Home Industries Financial Services Washington Trust parent reports 22% increase in Q2 profits year over year

Washington Trust parent reports 22% increase in Q2 profits year over year

By

Matthew McNulty

-

07/21/2025

Washington Trust Bancorp Inc. — WASHINGTON TRUST Bancorp Inc., parent of The Washington Trust Co., reported a $13.2 million profit for the second quarter of 2025. / PBN FILE PHOTO/SCOTT KINGSLEY

WESTERLY – Washington Trust Bancorp Inc., the parent company of The Washington Trust Co., reported a $13.2 million profit for the second quarter of 2025 on Monday, a 22% increase from $10.8 million posted this time last year. The bank reported earnings of 68 cents per diluted share, compared with 63 cents for the second

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WESTERLY – Washington Trust Bancorp Inc., the parent company of The Washington Trust Co., reported a $13.2 million profit for the second quarter of 2025 on Monday, a 22% increase from $10.8 million posted this time last year. The bank reported earnings of 68 cents per diluted share, compared with 63 cents for the second quarter of 2024. Those results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share in the second quarter of 2025. The company posted $95.9 million in revenue for the period, a 6.6% decrease from $102.7 million in 2024. Revenue net of interest expense was $54.3 million, which also beat Wall Street forecasts. Net interest income – a key metric for banks to measure how much money they have made from lending – was $37.2 million for the second quarter of 2025, up from $31.6 million year over year. Both wealth management and mortgage banking revenues also increased in the second quarter year over year. Wealth management revenue rose to $10.1 million from $9.7 million in 2024, while mortgage banking revenue increased to $3 million from $2.8 million. "Washington Trust's second quarter results reflect our diversified business model performing positively. We realized growth in net interest income, wealth management revenue, and mortgage banking revenue, and we remained well-capitalized. We are pleased with these results," Chairman and CEO Edward O. Handy III, said in a statement. "As we reach our milestone 225th birthday next month, we remain focused on providing exceptional full-service banking to our customers for years to come." The net interest margin, which measures the difference between interest income generated and the amount the bank pays out, was 2.36% in the second quarter, up from 1.83% reported at this time last year. Meanwhile, noninterest income was $17.1 million for the second quarter of 2025, up slightly from $16.7 million in the second quarter of 2024. Noninterest expense totaled $36.5 million for the second quarter of 2025, an increase of 7.7% compared with the $33.9 million reported a year ago. (Material from The Associated Press was used in this report.) Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.