Washington Trust Bancorp, Inc. reported its financial results for the second quarter of 2025, revealing a net income of $13.2 million, a 22% increase from $10.8 million in the same period last year. For the first half of 2025, net income reached $25.4 million, up 17% from $21.8 million in the prior year. The bank's total revenues for the quarter were $54.3 million, a 12% increase compared to $48.2 million in the second quarter of 2024, driven primarily by an 18% rise in net interest income, which totaled $37.2 million.
The bank's total assets decreased to $6.75 billion as of June 30, 2025, down from $6.93 billion at the end of 2024. This decline was attributed to a reduction in mortgage loans held for sale, which were reclassified and sold earlier in the year. Total loans remained relatively stable at $5.14 billion, with a slight increase of $2.4 million from the previous period. The allowance for credit losses on loans was reported at $41.1 million, representing 0.80% of total loans, a slight decrease from 0.82% at the end of 2024.
In terms of operational developments, Washington Trust launched a stock repurchase program in May 2025, authorizing the buyback of up to 850,000 shares. The bank repurchased 10,000 shares at an average price of $29.56 during the second quarter. Additionally, the bank's wealth management services segment saw a 5% increase in revenues, totaling $10.4 million for the quarter, reflecting growth in asset-based revenues tied to the performance of managed assets.
Looking ahead, Washington Trust remains focused on enhancing its digital banking solutions while maintaining strong customer relationships. The bank's management expressed confidence in its ability to navigate market conditions and continue to grow its market share in southern New England. The outlook for the remainder of 2025 includes expectations for stable loan growth and continued improvements in net interest income, supported by a favorable interest rate environment.
About WASHINGTON TRUST BANCORP INC
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