Profits at Boston-based Wainwright Bank & Trust Co. jumped in the third quarter to $2.1 million in consolidated net income for the quarter ended Sept. 30, up from consolidated net income of $1.6 million during the same period last year.

Consolidated net income was also up for the nine months ended Sept. 30, jumping to $6.4 million from $4.5 million during the same nine-month period in 2009.

Total average outstanding loans remained constant at $826 million. However, the bank adjusted the mix of loans in the "soft economy" by reducing its exposure in commercial construction loans by $18 million. Residential real estate mortgages increased by $19 million during the same period, according to a statement.

"We are once again very pleased with our financial performance through the first nine months of 2010. Our record earnings have been fueled by a substantial increase in core deposits, an improving margin, excellent credit quality and significant year to date commercial loan growth," said Jan A. Miller, president and CEO. "Since year end 2009, our commercial loans have grown 23 percent, with most of the growth attributed to our community development group. Credit quality remains very strong with negligible charge offs and loans past due more than 30 days less than 1 percent. In addition we are on track for another record year in residential mortgage originations."