Business

Quarterly profit soars at Washington Business Bank

Washington Business Bank continues to benefit from a strong economy after the bank reported a 45 percent increase in its quarterly profit.

For the third quarter, the downtown Olympia bank earned a profit of $193,300, compared to a profit of $133,500 for the same period a year ago.

Other quarterly accomplishments in the year-over-year period:

Loans outstanding increased 16.5 percent to $72.7 million from $62.4 million.

Total deposits rose 21.3 percent to $70.4 million from $58 million.

The bank’s year-to-date profit rose 32.3 percent to $536,800, compared to $405,600 for the same nine-month period last year.

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