Washington Trust Q2 net income rises to $13.2 mln sequentially

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

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 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: ID:nPn5g8TWLa