Though its credit quality weakened, Wainwright Bank and Trust Co. in Boston said Tuesday that its fourth-quarter earnings improved 5% from a year earlier, to $1.2 million.
Earnings per share went up a penny, to 15 cents. The $1.1 billion-asset company doubled its provision for loan losses, to $400,000. Loans rose 18%, to $842 million. Overall deposits grew by 16%, to $717 million; most of the increase came in certificates of deposit.
Wainwright also said it participated in the Treasury Department's Capital Purchase Program and, since taking $22 million in government capital, has increased its lending.