Washington Trust Bancorp Inc. of Westerly, R.I., said its third-quarter net income rose 9% from a year earlier, to $5.8 million, in part because of a large increase in revenue from its wealth management business.
The results released Thursday included a contribution from Weston Financial Group Inc., acquired Aug. 31.
Washington Trust earned 43 cents a share on a fully diluted basis; the figure reflects one-time expenses of 3 cents a share related to the acquisition. Per-share earnings a year earlier totaled 39 cents.
Noninterest income excluding net realized gains and losses on securities increased $1.4 million, or 20%, from a year earlier, largely because of more revenue from wealth management and trust services. Total loans rose 12%, to $1.4 billion.
Assets under administration climbed 75%, to $3.22 billion, including $1.35 billion from Weston.
