secwatch.observer — SEC 8-K summary
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Issuer:     WASHINGTON TRUST BANCORP INC (WASH)
CIK:        0000737468
Form:       8-K
Filed at:   2023-04-24T23:59:59+00:00
Accession:  0000737468-23-000017
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/737468/000073746823000017/0000737468-23-000017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/737468/000073746823000017/wash-20230424.htm
  HTML page:      https://secwatch.observer/filing/0000737468-23-000017

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