Washington Trust announces balance sheet repositioning with ~$70M after-tax loss funded by equity raise

WASHINGTON TRUST BANCORP INC

Sold ~$409M of debt securities (2.65% yield) and ~$345M of residential mortgages (3.03%) to reinvest at higher yields.
Reinvested ~$378M into securities yielding 5.30%; plans to pay down ~$352M of wholesale funding at 4.50% in Q1 2025.
Net after-tax loss of ~$70M recognized in Q4 2024, fully offset by prior equity offering of $70M.
CEO expects repositioning to improve profitability and support organic growth in 2025 and beyond.

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