{"id":1591,"date":"2020-10-20T17:50:11","date_gmt":"2020-10-20T17:50:11","guid":{"rendered":"https:\/\/wabizbank.com\/?p=1323"},"modified":"2020-10-20T17:50:11","modified_gmt":"2020-10-20T17:50:11","slug":"washington-business-bank-reports-q3-and-ytd-income","status":"publish","type":"post","link":"https:\/\/wabizbank.com\/washington-business-bank-reports-q3-and-ytd-income\/","title":{"rendered":"WASHINGTON BUSINESS BANK REPORTS Q3 AND YTD INCOME"},"content":{"rendered":"<p><strong>Q3 2020 Highlights<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<ul>\n<li>3rd quarter 2020 Net Income 1.79% higher at $297,700 over Q3 2019<\/li>\n<li>YTD Net Income 31.55% higher at $1,035,450 over YTD Q3 2019<\/li>\n<li>Loans outstanding grew by 19.11% over the same quarter in 2019<\/li>\n<li>Business Checking Deposits grew 42.76% over the same quarter in 2019<\/li>\n<li>Bank remains well-capitalized at 14.77% Tier 1 Capital<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>OLYMPIA, WA<\/strong>, October 20, 2020 \u2013 Jon M. Jones, President and CEO, of Washington Business Bank (WBZB) today announced results for the 3rd quarter of 2020.\u00a0 The Bank posted Net Income of $297,737 for the quarter ended September 30, 2020 vs. Net Income of $292,500 in the 3rd quarter of 2019, a 1.79% increase. Q3 2020 earnings were 29.67% lower than 2nd quarter 2020 record earnings of $423,300.<\/p>\n<p>&nbsp;<\/p>\n<p>Book Value of Washington Business Bank stock was $16.62 per share at the end of the quarter.\u00a0 Earnings per share (EPS) for Q3 were $.44 per share. EPS for the nine months ending September 30, 2020 were $1.54 per share. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.<\/p>\n<p>&nbsp;<\/p>\n<p>Year-to-date earnings through September 2020 were a record $1,035,450.\u00a0 This was 31.55% higher than the year-to-date September 2019 earnings of $787,000.\u00a0 \u00a0Earnings year-to-date represent a 1.40% Return on Average Assets (ROAA) and a 12.79% Return on Average Equity (ROAE).<\/p>\n<p>&nbsp;<\/p>\n<p>The Bank remains well-capitalized with a Tier 1 Capital Ratio of 14.77% at September 30, 2020.\u00a0 Loans outstanding increased in the 3rd quarter of 2020 to $92,484,000 from $77,646,800 at the same period in 2019, an increase of 19.11%. \u00a0Loan growth was primarily due to the Bank\u2019s participation in the SBA\u2019s PPP loan program. Total Deposits increased 5.16% to $80,047,000 in Q3 2020 over $76,120,800 in Q3 2019.\u00a0 Included in that growth is a 42.76% growth in Business Checking Accounts.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cAnother solid quarter\u201d stated CEO Jones. \u201cOur team has done an excellent job of providing for the needs of our clients during these challenging times.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q3 2020 Highlights \u00a0 3rd quarter 2020 Net Income 1.79% higher at $297,700 over Q3 2019 YTD Net Income 31.55% higher at $1,035,450 over YTD Q3 2019 Loans outstanding grew by 19.11% over the same quarter in 2019 Business Checking Deposits grew 42.76% over the same quarter in 2019 Bank remains well-capitalized at 14.77% Tier&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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