Washington Trust Reports Second Quarter 2026 Results

About this update from Washington Trust Bancorp, Inc.

[{"type":"text","content":"WESTERLY, R.I., July 20, 2026 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH; \"Washington Trust\" or the \"Corporation\"), today reported second quarter 2026 net income of $16.0 million, or $0.83 per diluted share, up by $3.4 million, or $0.17 per diluted share, from the preceding quarter.  Compared to the second quarter of 2025, net income was up by $2.7 million, or $0.15 per diluted share.\"We are pleased with our second quarter performance, as strong execution across the company drove higher profitability, and solid loan and deposit growth,\" said Washington Trust Chairman and Chief Executive Officer Edward O. \"Ned\" Handy III.  \"The success of our institutional banking team was a key highlight of the quarter, helping drive growth in our commercial and industrial loan portfolio and also contributing meaningfully to overall deposits.  Combined with our strong capital position, these results reinforce our confidence in the outlook for the remainder of 2026 and our ability to deliver sustainable, profitable growth.\"SECOND QUARTER HIGHLIGHTS (Q2 2026 vs. Q1 2026, unless otherwise noted):Returns on average equity and average assets were 11.61% and 0.99% for the second quarter.Net interest margin (\"NIM\") was 2.73%, up by 10 basis points.The provision for credit losses was $1.6 million for the second quarter.Wealth management revenues increased by 5%.Mortgage banking revenues were up by 14%.Loan balances were up by 2% from March 31, 2026.Deposits were up by 4% from March 31, 2026.Capital ratios remained strong, with a common equity tier 1 ratio of 11.89% at June 30, 2026.RESULTS OF OPERATIONS (Q2 2026 vs. Q1 2026, unless otherwise noted):Net Interest IncomeNet interest income was up by $1.3 million, or 3%, and NIM was up by 10 basis points.  Compared to the second quarter of 2025, net interest income was up by $4.6 million, or 12%, and NIM was up by 37 basis points.As of May 1, 2026, the remaining deferred loss from a previously terminated cash flow hedge was fully amortized, eliminating this expense from the Bank's ongoing run rate.  The second quarter reflected approximately two months of benefit from the cessation of this amortization, contributing $1.4 million to net interest income and 9 basis points to NIM.  Begin...

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