Boston-based Wainwright Bank & Trust Co. has reported consolidated net income of $2.1 million for the quarter ended March 31, compared to consolidated net income of $1.6 million for the same period last year.

Net income increased $549,000, or 35 percent, over the first quarter of 2009. Fully diluted earnings per common share increased 56 percent since the Series D Preferred Stock was paid to the U. S. Treasury in the fourth quarter of 2009.

The increase in net income for the three months ending March 31 is primarily due to a $651,000 increase in net interest income and a $594,000 increase in noninterest income. Due to the record increase in earnings, the bank’s book value per common share and tangible net worth increased to $8.99 and $8.92 at March 31, respectively.

"We are extremely pleased with our financial performance in the first quarter. We continue to see improvement in our net interest margin through disciplined pricing in both our loans and deposits," said Jan A. Miller, president and CEO. "While not yet reflected in our loan portfolio, we have seen increased activity in commercial loans, particularly non-profit and community development. Our pipeline of loans in progress is at its highest level in years. It includes a New Markets Tax Credit leveraged loan to construct a new yogurt manufacturing facility in Vermont, tax credit bridge and construction financing for rental apartments in Waltham and New Bedford, the expansion of a neighborhood restaurant in Boston, among others."

Miller added: "Our residential lending continues the record performance of the prior two years with over $30 million loans closed in the first quarter. This represents a 31 percent increase over 2009."