Press release
Washington Trust Reports Fourth Quarter and Full-Year 2022 Earnings
WESTERLY, R.I., Jan. 25, 2023 /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. 25, 2023 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced fourth quarter 2022 net income of $16.6 million, or $0.95 per diluted share, compared to net income of $18.7 million, or $1.08 per diluted share, for the third quarter of 2022. Net income for the year ended December 31, 2022 totaled $71.7 million, or $4.11 per diluted share, compared to $76.9 million, or $4.39 per diluted share, reported for the prior year.\n\n \n \n \n \n \n \n\n \n\"Washington Trust's fourth quarter and full-year 2022 results were solid, yet reflect the challenges of operating in an inflationary environment. Total loans reached a record high and asset quality remained strong,\" stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. \"We enter 2023 poised to face continued economic headwinds with our time-tested business model, disciplined credit approach and strong capital position.\"\nSelected financial highlights for the fourth quarter and full-year 2022 include:\nReturns on average equity and average assets for the fourth quarter were 14.96% and 1.01%, respectively, compared to 15.16% and 1.19%, respectively, for the preceding quarter. Full-year returns on average equity and average assets for 2022 were 14.49% and 1.17%, respectively, compared to 14.03% and 1.32%, respectively, for the prior year.In the fourth quarter, a provision for credit losses of $800 thousand was recognized, consistent with the provision recognized in the preceding quarter. For the full-year 2022, a negative provision for credit losses (or a benefit) of $1.3 million was recognized, compared to a negative provision (or a benefit) of $4.8 million in 2021.Total loans amounted to an all-time high of $5.1 billion, up by $261 million, or 5%, from the end of the preceding quarter, reflecting strong loan growth in both the residential real estate loan and commercial loan portfolios. Total loans were up by $837 million, or 20%, from the balance at December 31, 2021.In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion at December 31, 2022, up by $34 million, or 1%, from the end of the preceding quarter and up by $196 million, or 4%, from the balance at December 31, 2021.A quarterly dividend of 56 cents per share was declar...