WashTrust sees profit, asset, wealth management gain, but revenue declines

THE WASHINGTON TRUST CO. posted second-quarter earnings of $9.8 million, a year-over-year increase of 9.1 percent, even as total revenue for the Westerly-based bank fell 6.2 percent to $42.4 million for the period.
THE WASHINGTON TRUST CO. posted second-quarter earnings of $9.8 million, a year-over-year increase of 9.1 percent, even as total revenue for the Westerly-based bank fell 6.2 percent to $42.4 million for the period.

WESTERLY – Washington Trust Bancorp Inc., parent of The Washington Trust Co., posted earnings of $9.8 million for the second quarter of 2014, an increase of 9.1 percent over net income of $9 million in the second quarter of 2013.

Diluted earnings per share were 58 cents for the period, an increase from 54 cents a year earlier.

“The momentum continued into the second quarter, as Washington Trust once again posted solid earnings, profitability and growth,” said Chairman and CEO Joseph J. MarcAurele in statement with the release of the second-quarter earnings report after the close of markets Monday.

“We had good growth across our business lines ad surpassed $5 billion in wealth management assets under administration for the first time in our 214-year history,” MarcAurele said. ??The bank’s wealth management assets under administration rose by $577 million, a 13 percent increase over the same 2013 period. As a result, wealth management revenue increased 7.8 percent to $8.5 million.

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At the same time, Washington Trust’s interest and non-interest income for the second quarter totaled $42.4 million, a decline of 6.2 percent from the $45.2 million recorded in the second quarter of 2013, thanks in large measure to the first-quarter sale of the bank’s merchant processing services to Vantiv.

The loan-loss provision charged in the second quarter of 2014 was $450,000, a significant decline from the $1.3 million taken a year earlier.
?Return on average equity for the second quarter of the year was 11.52 percent, compared with 11.84 percent for the period ended June 30, 2013. Return on average assets was 1.22 percent for 2014 period, compared with 1.18 percent a year earlier.
?Total assets at Rhode Island’s largest community bank totaled $3.3 billion, a year-over-year gain of 4 percent.

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