Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
FOR IMMEDIATE RELEASE
Washington Trust Reports Record Fourth Quarter and 2014 Earnings
WESTERLY, R.I., January 28, 2015 (GLOBE NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced net income of $11.2 million, or 66 cents per diluted share, for the fourth quarter of 2014. Net income was up by 6% from the $10.5 million, or 62 cents per diluted share, reported for the previous quarter.
Net income for the year ended December 31, 2014 totaled $40.8 million, or $2.41 per diluted share. Full-year net income increased by $4.7 million, or 13%, from the amounts reported for 2013.
"Washington Trust posted excellent fourth quarter and full-year results," stated Joseph J. MarcAurele, Chairman and Chief Executive Officer. "In 2014, we opened a mortgage office in Darien, CT, a branch in Johnston, RI, and announced plans to open a branch in Rumford, RI in early 2015. Our ability to bring our unique brand into new markets, while consistently delivering quality products and local, personal service has been a key part of our continued success."
Selected highlights for the fourth quarter of 2014 include:
Fourth quarter net income and earnings per share results were both record highs for Washington Trust.
Returns on average equity and average assets were 12.68% and 1.27%, respectively. Comparable amounts for the third quarter of 2014 were 12.15% and 1.25%, respectively.
Loans totaled $2.86 billion at December 31, 2014, up by 7% from September 30, 2014 and up by 16% from December 31, 2013.
Net Interest Income
Net interest income totaled $26.3 million for the fourth quarter of 2014, up by $1.3 million, or 5%, from the $24.9 million reported for the third quarter of 2014. The net interest margin was 3.23% for the fourth quarter of 2014, compared to 3.21% for the third quarter of 2014. Included in net interest income was commercial loan prepayment penalty fee income of $445 thousand in the fourth quarter of 2014, compared to a minimal amount of such fee income in the previous quarter. Excluding the loan prepayment penalty fees, the net interest margin was 3.18% for the fourth quarter, down by 3 basis points on a linked quarter basis. Other significant linked quarter changes included:
The following information was filed by Washington Trust Bancorp Inc (WASH) on Wednesday, January 28, 2015 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.