Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
FOR IMMEDIATE RELEASE
Washington Trust Announces Record Net Income for Fourth Quarter and Full Year 2011
Westerly, Rhode Island…Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), 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. 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.
For the year ended December 31, 2011, net income totaled $29.7 million, or $1.82 per diluted share, compared to $24.1 million, or $1.49 per diluted share, for 2010. On a diluted earnings per share basis, 2011 earnings were up by 22% over 2010. The returns on average equity and average assets for 2011 were 10.61% and 1.02%, respectively, compared to 9.09% and 0.82%, respectively, for 2010.
“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.”
Selected financial highlights for the fourth quarter included:
Total loans increased by $59 million, or 3%, during the fourth quarter of 2011, led by growth in the commercial loan portfolio.
Total deposits increased by $40 million, or 2%, from the end of the third quarter, reflecting growth in lower cost deposits.
The following information was filed by Washington Trust Bancorp Inc (WASH) on Wednesday, January 25, 2012 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.