Washington Trust Reports Q3 Earnings: Improved Profitability and Asset Quality
Washington Trust Bancorp (WASH) reported strong third-quarter results, with net income rising to $19.4 million—a 21% increase from the prior quarter—and diluted earnings per share reaching $1.01. The bank's performance was driven by a higher net interest margin of 2.84%, up 44 basis points year-over-year, and improved asset quality following the resolution of a large nonaccrual office loan. Total deposits hit a record high of $5.4 billion, reducing reliance on wholesale funding. The bank also noted growth in commercial real estate loans to $2.8 billion, up 2.3% sequentially, while wealth management revenue remained stable at $11.1 million despite seasonal declines. Management expects continued expansion with two new branch openings and anticipates a slight increase in noninterest expenses due to technology investments. Looking ahead, Washington Trust provided guidance for Q4 net interest margin between 2.85% and 2.90%, factoring in the impact of recent rate hikes.
Tickers: $WASH
Topics: Deposit Management EPS Loan Portfolio Net Income Revenue Growth