Washington Trust earnings top $69 million

WESTERLY — Washington Trust Bancorp Inc. parent company of The Washington Trust Company, has announced record earnings of $69.1 million or $3.96 per diluted share, for 2019. Last year the corporation earned $68.4 million, or $3.93 per diluted share, also a record at the time.

Total deposits amounted to $3.5 billion at year end, including a record $3.2 billion of in-market deposits, which grew by 5% during the year, according to Ned Handy, chairman and CEO. Handy told securities analysts this week that the bank has had success attracting checking accounts from new out-of-state residential mortgage customers.

For the past two years, Massachusetts has accounted for the largest share of the bank's residential real estate loans: $932.7 million or 64% at the end of 2019, up from $849.4 million in 2018. Rhode Island accounted for 25% of the residential loan portfolio, $356.4 million on Dec. 31, 2019; and Connecticut loans totaled $140.6 million, or 10%.

Total loans reached a record $3.9 billion at year end, up 6% during the year. Commercial loans were up $120 million, and residential mortgage growth was $89 million, Handy reported. Total assets rose to $5.15 billion, compared with $5.01 billion at the end of 2018.

The company added a new branch in North Providence a year ago, and Handy told the analysts that its average branch size was about $150 million. "We believe that we have opportunity in Rhode Island to add branches given our strong brand and service reputation," he said in the conference call, transcribed by Seeking Alpha.