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Washington Trust Bancorp Q1 net income down

Washington Trust Bancorp, parent company of The Washington Trust Company, has reported net income of $5.8 million for the first quarter of 2008, compared to net income of $6 million for the first quarter of 2007.

Total revenue, which consists of net interest income and non-interest income, amounted to $26.1 million for Q1 2008, essentially the same as the amounts reported for Q4 2007 and Q1 2007.

Net interest income totaled $15.1 million for the first quarter of 2008, up $239,000, or 2%, compared to the fourth quarter of 2007 and up $206,000, or 1%, from the first quarter of 2007. Total non-interest income amounted to $11 million for Q1 2008, down $204,000 from Q1 2007.

Total assets were $2.56 billion at March 31, 2008, up $24.4 million from December 31, 2007. Total loans grew by $24.9 million, or 2%, during the first quarter of 2008 and amounted to $1.6 billion. Total deposits decreased by $11.2 million in the first three months of 2008.

John Warren, chairman and CEO of Washington Trust Bancorp, said: Washington Trust had a good quarter, particularly in light of the challenges facing the financial services industry. We had very strong commercial loan growth, which further reinforced our position as one of the area’s top business banks. We continue to maintain good asset quality and will retain that focus in this economic environment.