Washington Trust Bancorp Reports $12.2M Net Income

By Tamara Parker • Monday, April 21 15:17 • Permanent Link

Washington Trust Bancorp, Inc. (NASDAQ: WASH) reported a net income of $12.2 million, or $0.63 per diluted share for the first quarter of 2025. The adjusted net income (non-GAAP) was $11.8 million, or $0.61 per diluted share, excluding the impact of specific items. In the fourth quarter of 2024, the company reported a net loss of $60.8 million, or a loss of $3.46 per diluted share. Adjusted net income (non-GAAP) for the fourth quarter of 2024 was $10.4 million, or $0.59 per diluted share.

The net interest margin for the first quarter of 2025 was reported at 2.29%, up by 34 basis points from the preceding quarter, reflecting benefits from the balance sheet repositioning transactions executed in the preceding quarter.

Noninterest income was $22.6 million for the first quarter of 2025, compared to a loss of $77.9 million in the fourth quarter of 2024. Adjusted noninterest income (non-GAAP) was $15.6 million for the first quarter, down by $394 thousand, or 2%, from the preceding quarter. Wealth management revenues in the first quarter decreased by 2% from the preceding quarter, totaling $9.9 million, while mortgage banking revenues decreased by 19% from the preceding quarter, totaling $2.3 million.

Noninterest expense totaled $42.2 million for the first quarter of 2025, up by $7.9 million, or 23%, from the fourth quarter of 2024. Adjusted noninterest expense (non-GAAP) was $35.8 million for the first quarter, up by $1.5 million, or 4%, from the preceding quarter.

Total loans amounted to $5.1 billion, down by 1% from December 31, 2024, and in-market deposits (total deposits less wholesale brokered deposits) amounted to $5.0 billion, up by 4% from December 31, 2024.

The securities portfolio totaled $918 million at March 31, 2025, up by $1 million, or 0.1%, from December 31, 2024. Total shareholders' equity was $521.7 million at March 31, 2025, up by $22.0 million, or 4%, from December 31, 2024.

The board of directors declared a quarterly dividend of 56 cents per share for the quarter ended March 31, 2025.

Washington Trust Bancorp, Inc. is the parent of the Washington Trust Company, founded in 1800. The corporation's common stock trades on NASDAQ under the symbol WASH. The market has reacted to these announcements by moving the company's shares -3.2% to a price of $26.33. For the full picture, make sure to review Washington Trust Bancorp's 8-K report.

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