Washington Trust reports Q4 2024 net loss of $60.8M due to balance sheet repositioning

WASHINGTON TRUST BANCORP INC

2024-FY EPS reported -$1.63 revenue$100,651,000

Net loss of $60.8M ($3.46 loss per diluted share); adjusted net income $10.4M ($0.59).
Sold $409M securities and committed to sell $345M loans; pre-tax loss of $93.9M.
Completed equity offering of 2.2M shares at $34/share, raising $70.5M net.
Net interest margin improved to 1.95% from 1.85% in Q3 2024.
In-market deposits stable at $4.8B; total loans declined 7% to $5.1B.

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