Earnings fall at Washington Trust
9:02 AM Mon, Apr 27, 2009 | Permalink
Email this author | Email this entry |
 |
Projo Biz Blog |
|
« Drug stores prepare for swine flu |
Main
| State logs another 2-cent increase in gasoline, diesel »
First-quarter net earnings fell sharply at Washington Trust Bancorp Inc. (NASDAQ: WASH), partly because the Westerly-based company tripled the amount it sets aside to cover losses on loans, a result of the recession. Washington Trust Bancorp, parent company of The Washington Trust Company, said today that, for the three months ended March 31, net income totaled $2.7 million, or 17 cents a share, down from $5.8 million, or 43 cents a share, in the year-earlier period. The company attributed the decline to a number of factors. For example, the company recorded $2 million in losses as a result of a decline in value of certain investment securities. It also set aside $1.7 million to cover losses on loans, compared with a $450,000 set-aside in the year-earlier period.
But commercial loans grew in the first quarter and so did deposits, the company said. Although the company was affected by market-wide factors, including continued weakness in financial markets and the downturn in the economy, John C. Warren, the company's chairman and CEO, said, "Washington Trust remains a strong, stable, well-capitalized financial institution. During the quarter, we experienced strong loan and deposit growth. We are well-positioned to meet the challenges that lie ahead: we have a history of success, strong core values, an experienced leadership team, and have a proven track record of capitalizing on market opportunities." 
|
New comments
New photos
New posts
Projo blogs
Archives
Leave a comment