Boston-based Wainwright Bank & Trust Co. has reported consolidated net income of $1.23 million for the fourth quarter of 2008, compared to $1.17 million for the fourth quarter of 2007, a 5.1 percent increase.

Consolidated net income for 2008 was $3.34 million, compared to consolidated net income of $6.04 million for 200, a 44.7 percent decrease.

The decline in net income is primarily the result of two significant items. The bank recorded net securities losses of $3.13 million in 2008 compared to net securities losses of $307,000 in 2007. The 2008 loss included $2.02 million recognized on certain investments in Lehman Bros. which declared bankruptcy in the third quarter.

Furthermore, in the first quarter 2007, the bank recorded an $850,000 gain on the sale of one property held for investment purposes. In addition, the bank recorded a provision for credit losses of $1.8 million for 2008, compared to $700,000 in 2007. The increased provision is primarily due to the substantial growth in the loan portfolio, the bank said.