Washington Trust Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $38,900,000 against $35,055,000 a year ago. Net interest income was $30,889,000 against $28,588,000 a year ago. Income before income taxes was $21,145,000 against $18,035,000 a year ago. Net income was $7,982,000 against $12,162,000 a year ago. Net income available to common shareholders basic and diluted was $7,958,000 against $12,137,000 a year ago. Diluted earnings per share were $0.46 against $0.70 per share a year ago. Return on average assets was 0.71% against 1.14% a year ago. Return on average equity was 7.65% against 12.26% a year ago.

For the year, the company reported total interest and dividend income of $149,586,000 against $133,470,000 a year ago. Net interest income was $119,531,000 against $110,478,000 a year ago. Income before income taxes was $77,640,000 against $68,854,000 a year ago. Net income was $45,925,000 against $46,481,000 a year ago. Net income available to common shareholders basic and diluted was $45,817,000 against $46,384,000 a year ago. Diluted earnings per share were $2.64 against $2.70 per share a year ago. Return on average assets was 1.04% against 1.16% a year ago. Return on average equity was 11.26% against 11.96% a year ago. Book value per share – GAAP was $23.99 against $22.76 per share a year ago. Tangible book value per share – non-GAAP was $19.75 against $18.44 per share a year ago.

For the year 2018, the company expects its 2018 effective tax rate to be approximately 21.5%.