Washington Trust earnings rise nearly 16 percent

WESTERLY, R.I. — Washington Trust Bancorp, Inc., parent of Washington Trust Co., posted second quarter income of $3.8 million, or 31 cents per diluted share, a 15.7 percent increase over the second quarter of last year. During the year-ago period, the company earned $3.3 million, or 27 cents per diluted share.

Results for the second quarter of 2001 exclude a first quarter litigation settlement expense of $3.3 million. Results for the second quarter of 2000 exclude costs of $1.1 million associated with its acquisition of Phoenix Investment Management Co., the company said.

Washington Trust reported net interest income of $9.3 million for the second quarter of 2001, down slightly from $9.33 million last year. The company reported second quarter 2001 non-interest income, excluding net gains on sales of securities, of $5.6 million, compared to $4.8 million during the year-ago period.

The company reported total assets of some $1.32 billion as of June 30, 2001, an 8.5 increase since the end of last year.

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