Washington Business Bank posted a net income of $132,300 for the year’s first quarter, a 17.8 percent increase from the same period last year.
The bank’s Q1 earnings also surpassed Q4 2016 earnings of $128,900 by 2.6 percent. Both loans and deposits showed healthy returns, with loans outstanding growing by 8.44 percent (to $59,087,000) over 2016’s Q1 and total deposits up 12.30 percent ($55,643,000) to over the same period last year.
Washington Business Bank also remains well-capitalized, with a Tier 1 Capital Ratio of 15.68 at March 31.
Jon Jones, CEO of the bank, said that he was “very proud of the success we are having,” adding that local accolades and capital growth are “a tribute to our team’s commitment to great service.”