- Net interest margin (NIM) compressed 14 basis points to 5.67% from 5.81% in the preceding quarter and grew 28 basis points from 5.39% in the year ago quarter.
- On a consolidated basis, Total Risk-Based Capital to risk-adjusted assets was 19.90% compared to 19.50% a year ago. 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 1.30%, compared to 1.42% in the preceding quarter and 1.83% a year ago. Classified loans declined to $84.8 million at June 30, 2012, from $97.3 million at March 31, 2012.
- Tangible book value per common share increased to $10.97, compared to $10.08 a year ago.
- Low cost demand, money market, savings and NOW accounts totaled $947.5 million and make up 65% of total deposits.
- Loan loss reserves were 2.16% of non-covered loans, and 2.34% a year ago.
- The interest income generated from the loan portfolios in the FDIC-assisted acquisitions contributed $9.4 million to second quarter revenues, up from $8.4 million in the second quarter a year ago.
- Year-to-date return on average assets was 0.92% and return on average common equity was 8.84%, annualized.
- The Seattle Times’ ranked Washington Banking Company as the top financial institution in the region for the third consecutive year in their 21st annual “Best of the Northwest” listing.
Washington Banking Company Reports Profitable Second Quarter; Earns $2.8 Million, Or $0.18 Per Diluted Share
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