Overview

* Washington Trust Q2 net income rises 8.2% sequentially to $13.2 mln

* Co reports growth in net interest income, wealth management, and mortgage banking

* Adjusted EPS misses analysts' expectations

Outlook

* Company expects full-year 2025 effective tax rate to be approximately 22.4%

Result Drivers

* NET INTEREST INCOME - Increased by 2% from Q1 2025, driven by a higher net interest margin

* MORTGAGE BANKING - Revenues rose by 32% due to higher loan sales to the secondary market

* WEALTH MANAGEMENT - Revenues increased by 2%, reflecting seasonal growth in transaction-based revenues

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Miss $0.61 $0.63 (4

Adjusted Analysts

EPS )

Q2 Net $13.24

Income mln

Q2 Net $37.18

Interest mln

Income

Q2 $600,000

Credit

Loss

Provisio

n

Q2 $17.13

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", 3 "hold" and no "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 $30.00, about 3.1% above its July 18 closing price of $29.08

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

(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.)