4Q fuels record-breaking profit for WashTrust

WESTERLY – Double-digit fourth-quarter net income growth fueled record-breaking 2016 profit for Washington Trust Bancorp Inc., which posted earnings of $46.5 million on the year, an increase of 6.9 percent compared with 2015.

Earnings per diluted share totaled $2.70, compared with $2.54 in 2015.

The parent of The Washington Trust Co. on Jan. 25 reported profit for the quarter ended Dec. 31 of $12.2 million, which represented year-over-year growth of 13.2 percent. Earnings per diluted share totaled 70 cents, compared with 62 cents a year earlier.

“We are pleased with our continued success at growing our core business lines, expanding our local and regional footprint and consistently providing healthy returns to our shareholders,” said Joseph J. MarcAurele, chairman and CEO, in prepared remarks.

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The bank realized a boost from its loan portfolio, which grew 7.3 percent to $3.23 billion year over year. Total securities grew 91.2 percent to $755.5 million compared with the prior year.

Total 2016 assets grew 16.2 percent to $4.38 billion. Total 2016 deposits grew 6.69 percent to $3.06 billion. •

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