Washington Trust Reports Second Quarter 2023 Earnings

About this update from Washington Trust Bancorp, Inc.

[{"type":"text","content":"WESTERLY, R.I., July 24, 2023 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced second quarter 2023 net income of $11.3 million, or $0.66 per diluted share, compared to net income of $12.8 million, or $0.74 per diluted share, for the first quarter of 2023.\n\n \n \n \n \n \n \n\n \n\"Washington Trust's second quarter results reflect the strength and stability of our diversified business model and disciplined approach to capital, credit, and liquidity planning,\" stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. \"We've had consistent deposit growth, our asset quality remains strong, and we surpassed $7 billion in total assets for the first time. During our 223-year history, Washington Trust has weathered many storms and we remain committed to helping our customers through these challenging economic times.\"\nSelected financial highlights for the second quarter include:\nReturns on average equity and average assets for the second quarter were 9.67% and 0.65%, respectively, compared to 11.27% and 0.77%, respectively, for the preceding quarter.Net interest income totaled $33.5 million in the second quarter, down by $3.7 million, or 10%, from the preceding quarter, reflecting the challenging interest rate environment.Asset and credit quality metrics continue to remain strong. In the second quarter, a provision for credit losses of $700 thousand was recognized, down by $100 thousand from the provision recognized in the preceding quarter.Noninterest income totaled $14.3 million in the second quarter, up by $1.0 million, or 8%, from the preceding quarter, reflecting increases in both wealth management and mortgage banking revenues.Total loans amounted to an all-time high of $5.4 billion, up by $153 million, or 3%, from the end of the preceding quarter. Total loans were up by $901 million, or 20%, from a year ago.In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion, up by $53 million, or 1%, from March 31, 2023. In-market deposits were up by $165 million, or 4%, from a year ago.Net Interest Income\nNet interest income was $33.5 million for the second quarter of 2023, down by $3.7 million, or 10%, from the first quarter of 2023. The net interest margin was 2.03% for the second quarter, dow...

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