standing Washington Trust Bank

Washington Trust in downtown Westerly. Sun file photo

WESTERLY — Washington Trust Bancorp Inc., parent company of The Washington Trust Company, has announced third quarter net income of $18.8 million, or $1.08 per diluted share, compared with $17.5 million, or $1.01 per diluted share, in the third quarter of 2018 — a gain of 7.4% year-over-year.

The company reported that total loans, amounting to $3.8 billion, were up by $222 million, or 6%, from the balance on Sept. 30, 2018, and were $48 million more than the preceding quarter. Total deposits amounted to $3.6 billion, up $172 million or 5% from the balance at the end of the third quarter last year. The quarterly gain in deposits was $82 million.

The company also reported that its mortgage banking revenues reached an all-time quarterly high of $4.8 million, and that the bank continued to rank third in Rhode Island with an 11% market share, according to FDIC statistics.

Sun staff

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