WESTERLY – Washington Trust Bancorp Inc., parent of The Washington Trust Co., Wednesday announced fourth quarter 2006 net income of $6.2 million, or 45 cents per diluted share, the same as in the fourth quarter of 2005.
For the year ended Dec. 31, net income was $25.0 million, up $2.0 million, or 8.7 percent, from 2005. On a per diluted share basis, net income was $1.82 for the year, up 13 cents, or 7.7 percent, from the $1.69 reported for 2005.
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Operating results for 2006 reflect the full-year impact of the corporation’s acquisition of Weston Financial Group Inc. in the third quarter of 2005.
In other highlights, the company reported:
• Its 2006 return on average equity was 14.99 percent and its return on average assets was 1.04 percent, up from 14.80 percent and 0.98 percent, respectively, in 2005.
• Noninterest income, as a percent of total revenues, was up from 33.8 percent in 2005 to 40.7 percent in 2006.
• Asset quality remained strong, with nonperforming assets amounting 0.11 percent of total assets on Dec. 31, 2006.
“Washington Trust posted solid earnings in 2006, in light of a challenging interest rate environment and extremely competitive market,” said John C. Warren, Washington Trust’s chairman and chief executive officer. “We continue to gain market share, attract new clients, and build existing relationships by focusing on service excellence and offering superior retail, business and wealth management products.”
In a conference call Wednesday at 4:30 p.m., Warren and David V. Devault, executive vice president, secretary, treasurer and chief financial officer, were to discuss the corporation’s fourth-quarter and year-end results. A webcast by VCall can be accessed through the Investor Relations page at www.washtrust.com. The file will later be available for replay at the same site – or by dialing (877) 660-6853, then entering account 286 and conference ID 226875 – until 11:59 p.m. on Jan. 31.
Washington Trust Bancorp Inc. (Nasdaq Global Market: WASH) is the parent of The Washington Trust Co., a state-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information, including the full earnings report, is available at www.washtrust.com.
