Washington Trust Reports First Quarter 2025 Results

Core Insights - Washington Trust Bancorp, Inc. reported a net income of $12.2 million, or $0.63 per diluted share, for the first quarter of 2025, a significant recovery from a net loss of $60.8 million in the fourth quarter of 2024 [1][2][28]. Financial Performance - Net interest income for Q1 2025 was $36.4 million, an increase of $3.5 million, or 11%, from Q4 2024, with a net interest margin of 2.29%, up by 34 basis points from the previous quarter [3][29]. - Noninterest income was $22.6 million in Q1 2025, compared to a loss of $77.9 million in Q4 2024, while adjusted noninterest income was $15.6 million, down by $394 thousand, or 2%, from the preceding quarter [4][28]. - Noninterest expenses totaled $42.2 million, an increase of $7.9 million, or 23%, from Q4 2024, with adjusted noninterest expenses at $35.8 million, up by $1.5 million, or 4% [4][28]. Asset Quality - Nonaccrual loans were $21.6 million, or 0.42% of total loans, at March 31, 2025, down from $23.3 million, or 0.45%, at December 31, 2024 [13]. - The allowance for credit losses on loans was $41.1 million, or 0.81% of total loans, slightly down from $42.0 million, or 0.82%, at the end of the previous quarter [15]. Capital and Dividends - Total shareholders' equity increased to $521.7 million at March 31, 2025, up by $22.0 million, or 4%, from December 31, 2024 [17][18]. - The Board of Directors declared a quarterly dividend of $0.56 per share for the quarter ended March 31, 2025 [18]. Loan and Deposit Trends - Total loans amounted to $5.1 billion at March 31, 2025, down by $42 million, or 1%, from the end of the preceding quarter [9][37]. - In-market deposits increased to $5.0 billion, up by $195 million, or 4%, from December 31, 2024, largely due to increases in high-rate savings account balances [10][11]. Wealth Management and Mortgage Banking - Wealth management revenues decreased by 2% from the preceding quarter, totaling $9.9 million, with assets under administration at $6.8 billion, down by 4% from December 31, 2024 [6][33]. - Mortgage banking revenues totaled $2.3 million for Q1 2025, down by 19% from the preceding quarter, reflecting a lower volume of loans sold to the secondary market [6][34].