Washington Banking Co., the holding company for Whidbey Island Bank, reported Thursday that it earned $4 million in profits for its second quarter. The profit, 26 cents per diluted share, was a 30 percent increase from a year ago. The company’s board of directors approved a quarterly dividend of 5 cents per share. Washington Banking purchased Lynnwood-based CityBank and Arlington-based North County Bank last year, expanding its reach in the central Puget Sound area. “The integration of the two acquisitions we made last year has been quite smooth, and we are extremely pleased with the contribution to our profitability and our franchise value, Chief Financial Officer Rick Shields said in a statement.
Tacoma’s Columbia reports strong quarter
Columbia Bank, the Tacoma institution that purchased troubled First Heritage Bank in Snohomish, reported Thursday that its profits doubled in its most recent financial quarter. Columbia profits totaled $8.6 million in the second quarter compared to $3.9 million during the same period last year. With help from the Federal Deposit Insurance Corp., which had ordered First Heritage to raise more money, Columbia bought the Snohomish bank in May. It also acquired Summit Bank in Burlington the same month for the same reason. The purchases increased dividents by six cents a share, a 20 percent increase. It also increased deposits by 91 percent, the bank reported.
Dash shortage sparks Focus waiting lists
Ford can’t make enough Focus cars to keep up with rising demand because of equipment problems that have caused a shortage of dashboards, two people familiar with the situation told The Associated Press. Machinery that makes the skin that covers dashboards at a Ford parts factory outside Detroit works intermittently. That is forcing the company to take the unusual and costly step of flying in parts from Europe to keep its assembly lines moving, the people said. Despite those efforts, the Focus plant near Detroit can’t run at full speed, they said. The problem comes at a time when high gas prices and shortages of Japanese small cars have driven up demand for the Focus. Dealers say they’ve been forced to use waiting lists.
High oil prices boost Exxon Mobil profits
Exxon Mobil Corp. said Thursday that higher oil prices and improved refining margins boosted its second-quarter profits 41 percent. The largest publicly traded oil company reported earnings of $10.68 billion, or $2.18 per share, for the three months ended June 30. That compares with $7.56 billion, or $1.60 per share, for the same part of 2010. Revenue grew 36 percent to $125.5 billion. It’s the highest profit for Exxon since it set a corporate earnings record of $14.8 billion in the third quarter of 2008. But the results fell short of Wall Street estimates of $2.30 per share.
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