Washington Trust Bank has posted net income of $29.3 million for 2004, up 15.1 percent from $25.5 million in the previous year.


The Spokane-based banks assets grew to $2.5 billion in 2004, up 12.3 percent, and it also reported substantial gains in loans and total deposits.


We were very pleased. It was really a good year, says Pete Stanton, the banks chairman and CEO.


Washington Trust made those gains even though it had to cover the costs of opening five new offices during the year, says Stanton.


The banks new offices included a commercial banking office in Bellevue, Wash.; a private banking and commercial loan office in Portland; two branches in the Boise, Idaho, area; and a builder-services loan office in the Salt Lake City area.


As of year-end, the bank had a total of 36 offices in Washington, Oregon, Idaho, and Utah. Its new Portland office has been doing business in a temporary space there, but the remodeling of its permanent quarters should be completed in about a month, Stanton says.


While the bank has continued to expand into new markets in recent years, it has no firm plans to do that again in 2005, he says.


I dont anticipate being in any new markets, but Ive said that before, and Ive been wrong, Stanton says.


He adds, Weve been quite bullish about 2005.


During the year, the banks total assets grew to $2.48 billion, up from $2.2 billion at the end of 2003. Deposits grew 11.2 percent to just under $2.06 billion, up from $1.85 billion. Loans jumped 13.5 percent to slightly more than $2 billion, up from $1.77 billion.


The banks return on assets in 2004 was 12.5 percent, about the same as in 2003, while return on equity was 13.1 percent, a little higher, Stanton says.