Q3 2018 Highlights

 

  • 3rd quarter 2018 Net Income of $193,300, 82% higher than Q3 2017
  • YTD Net Income 32.35% higher at $536,800 over September 2017
  • Loans outstanding grew by 16.54% over the same quarter in 2017
  • Total Deposits grew 21.39% over the same quarter in 2017
  • Bank remains well-capitalized at 13.92% Tier 1 Capital

 

OLYMPIA, WA, October 9, 2018 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 3rd quarter of 2018.  The bank posted record Net Income of $193,300 for the quarter ended September 30, 2018 vs. Net Income of $133,500 in the 3rd quarter of 2017, a 44.82% increase. Q3 2018 earnings also surpassed 2nd quarter 2018 earnings of $174,600 by 10.70%.

 

Year-to-date earnings through September 2018 were $536,800, also a record.  This was 32.35% higher than the year-to-date September 2017 earnings of $405,600.   Earnings year-to-date represent a .89% Return on Average Assets (ROAA) and a 7.88% Return on Average Equity (ROAE).

 

The Bank remains well-capitalized with a Tier 1 Capital Ratio of 13.92% at September 30, 2018.  Loans outstanding increased in the 3rd quarter of 2018 to $72,782,500 from $62,453,000 at the same period in 2017, an increase of 16.54%.  Total Deposits increased 21.39% to $70,435,000 in Q3 2018 over $58,024,000 in Q3 2017.

 

“Our team continues to do a great job of taking advantage of the consolidation in the market,” stated CEO Jones. “We are pleased that more entrepreneurs and professionals appreciate the difference of banking with a local bank, headquartered in Thurston County. Banking with a “homegrown” bank is simply better.”