Washington Trust Bancorp Inc. Plans to Open Two Branches in 2015; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 28, 2015 at 09:05 pm
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Washington Trust Bancorp Inc. announced that it has plans to open two branches in 2015. One in Rumford, Rhode Island, in March 2015 and another on the east side of Providence in the third quarter of 2015.
The company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's total interest and dividend income was $31,905,000 compared to $29,366,000 a year ago. Net interest income was $26,263,000 compared to $23,521,000 a year ago. Income before income taxes was $16,409,000 compared to $14,193,000 a year ago. Net income was $11,191,000 or $0.32 per diluted share compared to $9,789,000 or $0.27 per diluted share a year ago. Book value per share was $20.68 as on December 31, 2014 compared to $19.84 as on December 31, 2013. Return on average assets was 1.27% compared to 1.24% a year ago. Return on average equity was 12.68% compared to 11.98% a year ago.
For the year, total interest and dividend income was $121,117,000 compared to $116,348,000 a year ago. Net interest income was $99,505,000 compared to $91,785,000 a year ago. Income before income taxes was $59,823,000 compared to $52,680,000 a year ago. Net income was $40,824,000 or $1.22 per diluted share compared to $36,153,000 or $1.03 per diluted share a year ago. Return on average assets was 1.23% compared to 1.17% a year ago. Return on average equity was 11.87% compared to 11.65% a year ago.
For the fourth quarter of 2014, the company's net charge-offs amounted to $245,000 compared to $101,000 in the third quarter of 2014.
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. Plans to Open Two Branches in 2015; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014