Exhibit 99.1


Washington Banking Company Earns $1.7 Million in 4Q09 and $6.2 Million in 2009;

Assets Top $1 Billion

OAK HARBOR, WA – January 28, 2010 – Washington Banking Company (NASDAQ: WBCO), the holding company for Whidbey Island Bank, today reported that its strong capital ratios, stable credit quality and healthy core deposit growth contributed to another profitable quarter. Washington Banking earned $1.7 million in the fourth quarter of 2009, compared to $1.7 million for the fourth quarter a year ago. Net income available to common shareholders totaled $1.3 million, or $0.11 per diluted share, in the fourth quarter of 2009, compared to $1.3 million, or $0.13 per diluted common share, in the preceding quarter, and $1.7 million, or $0.18 per diluted common share, in the fourth quarter a year ago. For the year, Washington Banking’s net income available to common shareholders was $4.6 million, or $0.46 per diluted common share, compared to $8.3 million, or $0.88 per diluted common share in 2008. Preferred dividend payments totaled $1.6 million in 2009; there were no preferred dividends paid in 2008.

“The highlight of the quarter was our successful campaign to raise $49 million in new capital, which further demonstrates the confidence investors have in our franchise,” said Jack Wagner, President and Chief Executive Officer. “With this fresh capital, we have been actively reviewing opportunities to expand our franchise and believe there will be a number of appropriate FDIC-assisted transactions to bid on in the coming months.

“We continue to benefit from the flight to quality as customers choose to bank with healthy, full-service, local institutions,” Wagner continued. “We also continue to attract skilled banking professionals that are looking for a stable long-term partnership with a strong franchise, and we see a very good opportunity to grow market share in our Northwest footprint by adding relationship bankers to our team.”

Conference Call Information
Management will host a conference call tomorrow, Friday, January 29, 2010, at 10:00 a.m. PDT (1:00 p.m. EDT) to discuss 2009 financial results. Investment professionals and all current and prospective shareholders are invited to access the live call by dialing 480-629-9722 using Call ID #4194489 at 10:00 a.m. PDT. The call will also be broadcast live via the internet. To listen to the call online, either live or archived, visit the Investor Relations page of the bank’s website at www.wibank.com. The replay will also be available at (303) 590-3030, using access code #4194489, where it will be archived for ninety days.

Fourth Quarter 2009 Financial Highlights (December 31, 2009 compared to December 31, 2008)

  • Capital ratios continue to exceed the regulatory requirements for well-capitalized institutions, with Total Risk Based Capital to risk-adjusted assets of 22.27% compared to 13.23%. To be considered well-capitalized, a bank must have over 10% Total Risk-based Capital.

  • Tangible common equity to tangible assets stood at 12.81% compared to 8.95% a year earlier.

  • Asset quality remains better than average for the region and the nation with nonperforming assets to total assets at 0.76%, up from 0.46%.


The following information was filed by Washington Banking Co (WBCO) on Friday, January 29, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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