Washington Business Bank Reports Record Quarterly & Year-End Results (2023)

Q4 2023 Highlights

  • Record Q4 2023 Net Income of $437,723, 6.19% higher than Q4 2022
  • Record YTD net income of $1,570,712,  34% higher than year-end 2022
  • Zero non-performing assets at year end. 
  • Bank remains well-capitalized at 18.56% Tier 1 Capital

OLYMPIA, WA, January 16, 2024 – Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 4th quarter and year-end 2023.  The bank posted record net income of $437,723 for the quarter ended December 31, 2023.  Fourth quarter 2023 income was 6.19% higher than the 4th quarter of 2022.  Q4 2023 was 19.15% higher than the linked quarter Q3 2023 income of $367,383.

Year-end December 2023 net income was a record $1,570,712, which was a 34% increase over year-end December 2022 net income of $1,171,268.  Earnings year-to-date represent a 1.56% Return on Average Assets (ROAA) and a 10.53% Return on Average Equity (ROAE). 

Book Value of Washington Business Bank stock was $21.72 per share at the end of 2023.  Earnings per share for Q4 was $.61 per share, an increase of 19.60% over Q3 earnings per share of $.51 per share.  Earnings per share for the full year 2023 was $2.19 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.   

The Bank’s Tier 1 Capital Ratio increased to 18.56% at December 31, 2023.  Loans outstanding increased in the 4th quarter of 2023 to $91,940,660 from $83,339,840 at the same period in 2022, an increase of 10.32%.  Total Deposits increased 3.24% to $79,962,067 in Q4 2023 over $77,455,088 in Q4 2022.

“Despite a lot of turmoil in the industry this year, our team once again outperformed.” stated CEO Jones. “Thanks to our clients and community for helping us achieve another record year.”    

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