Washington Banking reports on earnings

Washington Banking Company, 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.

“King and South Snohomish counties continue to lead the recovery in Northwest Washington,” said Bryan McDonald, Whidbey Island Bank’s President and CEO.

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