OAK HARBOR, Wash., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO), the holding company for Whidbey Island Bank, today reported its core banking business generated strong operating profits in 2010 augmented by two FDIC-assisted acquisitions, which contributed an $18.9 million one-time bargain purchase gain in pretax income for the year. Before preferred dividends, net income grew to $25.3 million in 2010, compared to $6.2 million in 2009. Net income available to common shareholders was $23.6 million or $1.53 per diluted common share in 2010, compared to $4.6 million, or $0.46 per diluted common share, in 2009.
Washington Banking Company Earns $23.6 Million, Or $1.53 Per Diluted Common Share, In 2010
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