Washington Banking Ranked Among the Best-Performing Community Banks in 2010 by SNL...
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Washington Banking Ranked Among the Best-Performing Community Banks in 2010 by
SNL Financial
OAK HARBOR, Wash., April 8, 2011 (GLOBE NEWSWIRE) -- Washington Banking Company
(Nasdaq:WBCO), the holding company for Whidbey Island Bank, today announced that
it was named to the SNL Financial Top 100 Best-Performing Community Banks in
2010. WBCO ranked 75th in the nation and was the only company headquartered in
Washington State to make the elite list.
"We are honored to be included as one of the best performing community banks in
the nation; and are gratified to be acknowledged as the only company to qualify
from the Pacific Northwest," said Jack Wagner, President and Chief Executive
Officer. "SNL Financial is one of the most well-respected sources for community
banking news and information, and our placement on their best performing list
reflects the hard work of all of our team members."
To compile the rankings, SNL defined community banks as institutions with assets
between $500 million and $5 billion and 60 or fewer offices. Banks were scored
on profitability, asset quality, loan growth and capital strength. All metrics
were weighted equally. The following table reflects the scoring metrics for the
top 5 banks and Washington Banking.
Scoring
Metrics
--------------------------------------------------------------------------------
--------------------
Net
ROATA NCOs/ Adjusted
Oper Exp/ Interest Loan Total
before Avg NPL/ Total
Oper Rev Margin Growth Assets
Rank Company State tax (%) Loans (%) Loans (%)
(%) (FTE) (%) Rate (%) ($000)
-------------------------------------------------------------------------------
------------------------------------------------------------
Weststar
Bank
Holding
Company
1, Inc. TX 2.20 0.05 1.42
50.44 4.75 9.65 880,986
Independ
ence
Bancsha
res,
Incorpo
2rated KY 1.89 0.11 0.46
54.46 4.37 9.02 1,000,540
Northern
Bancorp
3, Inc. MA 1.67 0.01 1.40
52.78 4.66 13.84 670,070
First
Nationa
l Bank
of
Central
4 Texas TX 1.79 0.01 0.15
55.00 4.11 12.77 562,469
North
Jersey
Communi
5ty Bank NJ 1.43 0.06 0.82
54.34 4.30 24.20 602,126
Washingt
on
Banking
75 CompanyWA 2.57 0.89 5.23
48.46 5.03 48.45 1,705,615
The full table can be found at www.wibank.com. SNL ranked companies at the bank
holding company level if consolidated data was reported. Otherwise, commercial
bank subsidiary data was used. Additionally, banks with a majority of revenue
derived from nontraditional banking activities were not included. Based on the
above criteria, 764 companies were eligible for the rankings.
ABOUT SNL FINANCIAL
SNL Financial is the premier provider of breaking news, financial data and
expert analysis on the business sectors critical to the global economy: Banking,
Insurance, Financial Services, Real Estate, Energy and Media & Communications.
SNL's information service provides investment professionals with access to an
in-depth electronic database.
Leading investment banks, investment managers, corporate executives, ratings
agencies, government agencies, consulting firms, law firms and media such as The
New York Times, The Wall Street Journal, USA Today, Washington Post, Forbes and
Fortune rely on SNL Financial for the best possible information on the companies
in their sectors.
ABOUT WASHINGTON BANKING COMPANY
Washington Banking Company is a bank holding company based in Oak Harbor,
Washington, that operates Whidbey Island Bank, a state-chartered full-service
commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit,
loan and investment services to meet customers' financial needs. With its two
FDIC-assisted acquisitions in 2010, Whidbey Island Bank currently operates 30
full-service branches located in six counties in Northwestern Washington. In
June 2009, Washington Banking was added to the Russell 2000 Index, a subset of
the Russell 3000 Index. Both indices are widely used by professional money
managers as benchmarks for investment strategies. Washington Banking was the
only company in the Pacific Northwest ranked in the top 100 best performing
community banks between $500 million and $5 billion in assets, by SNL Financial
in 2010.
www.wibank.com
CONTACT: Jack Wagner - President & CEO
Rick Shields - EVP & Chief Financial Officer
360.679.3121
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