Washington Trust Bancorp Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company's total interest and dividend income was $32,969,000 compared to $31,237,000 a year ago. Net interest income was $27,735,000 compared to $25,702,000 a year ago. Net interest income after provision for loan losses was $27,235,000 compared to $25,702,000 a year ago. Income before income taxes was $16,419,000 compared to $16,191,000 a year ago. Net income was $10,935,000 compared to $11,010,000 a year ago. Net income available to common shareholders - diluted was $10,910,000 compared to $10,971,000 a year ago. Diluted earnings per common share was $0.64 compared to $0.65 a year ago. Book value per share was $22.40 compared to $21.10 a year ago. Tangible book value per share - Non-GAAP was $17.98 compared to $17.35 a year ago. Return on average assets was 1.16% compared to 1.23% a year ago. Return on average tangible assets - Non-GAAP was 1.18% compared to 1.25% a year ago. Return on average equity was 11.50% compared to 12.54% a year ago. Return on average tangible equity - Non-GAAP was 14.34% compared to 15.27% a year ago.

The company also announced net loan charge-offs of $1,432,000 for the first quarter of 2016 compared to $213,000 a year ago.

The company's effective income tax rate was 33.4% for the quarter, and that would also represent the company's current forecast for the full year of 2016.