Washington Trust Q3 net income $18.7M ($1.08 EPS); NII record $42.0M, loans $4.8B

WASHINGTON TRUST BANCORP INC

2022-Q3 EPS reported $3.16 revenue$163,462,000

Net income $18.7M ($1.08 diluted EPS) vs $20.0M ($1.14) in Q2; ROAE 15.16%, ROAA 1.19%.
Net interest income record $42.0M (+12% QoQ); net interest margin 2.82% (+11 bps).
Total loans all-time high $4.8B (+$369M, 8% QoQ); commercial +$186M, residential +$178M.
Wealth management AUA fell 5% to $6.3B; four client-facing advisors resigned, risk of further outflows.
Provision for credit losses $800K vs negative $3.0M benefit in Q2; nonaccrual loans 0.25% of total.

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