Exhibit 99.1
Washington Trust Posts Record 2004 Earnings; Fourth Quarter Net Income Up 13%
WESTERLY, R.I.--(BUSINESS WIRE)--Jan. 24, 2005--Washington Trust
Bancorp, Inc. (Nasdaq National Market; symbol: WASH), parent company
of The Washington Trust Company, today announced fourth quarter 2004
net income of $5.5 million, an increase of 13 percent from the $4.9
million reported for the fourth quarter of 2003. On a diluted earnings
per share basis, the Corporation earned 40 cents for the fourth
quarter of 2004, up 11 percent from the 36 cents earned the same
quarter a year ago. The returns on average equity and average assets
for the three months ended December 31, 2004 were 14.54% and 0.96%,
respectively, compared to 14.19% and 1.01%, respectively, for the same
period in 2003.
Net income for the year ended December 31, 2004 amounted to $20.8
million, up 10 percent from the $18.9 million reported for 2003. On a
diluted earnings per share basis, the Corporation earned $1.54 for
2004, an increase of 9 percent from the $1.41 earned for 2003. The
returns on average equity and average assets for 2004 were 14.40% and
0.97%, respectively, compared to 14.15% and 1.03%, respectively, for
2003.
"Washington Trust had an exceptional year in 2004," said John C.
Warren, Washington Trust Chairman and Chief Executive Officer. "Our
success is reflected in the double-digit growth we experienced in our
major lines of business. Total loans increased 30 percent over 2003
and reached $1 billion for the first time in the corporation's
history. Commercial loans increased 24 percent, while consumer loans,
led by strong home equity loan and line growth, were up 40 percent. We
also had solid deposit growth, with total deposits up 21 percent in
2004. In addition, trust and investment management revenues, the
largest component of noninterest income, increased 21 percent in 2004.
We are pleased to have this momentum going into 2005."
Fourth quarter 2004 net interest income amounted to $14.4 million,
up 12 percent from the $12.9 million reported for the fourth quarter
of 2003. The net interest margin for the three months ended December
31, 2004 was 2.69%, unchanged from the third quarter of 2004 and down
18 basis points from 2.87% in the fourth quarter of 2003. The decrease
in the net interest margin from the fourth quarter of 2003 is largely
attributable to increased funding costs for deposits and borrowed
funds, partially offset by higher yields on investment securities and
loans.
Net interest income totaled $54.4 million for 2004, an increase of
12 percent from 2003. The net interest margin for 2004 was 2.74%, down
15 basis points from the 2.89% reported for 2003. This decrease in the
net interest margin was primarily due to a decline in yields on loans
and securities offset somewhat by lower funding costs for borrowed
funds.
For the fourth quarter of 2004, noninterest income (excluding net
realized gains on securities) amounted to $6.6 million, up 12 percent
from the $5.9 million reported for the same quarter a year ago. This
increase in noninterest income was primarily due to increases in trust
and investment management revenues and merchant processing fees, which
were offset in part by a decrease in service charges on deposit
accounts. In the fourth quarter of 2004, the Corporation sold
approximately $11 million in adjustable rate residential mortgages,
which resulted in a gain on sale of loans of $171 thousand.
Noninterest income (excluding net realized gains on securities) for
2004 totaled $26.7 million, up $552 thousand from the $26.1 million
reported for 2003. Trust and investment management revenues, the
largest component of noninterest income, increased $2.3 million, or 21
percent, in 2004. Trust assets under administration amounted to $1.871
billion at December 31, 2004, compared to $1.742 billion at December
31, 2003. The year to date growth in noninterest income was affected
by a $2.8 million, or 59 percent, decrease in net gains on loan sales.
As previously reported, loan sale gains have declined in 2004 due to a
drop off in fixed rate mortgage origination and sales activity.
During the fourth quarter of 2004, the Corporation recognized net
realized gains on securities of $387 thousand, resulting from the
Corporation's annual contribution of appreciated equity securities to
the Corporation's charitable foundation. The cost of this contribution
amounted to $454 thousand and was included in other noninterest
expenses in the fourth quarter of 2004. For the year ended December
31, 2004, the Corporation recognized $248 thousand in net realized
gains on securities. For the year 2003, net realized gains on
securities totaled $630 thousand, including approximately $400
thousand in gains resulting from the Corporation's third quarter 2003
contribution of appreciated equity securities.
Noninterest expenses amounted to $13.1 million for the fourth
quarter of 2004, up 13 percent from the same period a year ago. This
increase was principally due to higher personnel costs, increases in
professional fees and merchant processing costs, as well as the costs
associated with the fourth quarter charitable contribution mentioned
above. Included in noninterest expenses in the fourth quarter of 2004
were audit and professional fees of $367 thousand incurred to comply
with the internal control documentation and testing standards of
Section 404 of the Sarbanes-Oxley Act. On a full year basis and
exclusive of the pre-tax debt prepayment penalty charge of $941
thousand in 2003, noninterest expenses for 2004 increased 8 percent to
$50.4 million, with the largest increases in personnel related costs
and merchant processing costs. Included in noninterest expenses for
the year ended December 31, 2004, were audit and professional fees of
$602 thousand incurred to comply with Section 404 of the
Sarbanes-Oxley Act. The Corporation expects that some portion of these
costs will be incurred annually in future years. Also included in 2004
noninterest expenses were costs of $307 thousand associated with the
conversion of certain technology systems.
The Corporation's loan loss provision for the fourth quarter of
2004 was $250 thousand, higher than the $120 thousand per quarter
level recognized in each of the first three quarters of 2004. The
increase represents an adjustment to the Corporation's quarterly
provision rate, primarily in response to the growth in the loan
portfolio and not due to any downturn in credit quality. The provision
charged to expense for 2004 was $610 thousand compared to $460
thousand for 2003.
The Corporation experienced strong balance sheet growth in 2004.
Total assets amounted to $2.308 billion at December 31, 2004, up 17
percent from the balance at December 31, 2003. Total loans increased
30 percent in 2004 and amounted to $1.250 billion at December 31,
2004. Residential real estate loans grew to $513.7 million at December
31, 2004, an increase of $123.8 million, or 32 percent, in 2004,
including an increase of $71.7 million in residential mortgages
purchased from other financial institutions. Commercial loans
increased $99.2 million, or 24 percent, to $507.7 million at December
31, 2004. Consumer loans amounted to $228.3 million at December 31,
2004, up $65.6 million, or 40 percent in 2004, primarily due to growth
in home equity lines and loans. Total securities were $890.1 million
and $839.4 million at December 31, 2004 and 2003, respectively. The
increase in total securities was due primarily to purchases of U.S.
government agencies.
Total deposits amounted to $1.458 billion at December 31, 2004 up
21 percent from the balance at December 31, 2003. Savings deposits,
including money market deposits, amounted to $623.4 million at
December 31, 2004, up $129.5 million, or 26 percent, in 2004. Time
deposits increased $126.8 million, or 24 percent, in 2004 and amounted
to $644.9 million at December 31, 2004, primarily due to increases in
consumer certificates of deposit and brokered certificates of deposit.
Included in demand deposits at December 31, 2003 was a temporary
placement of approximately $18.6 million in funds on deposit that were
withdrawn in January 2004. Excluding this temporary placement of funds
at December 31, 2003, demand deposits increased $14.0 million, or 8
percent, in 2004. FHLB advances increased $65.6 million in 2004 and
totaled $672.7 million at December 31, 2004.
Nonaccrual loans as a percentage of total loans at December 31,
2004 were .38%, up from .29% at December 31, 2003. Nonperforming
assets (nonaccrual loans and property acquired through foreclosure)
amounted to $4.7 million, or .21% of total assets, at December 31,
2004, up from $2.8 million, or .14%, at December 31, 2003. The
increase was largely due to a single commercial lending relationship
classified as nonaccrual during 2004 with a carrying value of $1.9
million at December 31, 2004. The Corporation continued to benefit
from favorable loan loss experience for the year ended December 31,
2004 as indicated by recoveries in excess of charge-offs totaling $247
thousand. For the year 2003, charge-offs, net of recoveries, amounted
to $33 thousand.
Total shareholders' equity amounted to $151.9 million at December
31, 2004, compared to $138.1 million at December 31, 2003. Book value
per share as of December 31, 2004 and December 31, 2003 amounted to
$11.44 and $10.46, respectively.
Washington Trust Chairman and Chief Executive Officer, John C.
Warren, and David V. Devault, Executive Vice President, Treasurer, and
Chief Financial Officer, will host a conference call on Monday,
January 24, at 4:30 p.m. (Eastern Time) to discuss the Corporation's
fourth quarter and year-end results. Access to the call is available
in a listen-only mode on Washington Trust's web site,
http://investorrelations.washtrust.com. A replay of the call will be
posted in this same section of the web site shortly after the
conclusion of the call.
Washington Trust Bancorp, Inc. is the parent of The Washington
Trust Company, a Rhode Island state-chartered bank founded in 1800.
The Bank offers a full range of financial services, including trust
and investment management, through its offices in Rhode Island and
southeastern Connecticut. Washington Trust Bancorp, Inc.'s common
stock trades on The Nasdaq Stock Market(R) under the symbol WASH.
Investor information is available on the Corporation's web site:
www.washtrust.com.
Note: This press release contains financial information determined
by methods other than in accordance with accounting principles
generally accepted in the United States of America ("GAAP"). The
Corporation's management uses these non-GAAP measures in its analysis
of the Corporation's performance. These measures adjust GAAP
performance measures to exclude the effect of significant gains or
losses that are unusual in nature such as debt prepayment penalty
charges. Because these items and their impact on the Corporation's
performance are difficult to predict, management believes that
presentations of financial measures excluding the impact of these
items provide useful supplemental information that is essential to a
proper understanding of the operating results of the Corporation's
core businesses. These disclosures should not be viewed as a
substitute for operating results determined in accordance with GAAP,
nor are they necessarily comparable to non-GAAP performance measures
that may be presented by other Corporations. A quantitative
reconciliation of the differences between the non-GAAP financial
information discussed herein and the most directly comparable
financial information calculated and presented in accordance with GAAP
is contained in the Financial Summary statements attached to this
press release.
This report contains certain statements that may be considered
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The Corporation's actual results,
performance or achievements could differ materially from those
projected in the forward-looking statements as a result, among other
factors, of changes in general national or regional economic
conditions, changes in interest rates, reductions in the market value
of trust and investment assets under management, reductions in loan
demand, reductions in deposit levels necessitating increased borrowing
to fund loans and investments, changes in loan default and charge-off
rates, changes in the size and nature of the Corporation's
competition, changes in legislation or regulation and accounting
principles, policies and guidelines and changes in the assumptions
used in making such forward-looking statements.
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
THREE MONTHS ENDED
--------------------------------
(Dollars and shares in thousands, DEC. 31, DEC. 31, SEP. 30,
except per share amounts) 2004 2003 2004
---------- ---------- ----------
OPERATING RESULTS
- -----------------
Net interest income $14,384 $12,861 $13,882
Provision for loan losses 250 100 120
Net realized gains on securities 387 - 101
Other noninterest income 6,587 5,900 6,966
Noninterest expenses 13,094 11,616 13,054
Income tax expense 2,516 2,186 2,442
Net income 5,498 4,859 5,333
PER SHARE
- ---------
Basic earnings $0.41 $0.37 $0.40
Diluted earnings $0.40 $0.36 $0.39
Dividends declared $0.17 $0.16 $0.17
SHARES OUTSTANDING
- ------------------
Weighted Average: Basic 13,259.7 13,172.3 13,235.7
Diluted 13,605.1 13,538.9 13,514.0
AVERAGE BALANCE SHEET
- ---------------------
Federal funds sold and other short-
term investments $11,022 $10,804 $16,206
Taxable debt securities 845,307 789,173 855,908
Nontaxable debt securities 18,937 14,783 16,402
Corporate stocks and Federal Home
Loan Bank stock 52,397 53,743 55,566
Loans: Commercial 498,236 405,710 471,164
Residential 513,133 380,913 468,212
Consumer 222,321 155,382 209,615
---------- ---------- ----------
Total loans 1,233,690 942,005 1,148,991
Earning assets 2,161,353 1,810,508 2,093,073
Total assets 2,291,735 1,933,259 2,221,439
Deposits: Demand 203,162 180,858 210,974
Savings 636,661 490,866 611,911
Time 628,030 501,852 601,822
---------- ---------- ----------
Total deposits 1,467,853 1,173,576 1,424,707
Federal Home Loan Bank advances 653,746 606,806 634,346
Shareholders' equity 151,291 136,964 145,151
KEY RATIOS
- ----------
Return on average assets 0.96% 1.01% 0.96%
Return on average equity 14.54% 14.19% 14.70%
Interest rate spread (taxable
equivalent basis) 2.42% 2.61% 2.40%
Net interest margin (taxable
equivalent basis) 2.69% 2.87% 2.69%
ALLOWANCE FOR LOAN LOSSES
- -------------------------
Balance at beginning of period $16,627 $15,813 $16,208
Provision charged to earnings 250 100 120
Net (charge-offs) recoveries (106) 1 299
---------- ---------- ----------
Balance at end of period $16,771 $15,914 $16,627
---------- ---------- ----------
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
TWELVE MONTHS ENDED
---------------------
(Dollars and shares in thousands, DEC. 31, DEC. 31,
except per share amounts) 2004 2003
---------- ----------
OPERATING RESULTS
- -----------------
Net interest income $54,441 $48,799
Provision for loan losses 610 460
Net realized gains on securities 248 630
Other noninterest income 26,657 26,105
Noninterest expenses 50,373 47,632
Income tax expense 9,534 8,519
Net income 20,829 18,923
PER SHARE
- ---------
Basic earnings $1.57 $1.44
Diluted earnings $1.54 $1.41
Dividends declared $0.68 $0.62
SHARES OUTSTANDING
- ------------------
Weighted Average: Basic 13,227.8 13,114.1
Diluted 13,542.7 13,393.6
AVERAGE BALANCE SHEET
- ---------------------
Federal funds sold and other short-term
investments $12,371 $14,911
Taxable debt securities 835,091 781,425
Nontaxable debt securities 16,430 16,079
Corporate stocks and Federal Home Loan Bank
stock 54,706 51,372
Loans: Commercial 454,251 396,148
Residential 450,898 321,442
Consumer 198,857 143,370
---------- ----------
Total loans 1,104,006 860,960
Earning assets 2,022,604 1,724,747
Total assets 2,148,906 1,845,939
Deposits: Demand 193,905 174,338
Savings 572,652 478,794
Time 575,877 485,126
---------- ----------
Total deposits 1,342,434 1,138,258
Federal Home Loan Bank advances 644,520 556,689
Shareholders' equity 144,657 133,725
KEY RATIOS
- ----------
Return on average assets 0.97% 1.03%
Return on average equity 14.40% 14.15%
Interest rate spread (taxable equivalent basis) 2.48% 2.60%
Net interest margin (taxable equivalent basis) 2.74% 2.89%
ALLOWANCE FOR LOAN LOSSES
- -------------------------
Balance at beginning of period $15,914 $15,487
Provision charged to earnings 610 460
Net (charge-offs) recoveries 247 (33)
---------- ----------
Balance at end of period $16,771 $15,914
---------- ----------
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
TWELVE MONTHS ENDED
-----------------------
(Dollars and shares in thousands, DEC. 31, DEC. 31,
except per share amounts) 2004 2003
----------- -----------
EARNINGS AND RATIOS EXCLUDING SPECIAL ITEMS
- -------------------------------------------
(Non GAAP Financial Information):
Noninterest expenses (1) $50,373 $46,691
Return on average assets (2) 0.97% 1.06%
Return on average equity (2) 14.40% 14.64%
Reconciliation Table - Non GAAP Financial
Information
- -----------------------------------------
Net income, including special items $20,829 $18,923
Add back special items, net of tax:
Debt prepayment penalties - 649
Net income, excluding special items $20,829 $19,572
Basic earnings per share $1.57 $1.44
Effects of special items, net of tax - 0.05
Basic earnings per share, excluding special
items $1.57 $1.49
Diluted earnings per share $1.54 $1.41
Effects of special items, net of tax - 0.05
Diluted earnings per share, excluding special
items $1.54 $1.46
Return on average assets 0.97% 1.03%
Effects of special items, net of tax - 0.03%
Return on average assets, excluding special
items 0.97% 1.06%
Return on average equity 14.40% 14.15%
Effects of special items, net of tax - 0.49%
Return on average equity, excluding special
items 14.40% 14.64%
(1) Excludes second quarter 2003 Federal Home Loan Bank debt
prepayment penalties of $941 thousand (pretax).
(2) Excludes second quarter 2003 Federal Home Loan Bank debt
prepayment penalties of $649 thousand after income taxes.
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
(Dollars and shares in thousands, DEC. 31, SEP. 30, DEC. 31,
except per share amounts) 2004 2004 2003
----------- ----------- -----------
PERIOD END BALANCE SHEET
- ------------------------
Assets $2,307,820 $2,280,115 $1,973,807
Total securities 890,058 899,678 839,421
Loans: Commercial:
Mortgages 266,670 253,327 227,334
Construction and
development 29,263 22,504 12,486
Other 211,778 206,559 168,657
----------- ----------- -----------
Total Commercial 507,711 482,390 408,477
Residential:
Mortgages 494,720 476,705 375,706
Homeowner construction 18,975 21,154 14,149
----------- ----------- -----------
Total Residential 513,695 497,859 389,855
Consumer:
Home equity lines 155,001 146,291 116,458
Other 73,269 70,932 46,191
----------- ----------- -----------
Total Consumer 228,270 217,223 162,649
Total loans 1,249,676 1,197,472 960,981
Deposits: Demand 189,588 215,685 194,144
Savings 623,422 640,277 493,878
Time 644,875 613,036 518,119
----------- ----------- -----------
Total deposits 1,457,885 1,468,998 1,206,141
Brokered deposits included in
time deposits 169,587 169,795 118,234
Federal Home Loan Bank advances 672,748 639,835 607,104
Shareholders' equity 151,852 148,402 138,055
CAPITAL RATIOS
- --------------
Tier 1 risk-based capital 9.15% 9.09% 10.00%
Total risk-based capital 10.72% 10.63% 11.57%
Tier 1 leverage ratio 5.35% 5.34% 5.65%
SHARE INFORMATION
- -----------------
Shares outstanding at end of
period 13,269.4 13,247.7 13,194.6
Book value per share $11.44 $11.20 $10.46
Tangible book value per share $9.64 $9.39 $8.60
Market value per share $29.31 $26.15 $26.20
CREDIT QUALITY
- --------------
Nonaccrual loans $4,731 $5,163 $2,743
Other real estate owned, net 4 - 11
Nonperforming assets to total
assets 0.21% 0.23% 0.14%
Nonaccrual loans to total loans 0.38% 0.43% 0.29%
Allowance for loan losses to
nonaccrual loans 354.49% 322.04% 580.17%
Allowance for loan losses to
total loans 1.34% 1.39% 1.66%
ASSETS UNDER ADMINISTRATION
- ---------------------------
Market value $1,870,510 $1,837,302 $1,741,948
Washington Trust Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
December 31, 2004 2003
- ----------------------------------------------------------------------
Assets:
Cash and due from banks $34,801 $40,710
Federal funds sold and other short-term
investments 17,280 20,400
Mortgage loans held for sale 1,095 2,486
Securities:
Available for sale, at fair value; amortized
cost $724,209 in 2004 and $663,529 in 2003 735,666 673,845
Held to maturity, at cost; fair value $156,270
in 2004 and $169,401 in 2003 154,392 165,576
- ----------------------------------------------------------------------
Total securities 890,058 839,421
Federal Home Loan Bank stock, at cost 34,373 31,464
Loans 1,249,676 960,981
Less allowance for loan losses 16,771 15,914
- ----------------------------------------------------------------------
Net loans 1,232,905 945,067
Premises and equipment, net 24,248 24,941
Accrued interest receivable 9,367 7,911
Goodwill 22,591 22,591
Identifiable intangible assets 1,309 1,953
Other assets 39,793 36,863
- ----------------------------------------------------------------------
Total assets $2,307,820 $1,973,807
- ----------------------------------------------------------------------
Liabilities:
Deposits:
Demand $189,588 $194,144
Savings 623,422 493,878
Time 644,875 518,119
- ----------------------------------------------------------------------
Total deposits 1,457,885 1,206,141
Dividends payable 2,257 2,113
Federal Home Loan Bank advances 672,748 607,104
Other borrowings 3,417 2,311
Accrued expenses and other liabilities 19,661 18,083
- ----------------------------------------------------------------------
Total liabilities 2,155,968 1,835,752
- ----------------------------------------------------------------------
Shareholders' Equity:
Common stock of $.0625 par value; authorized 30
million shares in 2004 and 2003; issued
13,278,685 shares in 2004 and 13,204,024
shares in 2003 830 825
Paid-in capital 31,718 29,868
Retained earnings 113,314 101,492
Unearned stock-based compensation (737) (22)
Accumulated other comprehensive income 6,937 6,101
Treasury stock, at cost; 9,309 shares in 2004
and 9,463 in 2003 (210) (209)
- ----------------------------------------------------------------------
Total shareholders' equity 151,852 138,055
- ----------------------------------------------------------------------
Total liabilities and shareholders' equity $2,307,820 $1,973,807
- ----------------------------------------------------------------------
Washington Trust Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands, except per share amounts)
(Unaudited)
Three Months Twelve Months
Periods ended December 31, 2004 2003 2004 2003
- ----------------------------------------------------------------------
Interest income:
Interest and fees on loans $17,138 $13,536 $60,828 $51,603
Interest on securities 8,683 7,950 33,787 32,430
Dividends on corporate stock and
Federal Home Loan Bank stock 563 535 2,105 2,081
Interest on federal funds sold
and other short-term investments 46 20 133 131
- ----------------------------------------------------------------------
Total interest income 26,430 22,041 96,853 86,245
- ----------------------------------------------------------------------
Interest expense:
Savings deposits 1,324 667 4,127 3,221
Time deposits 5,166 3,860 18,070 15,333
Federal Home Loan Bank advances 5,538 4,635 20,153 18,819
Other 18 18 62 73
- ----------------------------------------------------------------------
Total interest expense 12,046 9,180 42,412 37,446
- ----------------------------------------------------------------------
Net interest income 14,384 12,861 54,441 48,799
Provision for loan losses 250 100 610 460
- ----------------------------------------------------------------------
Net interest income after
provision for loan losses 14,134 12,761 53,831 48,339
- ----------------------------------------------------------------------
Noninterest income:
Trust and investment management
fees 3,455 2,800 13,048 10,769
Service charges on deposit
accounts 1,055 1,230 4,483 4,920
Merchant processing fees 924 679 4,259 3,410
Net gains on loan sales 644 628 1,901 4,690
Income from bank-owned life
insurance 288 316 1,175 1,161
Net realized gains on securities 387 - 248 630
Other income 221 247 1,791 1,155
- ----------------------------------------------------------------------
Total noninterest income 6,974 5,900 26,905 26,735
- ----------------------------------------------------------------------
Noninterest expense:
Salaries and employee benefits 7,182 6,818 28,816 26,945
Net occupancy 819 810 3,201 2,979
Equipment 872 876 3,267 3,380
Merchant processing costs 788 532 3,534 2,716
Advertising and promotion 315 367 1,748 1,440
Outsourced services 416 309 1,616 1,333
Legal, audit and professional
fees 653 252 1,535 1,242
Amortization of intangibles 161 180 644 719
Debt prepayment penalties - - - 941
Other 1,888 1,472 6,012 5,937
- ----------------------------------------------------------------------
Total noninterest expense 13,094 11,616 50,373 47,632
- ----------------------------------------------------------------------
Income before income taxes 8,014 7,045 30,363 27,442
Income tax expense 2,516 2,186 9,534 8,519
- ----------------------------------------------------------------------
Net income $5,498 $4,859 $20,829 $18,923
- ----------------------------------------------------------------------
Weighted average shares
outstanding - basic 13,259.7 13,172.3 13,227.8 13,114.1
Weighted average shares
outstanding - diluted 13,605.1 13,538.9 13,542.7 13,393.6
Per share information:
Basic earnings per share $0.41 $0.37 $1.57 $1.44
Diluted earnings per share $0.40 $0.36 $1.54 $1.41
Cash dividends declared per share $0.17 $0.16 $0.68 $0.62
CONTACT: Washington Trust Bancorp, Inc.
Elizabeth B. Eckel, 401-348-1309
Senior Vice President, Marketing
ebeckel@washtrust.com