Washington Banking Company Information

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Washington Banking Company Information

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

Condensed Balance Sheets

(dollars in thousands)	December 31,
	2013			2012
Assets
Cash and cash equivalents	$	5,323		$	5,327
Investment in subsidiaries	199,204			201,345
Other assets	1,284			1,747
Total assets	$	205,811		$	208,419
Liabilities
Junior subordinated debentures	$	25,774		$	25,774
Other liabilities	107			21
Total liabilities	25,881			25,795
Shareholders' Equity
Common stock	86,714			85,707
Retained earnings	98,431			92,234
Accumulated other comprehensive (loss) income, net	(5,215		)	4,683
Total shareholders' equity	179,930			182,624
Total liabilities and shareholders' equity	$	205,811		$	208,419

Condensed Statements of Income

(dollars in thousands)	For the Year Ended December 31,
	2013			2012			2011
Interest income:
Interest on taxable investment securities	$	14		$	16		$	15
Total interest income	14			16			15
Interest expense:
Junior subordinated debentures	478			532			489
Total interest expense	478			532			489
Noninterest expense	1,432			1,057			905
Loss before income tax benefit and undistributed earnings of subsidiaries	(1,896		)	(1,573		)	(1,379		)
Income tax benefit	664			550			482
Loss before undistributed earnings of subsidiaries	(1,232		)	(1,023		)	(897		)
Undistributed earnings of subsidiaries	6,878			8,967			11,949
Dividend income from Bank	8,850			8,900			4,900
Net income before preferred dividends	14,496			16,844			15,952
Preferred dividends	—			—			1,084
Net income available to common shareholders	$	14,496		$	16,844		$	14,868

Condensed Statements of Cash Flows

(dollars in thousands)	For the Year Ended December 31,
	2013			2012			2011
Operating activities:
Net income	$	14,496		$	16,844		$	15,952
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries	(6,878		)	(8,967		)	(11,949		)
Net decrease (increase) in other assets	467			(524		)	(490		)
Net increase (decrease) in other liabilities	86			(3		)	(168		)
Cash flows provided by operating activities	8,171			7,350			3,345
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		)
Dividends paid on common stock	(8,299		)	(7,717		)	(3,068		)
Proceeds from issuance of common stock under stock plans	124			301			301
Cash flows used in financing activities	(8,175		)	(7,416		)	(30,810		)
Net change in cash and cash equivalents	(4		)	(66		)	3,917
Cash and cash equivalents at beginning of period	5,327			5,393			1,476
Cash and cash equivalents at end of period	$	5,323		$	5,327		$	5,393