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.