Washington Trust Bank, of Spokane, has posted record earnings for 2005, a year in which its assets nearly crested the $3 billion mark for the first time in its 103-year history.


The bank had net income of $38.7 million last year, up 32 percent from $29.3 million the previous year.


As of Dec. 31, Washington Trust had just under $3 billion in assets, up nearly $500 million from a year earlier. Also as of year-end, the bank had almost $2.4 billion in total loans, up from $2 billion a year earlier.


Total deposits at year-end were $2.4 billion, up from almost $2.1 billion at the end of 2004.


Jack Heath, Washington Trusts president and chief operating officer, says, Last year, we had an outstanding year as a reflection of a strong economy and our customers doing well in that economy. Going into this year, we dont have any reason to think that wont continue.


Heath says Washington Trust is projecting a 20 percent jump in net income and a 14 percent increase in total assets this year, compared with 2005. He says those percentage increases arent as large as occurred in 2005, but adds, For us, historically, thats a really good year.


Currently, Washington Trust has 36 branches and loan offices in 22 cities in Washington, Oregon, Idaho, and Utah.


Most recently, the bank disclosed plans to open a bank branch in American Fork, Utah. That will be its first full-service branch in Utah, where it has operated a builder-services loan-production office for about two years. The American Fork branch is scheduled to open this spring.