Whidbey Island Bank smashed its previous record for profits in 2005, the bank’s parent company reported Wednesday.
Oak Harbor-based Washington Banking Co. reported it ended the year with a profit of $9.5 million, up 53 percent from $6.2 million profit in 2004. On a per-share basis, earnings grew to $1.26 from 83 cents, adjusted for a 4-for-3 stock split in May.
The fourth quarter also was record-setting, the company said. Washington Banking reported a profit of $2.4 million, up 21 percent over its profit of $2 million in the fourth quarter of 2004. Earnings per share grew to 32 cents, from 26 cents.
“We posted record profits in 2005 by focusing on basic banking,” chief executive Michal Cann said in a statement announcing the year-end results. “We have also benefited from a strong local economy, a growing population and relatively low long-term interest rates.”
Washington Banking also announced Wednesday it is increasing its cash dividend to 6.25 cents a share, an increase of 14 percent.
The new dividend will be paid Feb. 28 to shareholders of record as of Feb. 13.
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