Washington Trust Bancorp Posts $1.01 Q3 EPS as Net Income Rises 21%

Washington Trust Bancorp, Inc. earned $1.01 per diluted share under GAAP in the third quarter, up from $0.83 in the second quarter, as net income and its net interest margin increased.

Net income reached $19.4 million, compared with $16 million in the previous quarter, an increase of about 21%. Revenue totaled $64.96 million, made up of $44.69 million in net interest income and $20.27 million in noninterest income.

The company’s net interest margin reached 2.84%, up 11 basis points from the second quarter. Deposits increased by $77.1 million to $5.4 billion.

Washington Trust will discuss its results on a conference call Oct. 20 at 8:30 a.m. ET (12:30 UTC).