Washington Trust Bancorp, Inc., the mother company of The Washington Trust Company, recently announced their first quarter net income. Their report detailed an income of $10.9 million, or $0.64 per share, as opposed to the prior year's figure of $12.8 million, or $0.74 per share. This data was above expectations, as four analysts collaborating with Thomson Reuters had predicted the company to yield a profit of $0.45 per share for the quarter. It's essential to note that these predictions usually disregard any special items.
The company saw a slight drop in net interest income, falling from the prior year's figure of $37.2 million to $31.7 million. In contrast, total noninterest income saw an increment, recorded at $17.2 million in comparison to the previous year's $13.3 million. On average, analysts had expected the company to generate $31.5 million in revenue.
