Washington Trust earnings high $69 million | Enterprise

WESTERLY — Washington Trust Bancorp Inc. guardian firm of The Washington Trust Company, has introduced document earnings of $69.1 million or $3.96 per diluted share, for 2019. Last yr the company earned $68.4 million, or $3.93 per diluted share, additionally a document on the time.

Total deposits amounted to $3.5 billion at yr finish, together with a document $3.2 billion of in-market deposits, which grew by 5% in the course of the yr, in accordance with Ned Handy, chairman and CEO. Handy informed securities analysts this week that the financial institution has had success attracting checking accounts from new out-of-state residential mortgage clients.

For the previous two years, Massachusetts has accounted for the most important share of the financial institution’s residential actual property loans: $932.7 million or 64% on the finish of 2019, up from $849.4 million in 2018. Rhode Island accounted for 25% of the residential mortgage portfolio, $356.4 million on Dec. 31, 2019; and Connecticut loans totaled $140.6 million, or 10%.

Total loans reached a document $3.9 billion at yr finish, up 6% in the course of the yr. Commercial loans had been up $120 million, and residential mortgage progress was $89 million, Handy reported. Total belongings rose to $5.15 billion, in contrast with $5.01 billion on the finish of 2018.

The firm added a brand new department in North Providence a yr in the past, and Handy informed the analysts that its common department dimension was about $150 million. “We believe that we have opportunity in Rhode Island to add branches given our strong brand and service reputation,” he stated within the convention name, transcribed by Seeking Alpha.

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