Strong Core Business Performance
Washington Trust Bancorp reported strong performance across core business lines, with increases in margin, wealth revenues, and mortgage revenue. In-market deposit levels increased, and AUM growth was observed, demonstrating a commitment to long-term value creation.
Strategic Investments and Leadership Additions
The company completed an asset purchase from Lighthouse Financial Management, adding AUM of approximately $195 million. Additionally, Jim Brown was hired as Senior Executive Vice President and Chief Commercial Banking Officer, bringing over 38 years of experience.
Increase in Net Interest Income
Net interest income in Q3 amounted to $38.8 million, up by $1.6 million or 4% on a linked-quarter basis and by $6.6 million or 20% year-over-year.
Growth in Non-Interest Income
Noninterest income comprised 31% of revenue in Q3, up 3% compared to Q2 and up 8% year-over-year. Wealth management revenues increased by 3%.
Decrease in Noninterest Expense
Noninterest expense totaled $35.7 million in Q3, down by $804,000 or 2%. Salaries and employee benefits expense decreased, reflecting lower levels of performance-based compensation.