The parent company of Whidbey Island Bank said it earned record profits in the three months after it closed a money-losing subsidiary.
Washington Banking Co. on Thursday reported profits of $1.9 million for the third quarter, up from $1.8 million for the same period of 2003.
On a per-share basis, earnings improved to 33 cents from 31 cents.
Washington Banking closed Washington Funding Group during the second quarter. The unit was created to lend money to other mortgage lenders, but never generated a profit.
Without that unit dragging down profits, the company should be able to keep this year’s profits in line with last year’s, president and chief executive Michal Cann said.
Whidbey Island Bank has seen a 15 percent increase in loans and deposits over the past year, he said in Thursday’s earnings statement. The bank also is consolidating its administrative operations at one location, which will leave it with two surplus commercial properties to sell.
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