WESTERLY – Washington Trust Bancorp Inc., parent company of The Washington Trust Co., today posted second-quarter profit of $6.3 million, a 2.15-percent increase over net income reported in the same quarter last year. The company posted total revenue of $26.7 million, a 2.7-percent increase.
Washington Trust, one of Rhode Island’s largest independent banks, also announced that net income for the six months ended June 30, 2007, amounted to $12.3 million, virtually unchanged from the same year-ago period. On a per-share basis, however, the 90 cents of earnings per diluted share for the first six months of 2007 was one cent better than during the same period a year before. Total revenue (net interest income plus net realized gains on securities plus other noninterest income) amounted to $53.5 million, an increase of 3.7 percent compared with January through June 2006.
“We’re pleased to report increased earnings for the second quarter 2007,” John C. Warren, Washington Trust chairman and CEO, said in a news release. “We had solid growth in both our Wealth Management and Commercial Lending areas, and our asset quality remains strong. Our performance is particularly noteworthy taking into consideration a slow growth economy and an unfavorable interest rate environment.”
The company’s earnings of 46 cents per diluted share for the second quarter fell in line with the consensus estimate of analysts who follow Washington Trust.
Net interest income totaled $14.8 million for the second quarter of 2007, down 2.4 percent from the second quarter a year ago. The net interest margin for the second quarter of 2007 was 2.75 percent, down six basis points from the first quarter and unchanged from the second quarter of 2006.
The bank attributed the second-quarter drop in net interest margin compared with the first quarter to an unexpected recovery of $322,000 in interest during the first quarter. Without that recovery, the net interest margin would have been identical in the two quarters.
Washington Trust Bancorp Inc. (Nasdaq Global Market: WASH) is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.washtrust.com.
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