Washington Trust Bancorp Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Reports Net Loan Charge-Offs for the Third Quarter of 2016; Provides Tax Rate Guidance for the Fourth Quarter and Full Year 2016
October 24, 2016 at 04:05 pm EDT
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Washington Trust Bancorp Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total interest and dividend income was $33,256,000 compared with $31,526,000 for the same period last year. Net interest income was $27,379,000 compared with $25,997,000 for the same period last year. Income before income taxes was $18,190,000 compared with $15,172,000 for the same period last year. Net income was $12,327,000 or $0.72 diluted and basic per share compared with $10,208,000 or $0.60 diluted and basic per share for the same period last year. Book value per share was $23.11 compared with $21.82 for the same period last year. Tangible book value per share - Non GAAP was $18.75 compared with $17.36 for the same period last year. Return on average assets was 1.21% compared with 1.11% for the same period last year. Non GAAP return on average tangible assets was 1.24% compared with 1.13% for the same period last year. Return on average equity was 12.57% compared with 11.13% for the same period last year. Non GAAP Return on average tangible equity was 15.53% compared with 13.82% for the same period last year.
For the nine months, the company reported total interest and dividend income was $98,415,000 compared with $94,273,000 for the same period last year. Net interest income was $81,890,000 compared with $77,727,000 for the same period last year. Income before income taxes was $50,819,000 compared with $48,253,000 for the same period last year. Net income was $34,319,000 or $1.99 diluted per share compared with $32,721,000 or $1.92 diluted per share for the same period last year. Return on average assets was 1.17% compared with 1.20% for the same period last year. Non-GAAP return on average tangible assets was 1.20% compared with 1.22% for the same period last year. Return on average equity was 11.86% compared with 12.17% for the same period last year. Non GAAP Return on average tangible equity was 14.72% compared with 14.90% for the same period last year.
Total net loan charge-offs for the 2016 third quarter was $1,977,000 compared to $626,000 a year ago.
Based on the current federal and applicable state income tax statutes, the corporation currently expects the effective tax rate for the fourth quarter of 2016 will be approximately 32.5%.
For the full year, the company expects tax rate would drift up towards 34% on an effective all-in basis as a result of that phenomenon.
Washington Trust Bancorp, Inc. is a holding company of The Washington Trust Company (the Bank). The Bank is a state-chartered bank and financial services company. The Company operates through two segments: Commercial Banking and Wealth Management Services. The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities; deposit generation; cash management activities; banking activities, including customer support and the operation of automated teller machines (ATMs), telephone banking, internet banking and mobile banking services; as well as investment portfolio and wholesale funding activities. The Wealth Management Services segment includes investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative and custodian; settlement of decedentsâ estates; and institutional trust services, including custody and fiduciary services.
Washington Trust Bancorp Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Reports Net Loan Charge-Offs for the Third Quarter of 2016; Provides Tax Rate Guidance for the Fourth Quarter and Full Year 2016