Washington Trust Bancorp Inc (WASH) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Washington Trust Bancorp Inc
Ticker: WASH CIK: 737468

Exhibit 99.1

NASDAQ: WASH

Contact: Elizabeth B. Eckel

Senior Vice President, Marketing

Telephone: (401) 348-1309

E-mail: ebeckel@washtrust.com

Date: January 30, 2013

FOR IMMEDIATE RELEASE

Washington Trust Announces Record Earnings for Fourth Quarter and Full Year 2012

Diluted Earnings Per Share up 17% over 2011

Westerly, Rhode Island…Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent company of The Washington Trust Company, today announced fourth quarter 2012 net income of $9.0 million, or $0.55 per diluted share. On a diluted earnings per share basis, fourth quarter 2012 results were up by $.01, or 2%, from third quarter 2012 and by $.08, or 17%, from fourth quarter 2011.

For the year ended December 31, 2012, net income totaled $35.1 million, or $2.13 per diluted share, compared to $29.7 million, or $1.82 per diluted share, for 2011. On a diluted earnings per share basis, 2012 earnings were up by 17% over 2011. The returns on average equity and average assets for 2012 were 11.97% and 1.16%, respectively, compared to 10.61% and 1.02%, respectively, for 2011.

“Washington Trust had another exceptional performance in 2012, highlighted by record earnings and growth along key business lines,” stated Joseph J. MarcAurele, Washington Trust Chairman, President and CEO. “We have continued to manage our way through these challenging economic times by successfully expanding our market reach, attracting new client relationships, and continuing to make a difference in the communities in which we live and work.”

Selected financial highlights for the fourth quarter of 2012 included:


•	The returns on average equity and average assets for the quarter were 12.01% and 1.19%, respectively, compared to 12.02% and 1.17%, respectively, for the third quarter of 2012.


•	Residential mortgage origination volume and mortgage banking revenues (net gains on loan sales and commissions on loans originated for others) reached an all-time quarterly high and totaled $4.5 million for the quarter, a 28% increase over the prior quarter.


•	Loans totaled $2.3 billion at December 31, 2012, up by $37.3 million, or 2%, from September 30, 2012, led by growth in the commercial loan portfolio.


•	Total deposits amounted to $2.3 billion at December 31, 2012, up $78.0 million, or 3.5%, from September 30, 2012, with growth in lower-cost deposits.

-M O R E-

The following information was filed by Washington Trust Bancorp Inc (WASH) on Wednesday, January 30, 2013 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.

View differences made from one year to another to evaluate Washington Trust Bancorp Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Washington Trust Bancorp Inc.

Continue

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/737468/000073746813000013/wash10k20121231.htm