Washington Trust Bancorp, Inc. (WASH) has reported 20.76 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $12.33 million, or $0.72 a share in the quarter, compared with $10.21 million, or $0.60 a share for the same period last year.
Revenue during the quarter grew 7.88 percent to $42.84 million from $39.71 million in the previous year period. Net interest income for the quarter rose 5.32 percent over the prior year period to $27.38 million. Non-interest income for the quarter rose 24.06 percent over the last year period to $17.26 million.
Washington Trust Bancorp, Inc. has made provision of $1.80 million for loan losses during the quarter, up 800 percent from $0.20 million in the same period last year.
Net interest margin contracted 13 basis points to 2.94 percent in the quarter from 3.07 percent in the last year period.
"Our third quarter results reflect the strength and diversity of our business model, as we generated key revenues from our core business lines," stated Joseph J. MarcAurele, Washington Trust chairman and chief executive officer. "We also posted record earnings and surpassed $4 billion in total assets for the first time in our 216-year history."
Liabilities outpace assets growth
Total assets stood at $4,204.03 million as on Sep. 30, 2016, up 14.40 percent compared with $3,674.84 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,808.71 million as on Sep. 30, 2016, up 15.26 percent from $3,304.31 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $3,155.71 million as on Sep. 30, 2016, up 7.97 percent compared with $2,922.76 million on Sep. 30, 2015. Deposits stood at $3,037.37 million as on Sep. 30, 2016, up 7.09 percent compared with $2,836.28 million on Sep. 30, 2015.
Investments stood at $628.69 million as on Sep. 30, 2016, up 65.28 percent or $248.32 million from year-ago. Shareholders equity stood at $395.33 million as on Sep. 30, 2016, up 6.69 percent or $24.80 million from year-ago.
Return on average assets moved up 10 basis points to 1.21 percent in the quarter from 1.11 percent in the last year period. At the same time, return on equity increased 144 basis points to 12.57 percent in the quarter from 11.13 percent in the last year period.
Nonperforming assets moved up 40.43 percent or $7.20 million to $25 million on Sep. 30, 2016 from $17.80 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.59 percent in the quarter, up from 0.48 percent in the last year period.
Equity to assets ratio was 9.40 percent for the quarter, down from 10.08 percent for the previous year quarter. Book value per share was $23.11 for the quarter, up 5.91 percent or $1.29 compared to $21.82 for the same period last year.
