Washington Trust Reports Third Quarter 2020 Earnings
October 19, 2020
WESTERLY, R.I., October 19, 2020 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced third quarter 2020 net income of $18.3 million, or $1.06 per diluted share, compared to net income of $21.0 million, or $1.21 per diluted share, reported for the second quarter of 2020.
“Washington Trust’s third quarter results reflect our success at generating solid earnings during the most challenging of economic times,” stated Edward O. Handy III, Chairman and Chief Executive Officer. “We had good performances across key business lines, led by strong mortgage banking activity, increases in wealth management assets under administration, and in- market deposit growth. As we move forward, we do so cautiously, but with confidence in our team, our business model and our strong financial foundation.”
Selected financial highlights for the third quarter of 2020 include:
- Returns on average equity and average assets for the third quarter were 13.99% and 1.24%, respectively, compared to 16.51% and 1.46%, respectively, in the preceding quarter.
- The provision for credit losses was $1.3 million in the third quarter, compared to $2.2 million in the preceding quarter.
- Wealth management revenues were $9.0 million for the third quarter, up by $349 thousand, or 4%, from the preceding quarter.
- Mortgage banking continued its strong performance in the third quarter with revenues totaling $12.4 million. Third quarter 2020 mortgage banking revenues were up by $7.5 million, or 155%, from the same period a year ago.
- Residential mortgage loan origination activity amounted to an all-time quarterly high of $510 million in the third quarter of 2020, up by $83.6 million, or 20%, from the preceding quarter. Residential mortgage loan originations increased by $215 million, or 73%, from the same period a year ago.
- Total loans amounted to $4.3 billion at September 30, 2020, essentially flat from the end of the preceding quarter. Total loans were up by $504 million, or 13%, from a year ago.
- In-market deposits (total deposits less out-of-market wholesale brokered deposits) amounted to $3.7 billion at September 30, 2020, up by $129 million, or 4%, from the end of the preceding quarter, and up by $546 million, or 17%, from a year ago.
For more investor information, please visit https://ir.washtrust.com.