Westerly-based Washington Trust Bancorp Inc. showed a solid profit growth of 3.5 percent in the second quarter compared with the same period last year, the company announced Tuesday.
Last year, Washington Trust reported $8.7 million in second-quarter profits. This year's profits were $9 million, or 54 cents a share.
Loans grew by 3 percent, though deposits were off slightly from the first quarter.
Wealth management revenues rose $438,000 while mortgage banking downshifted by $681,000 as rates started creeping up and the number of refinances started drying up, the bank said.
Revenues from merchant processing fees climbed $636,000 compared with the first quarter.