Washington Trust sees record-breaking 3Q profit

WESTERLY – Following a banner third quarter, Washington Trust Bancorp Inc., parent of The Washington Trust Co., is looking to augment its commercial loan portfolio.

“The [commercial loan] pipeline has been over $200 million for the last three to four quarters and the current [fourth-quarter projected] pipeline is about $215 million,” said Edward O. Handy III, president and chief operating officer.

The company on Oct. 24 reported record-breaking, third-quarter profit, which grew 20.8 percent to $12.3 million, or 72 cents per diluted share, compared with the same prior-year period. Washington Trust also exceeded $4 billion in assets for the first time in company history.

More than 40 percent of the company’s commercial loan portfolio comes from outside of the state, where Handy says the company will continue to focus on attaining new value.

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“We’ve done very well in the Greater New Haven, [Conn.], marketplace, some in the Greater Hartford area, and in the Greater Boston area, as the Boston economy continues to do very well,” he said. •

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