Overview

* Washington Trust Q3 net income falls to $10.8 mln, EPS at $0.56

* Net interest income for Q3 rises 4% from previous quarter

* Company increases provision for credit losses to $7 mln in Q3

Outlook

* Company expects full-year 2025 effective tax rate to be approximately 22.5%

Result Drivers

* NET INTEREST INCOME - Co expanded net interest income and margin, driven by increased average interest-earning assets and decreased cost of interest-bearing liabilities

* WEALTH MANAGEMENT & MORTGAGE BANKING - Co saw growth in wealth management and mortgage banking revenues, attributed to asset appreciation and increased loan sales

* STRATEGIC INVESTMENTS - Co made strategic investments, including hiring a new executive and acquiring client accounts, adding managed assets

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.56

Q3 Net $10.84

Income mln

Q3 Net $38.83

Interest mln

Income

Q3 $6.80

Credit mln

Loss

Provisio

n

Q3 $13.94

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy."

* Wall Street's median 12-month price target for Washington Trust Bancorp Inc ( WASH ) is $29.00, about 10.9% above its October 17 closing price of $25.85

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)