WashTrust sets quarterly profit record, posts 12% gain in 3Q
WASHINGTON TRUST BANCORP set a quarterly earnings record in the three months ended Sept. 30, posting net income of $10 million, following up on the bank's second dividend increase of the year, which was paid earlier this month.
WESTERLY – Washington Trust Bancorp Inc., parent company of The Washington Trust Co., announced net income of $10 million, or 59 cents per diluted share, for the third quarter of 2013, according to the bank’s third quarter earnings report released Monday. The earnings total was a record for quarterly results, according to bank Chairman, President and CEO Joseph J. MarcAurele.
The third-quarter results represented an 11.9 percent increase over the $8.9 million, or 54 cents per diluted share, profit posted in the third quarter of 2012.
Washington Trust’s third-quarter net income of $10 million is an 11 percent increase over the second quarter 2012 net income of $9 million.
The profit record came on total interest and non-interest income of $46.8 million, a 0.8 percent decline from the 2012 third quarter.
Return on average equity was 12.82 percent for the period, compared with 12.02 percent a year earlier. Return on average assets was 1.29 percent in third quarter, compared with 1.17 percent in the third quarter last year. Net interest margin increase slightly to 3.29 percent, compared with 3.28 percent in the 2012.
Total assets in the three-month period increased to $3.13 billion from $3.05 billion a year earlier, driven by increases in commercial, residential real estate and consumer loans, which increased nearly $100 million to $2.35 billion. The increase in loans was more than matched by a more than $200 million increase in total deposits on the year to $2.5 billion.
In addition to announcing the appointment of Edward “Ned” Handy III as president and chief operating officer during the third quarter, the bank declared and paid a dividend of 26 cents per share, a 1 cent increase over the dividend paid in the previous quarter and the second dividend increase in the last year.