Washington Trust Bancorp Reports Q1 2024 Earnings

Washington Trust Bancorp, Inc. has reported its first-quarter 2024 earnings, revealing a net income of $10.9 million, or $0.64 per diluted share. This represents a decrease from the fourth quarter of 2023 when the net income was $12.9 million, or $0.76 per diluted share.

The returns on average equity and average assets for the first quarter were 9.33% and 0.61%, respectively, compared to 11.77% and 0.71%, respectively, for the preceding quarter.

The net interest margin was 1.84% in the first quarter, a decrease of 4 basis points from the preceding quarter. Net interest income was $31.7 million for the first quarter of 2024, down by $989 thousand, or 3%, from the fourth quarter of 2023.

Noninterest income totaled $17.2 million for the first quarter of 2024, up by $3.9 million, or 29%, from the fourth quarter of 2023. Wealth management revenues amounted to $9.3 million in the first quarter of 2024, up by $457 thousand, or 5%, on a linked quarter basis. Mortgage banking revenues also saw a significant increase, totaling $2.5 million for the first quarter, up by $952 thousand, or 61%, from the preceding quarter.

Total loans amounted to $5.7 billion, up by $38 million, or 1%, from the end of the preceding quarter. In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion, down by $20 million, or 0.4%, from December 31, 2023.

The securities portfolio totaled $970 million at March 31, 2024, down by $30 million, or 3%, from December 31, 2023. The corporation’s common stock trades on NASDAQ under the symbol WASH, and investor information is available on the corporation’s website at https://ir.washtrust.com. As a result of these announcements, the company's shares have moved 2.5% on the market, and are now trading at a price of $26.19. If you want to know more, read the company's complete 8-K report here.

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