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Washington Banking Company Earns $14.9 Million, Or $0.97 Per Share In 2011

Washington Banking Company (NASDAQ: WBCO), the holding company for Whidbey Island Bank, today reported improved profitability for both the year and the fourth quarter of 2011. Net income totaled $4.2 million, or $0.28 per diluted share, in the fourth quarter ended December 31, 2011, and $14.9 million, or $0.97 per diluted share, for all of 2011. For the year ended 2010, net income available to common shareholders was $23.9 million, or $1.55 per diluted share, which included a $19.9 million pre-tax bargain purchase gain, $2.1 million in acquisition related costs and $1.7 million for preferred dividends.

“With another profitable quarter, we finished 2011 with better asset quality, solid capital, improving operating efficiencies and higher net interest margin,” said Jack Wagner, President and Chief Executive Officer. “During the past year, we accomplished a great deal, including fully integrating the two FDIC-assisted acquisitions made in 2010, implementing a leadership succession plan, improving our team of loan officers and relationship managers, and redeeming the preferred shares issued to the U.S. Treasury. It was a fast-paced and profitable year.”

Fourth Quarter 2011 Financial Highlights (as of, or for the period ended December 31, 2011)

  • Revenues were $22.6 million, compared to $21.8 million in the third quarter of 2011.
  • The interest income generated from the loan portfolios in the FDIC-assisted acquisitions contributed $9.4 million to fourth quarter revenues and $34.8 million to revenues in 2011.
  • On a consolidated basis, Total Risk-Based Capital to risk-adjusted assets was 20.34% compared to 20.96% last year. The FDIC requires a minimum of 10% Total Risk-Based Capital ratio to be considered well-capitalized.
  • Nonperforming non-covered assets/total assets improved to 1.44%, compared to 1.75% in the preceding quarter. For the same periods, classified loans declined to $103.0 million from $116.5 million.
  • Tangible book value per common share increased to $10.64, compared to $9.71 a year ago.
  • Net interest margin (NIM) grew 39 basis points to 5.63%, from 5.24% in the year ago quarter.
  • Low cost demand, money market, savings and NOW accounts totaled $922.7 million and make up 63% of total deposits.
  • Loan loss reserves were 2.22% of non-covered loans, and 2.25% a year ago.

Regional and Acquisitions Update

“We are continuing to see improving signs for the regional economy,” Wagner noted. “Loan demand is finally starting to return, particularly in business loans.

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