Washington Trust Bancorp ( (WASH) ) has released its Q1 earnings. Here is a breakdown of the information Washington Trust Bancorp presented to its investors.
Washington Trust Bancorp, Inc., the parent company of The Washington Trust Company, is the oldest community bank in the nation, providing a range of financial services including commercial, mortgage, and personal banking, as well as wealth management, primarily in Rhode Island, Connecticut, and Massachusetts. In its first quarter of 2025, Washington Trust Bancorp reported a net income of $12.2 million, or $0.63 per diluted share, showcasing a significant recovery from a net loss in the previous quarter. The company benefited from strategic sales leaseback transactions and a focus on balance sheet optimization, which led to an expansion in net interest margin and a growth in in-market deposits. Key financial highlights include an 11% increase in net interest income to $36.4 million, a net interest margin rise to 2.29%, and a reduction in total loans by 1% to $5.1 billion. However, wealth management and mortgage banking revenues saw declines of 2% and 19%, respectively, from the previous quarter. Looking ahead, Washington Trust Bancorp remains committed to its strategic focus on balance sheet management and community service, aiming to maintain its financial stability and growth trajectory in the upcoming quarters.