secwatch.observer — SEC 8-K summary
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Issuer:     WASHINGTON TRUST BANCORP INC (WASH)
CIK:        0000737468
Form:       8-K
Filed at:   2024-04-22T23:59:59+00:00
Accession:  0000737468-24-000023
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/737468/000073746824000023/0000737468-24-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/737468/000073746824000023/wash-20240422.htm
  HTML page:      https://secwatch.observer/filing/0000737468-24-000023

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