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Mar 31, 2024
Washington Trust Q1 2024 Earnings Report
Net income of $10.9 million, or $0.64 per diluted share, was reported for Q1 2024.
Key Takeaways
Washington Trust Bancorp reported a net income of $10.9 million, or $0.64 per diluted share, for the first quarter of 2024. The results reflect the company's diversified business model amidst margin pressure from higher funding costs.
Returns on average equity and average assets were 9.33% and 0.61%, respectively.
Net interest margin was 1.84%.
Wealth management revenues amounted to $9.3 million, up 5% from the preceding quarter.
Mortgage banking revenues totaled $2.5 million, up 61% from the preceding quarter.
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 2024 effective tax rate to be approximately 21.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income