WashTrust posts 18% profit gain in 1Q, even as revenue drops slightly

WASHINGTON TRUST BANCORP saw its first-quarter profit rise, even as total interest and non-interest income fell slightly. The bank also increased its dividend to shareholders.
WASHINGTON TRUST BANCORP saw its first-quarter profit rise, even as total interest and non-interest income fell slightly. The bank also increased its dividend to shareholders.

WESTERLY – Washington Trust Bancorp Inc. on Tuesday announced a net income increase of nearly 20 percent in the first quarter from the same period last year.

Washington Trust Bancorp, parent of The Washington Trust Co., reported net income of $11 million, or 65 cents per diluted share, compared with net income of $9.3 million and earnings per diluted share of 55 cents in the 2014 first quarter.

The profit represent an 18.4 percent increase from the same period a year earlier, but a 1.6 percent decrease from the fourth quarter of last year, according to the bank.

Washington Trust ended 2014 with four consecutive quarters of record-breaking net income and earnings per share, according to the bank. In March, the bank declared a quarterly dividend of 34 cents per share, representing a 2 cents per share increase from the previous quarter and a 5 cents per share increase from the year-earlier period.

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Joseph J. MarcAurele, chairman and CEO, in a statement called the earnings “solid first-quarter results.”

“These results reflect growth across all business lines. Our performance is a reflection of a commitment to our core values and strategic vision, which have guided our institution for more than 215 years,” MarcAurele said.

Total interest and non-interest income fell 7 percent to $45.3 million from the same period a year earlier, the result in part from a drop off in merchant processing fees – $1.3 million – and gains on sale of a business line worth $6.3 million. Last March Washington Trust sold its merchant credit card services to the payment processing company Vantiv.

Total assets grew 12.8 percent to $3.6 billion from the same period last year, as deposits grew 7.4 percent to $2.8 billion in the same period. Wealth assets under management increased 7.4 percent as well to $5.2 billion.

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