Investor Relations, Company News

Washington Trust Reports Fourth Quarter and Full-Year 2020 Earnings

January 27, 2021

WESTERLY, R.I., January 27, 2021 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced fourth quarter 2020 net income of $18.6 million, or $1.07 per diluted share, compared to net income of $18.3 million, or $1.06 per diluted share, reported for the third quarter of 2020. Net income for the year ended December 31, 2020 totaled $69.8 million, or $4.00 per diluted share, compared to $69.1 million, or $3.96 per diluted share, reported for the prior year.

“Washington Trust reported strong earnings for 2020, a year marked by unprecedented challenges, disruption, and uncertainties,” stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. “Our success was due to the spirit and resilience of our dedicated team of employees, who maintained high service levels and ‘business as usual’ operations during a major pandemic; the strength and stability of our balance sheet, which continued to provide a diverse stream of earnings during the most volatile of operating environments; and the loyalty and perseverance of our customers, who have trusted us to help them through these difficult times.”

Selected financial highlights for the fourth quarter and full-year 2020 include:

• Returns on average equity and average assets for the fourth quarter were 13.96% and 1.28%, respectively, compared to 13.99% and 1.24%, respectively, in the preceding quarter. Full-year returns on average equity and average assets for 2020 were 13.51% and 1.22%, respectively, compared to 14.34% and 1.34%, respectively, in the prior year.

• Mortgage banking revenues amounted to $14.1 million for the fourth quarter and totaled a record $47.4 million for the year. Full-year 2020 mortgage banking revenues were up by $32.6 million, or 220%, from a year ago. The volume of both mortgage originations and sales reached record highs in 2020.

• Wealth management revenues were $9.2 million for the fourth quarter, up by $252 thousand, or 3%, from the preceding quarter. Wealth management assets under administration ("AUA") amounted to a record $6.9 billion at December 31, 2020.

• Total loans amounted to $4.2 billion, up by $303.0 million, or 8%, from a year ago, largely due to origination of Paycheck Protection Program ("PPP") loans in 2020.

• In-market deposits (total deposits less out-of-market wholesale brokered deposits) amounted to $3.8 billion at December 31, 2020, up by $573 million, or 18%, from a year ago.

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