Jon M. Jones, president and CEO of Olympia's Washington Business Bank, today announced a profitable 2013 third quarter for the company, as well as record year-to-date results.
The bank posted a net income of $78,156 for the quarter, an 81.5 percent increase compared to its net income of $43,123 in the third quarter of 2012. The figure marks the ninth consecutive quarter of profitability for Washington Business Bank.
Also, for the nine months ending in September 30, 2013, the bank posted a record profit of $285,816 — a 27.9 percent increase over the same period in 2012.
“We are very pleased to announce our ninth consecutive quarter of profitability in what remains an uncertain environment,” stated CEO Jones. “Our team has done a great job of adding value to our clients, which has produced better results for our shareholders.”
Total risk-based capital for the bank remained well-capitalized, increasing to 15.3 at the close of September.