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Washington Banking Company (WBCO) filed Quarterly Report for the period ended 2011-09-30.
Washington Banking Company has a market cap of $186.3 million; its shares were traded at around $12.14 with a P/E ratio of 13.1 and P/S ratio of 1.7. The dividend yield of Washington Banking Company stocks is 1.7%.
This is the annual revenues and earnings per share of WBCO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of WBCO.
Highlight of Business Operations:
Net income available to common shareholders per diluted share was $0.24 and $0.69 for the three and nine months ended September 30, 2011, compared to net income available to common shareholders per diluted common share of $1.03 and $1.33 for the three and nine months ended September 30, 2010, respectively. Diluted operating earnings per common share, a non-GAAP financial measure, defined as earnings available to common shareholders before the acceleration of the accretion of the remaining preferred stock discount, gain on acquistions and merger related expenses, net of tax, divided by the same diluted share total used in determining diluted earnings per common share, was $0.24 and $0.77 for the three and nine months ended September 30, 2011, compared to $0.24 and $0.57 for the three and nine months ended September 30, 2010, respectively. This measurement and reconciliation to the comparable GAAP measurement is provided under the heading Results of Operations—Overview below.Taxable-equivalent net interest income totaled $20.3 million for the third quarter of 2011, compared to $18.2 million for the third quarter of 2010. Changes in net interest income during the third quarter of 2011 reflect a $1.3 million increase in interest income on interest earning assets income related to covered loans and investments. Additionally, interest expense on interest bearing liabilities decreased by $839 thousand for the period.
Net interest margin (net interest income as a percentage of average interest-earning assets) on a taxable-equivalent basis was 5.43% for the third quarter of 2011, compared to 5.06% for the same period a year ago. The 37 basis point increase in net interest margin for the period was primarily attributable to the 11.90% average yield on covered loans.
The Company does not anticipate that the paydowns and maturities will continue at their current levels. The Company anticipates paydowns and maturities over the next twelve months will be between $30.0 and $50.0 million. Transfers of loans to covered other real estate owned are expected to decrease over the next twelve months. The Company also expects the related gain on disposition will decrease in the future. Due to the timing of sales of covered other real estate owned and the remaining portion of discount associated with the asset determining detailed trends is difficult.
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