Washington Trust shows 2Q profit growth

Westerly-based Washington Trust Bancorp Inc. showed a solid profit growth of 3.5 percent in the second quarter compared with the same period last year, the company announced Tuesday.

Last year, Washington Trust reported $8.7 million in second-quarter profits. This year's profits were $9 million, or 54 cents a share.

Loans grew by 3 percent, though deposits were off slightly from the first quarter.

Wealth management revenues rose $438,000 while mortgage banking downshifted by $681,000 as rates started creeping up and the number of refinances started drying up, the bank said.

Revenues from merchant processing fees climbed $636,000 compared with the first quarter.

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