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Q3 2023 Financial Highlights
- Q3 2023 net income of $367,383, 28.17% higher than Q3 2022
- Record YTD earnings of $1,132,989, 49.26% higher than YTD Q3 2022
- YTD 2023 EPS of $1.59, 47.50% higher than YTD Q3 2022 EPS
- Tangible book value per share increased 9.27% over Q3 2022
OLYMPIA, WA October 10, 2023 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the third quarter of 2023. The bank posted net income of $367,383 for the quarter ended September 30, 2023 vs. net income of $286,636 in the third quarter of 2022, a 28.17% increase.
Year-to-date earnings through September 2023 were $1,132,989. This was 49.26% higher than the year-to-date September 2022 earnings of $759,059. Earnings year-to-date represent a 1.52% Return on Average Assets (ROAA) and a 10.30% Return on Average Equity (ROAE).
Book Value of Washington Business Bank stock was $21.09 per share at the end of September 2023. Earnings per share (EPS) for Q3 2023 were $.51 per share, which was 27.50% higher than Q3 2022 EPS of $.40 and 3.77% lower than Q2 2023 EPS of $.53 per share. EPS for the nine months ending September 30, 2023 were $1.59, which was 47.20% higher than EPS for the nine months ending September 30, 2022. 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 18.51% at September 30, 2023. Loans outstanding increased in the third quarter of 2023 to $90,107,675 from $79,980,499 at the same period in 2022, an increase of 12.66%. Total Deposits increased 2.50% to $82,290,314 in Q3 2023 from $80,279,395 in Q3 2022.
“Our team continues to perform at a high level,” stated CEO Jones. “More and more professionals are recognizing the value of banking with a strong local bank that understands how to help them be more successful.”