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Exhibit 99.1
[Graphic Omitted]
NASDAQ: WASH
Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
E-mail: ebeckel@washtrust.com
Date: January 26, 2010
FOR IMMEDIATE RELEASE
Washington Trust Announces Fourth Quarter 2009 Earnings
Westerly, Rhode Island…Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent company of The Washington Trust Company, today announced fourth quarter 2009 net income of $4.7 million, or 30 cents per diluted share, compared
to fourth quarter 2008 net income of $4.2 million, or 27 cents per diluted share. For the year ended December 31, 2009, net income amounted to $16.1 million, or $1.00 per diluted share, compared to $22.2 million, or $1.57 per diluted share, for 2008.
Earnings in the fourth quarter of 2009 were influenced by the following:
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Credit-related impairment losses of $679 thousand ($438 thousand after tax; 3 cents per diluted share) were charged to earnings in the fourth quarter of 2009 for an investment security deemed to be other-than-temporarily impaired. Impairment losses of $2.9 million ($1.9 million after tax; 12 cents
per diluted share) were recognized in earnings in the fourth quarter of 2008. |
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The loan loss provision charged to earnings amounted to $2.0 million for the fourth quarter of 2009, compared to $1.9 million for the fourth quarter of 2008. |
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Federal Deposit Insurance Corp. (“FDIC”) deposit insurance premiums for the fourth quarter of 2009 were up by $523 thousand from the fourth quarter a year earlier, reflecting higher assessment rates. |
Selected Fourth Quarter 2009 developments:
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Wealth management revenues for the fourth quarter of 2009 increased by $321 thousand, or 5 percent, from the third quarter of 2009. These revenues were $196 thousand, or 3 percent, higher than fourth quarter 2008; the first year over year quarterly increase in 2009. Assets under administration
increased by $167 million and $623 million, respectively, in the quarter and year ended December 31, 2009. |
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Net gains on loan sales and commissions on loans originated for others for the fourth quarter of 2009 were up by $574 thousand from the third quarter of 2009 and by $932 thousand from the fourth quarter a year ago, due to strong residential mortgage refinancing and sales activity. |
-M O R E-
The following information was filed by Washington Trust Bancorp Inc (WASH) on Tuesday, January 26, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Washington Trust Bancorp Inc provided additional information to their SEC Filing as exhibits
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Ticker: WASH
CIK: 737468
Form Type: 10-K Annual Report
Accession Number: 0000737468-10-000010
Submitted to the SEC: Mon Mar 01 2010 1:47:36 PM EST
Accepted by the SEC: Mon Mar 01 2010
Period: Thursday, December 31, 2009
Industry: State Commercial Banks
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