Washington Business Bank has released its results for both 2017 and its fourth quarter, posting earnings of $551,000 at year’s end.
The figure is 21.63 percent higher than the bank’s 2016 earnings of $452,000. For 2017 Q4, the bank posted net income of $145,173, compared to a net income of $128,885 in the same period of 2016. That’s a 12.64 percent increase from the previous year. Fourth quarter income was also 8.77 percent higher than the third quarter.
The strong result elicited excitement from CEO Jon Jones.
“Best year yet,” said Jones. “Our double digit growth in loans, deposits and earnings is a testament to the great job our team is doing of making people aware that banking with a locally-owned bank, that is committed to our community, really is better.”
Loans outstanding increased in the 4th quarter of 2017 to $68,300,000 from $60,144,000 at the same period in 2016, an increase of 13.56 percent. Total deposits increased 19.10 percent to $64,199,000 in 2017 Q4 over $53,901,000 in the same period of 2016.