Wunderlich Securities Says Washington Banking Has Exceeded Consensus

According to a research report released today, Wunderlich Securities maintains its Buy rating and $16 PT on Washington Banking company

based on a 4Q EPS of $0.28. In the report, Wunderlich Securities said, “The company posted solid results with revenue growth, improving asset quality, and NIM expansion. While loss-share accounting from the two FDIC-assisted acquisitions in 2010 may provide a degree of earnings volatility over the next several quarters, we believe that current levels understate the value of the company's abundant capital, above-average long-term growth prospects, and relatively low-risk credit profile.” Washington Banking closed Friday at $12.64.