Washington Business Bank’s second-quarter profit rose 60 percent from the same quarter a year ago, the Olympia based-bank announced.
The bank earned a profit of $139,800 in the quarter, versus $87,300 a year ago. The second-quarter profit also surpassed the bank’s first-quarter profit of $132,300.
President and Chief Executive Jon Jones said the bank’s growth reflects a more confident business community because business activity has picked up for them. It also has been three years since the bank moved downtown.
“The visibility of the bank has been raised in the community,” he said.
Increased confidence means business owners are seeking commercial real estate loans to buy property rather than rent, Jones said.
Other highlights from the quarter:
▪ Loans outstanding rose to $60.5 million from $55.6 million.
▪ Total deposits increased to $56.7 million from $51.3 million.