WESTERLY –
Washington Trust Bancorp Inc., the parent company of Washington Trust,
posted a third-quarter profit of $10.8 million on Monday, down 2%
compared with $11 million in the same period a year ago.
Earnings per diluted share also fell to 56 cents in the third quarter, down from 64 cents a year earlier.
"In the third quarter, we expanded our net interest income and margin, grew our wealth management and mortgage banking revenues, delivered strong in-market deposit growth, and prudently managed expenses," said Washington Trust Chairman and CEO Edward O. "Ned" Handy III. "We made several significant investments to drive future growth, including hiring a new senior executive with an extensive network and proven track record to lead our commercial banking division, and purchasing the client accounts of Lighthouse Financial Management LLC, which added approximately $195 million of managed assets. In addition, while we resolved two significant credit exposures this quarter, we are confident in our current portfolio quality and that we will continue our long track record of strong credit performance."
The bank reported revenue – interest income and noninterest income – of $98.6 million for the quarter that ended Sept. 30, down $5.3 million or 5.1% from $103.9 million a year earlier.
Net interest income was $38.8 million for the third quarter of 2025, a 20% increase compared with $32.2 million last year.
Noninterest income totaled $17.6 million for the third quarter of 2025, up 8% from the $16.3 million reported the year prior.
Meanwhile, net interest expense in the quarter was $42.1 million, down 24%, or $13 million, from $55.3 million this time last year.
Total noninterest expense for the quarter was $36 million, compared with $34.5 million from the same time last year.
Net interest margin – a key metric that assesses what the company earns on interest charged on loans minus the interest it pays for deposits – was 2.40% in the third quarter, up 55 basis points compared to 1.85% last year.
Total deposits amounted to $5.22 billion as of Sept. 30, up from $5.17 billion in the third quarter of 2024.
Total assets were $7.4 billion, a 4% increase from $7.1 billion reported this time last year.
Washington Trust is the third-largest bank in Rhode Island in terms of deposits in the market, behind only Citizens Bank and Bank of America Corp.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
