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Mar 31, 2020
Washington Trust Q1 2020 Earnings Report
Net income decreased due to CECL adoption and COVID-19 impact.
Key Takeaways
Washington Trust Bancorp reported a decrease in net income for Q1 2020, impacted by the adoption of CECL and the COVID-19 pandemic, though balance sheet growth remained positive.
Net income was $11.9 million, or $0.68 per diluted share, compared to $15.5 million, or $0.89 per diluted share in the previous quarter.
Total revenues increased by 8% from the preceding quarter, amounting to $52.5 million.
Total loans increased by 5% from the end of the preceding quarter, reaching $4.1 billion.
In-market deposits increased by 2% from the end of the preceding quarter, totaling $3.3 billion.
Washington Trust
Washington Trust
Washington Trust Revenue by Segment
Revenue by Segment
Wealth Management Revenues Revenue
CapyFin.comMortgage Banking Revenues Revenue
CapyFin.com Forward Guidance
The Corporation currently expects its full-year 2020 effective tax rate to be approximately 20.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income