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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