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Whidbey Island Bank’s parent shares in a profitable year

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By Michelle Dunlop
Herald Writer
Published:
The holding company for Whidbey Island Bank reported another profitable year in 2011, declaring a regular dividend and an added one for stockholders on Thursday.
"With our strong financial performance this year, we felt our shareholders should share in our success," Jack Wagner, president of Washington Banking Co., said in a statement.
The Washington Banking board of directors approved a regular quarterly dividend of 6 cents per common share and an extra dividend, also 6 cents per share, on Thursday. Shareholders of record Feb. 6 will be paid on Feb. 22.
Also Thursday, the company reported fourth-quarter income of $4.2 million, or 28 cents per diluted share. Washington Banking's 2011 income was $14.9 million, or 97 cents per diluted share.
Oak Harbor-based Washington Banking Co. noted that two acquisitions in 2010 helped boost the earnings. Washington Banking won a bid to purchase Lynnwood's City Bank and North County Bank after the Federal Deposit Insurance Corp. seized those struggling banking institutions.
"The acquisitions made in 2010 are proving to be solid contributors to our franchise," Wagner said.
For 2011, Washington Banking's revenue was $90 million, compared to $98.6 million in 2010, which included $19.9 million in purchase gains from the FDIC-assisted acquisitions in 2010.
Wagner expressed optimism about the regional economy for 2012.
"Loan demand is finally starting to return, particularly in business loans," he said.

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