Washington Trust Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Tax Rate Guidance for the Full Year 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 26, 2016 at 04:05 pm
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Washington Trust Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's total interest and dividend income was $31,477,000 compared to $31,905,000 a year ago. Net interest income was $26,255,000 compared to $26,263,000 a year ago. Income before income taxes was $16,090,000 compared to $16,409,000 a year ago. Net income was $10,744,000 or $0.62 per diluted share compared to $11,191,000 or $0.66 per diluted share a year ago. Book value per share was $22.06 as on December 31, 2015 compared to $20.68 as on December 31, 2014. Return on average assets was 1.16% compared to 1.27% a year ago. Return on average equity was 11.52% compared to 12.68% a year ago.
For the year, total interest and dividend income was $125,750,000 compared to $121,117,000 a year ago. Net interest income was $103,982,000 compared to $99,505,000 a year ago. Income before income taxes was $64,343,000 compared to $59,823,000 a year ago. Net income was $43,465,000 or $2.54 per diluted share compared to $40,824,000 or $2.41 per diluted share a year ago. Return on average assets was 1.19% compared to 1.23% a year ago. Return on average equity was 12% compared to 11.87% a year ago.
Based on the current federal and applicable state income tax statutes, the corporation currently expects the 2016 effective tax rate will be approximately 33.0%.
Net charge-offs amounted to $842,000 in the fourth quarter of 2015, compared to $626,000 in the third quarter of 2015.
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, 2015; Provides Tax Rate Guidance for the Full Year 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015