Overview

• Washington Trust Q3 net income falls to $10.8 mln, EPS at $0.56

• Net interest income for Q3 rises 4% from previous quarter

• Company increases provision for credit losses to $7 mln in Q3

Outlook

• Company expects full-year 2025 effective tax rate to be approximately 22.5%

Result Drivers

• NET INTEREST INCOME - Co expanded net interest income and margin, driven by increased average interest-earning assets and decreased cost of interest-bearing liabilities

• WEALTH MANAGEMENT & MORTGAGE BANKING - Co saw growth in wealth management and mortgage banking revenues, attributed to asset appreciation and increased loan sales

• STRATEGIC INVESTMENTS - Co made strategic investments, including hiring a new executive and acquiring client accounts, adding managed assets

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Washington Trust Bancorp Inc is $29.00, about 10.9% above its October 17 closing price of $25.85

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nPn1tr3V3a

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)