Washington Trust Bancorp Inc
NASDAQ:WASH
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Washington Trust Bancorp Inc
Washington Trust Bancorp, Inc. operates as a bank holding company. The company is headquartered in Westerly, Rhode Island and currently employs 623 full-time employees. The Bank provides a range of banking and financial services to individuals and businesses, including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management and trust services. Its lending activities include commercial loans, residential real estate loans and consumer loans. The Bank offers a range of deposit products with a variety of interest rates and terms to consumer, commercial, non-profit and municipal deposit customers. Its deposit accounts consist of noninterest-bearing demand deposits, interest-bearing demand deposits, negotiable order of withdrawal (NOW) accounts, money market accounts, savings accounts and time deposits. The company provides a range of wealth management services, including investment management, holistic financial planning services, personal trust and estate services, and institutional trust services.
Washington Trust Bancorp, Inc. operates as a bank holding company. The company is headquartered in Westerly, Rhode Island and currently employs 623 full-time employees. The Bank provides a range of banking and financial services to individuals and businesses, including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management and trust services. Its lending activities include commercial loans, residential real estate loans and consumer loans. The Bank offers a range of deposit products with a variety of interest rates and terms to consumer, commercial, non-profit and municipal deposit customers. Its deposit accounts consist of noninterest-bearing demand deposits, interest-bearing demand deposits, negotiable order of withdrawal (NOW) accounts, money market accounts, savings accounts and time deposits. The company provides a range of wealth management services, including investment management, holistic financial planning services, personal trust and estate services, and institutional trust services.
Net Income: Washington Trust reported net income of $10.8 million, down from $13.2 million in the prior quarter due to elevated credit loss provisions.
Credit Exposures: Two significant credit issues led to $11.3 million in charge-offs, but management emphasized confidence in overall portfolio quality and credit monitoring.
Margin & Revenue: Net interest income was $38.8 million (up 4% QoQ), with the margin rising to 2.40%, and noninterest income making up 31% of revenue.
Wealth & Mortgage: Wealth management revenues increased 3%, with $195 million in AUM added from an acquisition. Mortgage banking revenue rose 15% QoQ.
Deposits & Funding: In-market deposits grew 4% QoQ and 9% YoY, while wholesale funding dropped significantly.
Expense Outlook: Q3 noninterest expense was $35.7 million (down 2%), but is expected to rise to about $37 million in Q4 due to higher marketing and foundation contributions.
Share Buybacks: The company completed $7 million in share repurchases and is pausing further buybacks for now, focusing on maintaining capital for growth.
Loan Growth: Loan balances declined slightly but management still targets low single-digit loan growth for the year.
