Washington Trust Q1 2023 net income falls 23% QoQ to $12.8M, margin pressure from rising funding costs

WASHINGTON TRUST BANCORP INC

2023-Q1 EPS reported $0.74 revenue$50,476,000

Net income $12.8M ($0.74 diluted EPS) vs $16.6M ($0.95) in Q4 2022.
Net interest margin narrowed 32 bps to 2.33%; net interest income down 10% QoQ to $37.2M.
Total loans hit record $5.2B, up 2% QoQ; in-market deposits steady at $4.7B.
Wealth management AUA $6.2B at period end (+3% QoQ), but net client outflows continued.
Quarterly dividend $0.56 per share, paid Apr 13; board repurchased 200K shares at avg $43.70.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WASHINGTON TRUST BANCORP INC reported first quarter 2023 results: net income $12.8 million, EPS $0.74 per diluted share.

Period: first quarter 2023
Net income: $12.8 million
EPS: $0.74 per diluted share
Result: reported results

Exact text from the filing

Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced first quarter 2023 net income of $12.8 million, or $0.74 per diluted share, compared to net income of $16.6 million, or $0.95 per diluted share, for the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0000737468-23-000017

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