Washington Trust Q2 net income $16.0M ($0.83 EPS), up 27% QoQ; NIM expands 10 bps

WASHINGTON TRUST BANCORP INC

Net income $16.0M, up $3.4M from Q1; diluted EPS $0.83 vs $0.66 prior quarter.
Net interest margin 2.73%, up 10 bps; benefit from hedge amortization cessation contributed $1.4M.
Loans up 2% to $5.1B; deposits up 4% to $5.4B; no wholesale brokered deposits.
Wealth management revenues +5% QoQ; mortgage banking revenues +14% QoQ.
Quarterly dividend $0.56 per share; common equity tier 1 ratio 11.89%.

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