MarcAurele Helps Lead Washington Trust to Record Quarter
Thursday, January 27, 2011
Washington Trust's parent company Washington Trust Bancorp, Inc announced fourth quarter net income of $7.2 million or $.44 per diluted share. The results are a record for the 210 year old bank.
The Westerly headquartered Washington Trust Bancorp, Inc. announced that for the year 2010, net income totaled $24.1 million, or $1.49 per diluted share, up by 49% from the $16.1 million, or $1.00 per diluted share, reported for 2009.
““I’m pleased to report that Washington Trust’s fourth quarter 2010 net income was the highest level in our 210+ year history, and full-year 2010 results were also outstanding,” stated Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer. GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
Financial Highlights:
* Net interest margin amounted to 3.05% for the fourth quarter of 2010 compared to 3.01% for the third quarter and up by 49 basis points from the 2.56% reported for the fourth quarter of 2009.
* Wealth management revenues amounted to $6.8 million for the fourth quarter of 2010, a 5% increase on a linked quarter basis and a 7% increase over the fourth quarter of 2009. Wealth management assets under administration reached an all-time high and stood at $4.123 billion at December 31, 2010.
* Due to strong mortgage refinancing activity, net gains on loan sales and commissions on loans originated for others for the fourth quarter of 2010 increased by $1.2 million on a linked quarter basis and by $998 thousand over the fourth quarter of 2009.
* Total loans declined slightly on a linked quarter basis, and were up by $76 million, or 4%, from the balance at December 31, 2009.
* Total in-market deposits remained level in the fourth quarter of 2010 and were up by $155 million, or 8%, since the end of 2009.
* The overall level of nonperforming assets remained fairly stable in the quarter, with total nonperforming assets at 0.79% of total assets, unchanged from September 30, 2010.
"We are also announcing plans to expand our retail network by opening a mortgage production office in Burlington, Massachusetts and a full-service branch in East Providence, Rhode Island. We’re pleased with our results and excited about the opportunities that lie ahead, but remain cautious about the challenges posed by local and national economic conditions.” said MarcAurele.
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