Washington Trust Bancorp Inc. recently announced net income of $4.7 million for the three months ended Sept. 30, up 5 percent from the third quarter of 2002.
The parent company of the Washington Trust Co. earned 35 cents per share for the quarter, compared to 34 cents for the third quarter of 2002. Net income was $14.1 million, up 15 percent from the $12.3 million reported for the same period in 2002.
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John C. Warren, Washington Trust’s chief executive officer, said in a written statement that the results reflect growth in the bank’s core deposit base, its diversified loan portfolio and a record number of mortgages through the third quarter.
Although recent interest rate increases have “slowed refinancing activity significantly,” demand for the bank’s home equity line of credit remains strong, Warren said.
The company also announced two new directors: Barry G. Hittner, counsel with the Providence law firm of Cameron & Mittleman LLP; and Kathleen McKeough, senior vice president of human resources with GTECH Holdings Corp.
