Washington Trust Bancorp Stock Rises on Strong Q3 Earnings
On October 20, Washington Trust Bancorp (WASH) saw its stock rise more than 4% after reporting better-than-expected third-quarter earnings. The regional bank reported revenue of nearly $65 million and GAAP net income of $19.4 million—nearly double the year-ago figure. On a non-GAAP basis, it earned $2.50 per share, surpassing analyst expectations. While Washington Trust's results were strong overall, its sequential growth in deposits and loans was modest at just 1%, raising concerns about future expansion potential for the bank. Despite this, investors responded positively to the earnings beat and improved profitability metrics. The stock closed at $38.11 with a market cap of approximately $726.9 million.
Tickers: $WASH