WashTrust set earnings record for the year, as loans, deposits grow
WASHINGTON TRUST BANCORP set a record for yearly net income in 2013 of $36.2 million, according to its earnings release Tuesday afternoon, one reason it increased its dividend three times during the year.
WESTERLY – Washington Trust Bancorp Inc., parent of The Washington Trust Co., posted record earnings of $36.2 million for 2013, an increase of 3.1 percent compared with $35.1 million of net income for 2012, according to the earnings report released by the company Tuesday after market close.
Diluted earnings per share were $2.16, an increase of 1 percent over $2.13 earnings per diluted share in 2012.
“Washington Trust’s strong fourth-quarter performance led to record full-year 2013 earnings,” said Chairman and CEO Joseph J. MarcAurele.
The bank’s fourth-quarter net income of $9.8 million represented an 8.5 percent increase over $9 million in 2012 fourth-quarter earnings. Earnings per share for the last three months of 2013 totaled 58 cents per diluted share, compared with fourth-quarter 2012 earnings of 55 cents per diluted share.
At the end of the year loans made by the bank totaled $2.5 billion, an increase of 7.4 percent over the 2012 amount, as the commercial loan portfolio grew 8.9 percent to $1.4 billion and the residential real estate loans increased 7.7 percent to $772.7 million. Deposits at the bank grew 8.3 percent over the course of the year, ending 2013 at $2.5 billion.
“We continue to build relationships with individuals and businesses throughout the region, which contributed to solid loan and deposit growth,” said MarcAurele.
The company’s record yearly net income came despite a 4.2 percent decline in total interest and non-interest income for 2013 to $178.4 million.
Wealth management revenue increased 7.4 percent to $31.8 million, as assets under administration grew 4 percent to $4.78 billion.
Return on average equity and average assets for the the year were 11.65 percent and 1.17 percent, respectively, for the year, compared with 11.97 percent and 1.16 percent, respectively, for 2012.
In addition, the bank increased its dividend three times during the year, to 27 cents per share.