Press release
Washington Trust Reports Second Quarter 2022 Earnings
WESTERLY, R.I., July 25, 2022 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced
About this update from Washington Trust Bancorp, Inc.
[{"type":"text","content":"WESTERLY, R.I., July 25, 2022 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced second quarter 2022 net income of $20.0 million, or $1.14 per diluted share, compared to net income of $16.5 million, or $0.94 per diluted share, for the first quarter of 2022.\n\n \n \n \n \n \n \n\n \n\"Washington Trust posted good second quarter results, reflecting the strength of our business model which has provided a consistent and diverse stream of earnings over time,\" stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. \"Our continued commitment to our customers, who value our trusted advice and personal service, has been key to our continued success during these uncertain economic times.\"\nSelected financial highlights for the second quarter include:\nReturns on average equity and average assets for the second quarter were 16.11% and 1.37%, respectively, compared to 12.04% and 1.14%, respectively, for the preceding quarter.Net interest income totaled $37.5 million in the second quarter, up by $2.4 million, or 7%, from the preceding quarter, reflecting the impact of rising market interest rates.Asset and credit quality metrics continue to remain strong. In the second quarter a negative $3.0 million provision for credit losses (or a benefit) was recognized. Net recoveries in the second quarter were $10 thousand.Total residential real estate loan originations amounted to $350 million in the second quarter, up by $79 million, or 29%, from the preceding quarter.Total loans excluding Paycheck Protection Program (\"PPP\") loans amounted to an all-time high of $4.5 billion, up by $207 million, or 5%, from the end of the preceding quarter and up by $325 million, or 8%, from the balance at June 30, 2021.In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.5 billion at June 30, 2022, down by $178 million, or 4%, from the end of the preceding quarter and up by $555 million, or 14%, from the balance at June 30, 2021.Net Interest Income\nNet interest income was $37.5 million for the second quarter of 2022, up by $2.4 million, or 7%, from the first quarter of 2022. The net interest margin was 2.71% for the second quarter, up by 14 basis points from the preceding quarter. Net interest income and the net interest margin...