Whidbey Bank sails through rough economy

Washington Banking Company, the holding company of Whidbey Island Bank based in Oak Harbor, will report its end of year earnings later this month.

Jack Wagner, president and CEO of Washington Banking Company, said he could not speculate on the results but did say the first three quarters of 2011 were good despite a sluggish economy.

During the period, total earned operating revenue was $67.4 million and net income for common shareholders tabbed out to $10.6 million, or $0.69 per diluted share.

“We weren’t unhappy with that at all,” Wagner said. “It’s still a little rough out there.”

During the same period in 2010, total operating revenue was $74.4 million and net income for common shareholders was $16 million, or $1.03 per share. That included a $19.9 million pre-tax bargain purchase gain and after $415,000 for preferred dividends.

Total operating revenue for 2010 was $98.2 million while net income for shareholders was $23.6 million or $1.53 per diluted common share.

Wagner said he is hopeful things will improve over the second half of 2012.

Fourth quarter and year-end results for 2011 will be announced Jan. 26 and then discussed the following day in a conference call at 10 a.m. The call will also be broadcast live on the internet.

To participate, dial 480-629-9771 and enter conference ID number 4504421. To listen to the call online, either live or archived, visit the Investor Relations page of Whidbey Island Bank’s website at

Whidbey Island Bank was founded in 1961 in Coupeville and has grown to include 30 full-service branches located across six counties in Western Washington.


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