The bank reported Q2 GAAP EPS of $0.83 and revenue of $60.46M, exceeding analyst expectations by $0.06 and $0.55M respectively.
Washington Trust Bancorp posted Q2 GAAP earnings per share of $0.83, surpassing estimates by $0.06. Revenue reached $60.46M, an 11.4% year-over-year increase, beating forecasts by $0.55M.
Net interest margin expanded by 10 basis points to 2.73%. The provision for credit losses totaled $1.6 million for the quarter, according to the release.
The results reflect stronger-than-expected performance in both earnings and revenue growth, driven by improved margins and higher income.