Washington Trust Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Announces Net Loan Charge-Offs for the First Quarter of 2016; Provides Tax Rate Guidance for the Full Year 2016
April 27, 2016 at 09:12 am
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Washington Trust Bancorp Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company's total interest and dividend income was $32,969,000 compared to $31,237,000 a year ago. Net interest income was $27,735,000 compared to $25,702,000 a year ago. Net interest income after provision for loan losses was $27,235,000 compared to $25,702,000 a year ago. Income before income taxes was $16,419,000 compared to $16,191,000 a year ago. Net income was $10,935,000 compared to $11,010,000 a year ago. Net income available to common shareholders - diluted was $10,910,000 compared to $10,971,000 a year ago. Diluted earnings per common share was $0.64 compared to $0.65 a year ago. Book value per share was $22.40 compared to $21.10 a year ago. Tangible book value per share - Non-GAAP was $17.98 compared to $17.35 a year ago. Return on average assets was 1.16% compared to 1.23% a year ago. Return on average tangible assets - Non-GAAP was 1.18% compared to 1.25% a year ago. Return on average equity was 11.50% compared to 12.54% a year ago. Return on average tangible equity - Non-GAAP was 14.34% compared to 15.27% a year ago.
The company also announced net loan charge-offs of $1,432,000 for the first quarter of 2016 compared to $213,000 a year ago.
The company's effective income tax rate was 33.4% for the quarter, and that would also represent the company's current forecast for the full year of 2016.
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 First Quarter Ended March 31, 2016; Announces Net Loan Charge-Offs for the First Quarter of 2016; Provides Tax Rate Guidance for the Full Year 2016