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 second quarter 2019 net income of $17.33 million, or 99 cents per diluted share, compared with net income of $17.27 million, or $1.01 per diluted share, in the second quarter of 2018. The dividend is 51 cents per share, compared with 43 cents a year earlier.

In an earnings call with investment analysts on Tuesday, senior executives reported that they had reduced CD rates and promotional efforts in light of a Federal Reserve rate cut at the end of the month. They also spent considerable time discussing the possible consequences of the departure of two senior counselors from the company's Weston Financial Group subsidiary in June; these counselors accounted for about $1 billion of wealth management assets, according to the Seeking Alpha transcript.

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