Washington Banking Company 1Q13 Profits Stable at $4.6 Million;

Generates Return on Average Equity of 10.18% and Return on Average Assets of 1.11%

OAK HARBOR, WA – April 25, 2013 – Washington Banking Company (NASDAQ: WBCO)

, the holding company for Whidbey Island Bank, today reported it earned $4.6 million, or $0.30 per diluted share, even with the preceding quarter and down slightly from $4.8 million, or $0.31 per diluted share in the first quarter of 2012. Continuing improvement in asset quality, solid contribution from mortgage originations and the ongoing shift of deposits into lower cost transaction accounts contributed to first quarter 2013 earnings.

“The residential mortgage market remains healthy, even though activity in the first quarter moderated from the feverish pace set in 2012,” said Jack Wagner, President and Chief Executive Officer. “Our first quarter loan production was also more moderate than at the end of 2012, with average loans up 1.8% in the quarter and 3.6% year-over-year. At quarter end, the non-covered loan portfolio was down 1.1% in the quarter and up 3.1% from a year ago, reflecting normal payments and amortization of the loan portfolio. Mortgage banking income contributed $1.0 million to first quarter revenues, down from the high point reached in the fourth quarter of $1.2 million and up from $705,000 generated in the first quarter a year ago.”

“King and South Snohomish counties continue to lead the recovery in Northwest Washington,” said Bryan McDonald, Whidbey Island Bank’s President and CEO. ”With the addition of our new branch in Woodinville, we have three commercial lending teams operating in this region who are consistently bringing in a higher share of new customers to the bank and the loan pipeline is stronger in this market than elsewhere in our footprint.”

First Quarter 2013 Financial Highlights (as of, or for the periods ended March 31, 2013)

·Return on average assets (annualized) was 1.11% and return on average common equity was 10.18% in 1Q13.
·On a consolidated basis, Total Risk-Based Capital to risk-adjusted assets was 19.78% compared to 19.94% a year ago. The minimum ratio to be considered well-capitalized under FDIC rules is 10%.
·Nonperforming non-covered assets/total assets improved to 1.03%, compared to 1.10% in the preceding quarter and 1.42% a year ago. Classified loans declined to $73.9 million at March 31, 2013, from $77.3 million at December 31, 2012.
·The $1.5 million provision for covered loan losses in the first quarter was mostly offset by a reduction in the change in the FDIC indemnification asset. While the cash flows associated with several acquired loans have deteriorated, the Bank remains covered by the FDIC loss-share agreement for these assets.
·Tangible book value per common share increased to $11.50, compared to $10.85 a year ago.
·Low-cost demand, money market, savings and NOW accounts were $1.02 billion, or 70% of total deposits.
·Loan loss reserves were 2.01% of non-covered loans, and 2.20% a year ago.
·The interest income generated from the loan portfolios in the FDIC-assisted acquisitions contributed $6.7 million to first quarter revenues.
·In the first quarter, net interest margin fell 39 basis points to 4.84% compared to 5.23% in the preceding quarter, and fell 97 basis points from 5.81% in the year ago quarter, reflecting declines in both the yields and balances of covered loans.

Regional Economic and Acquisitions Update

The Washington State economy may be recovering at a faster pace than the nation as a whole, but not without fits and starts,” said Wagner. “Employment, housing and retail sales are improving, particularly in the greater Seattle area. In February the state unemployment rate fell to 8.2% (not seasonally adjusted) with King County at 5.6% and Snohomish


The following information was filed by Washington Banking Co (WBCO) on Thursday, April 25, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Washington Banking Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Washington Banking Co.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account