Westerly - Washington Trust Bancorp Inc., parent of The Washington Trust Co., announced Monday that profits rose 21 percent in the first quarter compared with the same period last year.
The bank, which declared a quarterly dividend of 23 cents a share, reported 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. That was up $162,000 from the previous quarter and $2.6 million from the same period a year ago.
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.
Total deposits at the end of the quarter amounted to $2.1 billion, up about 5 percent compared to the same period a year ago.
The bank's capital ratio ended the quarter at 13.2 percent, well above regulatory requirements.