Washington Trust Q4 net income $0.76/diluted; full-year EPS $2.82 down from $4.11; NIM compresses to 1.88%

WASHINGTON TRUST BANCORP INC

2023-FY EPS reported $2.82 revenue$193,238,000

Q4 net income $12.9M ($0.76/diluted) vs $11.2M ($0.65) in Q3; includes $0.19/share benefit from MA tax law change.
Full-year 2023 net income $48.2M ($2.82/diluted) down from $71.7M ($4.11) in 2022.
Net interest margin fell to 1.88% in Q4 from 1.97% in Q3; full-year NIM 2.05% vs 2.69% prior year.
Provision for credit losses $1.2M in Q4 (up from $0.5M in Q3); nonaccrual loans rose to 0.79% of loans from 0.60% due to one CRE loan.
Total loans $5.6B (+1% linked quarter); in-market deposits $4.7B (-1%); book value $27.75/share.

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 0.95

WASHINGTON TRUST BANCORP INC reported year ended December 31, 2023 results: net income $48.2 million, EPS $2.82 per diluted share.

Period: year ended December 31, 2023
Net income: $48.2 million
EPS: $2.82 per diluted share
Result: reported results

Exact text from the filing

Net income for the year ended December 31, 2023 totaled of $48.2 million, or $2.82 per diluted share, compared to $71.7 million, or $4.11 per diluted share, reported for the prior year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WASHINGTON TRUST BANCORP INC reported fourth quarter 2023 results: net income $12.9 million, EPS $0.76 per diluted share.

Period: fourth quarter 2023
Net income: $12.9 million
EPS: $0.76 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 fourth quarter 2023 net income of $12.9 million, or $0.76 per diluted share, compared to net income of $11.2 million, or $0.65 per diluted share, for the third quarter of 2023.

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Source: SEC EDGAR

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