Washington Trust Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Reports Net Charge-Offs for the Third Quarter Ended September 30, 2017; Provides Tax Rate Guidance for the Fourth Quarter of 2017
October 23, 2017 at 04:05 pm
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Washington Trust Bancorp Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total interest and dividend income was $37,869,000 against $33,256,000 a year ago. Net interest income was $30,059,000 against $27,379,000 a year ago. Income before income taxes was $19,288,000 against $18,190,000 a year ago. Net income was $12,962,000 against $12,327,000 a year ago. Net income available to common shareholders was $12,934,000 or $0.75 per basic and diluted share against $12,302,000 or $0.72 per basic and diluted share a year ago. Return on average assets was 1.18% against 1.21% a year ago. Non GAAP return on average tangible assets was 1.20% against 1.24% a year ago. Return on average equity was 12.56% against 12.57% a year ago. Non GAAP return on average tangible equity was 15.27% against 15.53% a year ago.
For the nine months, the company reported total interest and dividend income was $110,686,000 against $98,415,000 a year ago. Net interest income was $88,642,000 against $81,890,000 a year ago. Income before income taxes was $56,495,000 against $50,819,000 a year ago. Net income was $37,943,000 against $34,319,000 a year ago. Net income available to common shareholders was $37,859,000 or $2.19 per diluted share against $34,247,000 or $1.99 per diluted share a year ago. Book value per share was $24.06 as of September 30, 2017 against $23.11 as of September 30, 2016. Tangible book value per share - Non GAAP was $19.81 as of September 30, 2017 against $18.75 as of September 30, 2016. Return on average assets was 1.16% against 1.17% a year ago. Non GAAP return on average tangible assets was 1.18% against 1.20% a year ago. Return on average equity was 12.50% against 11.86% a year ago. Non GAAP return on average tangible equity was 15.28% against 14.72% a year ago.
For the third quarter ended September 30, 2017, the company reported net charge-off amounted to $654,000 compared to $484,000 in the preceding quarter.
The company's current forecast for the effective income tax rate in the fourth quarter 2017 is about 33.5%.
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 Third Quarter and Nine Months Ended September 30, 2017; Reports Net Charge-Offs for the Third Quarter Ended September 30, 2017; Provides Tax Rate Guidance for the Fourth Quarter of 2017