The Rhode Island-based financial institution saw its net interest margin climb to 2.73%, an improvement of 10 basis points over the first quarter. Executives attributed this gain largely to the full amortization of deferred losses from a previously terminated cash flow hedge, which provided a structural boost to the bank's earnings run rate starting in May. Wealth management and mortgage banking also contributed to the positive results, with revenues in these segments rising by 5% and 14%, respectively.
Washington Trust Bancorp Reports $16 Million Net Income for Q2 2026
Washington Trust Bancorp, Inc. posted a second-quarter 2026 net income of $16 million, or $0.83 per diluted share, marking a $3.4 million increase over the previous quarter. The growth was bolstered by institutional banking success and higher net interest margins as the company continues its expansion across the Northeast.
Loan balances grew by 2% to reach $5.1 billion, driven primarily by the institutional banking team's performance in the commercial and industrial sector. Deposits also saw a 4% increase, totaling $5.4 billion by the end of June. Chairman and CEO Edward O. Handy III expressed confidence in the remainder of the year, noting that the corporation’s strong capital position—highlighted by a common equity tier 1 ratio of 11.89%—provides a stable foundation for ongoing, profitable growth throughout 2026.
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