Washington Trust Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year Ending March 31, 2018
January 30, 2018 at 09:17 pm
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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%.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year Ending March 31, 2018