Washington Banking Company Information (Tables)

12 Months Ended

Dec. 31, 2012

Washington Banking Company Information [Abstract]

Schedule of condensed balance sheet

Condensed Balance Sheets

(dollars in thousands)	December 31,
	2012		2011		2010
Assets
Cash and cash equivalents	$	5,327	$	5,393	$	1,476
Investment in subsidiaries		201,345		190,033		205,886
Other assets		1,747		1,192		702
Total assets	$	208,419	$	196,618	$	208,064
Liabilities
Junior subordinated debentures	$	25,774	$	25,774	$	25,774
Other liabilities		21		24		192
Total liabilities		25,795		25,798		25,966
Shareholders' Equity
Preferred stock		-		-		25,334
Common stock		85,707		84,564		85,264
Retained earnings		92,234		83,107		71,307
Accumulated other comprehensive income, net		4,683		3,149		193
Total shareholders' equity		182,624		170,820		182,098
Total liabilities and shareholders' equity	$	208,419	$	196,618	$	208,064

Schedule of condensed income statement

Condensed Statements of Income

(dollars in thousands)	For the Year Ended December 31,
	2012			2011			2010
Interest income:
Interest on taxable investment securities	$	16		$	15		$	15
Total interest income		16			15			15
Interest expense:
Junior subordinated debentures		532			489			496
Total interest expense		532			489			496
Noninterest expense		1,057			905			832
Loss before income tax benefit and undistributed
earnings of subsidiaries		(1,573	)		(1,379	)		(1,313	)
Income tax benefit		550			482			459
Loss before undistributed earnings of subsidiaries		(1,023	)		(897	)		(854	)
Undistributed earnings of subsidiaries		8,967			11,949			25,924
Dividend income from Bank		8,900			4,900			500
Net income		16,844			15,952			25,570
Preferred dividends		-			1,084			1,659
Net income available to common shareholders	$	16,844		$	14,868		$	23,911

Schedule of condensed cash flow statement

Condensed Statements of Cash Flows

(dollars in thousands)	For the Year Ended December 31,
	2012			2011			2010
Operating activities:
Net income	$	16,844		$	15,952		$	25,570
Adjustments to reconcile net income to net
cash used in operating activities:
Equity in undistributed earnings of subsidiaries		(8,967	)		(11,949	)		(25,924	)
Net (increase) decrease in other assets		(524	)		(490	)		128
Net decrease in other liabilities		(3	)		(168	)		(50	)
Cash flows provided by (used in) operating activities		7,350			3,345			(276	)
Investing activities:
Investment in subsidiaries		-			31,382			-
Cash flows provided by investing activities		-			31,382			-
Financing activities:
Redemption of preferred stock		-			(26,380	)		-
Repurchase of common stock warrant		-			(1,625	)		-
Dividends paid on preferred stock		-			(38	)		(1,320	)
Dividends paid on common stock		(7,717	)		(3,068	)		(2,067	)
Proceeds from issuance of common stock under stock plans		301			301			104
Cash flows used in financing activities		(7,416	)		(30,810	)		(3,283	)
Net change in cash and cash equivalents		(66	)		3,917			(3,559	)
Cash and cash equivalents at beginning of period		5,393			1,476			5,035
Cash and cash equivalents at end of period	$	5,327		$	5,393		$	1,476