Washington Trust Bancorp Inc. in Westerly, R.I., said Monday that it earned $6.6 million in the third quarter, a 13% increase from a year earlier. Earnings per share rose 5 cents, to 48 cents.
The parent company of the $2.4 billion-asset Washington Trust Co. reported several unusual items for the quarter, including one gain and one loss that had equal impact on the earnings per share. It had an additional quarterly dividend of $305,000, or 2 cents a share, from the Federal Home Loan Bank of Boston, and a loss of $247,000, or 2 cents a share, on the sale of securities.
Its net interest margin was 2.86%. About 8 basis points came from the Home Loan bank dividend, and without that, the net interest margin would be unchanged from a year earlier, and down 5 basis points from the second quarter.
Its noninterest income jumped 33%, to $11.1 million, because of higher revenue in wealth management and trust services after acquiring Weston Financial Group Inc. last year.
