Washington Trust Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Quarter and Year Ended December 31, 2018; Reports Net Charge-Offs for the Quarter Ended December 31, 2018
January 29, 2019 at 02:35 am IST
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Washington Trust Bancorp, Inc. reported unaudited consolidated earnings results for the quarter and year ended December 31, 2018. For the quarter, total interest and dividend income was $47,517,000 compared to $38,900,000 a year ago. Net interest income was $33,878,000 compared to $30,889,000 a year ago. Net income was $17,036,000 compared to $7,982,000 a year ago. Basic and diluted earnings per share was $0.98 compared to $0.46 a year ago.
For the year, total interest and dividend income was $176,407,000 compared to $149,586,000 a year ago. Net interest income was $132,290,000 compared to $119,531,000 a year ago. Net income was $68,432,000 compared to $45,925,000 a year ago. Basic earnings per share was $3.95 compared to $2.66 a year ago. Diluted earnings per share was $3.93 compared to $2.64 a year ago.
The company reported net charge-offs for the quarter ended December 31, 2018. For the quarter, net charge-offs totaled $237,000.
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 Quarter and Year Ended December 31, 2018; Reports Net Charge-Offs for the Quarter Ended December 31, 2018