{"id":3156,"date":"2024-04-23T18:18:24","date_gmt":"2024-04-23T18:18:24","guid":{"rendered":"https:\/\/wabizbank.com\/?p=3156"},"modified":"2024-04-23T18:18:26","modified_gmt":"2024-04-23T18:18:26","slug":"washington-business-bank-reports-q1-income","status":"publish","type":"post","link":"https:\/\/wabizbank.com\/washington-business-bank-reports-q1-income\/","title":{"rendered":"Washington Business Bank Reports Q1 Income"},"content":{"rendered":"\n<p>2024 First Quarter Financial Highlights<\/p>\n\n\n\n<ul>\n<li>First quarter 2024 net income of $312,191<\/li>\n\n\n\n<li>Loans outstanding increased by 6.15% over Q1 2023<\/li>\n\n\n\n<li>Tangible book value per share increased 8.22% over Q1 2023<\/li>\n\n\n\n<li>Total deposits increased by 3.72% over Q1 2023<\/li>\n\n\n\n<li>There were no non-performing assets at the end of the quarter<\/li>\n<\/ul>\n\n\n\n<p>OLYMPIA, WA April 23, 2024 \u2013 Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the first quarter of 2024. The bank posted net income of $312,191 for the quarter ended March 31, 2024 vs. net income of $388,182 in the first quarter of 2023, a decrease of 19.58%. Earnings for the quarter were primarily lower due to expenses associated with the previously announced agreement for Sound Credit Union to purchase the bank. Deal expenses were approximately $102,000 (pre-tax). Earnings year-to-date represent a 1.2% Return on Average Assets (ROAA) and a 7.88% Return on Average Equity (ROAE).<\/p>\n\n\n\n<p>Tangible Book Value of Washington Business Bank stock was $22.13 per share at the end of March 2024. Earnings per share (EPS) for Q1 2024 were $.43 per share, which was 20.37% lower than Q1 2023 EPS of $.54. Washington Business Bank stock trades under the symbol WBZB on the OTC Marketplace.<\/p>\n\n\n\n<p>The Bank remains well-capitalized with a Tier 1 Capital Ratio of 19.19% at March 31, 2024. Loans outstanding increased in the first quarter of 2024 to $91,070,856 from $85,796,750 at the same period in 2023, an increase of 6.15%. Total Deposits were $82,467,269, up 3.72% over same period 2023 deposits of $79,513,113.<\/p>\n\n\n\n<p>\u201cExciting times for our organization.\u201d stated CEO Jones. \u201cWe are very pleased with our team\u2019s performance in this first quarter of 2024.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2024 First Quarter Financial Highlights OLYMPIA, WA April 23, 2024 \u2013 Jon M. Jones, President and CEO, of Washington Business Bank today announced the results for the first quarter of 2024. The bank posted net income of $312,191 for the quarter ended March 31, 2024 vs. net income of $388,182 in the first quarter of&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Washington Business Bank Reports Q1 Income - Washington Business Bank<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wabizbank.com\/washington-business-bank-reports-q1-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Washington Business Bank Reports Q1 Income - Washington Business Bank\" \/>\n<meta property=\"og:description\" content=\"2024 First Quarter Financial Highlights OLYMPIA, WA April 23, 2024 \u2013 Jon M. 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