W.T.B. Financial Corp., the Spokane-based holding company for Washington Trust Bank, posted second-quarter net income of about $19.6 million, or $7.91 per diluted share, an increase over the year-earlier quarter’s income of about $11.7 million, or $4.69 per share.

Net income also rose quarter-over-quarter by about $2.5 million.

Year-to-date, the company’s net income totaled $36.6 million, up $13.5 million compared with the first half of 2024.

“The primary driver of higher earnings during the quarter and year-to-date has been increased net interest income from improving net interest margin,” says Peter Stanton, board chairman and CEO of W.T.B. Financial in a letter to shareholders.

Stanton says the company’s core banking business is strong, with loans up $548 million, or 8.1%, year-over-year and deposit growth of $705 million, or 8.9%, over the same period.

In addition to outlining various improved performance trends despite ongoing economic uncertainties, Stanton says W.T.B. Financial is investing for future growth.

“Our strategy includes targeted geographic expansion through new locations and acquisition of talent, as well as the development of products and services desired by the market,” he says in the letter.

W.T.B. Financial had 1,217 full-time equivalent employees as of June 30, up from 1,184 in the year-earlier quarter.