WASH Announces Q1 2013 Results

Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent company of The Washington Trust Company, today announced first quarter 2013 net income of $7.4 million, or 45 cents per diluted share.  These results compare to fourth quarter 2012 net income of $9.0 million, or 55 cents per diluted share, and first quarter 2012 net income of $8.4 million, or51 cents per diluted share.

Included in first quarter 2013 results was the recognition of a $2.8 million impairment charge to earnings on a trust preferred collateralized debt obligation investment security.  The net after-tax impact of this was $1.9 million, or 11 cents per diluted share.  (See attached press release for further information on this matter.)

“Washington Trust achieved solid commercial loan growth and strong mortgage production in the first quarter of 2013,” stated Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer. “We are continuing to focus on strategies that create business line growth, generate revenues, and enhance company value.”

Selected Q1 2013 Financial Highlights:

• Residential mortgage origination volume and mortgage banking revenues remain strong.  Net gains on loan sales and commissions on loans originated for others totaled $4.2 million for the quarter, down by 7% from the record high level in fourth quarter 2012, but up by 35% over the first quarter in 2012.
• Loans totaled $2.33 billion at March 31, 2013, up by $31.0 million from December 31, 2012, primarily due to growth in the commercial real estate loan portfolio of $25.5 million.
• Total deposits amounted to $2.32 billion at March 31, 2013,up by $7.0 million from December 31, 2012, with growth in lower-cost deposits.

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