Washington Trust Q1 net income $10.9M ($0.64 EPS) down 15% QoQ; NIM narrows to 1.84%

WASHINGTON TRUST BANCORP INC

2024-Q1 EPS reported $0.64 revenue$48,828,000

Net income $10.9M ($0.64 diluted EPS) vs. Q4 2023 $12.9M ($0.76); net interest margin 1.84% (down 4 bps QoQ).
Noninterest income up 29% QoQ to $17.2M, including $2.1M litigation settlement; wealth mgmt rev +5%, mortgage banking rev +61%.
Loans up 1% QoQ to $5.7B; in-market deposits down 0.4% to $4.7B; nonaccrual loans dropped to $30.7M (0.54%).
Dividend declared $0.56/share; total risk-based capital ratio 11.62%, well above well-capitalized thresholds.

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 first quarter 2024 results: net income $10.9 million, EPS $0.64 per diluted share.

Period: first quarter 2024
Net income: $10.9 million
EPS: $0.64 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 2024 net income of $10.9 million, or $0.64 per diluted share

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Source: SEC EDGAR

accession 0000737468-24-000023

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