Wash Trust reports record 2014

WASHINGTON BANCORP, parent company of The Washington Trust Co. reported net income of $40.8 million in 2014, according to its year-end earnings report. The amount rose from $36.2 million in 2013.
WASHINGTON BANCORP, parent company of The Washington Trust Co. reported net income of $40.8 million in 2014, according to its year-end earnings report. The amount rose from $36.2 million in 2013.

WESTERLY – Last year was a record-breaker for Washington Trust Bancorp Inc.
The company, which released year-end and fourth quarter earnings Wednesday, reported record net income and earnings per share for both the year and the fourth quarter, which its CEO attributes – in part – to its expansion into new markets.
Washington Bancorp, parent company of The Washington Trust Co. reported net income of $40.8 million in 2014, according to its year-end earnings report, an increase of 12.9 percent from $36.2 million in 2013.
Earnings per share totaled $2.41 per diluted share. Net income in the fourth quarter came to $11.2 million, an increase of 14.3 percent, as earnings per diluted share grew to 66 cents from 58 cents a year earlier. The bank paid a 32 cent dividend in the fourth quarter, an increase from 27 cents in the 2013 fourth quarter.
Total interest and non-interest income increased 1 percent on the year to $180.1 million and 2.5 percent in the fourth quarter to $45.6 million.
Washington Trust reported wealth management under administration of $5.07 billion, a 6.5 percent increase from 2013. The jump was driven in large part by a strong second quarter when the bank reported a net positive cash flow of $72.9 million.
Chairman and CEO Joseph J. MarcAurele, in a statement, called the bank’s fourth quarter and year-end results “excellent,” adding the bank’s effort to expand locally and into new markets played a role in its successful year.
“In 2014, we opened a mortgage office in Darien, Conn., a branch in Johnston and announced plans to open a branch in Rumford in early 2015,” MarcAurele said. “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.”
The bank reported $3.58 billion in total assets for 2014, an increase of 12 percent from 2013. Total loans rose 16 percent year-over-year to $2.86 billion.
Nearly 6 percent of all commercial real estate loans were issued in New York, New Jersey or Pennsylvania. The rest – 93 percent – were issued in Rhode Island, Connecticut and Massachusetts and about 1 percent – $8.5 million – were issued in New Hampshire.

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