Washington Trust Q2 Profit Rises on Higher Net Interest Income, Margin Improvement
WASH sits 44% above its 52-week low of $25.23.
Summary
Washington Trust reported Q2 net income of $15.98M, or $0.83 per share, driven by a 12% year-over-year increase in net interest income to $41.8M. The end of cash flow hedge amortization added $1.4M to NII and 9 basis points to net interest margin. Loan balances grew 2% sequentially, led by commercial lending, while deposits rose 4%. Wealth management and mortgage banking revenues also improved. Management expects a permanent lift to earnings and margin run rate starting Q3 2026, with a full-year tax rate of about 21.5%. This follows a Q1 marked by rising nonaccrual CRE loans, but the Q2 credit loss provision was a modest $1.6M. The stock trades near its 52-week high, and the results support the positive trend in core banking fundamentals.
At the time of this announcement, WASH was trading at $36.32 on NASDAQ in the Finance sector, with a market capitalization of approximately $692.5M. The 52-week trading range was $25.23 to $37.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.