WashTrust reports profit decline, revenue rise, in 2Q

WASHINGTON TRUST BANCORP reported a 3.9 percent decline in net income in the second quarter to $11.1 million, or 64 cents per diluted share, from $11.5 million, or 68 cents per diluted share, a year earlier.
WASHINGTON TRUST BANCORP reported a 3.9 percent decline in net income in the second quarter to $11.1 million, or 64 cents per diluted share, from $11.5 million, or 68 cents per diluted share, a year earlier.

WESTERLY – Washington Trust Bancorp Inc., the parent company of The Washington Trust Co., reported a 3.9 percent decline in net income in the second quarter to $11.1 million, or 64 cents per diluted share, from $11.5 million, or 68 cents per diluted share, a year earlier.
Total interest and non-interest income amounted to $48.1 million, a 2.9 percent increase from $46.8 million a year ago.
“Washington Trust posted solid second-quarter earnings in a challenging economic environment,” Joseph J. MarcAurele, Washington Trust Chairman and CEO, said in a statement on Monday. “Total loans reached a record level, as a result of strong commercial loan and residential mortgage activity during the quarter. Wealth management revenues and assets under administration also achieved all-time highs, despite financial market volatility.”
Assets increased 7.5 percent to $3.9 billion in the three-month period that ended June 30, compared with assets of $3.6 billion at the end of the prior-year period. Loans grew to $3.1 billion, a 5.2 percent increase over the year, and total deposits climbed to $2.8 billion, a 1.8 percent jump from last year.
Assets under management for the wealth management division increased 13.3 percent to $5.9 billion from $5.2 billion, although in the second quarter of 2015, WashTrust acquired Connecticut wealth manager Halsey Associates Inc., a transaction that added $840 million to the asset total.

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