Washington Trust Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Effective Tax Rate Guidance for the Year 2012; Plans to Open a New Mortgage Production Office in Warwick, Rhode Island
January 25, 2012 at 04:07 pm EST
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Washington Trust Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income of $7,777,000 or $0.47 per diluted share compared to net income of $7,211,000 or 0.44 per diluted share. Net interest income was $22,015,000 against $20,253,000 a year ago. Income before income taxes was $11,067,000 compared to $10,365,000 a year ago. Total interest income was $30,507,000 compared to $30,384,000 a year ago. Return on average equity was 10.89% against 10.70% a year ago. Return on average assets was 1.045 against 0.99% a year ago. Return on average tangible equity was 14.10% against 14.17% a year ago. Return on average tangible assets was 1.07% against 1.01% a year ago. Book value per share was $17.27 and tangible book value per share- non GAAP was $13.28 compared to $16.63 and $12.55, respectively for the same period last year.
For the full year, the company reported net income of $29,724,000 or $1.82 per diluted share against net income of $24,051,000 or $1.49 per diluted share a year ago. Net interest income was $84,955,000 and income before income taxes was $42,646,000 compared to net interest income of $77,191,000 and income before income taxes of $34,353,000 for the same period a year ago. Total interest income was $121,346,000 compared to $123,254,000 a year ago. Return on average equity and average assets for the period was 10.61% and 1.02%, respectively, compared to 9.09% and 0.82%, respectively, for the same period in 2010. The returns on average tangible equity and average tangible assets for the period was 13.85% and 1.04%, respectively, compared to 12.13% and 0.84%, respectively, for the same period in 2010.
The company plans to open a new mortgage production office in Warwick, Rhode Island in the first quarter of 2012.
The company currently expects the 2012 effective tax rate to be approximately 31.1%.
Washington Trust Bancorp, Inc. is a holding company of The Washington Trust Company (the Bank). The Bank is a state-chartered bank and financial services company. The Company operates through two segments: Commercial Banking and Wealth Management Services. The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities; deposit generation; cash management activities; banking activities, including customer support and the operation of automated teller machines (ATMs), telephone banking, internet banking and mobile banking services; as well as investment portfolio and wholesale funding activities. The Wealth Management Services segment includes investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative and custodian; settlement of decedentsâ estates; and institutional trust services, including custody and fiduciary services.
Washington Trust Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Effective Tax Rate Guidance for the Year 2012; Plans to Open a New Mortgage Production Office in Warwick, Rhode Island