Washington Business Bank today announced its results for the first quarter of 2014 posting a net income of $157,000 — its 11th consecutive quarter of profitability.
Compared to the bank’s net income of $95,000 in the first quarter of 2013, that’s a 65.26 percent increase.
“We are very pleased to announce another strong quarter” stated Jon M. Jones, president and CEO of Washington Business Bank. “We are excited about our great start to the year and the purchase of a new headquarters location in Downtown Olympia. We look forward to the move and the opportunity to bring the WaBizBank style of banking to the downtown core.”
The first quarter 2014 net income was also a 5.37 percent increase over the previous quarter.
The Bank’s Tier 1 Capital Ratio increased to 11.72 percent at March 31, 2014 over a Tier 1 Capital Ratio of 11.25 percent at March 31, 2013.
Additionally, loans outstanding increased in the quarter to $57,978,000 from $52,510,000 in the same period in 2013, an increase of 10.41 percent.