Washington Trust Bancorp Inc. of Westerly, R.I., reported a 9% jump in first-quarter net income Monday, saying that revenue growth outpaced salary and benefit costs in the period.
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The $2.4 billion-asset company earned $5.4 billion on $20.7 million of revenue, it said.
Revenue - net interest and fee income - rose 9% from a year earlier; operating expenses increased 7%, to $12.4 million, Washington Trust said. Results were also helped by credit quality, which remained significantly better than the industry average. The company said it had $2.4 million of nonperforming assets, or 0.10 of total assets, on March 31.
