Press release
Washington Trust Reports Fourth Quarter and Full-Year 2021 Earnings
WESTERLY, R.I., Jan. 26, 2022 /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":"\n WESTERLY, R.I., Jan. 26, 2022 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced fourth quarter 2021 net income of $20.2 million, or $1.15 per diluted share, compared to net income of $18.8 million, or $1.07 per diluted share, for the third quarter of 2021. Net income for the year ended December 31, 2021 totaled $76.9 million, or $4.39 per diluted share, compared to $69.8 million, or $4.00 per diluted share, reported for the prior year.\n\n \n\n \n \n \n \n \n \n\n \n\n \"Washington Trust reported strong fourth quarter and full-year 2021 results,\" stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. \"We achieved record wealth management revenues, originated an all-time high volume of residential mortgages, reached a record level of in-market deposits and maintained healthy commercial loan activity. Solid business line performances and a strong balance sheet have positioned us well as we enter 2022.\"\n \n\n \n Selected financial highlights for the fourth quarter and full-year 2021 include:\n \n\n \n \n \n\n \n \n \n Returns on average equity and average assets for the fourth quarter were 14.34% and 1.36%, respectively, compared to 13.37% and 1.26%, respectively, for the preceding quarter. Full-year returns on average equity and average assets for 2021 were 14.03% and 1.32%, respectively, compared to 13.51% and 1.22%, respectively, for the prior year.\n \n \n \n A negative provision for credit losses (or a benefit) of $2.8 million was recognized in earnings in the fourth quarter of 2021, compared to no provision for credit losses in the preceding quarter. For the full-year 2021, a negative provision for credit losses (or a benefit) of $4.8 million was recognized in earnings, compared to a positive provision for credit losses (or a charge) of $12.3 million in 2020.\n \n \n \n Wealth management assets under administration (\"AUA\") amounted to an all-time high $7.8 billion at December 31, 2021. Fourth quarter and full-year wealth management revenues reached record highs of $10.5 million and $41.3 million, respectively.\n \n \n \n Residential real estate loan originations totaled $363 million in the fourth quarter, bringing the full-year residential loan origination total to an all-time high of $1.69 billion.\n \n \n \n Tota...