Q1 2018 Highlights
- 1st quarter 2018 net income 27.69% higher than 1st quarter 2017 at $168,932
- 1st quarter 2018 net income 16.37% higher than Q4 2017
- Loans outstanding grew by 19.36% over Q1 2017
- Total Deposits grew 20.26% over Q1 2017
- Bank remains well-capitalized at 14.00% Tier 1 Capital
OLYMPIA, WA April 17, 2018 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 1st quarter of 2018. The bank posted record net income of $168,932 for the quarter ended March 31, 2018 vs. net income of $132,299 in the 1st quarter of 2017, a 27.69% increase. First quarter income was also 16.37% higher than the 4th quarter of 2017.
Earnings year-to-date represent a .87% Return on Average Assets (ROAA) and a 7.64% Return on Average Equity (ROAE).
The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.00% at March 31, 2018. Loans outstanding increased in the 1st quarter of 2018 to $70,528,760 from $59,087,013 at the same period in 2017, an increase of 19.36%. Total Deposits increased 20.26% to $66,918,557 in Q1 2018 over $55,643,427 in Q1 2017.
“What a great start to the year.” stated CEO Jones. “And I’m exceptionally proud of our team for being voted “Best Bank” in The Olympian’s Best of South Sound contest for the 4th year in a row!”
About Washington Business Bank
Washington Business Bank 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 fourth 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.