Washington Trust Bancorp Q1 net income rises on higher interest margin

Washington Trust Bancorp

20/04/2026 21:25

Overview

US community bank's Q1 net income rose slightly yr/yr, but fell from prior qtr

Net interest income grew 11% yr/yr on higher net interest margin

Provision for credit losses rose sharply, reflecting higher specific reserves

Outlook

Company expects full-year 2026 effective tax rate to be approximately 21.5%

Result Drivers

NET INTEREST MARGIN - Co said higher net interest margin reflected core banking strength and benefits from December 2024 balance sheet repositioning

CREDIT LOSS PROVISION - Provision for credit losses rose to $4 mln, largely reflecting an increase in specific reserves, partially offset by a decline in loan portfolio balances

NONINTEREST INCOME - Noninterest income fell 6% qtr/qtr, with wealth management and mortgage banking revenues both down, the latter due to seasonal decline in loan sales volume

Company press release: ID:nPnWb5WZa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
$12.60 mln
Q1 Net Interest Income
$40.53 mln
Q1 Credit Loss Provision
$4 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "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 $34.00, about 5.5% below its April 17 closing price of $35.97

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

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(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.)