Press release
Washington Trust Reports Second Quarter 2024 Earnings
WESTERLY, R.I., July 22, 2024 /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 22, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced second quarter 2024 net income of $10.8 million, or $0.63 per diluted share, compared to net income of $10.9 million, or $0.64 per diluted share, for the first quarter of 2024.\n\n \n \n \n \n \n \n\n \n\"Washington Trust's second quarter performance reflects our continued focus on successfully managing through current economic conditions, while positioning the company for future growth,\" stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. \"During the quarter, we recorded consistent earnings, maintained credit quality, and managed expenses; we also introduced new technology and invested in a marketing campaign designed to generate deposit growth.\"\nSelected financial highlights for the second quarter of 2024 include:\nReturns on average equity and average assets for the second quarter were 9.43% and 0.60%, respectively, compared to 9.33% and 0.61%, respectively, for the prior quarter.The net interest margin was 1.83% in the second quarter, compared to 1.84% in the preceding quarter.Asset and credit quality metrics remain solid. A provision for credit losses of $500 thousand was recognized for the second quarter, down by $200 thousand from the first quarter.Wealth management revenues and mortgage banking revenues, our two largest sources of noninterest income, increased by 4% and 10%, respectively, from the preceding quarter.Total noninterest expense declined by 1% from the previous quarter, with reductions in salaries and benefits expense.Total loans amounted to $5.6 billion, down by 1% from March 31, 2024.In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.6 billion, down by 1% from March 31, 2024.Net Interest Income\nNet interest income was $31.6 million for the second quarter of 2024, down by $80 thousand, or 0.3%, from the first quarter of 2024. The net interest margin was 1.83% for the second quarter, a decrease of 1 basis point from the preceding quarter. Linked quarter changes included:\nAverage interest-earning assets increased by $7 million. The yield on interest-earning assets for the second quarter was 4.97%, up by 4 basis points from the preceding quarter.Average interest-bearing liabilities increa...