Boston’s Wainwright Bank & Trust Co. has reported consolidated net income of $1.78 million for the fourth quarter of 2009 compared to $1.23 million for the same period last year, a near 45 percent increase.

In 2009, the bank reported consolidated net income of $6.32 million compared to $3.35 million in consolidated net income for 2008.

The increase in net income was primarily the result of an increase in both net interest income and net security gains which was partially offset by increases in noninterest expenses and the provision for loan losses, according to the company.

Net income for the year coupled with the improvement in the value of the securities portfolio resulted in an increase in the bank’s book value per common share to $8.80 at Dec. 31, 2009 compared to $8.00 at Dec. 31, 2008.

Average deposits increased $38 million, or 6 percent, to $707 million in 2009 when compared to 2008, $26 million of which was due to an increase in core deposit products.

"In these challenging financial markets, it’s a pleasure for the bank to be in a position to announce the significant increase in 2009 consolidated net income when compared to the prior year," said Jan A. Miller, president and CEO. "Wainwright continues to capture additional market share despite the turmoil in the financial markets throughout this past year, particularly with our residential real estate products. During 2009, we have generated almost $155 million in various residential mortgage products which enabled our customers to purchase or refinance over 500 homes in our market."