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Washington Trust Bancorp (WASH) in Westerly, R.I., has hired a veteran banker as its president and chief operating officer.
September 20 -
Washington Trust Bancorp in Westerly, R.I., has tapped one of its executives to become head of wealth management at its bank.
June 14 -
Unlike their bigger competitors, smaller banks are resisting the temptation to pare staff or close mortgage production offices because they still see an opportunity to nibble away at large banks' market share.
August 2
Washington Trust Bancorp (WASH) in Westerly, R.I., reported a rise in quarterly profit after it sold its merchant-processing business.
The $3.2 billion-asset company's first-quarter earnings rose 26% from a year earlier, to $9.3 million, or 55 cents a share.
Net interest income rose 6%, to $23.8 million. The loan portfolio increased 9%, to $2.5 billion. Its net interest margin expanded by 2 basis points, to 3.34%.
Washington's noninterest income climbed 22%, to $19.4 million. The company
Noninterest expenses rose 21%, to $29.3 million. The increase was largely because of $6.3 million in debt prepayment penalties after the company prepaid $99.3 million of Federal Home Loan Bank of Boston advances in the first quarter.
Washington cut its loan-loss provision in half, to $300,000. Net chargeoffs swelled 233%, to $1.1 million, though the increase was largely because of a single $853,000 commercial mortgage loan chargeoff.
