WESTERLY – The Washington Trust Bancorp, parent company of The Washington Trust Company reported net income of $4.5 million or 34 cents per diluted share, for the three months ended September 30. Net income for the same period in 2001 totaled $4.8 million, or 40 cents per diluted share.
For the quarter of ended September 30 return on average assets were and average equity for both net income were 1.09 percent and operating net income 14.47 percent.
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“Third quarter results reflect our success at managing our core business lines in a very difficult economy,” said John C. Warren, Washington Trust chairman and chief executive officer. “Low interest rates led to record refinancing activity and continued growth in home equity loans and lines of credit. Our balance sheet remains strong, as we’ve maintained good asset quality and have a solid core deposit base.”
