Washington Trust Bancorp, Inc. reported its financial results for the first quarter of 2025, revealing a net income of $12.2 million, an increase of 11% from $10.9 million in the same period of 2024. The bank's total revenues rose by 21% to $60.5 million, driven by a 15% increase in net interest income, which reached $36.4 million, and a 32% rise in noninterest income, totaling $22.6 million. The increase in noninterest income was significantly bolstered by a $7.0 million gain from sales-leaseback transactions involving five branch locations.
In terms of asset quality, total loans decreased by 1% to $5.1 billion compared to the end of 2024, with a notable decline in residential real estate loans. The allowance for credit losses on loans was $41.1 million, representing 0.81% of total loans, slightly down from 0.82% at the end of the previous year. The provision for credit losses increased by 71% to $1.4 million, reflecting management's assessment of economic conditions and the performance of the loan portfolio. Nonaccrual loans totaled $21.6 million, down from $23.3 million at the end of 2024.
Washington Trust's total assets decreased by 5% to $6.6 billion, while total deposits fell by 1% to $5.0 billion, primarily due to a significant reduction in wholesale brokered time deposits. In-market deposits, however, increased by 4%, indicating a strong performance in attracting retail and commercial deposits. The bank's capital position remained robust, with total shareholders' equity rising to $521.7 million, up 4% from the previous quarter.
Looking ahead, Washington Trust remains focused on leveraging its regional brand to enhance market share and improve customer service through both in-person and digital banking solutions. The bank's management expressed confidence in its ability to navigate potential economic challenges, emphasizing a commitment to maintaining strong asset quality and capital levels. The outlook for the remainder of 2025 suggests continued efforts to optimize the balance sheet and manage interest rate risk effectively.
About WASHINGTON TRUST BANCORP INC
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