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Mar 31, 2023
Washington Trust Q1 2023 Earnings Report
Net income decreased due to margin pressure from rising funding costs and deposit competition.
Key Takeaways
Washington Trust Bancorp reported a net income of $12.8 million for Q1 2023, a decrease compared to $16.6 million in the previous quarter. The results were affected by margin pressure from rising funding costs and increased competition for deposits, despite strong capital, liquidity, and asset quality.
Net income for Q1 2023 was $12.8 million, or $0.74 per diluted share, compared to $16.6 million, or $0.95 per diluted share, for the fourth quarter of 2022.
Total revenues decreased by $4.7 million, or 8%, from the preceding quarter, amounting to $50.5 million.
Total loans reached an all-time high of $5.2 billion, an increase of $118 million, or 2%, from the end of the previous quarter.
In-market deposits amounted to $4.7 billion, slightly down by $813 thousand, or 0.02%, from December 31, 2022.
Revenue by Segment
Forward Guidance
The Corporation currently expects its full-year 2023 effective tax rate to be approximately 21.1%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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