WBCO » Topics » Financial Statements and Supplementary Data

These excerpts taken from the WBCO 10-K filed Mar 16, 2009.
Financial Statements and Supplementary Data and should be read in conjunction with the Company’s financial statements and the management discussion set forth in Item 7-
Financial Statements and Supplementary Data, Note 21- Selected Quarterly Financial Data (Unaudited) in the consolidated financial statements.

Financial Statements and Supplementary Data, Note 1- Significant Accounting Policies of the consolidated financial statements. Nonperforming assets are assessed for potential loss exposure on an individual or homogeneous group basis. Further details on the loss analysis are provided below in the Allowance for Loan Losses section.

The following table summarizes the Company’s nonperforming assets for the past five years:         
 
      Nonperforming Assets as of:     
 
   
 
  Years Ended December 31 
 
 
(Dollars in thousands)  2008    2007    2006    2005    2004 
Nonaccrual loans  $       1,918  2,839  3,638  2,159  2,812 
Restructured loans  —    —    —    —    — 
          Total nonperforming loans  1,918    2,839    3,638    2,159    2,812 
Other real estate owned  2,226    1,440    363    —    1,222 
          Total nonperforming assets  $      4,144  4,279  4,001  2,159  4,034 
 
Impaired loans  $      1,918  2,839  3,668  2,159  3,417 
Accruing loans past due > 90 days    —    30    —    — 
Potential problem loans(1)  5,168    —    —    —    356 
Allowance for loan losses  12,250    11,126    10,048    8,810    7,903 
Interest foregone on nonaccrual loans  118    154    265    185    204 
 
Nonperforming loans to loans  0.23%    0.35%    0.51%    0.34%    0.48% 
Allowance for loan losses to loans  1.49%    1.38%    1.40%    1.40%    1.36% 
Allowance for loan losses to nonperforming loans  638.67%    391.90%    276.19%    408.06%    281.05% 
Allowance for loan losses to nonperforming assets  295.58%    262.34%    251.13%    408.06%    195.91% 
Nonperforming assets to total assets  0.46%    0.48%    0.50%    0.30%    0.61% 

(1)     

Potential problem loans represent loans where known information about possible credit problems of borrowers causes management to have serious doubts about the ability of such borrowers to comply with the present loan repayment terms.

Financial Statements and Supplementary Data, Note 6-Deposits.

    Average Deposit Balances as of:
  Years Ended December 31
  2008 2007  2006
  Average  Average  Average  Average  Average  Average 
(Dollars in thousands)  balance  rate  balance  rate  balance  rate 
Interest-bearing demand and             
     money market deposits  $  262,959  1.54%  $  268,817  2.62%  $  231,316  1.95% 
Savings deposits  41,662  0.40%  46,152  0.67%  55,139  0.78% 
Time deposits  352,137  4.02%  316,308  4.84%  276,211  4.20% 
          Total interest-bearing deposits  656,758  2.80%  631,277  3.59%  562,666  2.94% 
Demand and other             
     noninterest-bearing deposits  91,891    100,830    100,267   
          Total average deposits  $  748,649    $  732,107    $  662,933   

Financial Statements and Supplementary Data, Note 15- Washington Banking Company Information of the consolidated financial statements.

Financial Statements and Supplementary Data. Net cash provided by operating activities was $14.9 million during 2008. The principal source of cash provided by operating activities was net income from continuing operations. Investing activities used $27.8 million in 2008. The net use of cash was principally for loan growth of $23.7 million and the purchase of $8.6 million of investment securities. Financing activities provided $7.9 million, primarily through net borrowings of $21.1 million offset by an $11.2 million decrease in deposits.

Financial Statements and Supplementary Data, Note 13- Regulatory Capital Matters of the consolidated financial statements.


EXCERPTS ON THIS PAGE:

10-K (7 sections)
Mar 16, 2009
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