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WESTERLY, R.I. - Washington Trust Bancorp, Inc. (NASDAQ:WASH) reported second quarter 2025 net income of $13.2 million, or $0.68 per diluted share, exceeding analyst expectations of $0.63 per share. The company posted revenue of $54.3 million, slightly above the consensus estimate of $54.07 million.
The second quarter results showed improvement from the first quarter’s net income of $12.2 million, or $0.63 per diluted share. Excluding two infrequent transactions in the first quarter, adjusted net income for Q1 was $11.8 million, or $0.61 per diluted share.
"Washington Trust’s second quarter results reflect our diversified business model performing positively," said Chairman and CEO Edward O. Handy III. "We realized growth in net interest income, wealth management revenue, and mortgage banking revenue, and we remained well-capitalized."
The bank’s net interest margin improved to 2.36% in the second quarter, up 7 basis points from 2.29% in the previous quarter. Net interest income increased by $763,000, or 2%, to $37.2 million compared to the first quarter.
Wealth management revenues rose 2% from the preceding quarter to $10.1 million, while mortgage banking revenues jumped 32% to $3.0 million, reflecting a higher volume of loans sold to the secondary market. Total (EPA:TTEF) loans amounted to $5.1 billion, up 1% from March 31, 2025.
The provision for credit losses was $600,000 for the second quarter, down from $1.2 million in the first quarter. Nonaccrual loans were $26.1 million, or 0.51% of total loans, compared to $21.6 million, or 0.42% of total loans, at the end of the previous quarter.
The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended June 30, 2025, which was paid on July 11, 2025.
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