Washington Banking Company First Quarter 2006 Net Income up 25% as Loan Growth Continues.
Business Wire (April 25, 2006)
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Washington Banking Company First Quarter 2006 Net Income up 25% as Loan Growth Continues.
OAK HARBOR, Wash. -- Washington Banking Company (Nasdaq:WBCO) today reported record net income for the first quarter of 2006, with solid loan growth marked by excellent credit quality. For the quarter ended March 31, 2006, net income increased 25% to $2.6 million, or $0.34 per diluted share, compared to $2.0 million, or $0.27 per diluted share in the first quarter last year. All per share data has been adjusted to reflect the 4-for-3 stock split issued May 17, 2005.
"We have built upon our success from last year and carried into 2006 by executing our basic banking strategy while continuing to take advantage of opportunities in the market," stated Michal Cann, President and CEO. "Leveraging our reputation as a provider of premier customer service has helped us gather low-cost deposits and utilize those funds to grow a high-quality loan portfolio. In addition, the cont...Try vLex for FREE for 3 days
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