Washington Trust Q1 net income $12.2M ($0.63 EPS); NIM expands 34 bps to 2.29%

WASHINGTON TRUST BANCORP INC

2025-Q1 EPS reported $0.63 revenue$59,065,000

Adjusted EPS $0.61 excludes $7.0M gain on sale-leaseback and $6.4M pension settlement charge.
Net interest margin rose 34 bps to 2.29% from balance sheet repositioning; net interest income up 11% QoQ.
In-market deposits up 4% to $5.0B; wholesale brokered deposits decreased 91% to $27M.
Mortgage banking revenues fell 19% QoQ to $2.3M; loans sold down 33%.
Total risk-based capital ratio 13.13%, well above well-capitalized; book value $27.06, up 4%.

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