Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
FOR IMMEDIATE RELEASE
Washington Trust Reports Record Full-Year 2016 Earnings
WESTERLY, R.I., January 25, 2017 (GLOBE NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced net income of $12.2 million, or $0.70 per diluted share, for the fourth quarter of 2016, compared to net income of $12.3 million, or $0.72 per diluted share, reported for the third quarter of 2016.
For the year ended December 31, 2016, net income totaled $46.5 million, or $2.70 per diluted share. Full-year net income increased by 7% from $43.5 million, or $2.54 per diluted share, reported for 2015. Returns on average equity and average assets in 2016 were 11.96% and 1.16%, respectively, compared to 12.00% and 1.19%, for the same period in 2015.
“Washington Trust’s solid fourth quarter results contributed to record 2016 net income and earnings per share,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. “We are pleased with our continued success at growing our core business lines, expanding our local and regional footprint, and consistently providing healthy returns to our shareholders.”
Selected highlights for 2016 include:
•Total loans stood at $3.2 billion at December 31, 2016, up by 2% in the quarter and up by 7% from a year ago.
Total deposits amounted to $3.1 billion at December 31, 2016, up by 1% from the third quarter. Total deposits were up by 4% from a year ago.
Wealth management revenues of $37.6 million for the year 2016 and wealth management assets of $6.1 billion at December 31, 2016 were all-time highs for the Corporation.
Mortgage banking revenues rose by 22% on a linked quarter basis. Mortgage banking revenues and loans sold during the quarter were record highs for Washington Trust.
Net Interest Income
Net interest income totaled $28.6 million for the fourth quarter of 2016, up by $1.2 million from the third quarter. Included in net interest income was loan prepayment fee income of $816 thousand for the fourth quarter, compared to $365 thousand in the third quarter. The net interest margin was 2.89% for the fourth quarter of 2016, down by 5 basis points from the preceding quarter. The reduction in the net interest margin reflects additions of lower-yielding debt securities to the investment portfolio and increases in wholesale funding balances. Significant linked quarter changes included:
The following information was filed by Washington Trust Bancorp Inc (WASH) on Wednesday, January 25, 2017 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.