The holding company for Whidbey Island Bank reported another profitable quarter on Wednesday, though the company’s profits dropped slightly from the previous quarter.
On Thursday, Washington Banking said its third-quarter income totaled $3.6 million, or 24 cents per diluted share. That’s down from the second quarter of 2011 when the bank posted earnings of 26 cents per share. The bank’s earnings for the same quarter in 2010 were $1.03 per share but included a $19.9 million pre-tax purchase gain.
“Our third-quarter profits continue to demonstrate the strength of our franchise and the benefits we gained from the FDIC-assisted acquisitions last year,” Jack Wagner, president and chief executive officer, said in a statement.
In September 2010, Washington Banking took over Arlington’s failed North County Bank with the help of the Federal Deposit Insurance Corp. and state regulators. A few months earlier, the company also acquired Lynnwood’s City Bank after regulators said the failing bank didn’t have enough capital to continue safely.
“The acquisitions made last year continue to contribute to solid revenues, above-average net interest margin, an improving deposits mix and overall profitability,” Rick Shields, the bank’s chief financial officer, said in a statement.
Revenues were $21.8 million, compared to $22.4 million in the second quarter of 2011.
Washington Bank’s total assets for the three months that ended Sept. 30 stood at $1.68 billion, roughly the same as it was at the end of the second quarter. Total deposits remained the same as the previous quarter at $1.48 billion.
“While the current economic growth is anything but robust, we are seeing encouraging signs in our market footprint,” Wagner noted. “Loan demand, both in the residential mortgage sector and in business loans, appears to be strengthening and our pipeline of loan applications is better this quarter than it has been in years.”
Washington Banking recently announced several personnel changes for 2012, which includes moving chief operating officer Bryan McDonald to the position as president of Whidbey Island Bank. Wagner will remain on as chief executive officer of the holding company.
Whidbey Island Bank currently operates 30 full-service branches located in six counties in northwestern Washington. Washington Banking will host a conference call at 10 a.m. today to discuss its earnings. For more information, go to www.wibank.com.
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