Community Banking - Wainwright Reports 36% Profit Increase

The Financial Services Resource
By Laura Thompson Osuri

February 4, 2005

Wainwright Bank & Trust Co. in Boston said Thursday that it had earned $1.5 million in the fourth quarter, 36% more than a year earlier.

Full-year earnings of $6.4 million, a record, were up 36%.

The $760 million-asset company attributed the gains to a 22% increase in loans; fourth-quarter net interest income was up 18%.

But non-interest income was down 12% in the quarter, to $1.3 million.

Wainwright said it expects strong loan and deposit growth this year. It expects two new branches, in the affluent Boston suburbs of Brookline and Newton, to open by midyear.

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