Washington Business Bank in Olympia has announced its results for 2017’s third quarter, posting a net income of $133,460.
That’s up 7.63 percent from the $124,007 the bank posted in 2016 Q3. Year-to-date earnings through September 2017 were $405,600, 25.31 percent higher than the year-to-date September 2016 earnings of $323,670.
Earnings year-to-date represent a 0.78 percent return on average assets (ROAA) and a 6.23 percent return on average equity (ROAE).
The bank remains well-capitalized with a Tier 1 Capital Ratio of 15.17 percent at Sept. 30. Loans outstanding increased in the third quarter of 2017 to $62,453,000 from $58,379,000 at the same period in 2016, an increase of 6.98 percent. Total deposits increased 6.25 percent to $58,024,000 in 2017 Q3 over $54,609,000 in 2016 Q3.
“We are very pleased about another strong quarter,” said Jon Jones, CEO of Washington Business Bank. “Our team is doing a great job of making people aware that banking with a locally owned community bank really is better.”