses associated with the previously announced tender offer to purchase 100% of the shares of Washington Business Bank.
Year-to-date earnings through June 2022 were $472,500. This was 39.19% lower than the year-to-date June 2021 earnings of $777,000. Earnings year-to-date represent a .90% Return on Average Assets (ROAA) and a 7.25% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $18.87 per share at the end of June 2022. Earnings per share (EPS) for Q2 2022 were $.31 per share, EPS for the six months ending June 30, 2022 were $.68 per share. Washington Business Bank stock currently trades under the symbol WBZB on the OTC Marketplace.
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 19.49% at June 30, 2022. The Bank continued to receive payoffs of the PPP loans originated during the pandemic. Loans outstanding decreased in the second quarter of 2022 to $77,000,001 from $85,181,617 at the same period in 2021, a decrease of 9.60%. Total Deposits decreased .45% to $85,270,326 in Q2 2022 from $85,654,068 in Q2 2021.
“We continue to be excited about the future of our organization.” stated CEO Jones. “Our team is more focused than ever on building our business and making our clients more successful.”