Press release
Washington Trust Reports Fourth Quarter and Full-Year 2019 Earnings
WESTERLY, R.I., Jan. 27, 2020 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced
About this update from Washington Trust Bancorp, Inc.
[{"type":"text","content":"WESTERLY, R.I., Jan. 27, 2020 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced fourth quarter 2019 net income of $15.5 million, or $0.89 per diluted share, compared to net income of $18.8 million, or $1.08 per diluted share, reported for the third quarter of 2019. Net income for the year ended December 31, 2019 totaled $69.1 million, or $3.96 per diluted share, compared to $68.4 million, or $3.93 per diluted share, reported for the prior year.\n\n \n \n\n \n\"Washington Trust reported record full-year 2019 earnings,\" stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. \"Our results reflect the strength and stability of our core business model, which enabled us to generate growth and revenues from key business lines. As we enter our 220th year of service, Washington Trust remains committed to providing enhanced value to those who have contributed to our success over time: our employees, our customers, our communities and our shareholders.\"\nSelected highlights for the fourth quarter and full-year 2019 include:\nReturns on average equity and average assets for the fourth quarter 2019 were 12.24% and 1.18%, respectively. Full-year returns on average equity and average assets were 14.34% and 1.34%, respectively.Total loans amounted to $3.9 billion at December 31, 2019, up by $115 million, or 3%, from the end of the preceding quarter. Total loans were up by $213 million, or 6%, from December 31, 2018.In-market deposits (total deposits less out-of-market wholesale brokered time deposits) amounted to $3.2 billion at December 31, 2019, up by $59 million, or 2%, from the end of the preceding quarter. Total in-market deposits were up by $167 million, or 5%, from December 31, 2018.In December, Washington Trust declared a quarterly dividend of 51 cents per share. Full-year 2019 dividends declared amounted to $2.00 per share, an increase of 24 cents per share, or 14%, over last year.Net Interest Income\nNet interest income was $32.0 million for the fourth quarter of 2019, down by $984 thousand, or 3%, from the third quarter of 2019. The net interest margin was 2.61% for the fourth quarter, down by 11 basis points from 2.72% for the preceding quarter. The declines in net interest income and the net interest margin reflect the impact ...