Washington Trust Bancorp’s wealth management arm has posted revenues of US$7.91 million for the second quarter of 2013, up by US$438,000 or 6%, from US$7.47 million in the year ago period.
Trust and investment advisory fees contributed US$6.23 million to the total revenue; mutual fund fees US$1.07 million; and financial planning, commissions and other service fees contributed US$605,000.
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The company said that the division’s revenues included a US$344,000 increase in tax preparation fees, which are typically concentrated in the second quarter.
Overall, Washington Trust Bancorp reported second quarter 2013 net income of US$9 million, or 54 cents per diluted share, compared to US$8.7 million, or 53 cents per diluted share a year ago.
"Washington Trust posted another quarter of solid operating results, with a continuation of strong commercial loan growth and healthy mortgage banking activity," stated Joseph MarcAurele, chairman, president and CEO. "We continue to attract and build customer relationships across all business lines, reinforcing our position as Rhode Island’s Bank of Choice."
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