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Washington Trust in Westerly, R.I., rode gains in its lending portfolio and lower operating expenses to a higher second-quarter profit.
July 21
Washington Trust Bancorp in Westerly, R.I., reported increased profitability that reflected balance sheet growth and lower costs.
The $3.4 billion asset company said in a press release that its third-quarter net income rose 6% from a year earlier, to $10.5 million, or 62 cents a share.
Net interest income rose 7%, to $24.9 million. Total loans increased 14%, to $2.6 billion, though the net interest margin compressed by 8 basis points, to 3.21%.
The loan-loss provision fell for loan losses fell 14%, to $600,000.
Noninterest income fell 25%, to $13.1 million.
Noninterest expenses fell 14%, to $22 million, because of lower employee benefits, legal fees and other savings that offset higher occupancy and advertising costs.
The net interest margin also fell to 3.21%, down from 3.29% a year earlier.
