Despite the challenges of last year, Washington Business Bank is heading into the new year on a promising note after closing its fourth quarter strong.
“Our role in helping to get needed Payroll Protection Program (PPP) funds out to our clients not only helped our community but also our organization,” Jon M. Jones, CEO of Washington Business Bank, said in a recent press release.
The Olympia-based bank broke records with its year-end earnings of $1,351,950. This is more than 26 percent higher than 2019’s end-of-year earnings.
Quarter 4 of 2020 closed with a net income of over $300,000 more than quarter 4 of 2019.
Stock additionally increased 6.8 percent between quarters 3 and 4. In 2020, $2.01 was the earnings per share for WBZB, traded in the OTC Marketplace.
Other highlights included in the press release are a 56.4 percent growth in business checking deposits when compared to 2019 and a Tier 1 Capital Ratio of 14.59 percent at the end of 2020.