OAK HARBOR, Wash., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO), the holding company for Whidbey Island Bank, announced today that the Board of Directors declared a cash dividend for the 63 rd consecutive quarter. The cash dividend of $0.08 per common share will be paid on February 26 th to shareholders of record on February 10, 2014. In a separate release today, Washington Banking announced 2014 fourth quarter results, reporting net income of $2.5 million, or $0.16 per diluted common share. The company generally uses a two-tiered approach to determine the amount of the quarterly dividend, with the first tier being the "basic" dividend (currently $0.07) and the second tier being a variable amount which equates to a total dividend payout not to exceed 50% of quarterly earnings. The payment of dividends is at the sole discretion of the Board of Directors and will depend upon a number of factors, including capital requirements, the Company's and the Bank's financial condition and results of operations, tax considerations, statutory and regulatory limitations, general economic conditions and any applicable restrictions. Direct deposit of dividends is available for registered holders of WBCO. The quickest way for registered holders to have their dividends deposited directly into a transaction account is to log-in to the "Investor Centre" area of the transfer agent's website at www.computershare.com . Registered holders of WBCO shares may also enroll in this service by calling Computershare at 1-800-962-4284 and requesting an enrollment form. ABOUT WASHINGTON BANKING COMPANY Washington Banking Company is a bank holding company based in Oak Harbor, Washington, that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers' financial needs. With its two FDIC-assisted acquisitions in 2010, Whidbey Island Bank currently operates 31 full-service branches located in six counties in Northwestern Washington. In June 2009, Washington Banking was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies.