Washington Trust Bank net income was off slightly last year, but only because of a timely restructuring of the bank’s securities portfolio.
The Spokane-based institution, which also operates several branches in the Columbia Basin, Wednesday reported earnings of $13.6 million for 1994, down from $16 million in 1993.
But almost $6.3 million of 1993’s total was the result of gains on the sale of securities. By comparison, the bank earned only $760,000 on securities sales in 1994.
Net interest revenue was up almost 8 percent over 1993, to $47.8 million.
The bank’s restructuring beat a downturn in the market for securities caused by a series of interest rate increases by the Federal Reserve Bank.
The hikes started last February.
Bank assets climbed to $1.1 billion from $975.5 million in 1993.
Results for both years were restated to reflect The Columbia Bank’s merger with Washington Trust in September. Both were subsidiaries of W.T.B. Financial Corp. of Spokane.
sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.