Washington Trust Scores Record 4th Quarter
Thursday, January 26, 2012
The fourth quarter was very good to Washington Trust. The Westerly-based Washington Trust Bancorp, Inc. parent company of The Washington Trust Company, today announced fourth quarter 2011 net income of $7.8 million compared to third quarter 2011 net income of $7.6 million and fourth quarter 2010 net income of $7.2 million.
“Washington Trust had a strong fourth quarter performance, contributing to record net income for the fourth quarter and for the year 2011,” stated Joseph J. MarcAurele, Washington Trust Chairman, President and CEO. “We surpassed $3 billion in assets for the first time in the Corporation’s 211-year history, and saw growth along all business lines. Washington Trust’s continued profitability in these challenging times is a testament to our Corporation’s solid foundation and reputation.”
For investors the numbers continue to show growth. On a diluted earnings per share basis, Washington Trust reported earnings of 47 cents for the fourth quarter of 2011, compared to 46 cents for the previous quarter and up by 7% from the 44 cents reported for the fourth quarter of 2010. Fourth quarter 2011 earnings includes a reduction of 3 cents per diluted share related to certain transactions described below.
Washington Trust financial highlights:
· A record number of mortgages were originated in the fourth quarter of 2011, accounting for strong mortgage revenues for both the quarter and the year.
· Strong fourth quarter commercial loan growth contributed to an 8 percent increase in commercial loans year-over-year.
· Total deposits reached a record $2.1 billion at year-end, including a 49 percent increase in demand deposits accounts over 2010 levels.
· Wealth management assets under administration remained relatively flat since 2010, however, wealth management revenues increased 7 percent over 2010.
· Network expansion continues, as the Corporation intends to open a new Home Loan Center in Warwick, RI in February 2012 and its third branch in Cranston, RI in mid-summer 2012.
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