Washington Trust Announces Record Third Quarter 2012 Earnings

WESTERLY, RI – (October 22, 2012) Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent company of The Washington Trust Company, today announced third quarter 2012 net income of $8.9 million, or 54 cents per diluted share.  On a diluted earnings per share basis, third quarter 2012 results were up by 1 cent, or 2%, from second quarter 2012 and by 8 cents, or 17%, from third quarter 2011.  The returns on average equity and average assets for the third quarter of 2012 were 12.02% and 1.17%, respectively, compared to 11.89% and 1.16%, respectively, for the second quarter of 2012.

“Washington Trust’s strong operating performance led to another quarter of record earnings,” stated Joseph J. MarcAurele, Washington Trust Chairman, President and CEO.  “While all of our business lines performed well, total deposits and total loans reached the highest levels in our 212 year history.  These results reflect our success at expanding our branch and mortgage banking footprint, generating new commercial banking and wealth management business, and continuing to build our reputation as one of the premier financial institutions in New England.”

Selected Q3 Financial Highlights:

  • Loans totaled $2.3 billion at September 30, 2012, led by growth in the commercial loan portfolio.
  • Total deposits amounted to $2.2 billion at September 30, 2012, with growth in lower cost deposits.
  • Mortgage banking revenues (net gains on loan sales and commissions on loans originated for others) totaled $3.5 million for the quarter, due to continued strong mortgage origination volume.
  • Wealth management assets under administration totaled $4.2 billion at September 30, 2012.
  • Capital levels continued to exceed the regulatory minimum levels to be considered well capitalized.

Washington Trust will host a conference call tomorrow, Tuesday, October 23, 2012 at 8:30 a.m. Eastern Time to discuss third quarter results and business outlook.  This call is being webcast and can be accessed through the Investor Relations section of the Washington Trust web site, www.washtrust.com.  Individuals may dial in to the call at 1-877-317-6789; the international dial-in number is 1-412-317-6789, and Canada dial-in number is 1-866-605-3852.  A replay of the call will be posted in this same location on the web site shortly after the conclusion of the call and will be available until 9:00 a.m. on November 7, 2012.

For more information about Washington Trust Bancorp, Inc.’s Q3 performance, please view the attached press release or visit www.washtrust.com

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