Washington Trust Bancorp Inc. of Westerly, R.I., said solid asset quality and expenses that stayed under control last year permitted more revenue than ever to flow to the bottom line. The $2.3 billion-asset company's full-year profit grew 10%, to $20.8 million; fourth-quarter earnings jumped 13%, to $5.5 million.
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At yearend Washington Trust had more recoveries than chargeoffs by a margin of $247,000; its percentage of nonperforming assets, though up slightly from 2003, was still just 0.21%. Noninterest expenses rose about 6%, to $50.4 million.
