Westerly-based Washington Trust Bancorp Inc., parent company of The Washington Trust Company, today reported first quarter 2004 net income of $5 million, or 37 cents per diluted share, up 4 percent from $4.7 million, or 36 cents per diluted share, for the first quarter of 2003.
“Washington Trust had a very strong first quarter and surpassed $2 billion in assets for the first time in the corporation’s 204-year history,” stated John C. Warren, Washington Trust chairman and CEO. “We had good growth in both commercial and consumer loans. In addition, our trust and asset management revenues were up by 21 percent over the same quarter last year.”
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Net interest income for the first quarter of 2004 amounted to $13.1 million, up 10 percent from $11.9 million for the same quarter a year ago.
Gains on loan sales declined from $1.2 million in the first quarter of 2003 to $349,000 in the first quarter of 2004, primarily due to a drop off in mortgage origination activity.
Total assets amounted to $2.054 billion at March 31, 2004, up by $80.4 million, or 4 percent, from the Dec. 31, 2003 balance of $1.974 billion.
In the first quarter of 2004, total loans increased $43.4 million to $1 billion, with the largest increase in consumer loans. Consumer loans increased $19.7 million, or 12 percent, from the balance at Dec. 31, 2003 primarily due to growth in home equity lines and loans. Commercial loans increased $13 million, or 3 percent, to $421.4 million at March 31, 2004. Residential real estate loans amounted to $400.6 million, up $10.7 million from the balance at Dec. 31, 2003.
Total deposits at March 31, 2004 amounted to $1.245 billion, up $38.6 million, or 3 percent, from the Dec. 31, 2003 balance of $1.206 billion.
