Westerly-based Washington Trust Bancorp Inc., parent company of The Washington Trust Company, reported fourth quarter 2003 net income of $4.9 million, or 36 cents per diluted share, up 9 percent from net income of $4.5 million, or 34 cents per diluted share, for the fourth quarter of 2002.
For the year ended Dec. 31, 2003, net income amounted to $18.9 million, up 13 percent from the $16.8 million in 2002. The company earned $1.41 per diluted share for 2003, up 8 percent from the $1.30 in 2002.
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“Washington Trust performed admirably in 2003, in light of an unstable economy and historically low interest rates,” stated John C. Warren, chairman and chief executive officer, in a release. “We achieved a record level of loans in 2003, led by strong mortgage refinancing and heavy home equity loan volume. We had a solid increase in deposits and experienced good growth in our commercial loan and trust and investment areas. We’re excited about the challenges ahead of us in 2004.”
Net interest income for the quarter ended Dec. 31, 2003 amounted to $12.9 million, up 13 percent from $11.3 million for the same quarter a year ago. Net interest income for 2003 increased 10 percent from 2002 and amounted to $48.8 million. The increase in net interest income was due to earning asset growth including assets acquired through the April 2002 acquisition of First Financial Corp.
Total assets amounted to $1.974 billion at Dec. 31, 2003, up by $228 million, or 13 percent, from the December 31, 2002 balance of $1.746 billion.
