{"id":1343,"date":"2021-01-19T18:30:59","date_gmt":"2021-01-19T18:30:59","guid":{"rendered":"https:\/\/wabizbank.com\/?p=1343"},"modified":"2021-01-19T18:30:59","modified_gmt":"2021-01-19T18:30:59","slug":"washington-business-bank-reports-record-year-end-results","status":"publish","type":"post","link":"https:\/\/wabizbank.com\/washington-business-bank-reports-record-year-end-results\/","title":{"rendered":"WASHINGTON BUSINESS BANK REPORTS RECORD YEAR-END RESULTS"},"content":{"rendered":"<p><strong>Q4 2020 Highlights<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<ul>\n<li>4th quarter 2020 Net Income 10.77% higher at $316,504 over Q4 2019<\/li>\n<li>Record YTD net income of $1,351,950. 26.02% higher than year-end 2019<\/li>\n<li>Loans outstanding grew by 19.72% over year-end 2019<\/li>\n<li>Business Checking Deposits grew 56.40% over year-end 2019<\/li>\n<li>Bank remains well-capitalized at 14.59% Tier 1 Capital<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>OLYMPIA, WA<\/strong>, January 19, 2021 \u2013 Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the 4th quarter and year-end 2020.\u00a0 The bank posted a net income of $316,504 for the quarter ended December 31, 2020.\u00a0 Fourth quarter 2020 income was 10.77% higher than the 4th quarter of 2019.\u00a0 Q4 2020 was 6.30% higher than Q3 2020 income.<\/p>\n<p>&nbsp;<\/p>\n<p>Year-end December 2020 earnings were a record $1,351,950, which was a 26.02% increase over year-end December 2019 earnings.\u00a0 Earnings year-to-date represent a 1.33% Return on Average Assets (ROAA) and a 12.35% Return on Average Equity (ROAE).<\/p>\n<p>&nbsp;<\/p>\n<p>Book Value of Washington Business Bank stock was $17.10 per share at the end of 2020.\u00a0 Earnings per share for Q4 was $.47 per share, an increase of 6.80% over Q3 earnings per share of $.44 per share.\u00a0 Earnings per share for the full year 2020 was $2.01 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.<\/p>\n<p>&nbsp;<\/p>\n<p>The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.59% at December 31, 2020.\u00a0 Loans outstanding increased in the 4th quarter of 2020 to $95,161,600 from $79,486,000 at the same period in 2019, an increase of 19.72%.\u00a0 Total Deposits increased 10.26% to $83,085,380 in Q4 2020 over $75,354,100 in Q4 2019 including a 56.40% growth in the Business Checking category.\u00a0 Demand Deposits now represent 65.51% of total deposits.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cOur role in helping to get needed Payroll Protection Program (PPP) funds out to our clients not only helped our community, but also our organization,\u201d stated CEO Jones. \u201cOur team has worked long hours to make sure the needs of our clients were met during these challenging times.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q4 2020 Highlights \u00a0 4th quarter 2020 Net Income 10.77% higher at $316,504 over Q4 2019 Record YTD net income of $1,351,950. 26.02% higher than year-end 2019 Loans outstanding grew by 19.72% over year-end 2019 Business Checking Deposits grew 56.40% over year-end 2019 Bank remains well-capitalized at 14.59% Tier 1 Capital &nbsp; OLYMPIA, WA, January&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - 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