Washington Trust reports $18.8M profit in Q3

WESTERLY – Washington Trust Bancorp Inc. reported Monday a third-quarter profit of $18.8 million, a 7.4% increase from a profit of $17.5 million in the third quarter last year.

Earnings per diluted share were $1.08 for the quarter ended Sept. 30, an increase from earnings per diluted share of $1.01 in the third quarter last year, according to the Westerly-based company, one of Rhode Island’s largest consumer banks.

Assets totaled $5.2 billion as of Sept. 30, a 3.8% increase from $5 billion a year earlier. That included $3.75 billion in net loans, a 2.7% increase from $3.65 billion a year earlier.

Liabilities totaled $4.7 billion as of Sept. 30, a 3% increase from $4.56 billion a year earlier. That included deposits totaling $3.59 billion, a 1.8% increase from $3.52 billion a year earlier.

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Third-quarter interest income, including interest and fees on loans, totaled $49.5 million, a 9.7% increase from $45.2 million a year earlier.

Net interest income, minus interest expense, was $32.6 million in the quarter, a 1.6% decrease from $33.1 million in the same period last year. Net interest margin for the quarter was 2.72%, down 27 basis points from 2.99% in the third quarter last year.

Third-quarter non-interest income, including wealth management and mortgage banking revenues, totaled $18.3 million, a 20.6% increase from $15.2 million a year earlier.

Interest expense, including interest paid out on deposits, was $16.5 million, a 41.3% increase from $11.7 million in the third quarter of 2018. Non-interest expense, including salaries and benefits, was $26.9 million, a 3.1% increase from $26.1 million a year earlier.

Wealth-management assets totaled $6.1 billion in the third quarter, a 5.2% decrease from $6.5 billion a year earlier. Wealth-management revenues in the third quarter were $9.2 million, a 3.2% decrease from $9.5 million a year earlier.

Residential mortgage loan origination totaled $295.1 million in the quarter, a 47.1% increase from $200.6 million in the same period in 2018.

Commercial loans totaled $2.1 billion in the quarter, a 3.5% increase from $2 billion a year earlier.

“Washington Trust’s third-quarter results once again reflect our continued success at generating a consistent stream of revenues through our diverse business model,” Washington Trust Chairman and CEO Edward O. Handy III said in a statement.

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