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Mar 31, 2022
Washington Trust Q1 2022 Earnings Report
Reported solid first quarter results, impacted by market volatility and economic uncertainty, but maintained a strong balance sheet, capital position, and credit quality.
Key Takeaways
Washington Trust Bancorp reported a net income of $16.5 million, or $0.94 per diluted share, for the first quarter of 2022. While overall earnings were impacted by market volatility and economic uncertainty, the company's balance sheet, capital position, and credit quality remained strong. Total loans excluding PPP loans reached an all-time high, and in-market deposits also hit a record.
Returns on average equity and average assets were 12.04% and 1.14%, respectively.
Asset and credit quality metrics remained strong, with a modest $100 thousand provision for credit losses recognized.
Wealth management revenues reached a quarterly high of $10.5 million.
Total loans excluding Paycheck Protection Program ("PPP") loans amounted to an all-time high $4.3 billion, up by $36 million, or 1%, from the end of the preceding quarter.
Washington Trust
Washington Trust
Washington Trust Revenue by Segment
Washington Trust Revenue by Geographic Location
Revenue by Segment
Wealth Management Revenues Revenue
CapyFin.comMortgage Banking Revenues Revenue
CapyFin.comRevenue by Geographic Location
Connecticut Commercial Real Estate Revenue
CapyFin.comMassachusetts Commercial Real Estate Revenue
CapyFin.comRhode Island Commercial Real Estate Revenue
CapyFin.com Forward Guidance
The Corporation currently expects its full-year 2022 effective tax rate to be approximately 21.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income