W.T.B. Financial Corp., the Spokane-based holding company for Washington Trust Bank, has reported fourth-quarter net income of about $20.8 million, an increase of $9 million over the previous quarter and a $10 million rise compared to fourth quarter 2023.

Earnings per diluted share for the fourth quarter came in at $8.37, up from $4.75 in the third quarter and $4.28 in fourth quarter of 2023.

The improvement in fourth-quarter earnings was largely a result of lower funding costs, lower wholesale borrowing levels, improved net interest margin, and a small release of loss reserves, according to a letter to shareholders from Peter Stanton, chairman of the board and CEO of the holding company.

Full-year earnings for 2024 remained essentially flat compared with the previous year, at about $55.8 million. For the year, earnings per diluted share were $22.32, up slightly from $22.29 in 2023.