Washington Trust Bancorp ( (WASH) ) has released its Q2 earnings. Here is a breakdown of the information Washington Trust Bancorp presented to its investors.
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Washington Trust Bancorp, Inc., the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island, offers a comprehensive range of financial services including commercial banking, mortgage banking, personal banking, and wealth management across the Northeast region of the United States. In its latest earnings report for the second quarter of 2025, Washington Trust Bancorp announced a net income of $13.2 million, or $0.68 per diluted share, marking an increase from the previous quarter’s $12.2 million, or $0.63 per diluted share. This growth was attributed to an uptick in net interest income, wealth management revenue, and mortgage banking revenue, reflecting the company’s diversified business model.
Key financial highlights from the second quarter include a net interest margin of 2.36%, a 7 basis point increase from the previous quarter, and a significant 32% rise in mortgage banking revenues due to higher loan sales to the secondary market. Wealth management revenues also saw a 2% increase, driven by seasonal transaction-based revenue growth. The company’s total loans reached $5.1 billion, a 1% increase from the previous quarter, while in-market deposits grew by 1% to $5.0 billion.
Noninterest income for the quarter was $17.1 million, down by 24.6% from the previous quarter due to a one-time sales leaseback gain in the first quarter. However, when adjusted for this item, noninterest income actually rose by 9%. Noninterest expenses decreased by 13% to $36.5 million, primarily due to the absence of a pension plan settlement charge that was recorded in the first quarter. The company also reported a provision for credit losses of $600 thousand, a decrease from the $1.2 million provision in the first quarter.
Looking ahead, Washington Trust Bancorp remains focused on maintaining its well-capitalized status and continuing to provide exceptional full-service banking to its customers as it celebrates its 225th anniversary. The company is poised to leverage its diversified business model to navigate the evolving financial landscape and sustain its growth trajectory in the coming quarters.