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Q3 2020 Highlights
- 3rd quarter 2020 Net Income 1.79% higher at $297,700 over Q3 2019
- YTD Net Income 31.55% higher at $1,035,450 over YTD Q3 2019
- Loans outstanding grew by 19.11% over the same quarter in 2019
- Business Checking Deposits grew 42.76% over the same quarter in 2019
- Bank remains well-capitalized at 14.77% Tier 1 Capital
OLYMPIA, WA, October 20, 2020 – Jon M. Jones, President and CEO, of Washington Business Bank (WBZB) today announced results for the 3rd quarter of 2020. The Bank posted Net Income of $297,737 for the quarter ended September 30, 2020 vs. Net Income of $292,500 in the 3rd quarter of 2019, a 1.79% increase. Q3 2020 earnings were 29.67% lower than 2nd quarter 2020 record earnings of $423,300.
Book Value of Washington Business Bank stock was $16.62 per share at the end of the quarter. Earnings per share (EPS) for Q3 were $.44 per share. EPS for the nine months ending September 30, 2020 were $1.54 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.
Year-to-date earnings through September 2020 were a record $1,035,450. This was 31.55% higher than the year-to-date September 2019 earnings of $787,000. Earnings year-to-date represent a 1.40% Return on Average Assets (ROAA) and a 12.79% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.77% at September 30, 2020. Loans outstanding increased in the 3rd quarter of 2020 to $92,484,000 from $77,646,800 at the same period in 2019, an increase of 19.11%. Loan growth was primarily due to the Bank’s participation in the SBA’s PPP loan program. Total Deposits increased 5.16% to $80,047,000 in Q3 2020 over $76,120,800 in Q3 2019. Included in that growth is a 42.76% growth in Business Checking Accounts.
“Another solid quarter” stated CEO Jones. “Our team has done an excellent job of providing for the needs of our clients during these challenging times.”