The following is a summary of the Washington Trust Bancorp, Inc. (WASH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Washington Trust Bancorp reported a Q1 net income of $10.9 million, translating to $0.64 per diluted share, with net interest income of $31.7 million, down by approximately 3%.

• The reported margin dipped by 4 basis points to 1.84%, and the average earning assets increased by $23 million for the quarter with a 4.93% yield.

• Non-interest income increased 29% from the previous quarter to $17.2 million, accounting for 35% of total revenues.

• Wealth management yields stood at a steady $9.3 million.

Business Progress:

• A $1 million increase in commercial loans and a decrease of $19 million in residential loans were recorded for the quarter.

• The company is prioritizing deposit growth strategies, including the introduction of features such as an omni-channel automated deposit account opening tool.

• A deal is in the works which could significantly reduce costs, indicating potential financial improvement, although it has not been finalized.

• Non-accruing loans improved to 54 basis points on total loans from 79 basis points at the year-end, demonstrating better asset quality.

• Company leadership is focused on addressing office maturities concerns over the next eight quarters, expressing confidence about future improvements and reaffirming commitment to conservative accounting practices.

More details: Washington Trust Bancorp IR

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