WashTrust sets yearly profit record in 2015

WASHINGTON TRUST BANCORP on Tuesday reported record earnings for 2015 of $43.5 million, thanks in part to the acquisition of Connecticut-based investment advisory firm Halsey Associates.
WASHINGTON TRUST BANCORP reported record quarterly profits Monday, thanks to broad increases in activity, including a strong increase in residential real estate loans.

WESTERLY – Despite a drop in fourth-quarter net income, Washington Trust Bancorp Inc. reported record-breaking 2015 profit totaling $43.5 million, or $2.54 per diluted share, which is a 6.5 percent increase compared with 2014’s results.
The parent company of The Washington Trust Co., based in Westerly saw fourth-quarter net income fall 4 percent to $10.7 million, marking its second consecutive quarter with a year-over-year profit dip, according to fourth-quarter and year-end earnings released Tuesday.
But chairman and CEO Joseph J. MarcAurele focused on the positives, praising the record-breaking year in a statement.
“Washington Trust marked its 215th year of service on a positive note, as solid fourth-quarter results led to all-time record earnings for 2015,” MarcAurele said in the earnings release. “Our 2015 performance once again reflects Washington Trust’s ability to achieve continued growth and profitability in a challenging and competitive environment.”
Interest and noninterest income grew 2.2 percent for both the fourth quarter and the year, totaling $46.6 million and $180.1 million, respectively.

Wealth management assets under administration grew 15.3 percent to $5.8 billion, thanks largely to the Aug. 1 acquisition of Halsey Associates Inc., a Connecticut-based wealth management firm. That purchase in turn drove a 6.1 percent increase in wealth management revenue to $35.4 million for the year.

The bank’s total assets grew 5.2 percent to $3.8 billion compared with 2014, representing strong growth in commercial, residential real estate and consumer loans.
Total loans grew 5.4 percent to $3 billion compared with $2.6 billion at the end of 2014. The bank’s return on average assets fell to 1.19 percent compared with 1.23 percent in 2014. Return on average equity grew to 12 percent compared with 11.87 percent in 2014.
Allowance for loan losses fell 3.4 percent to $27.1 million at the end of the year, as the bank made loan-loss provisions of $1.05 million in 2015, compared with $1.85 million a year earlier. The bank realized strong total deposit growth, increasing 6.5 percent to $2.9 billion compared with the same period in 2014.
Washington Trust continues to grow its bank-branch footprint in Rhode Island, opening its 21st full-service retail branch on the East Side of Providence this month.

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