Washington Trust Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. The company announced net income of $9.8 million, or 58 cents per diluted share, for the fourth quarter of 2013. These results compared to third quarter of 2013 net income of $10.0 million, or 59 cents per diluted share, and fourth quarter of 2012 net income of $9.0 million, or 55 cents per diluted share. Net interest income totaled $23.5 million for the fourth quarter of 2013, up modestly from $23.6 million for the fourth quarter of 2012. Income before income taxes was $52,680,000 against $50,872,000 a year ago. Book value per share was $19.84 against $18.05 a year ago. Tangible book value per share - Non-GAAP was $16.01 against $14.13 a year ago. Return on average assets was 1.24% against 1.19% a year ago. Return on average tangible assets - Non-GAAP was 1.26% against 1.21% a year ago. Return on average equity was 11.98% against 12.01% a year ago. Return on average tangible equity - Non-GAAP was 14.80% against 15.29% a year ago.

For the year ended December 31, 2013, net income totaled $36.2 million, or $2.16 per diluted share, up from the $35.1 million, or $2.13 per diluted share, reported for 2012. The returns on average equity and average assets for 2013 were 11.65% and 1.17%, respectively, compared to 11.97% and 1.16%, respectively, for 2012. Net interest income was $91,785,000 and income before income taxes was $52,680,000 against net interest income of $90,696,000 and income before income taxes of $50,872,000 a year ago. Return on average tangible assets - Non-GAAP 1.20% against 1.18% a year ago. Return on average tangible equity - Non-GAAP was 14.68% against 15.35% a year ago.

Net charge-offs amounted to $522,000 in the fourth quarter of 2013, compared to $576,000 in the third quarter of 2013.

Based on current federal and applicable state income tax statutes, the Corporation currently expects the 2014 effective tax rate to be approximately 31.7%.