EXHIBIT 99.1

 

Washington Banking Company Earns $4.5 Million, or $0.29 per Share, in 3Q13
Fueled by Solid Loan and Core Deposit Growth

 

OAK HARBOR, WA – October 23, 2013 – Washington Banking Company (NASDAQ: WBCO)

, the holding company for Whidbey Island Bank, today reported it earned $4.5 million, or $0.29 per diluted share in the third quarter, up from $2.9 million or $0.19 per diluted share, in the preceding quarter and down from $4.6 million, or $0.30 per diluted share in the third quarter of 2012. For the first nine months of 2013, Washington Banking earned $12.0 million, or $0.77 per diluted share, compared to $12.3 million, or $0.79 per diluted share in the first nine months of 2012.

“Our lending team continues to execute well, generating solid loan growth across the franchise,” said Jack Wagner, President and Chief Executive Officer. “The loan portfolio grew 2% in the quarter and 6% year-over-year, and our pipeline of loans likely to close in the next 90 days remains very strong.

“This year we entered the Northeast King County market, opening an office in Woodinville, which is bringing early success. We have applied to open a new branch in Issaquah, in support of our new commercial team there. This new office and team extends our footprint further south and east into the vibrant growing Eastside market,” Wagner noted. “The new commercial team is in place and we expect to open the new branch at the end of the year.”

“Our general business outlook continues to reflect the economic recovery in the region,” said Bryan McDonald, Whidbey Island Bank’s President and CEO. “Loan demand is improving and our pipeline of activity remains strong. During the third quarter, we closed $66.3 million in new commercial loans, renewed or extended $80.4 million in existing commercial loans and funded $38.4 million in residential mortgages, for both refinance and purchase transactions. Residential refinancing is down from the accelerated pace of the last few years. With property values improving and interest rates still at very affordable levels, we continue to see moderate refinance activity, as well as steady demand from families purchasing new homes. In addition, the budget crisis in the other Washington temporarily interrupted the funding of SBA loans. We continued to take and process SBA applications, but were not able to close these loans while the government was shutdown. Now that government employees are back to work, we can complete the process for our small business customers.”

Third quarter loan production contributed to 2% non-covered loan growth in the quarter and 6% growth year-over-year. For the first nine months of 2013, average loans increased 5% to $868.7 million from $831.3 million a year ago. Mortgage banking income contributed $726,000 to third quarter revenues, down from $1.0 million in the second quarter of 2013 and $1.1 million in the third quarter a year ago.

Third Quarter 2013 Financial Highlights (as of, or for the period ended September 30, 2013)

·On a consolidated basis, Total Risk-Based Capital to risk-adjusted assets was 19.73% compared to 19.65% a year ago. The minimum ratio to be considered well-capitalized under FDIC rules is 10%.
·With the exception of construction, all loan categories increased for both the quarter and the year.
·Asset quality continues to improve with the ratio of nonperforming non-covered assets (NPAs) to total assets dropping to 0.89% from 0.96% in the second quarter and 1.29% a year ago. Classified loans declined to $68.6 million at September 30, 2013, from $78.2 million at September 30, 2012.
·Tangible book value per common share was $11.34, compared to $11.31 a year ago.
·Low-cost demand, money market, savings and NOW accounts were $1.05 billion, or 73% of total deposits.
·Loan loss reserves were 1.94% of non-covered loans, compared to 2.01% a year ago.
·The interest income generated from the loan portfolios in the FDIC-assisted acquisitions contributed $5.6 million to third quarter revenues.

The following information was filed by Washington Banking Co (WBCO) on Thursday, October 24, 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.

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