Washington Banking Company Information

12 Months Ended

Dec. 31, 2011

Washington Banking Company Information [Abstract]

Washington Banking Company Information

(21)       Washington Banking Company Information

The summarized condensed financial statements for Washington Banking Company (parent company only) are presented in the following table:

Condensed Balance Sheets

(dollars in thousands)	December 31,
	2011		2010
Assets
Cash and cash equivalents	$	5,393	$	1,476
Investment in subsidiaries		189,964		205,434
Other assets		1,192		702
Total assets		196,549	$	207,612
Liabilities
Junior subordinated debentures		25,774		25,774
Other liabilities		24		192
Total liabilities		25,798		25,966
Shareholders' Equity
Preferred stock		-		25,334
Common stock		84,564		85,264
Retained earnings		83,107		71,307
Accumulated other comprehensive income, net		3,080		(259	)
Total shareholders' equity		170,751		181,646
Total liabilities and shareholders' equity	$	196,549	$	207,612

Condensed Statements of Income

(dollars in thousands)	December 31,
	2011			2010			2009
Interest income:
Interest on taxable investment securities	$	15		$	15		$	20
Total interest income		15			15			20
Interest expense:
Junior subordinated debentures		489			496			665
Total interest expense		489			496			665
Noninterest expense		905			832			910
Loss before income tax benefit and undistributed earnings of subsidiaries		(1,379	)		(1,313	)		(1,555	)
Income tax benefit		482			459			543
Loss before undistributed earnings of subsidiaries		(897	)		(854	)		(1,012	)
Undistributed earnings of subsidiaries		11,949			25,924			3,051
Dividend income from Bank		4,900			500			4,175
Net income		15,952			25,570			6,214
Preferred dividends		1,084			1,659			1,600
Net income available to common shareholders	$	14,868		$	23,911		$	4,614

Condensed Statements of Cash Flows

(dollars in thousands)	December 31,
	2011			2010			2009
Operating activities:
Net income	$	15,952		$	25,570		$	6,214
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		(11,949	)		(25,924	)		(3,051	)
Net (increase) decrease in other assets		(490	)		128			126
Net increase (decrease) in other liabilities		(168	)		(50	)		188
Cash flows provided by (used in) operating activities		3,345			(276	)		3,477
Investing activities:
Investment in subsidiaries		31,382			-			(71,380	)
Cash flows used in investing activities		31,382			-			(71,380	)
Financing activities:
Redemption of preferred stock		(26,380	)		-			-
Repurchase of common stock warrant		(1,625	)		-			-
Dividends paid on preferred stock		(38	)		(1,320	)		(1,265	)
Dividends paid on common stock		(3,068	)		(2,067	)		(1,718	)
Preferred stock issued		-			-			26,380
Common stock issued		-			-			48,991
Proceeds from issuance of common stock under stock plans		301			104			90
Cash flows provided by (used in) financing activities		(30,810	)		(3,283	)		72,478
Net change in cash and cash equivalents		3,917			(3,559	)		4,575
Cash and cash equivalents at beginning of period		1,476			5,035			460
Cash and cash equivalents at end of period	$	5,393		$	1,476		$	5,035