WESTERLY – Washington Trust Bancorp Inc. is focused on growing deposits and its current pipeline of loans – specifically residential mortgages – to bounce back from a slight profit drop in the second quarter of 2016.
The Westerly-based parent of The Washington Trust Co. reported profit for the second quarter falling 3.9 percent to $11.1 million, or 64 cents per diluted share, compared with $11.5 million, or 68 cents per diluted share, a year earlier.
As profit margins for banks throughout the country continue to suffer from the low-interest rate environment, Joseph J. MarcAurele, chairman and CEO, says Washington Trust will focus on continued growth in deposits, wealth management and loans, especially in the residential mortgage market, which he expects will help fuel midsingle-digit growth for loans in the current quarter.
“Our residential mortgage pipeline is well over $230 million and that’s an absolutely all-time high,” he told Providence Business News. “These long-time low interest rates have been very beneficial to our residential mortgage business.” •
