---
schema_version: "secwatch.filing_event.v1"
accession: "0000737468-23-000017"
form_type: "8-K"
ticker: "WASH"
cik: "0000737468"
company_name: "WASHINGTON TRUST BANCORP INC"
filed_at: "2023-04-24T23:59:59+00:00"
generated_at: "2026-06-16T20:07:18.617003+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000737468-23-000017
- form_type: 8-K
- ticker: WASH
- cik: 0000737468
- company_name: WASHINGTON TRUST BANCORP INC
- filed_at: 2023-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/737468/000073746823000017/0000737468-23-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/737468/000073746823000017/wash-20230424.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000737468-23-000017
- JSON: https://secwatch.observer/filing/0000737468-23-000017.json
- Plain text: https://secwatch.observer/filing/0000737468-23-000017.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/737468/000073746823000017/0000737468-23-000017-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.