Washington Trust Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Effective Tax Rate Guidance for 2017
January 25, 2017 at 04:20 pm EST
Share
Washington Trust Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, total interest and dividend income was $35,055,000 against $31,477,000 a year ago. Net interest income was $28,588,000 against $26,255,000 a year ago. Income before income taxes was $18,035,000 against $16,090,000 a year ago. Net income available to common shareholders was $12,137,000 against $10,718,000 a year ago. Earnings per diluted common share were $0.70 against $0.62 a year ago. Book value per share as at December 31, 2016 was $22.76 against $22.06 a year ago. Return on average assets was 1.14% against 1.16% a year ago. Return on average equity was 12.26% against 11.52% a year ago.
For the year, total interest and dividend income was $133,470,000 against $125,750,000 a year ago. Net interest income was $110,478,000 against $103,982,000 a year ago. Income before income taxes was $68,854,000 against $64,343,000 a year ago. Net income available to common shareholders was $46,384,000 against $43,339,000 a year ago. Earnings per diluted common share were $2.70 against $2.54 a year ago. Return on average assets was 1.16% against 1.19% a year ago. Return on average equity was 11.96% against 12.00% a year ago.
Net loan charge-offs for the fourth quarter were $2,545,000 against $842,000 a year ago.
Based on the current federal and applicable state income tax statutes, the Corporation currently expects the 2017 effective tax rate will be approximately 34.0%.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Effective Tax Rate Guidance for 2017