Westerly - Washington Trust Bancorp. Inc., which operates The Washington Trust Co., reported Monday a 15 percent profit increase in the second quarter when compared with the same period last year.
The bank holding company reported profits of $8.7 million, or 53 cents a share, in the second quarter. That's an increase of 7 cents a share compared with profits for the same period last year, and a 2 cents rise from the first quarter.
A strong quarter of mortgage originations, improved interest margins and a reduction in loan-loss provisions because of fewer delinquencies and debt restructurings were the main reasons for the profit increase.
"Washington Trust posted another record quarter with good performances along key business lines," said Joseph J. MarcAurele, chairman, president and chief executive of Washington Trust, in a statement. "We're particularly pleased with our lending results in this challenging economy."
Past-due loans decreased by $826,000 between the first and second quarters, while troubled debt restructurings were down by $857,000.
The commercial loan portfolio was up 5 percent in the second quarter when compared with the previous quarter.