Washington Trust profits jump over 20 percent

Westerly - Washington Trust Bancorp Inc., parent of The Washington Trust Co., announced today that profits rose 21 percent in the first quarter compared with the same period last year.

The bank reported quarterly profits of $8.4 million, versus $6.8 million from January through March of last year.

The profit worked out to 51 cents a share, compared with 42 cents a year ago.

“Washington Trust posted solid first-quarter results, with net income up 24 percent over a year ago,” said Joseph J. MarcAurele, Washington Trust chairman, president and chief executive, in a statement. “We’ve been able to strategically grow the corporation, despite continued economic challenges.”

Washington Trust said its mortgage banking revenues reached an all-time high at $3.1 million in the first quarter.

The bank added that the quality of its assets showed "noticeable improvement." Loan-loss provisions for the quarter amounted to $900,000, the lowest number since 2008.

The bank's wealth-management division also made strides, with a revenue rise of 4 percent compared with the fourth quarter of 2011. The company now has $4.2 billion in wealth-management assets.