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Jun 30, 2020
Washington Trust Q2 2020 Earnings Report
Reported strong earnings driven by mortgage banking revenues and effective business continuity during the COVID-19 pandemic
Key Takeaways
Washington Trust Bancorp, Inc. reported a strong second quarter in 2020, with net income of $21.0 million, or $1.21 per diluted share. The company's performance was driven by record mortgage banking revenues and the successful execution of a business continuity plan during the COVID-19 pandemic.
Net income for the second quarter of 2020 was $21.0 million, or $1.21 per diluted share.
Returns on average equity and average assets for the second quarter were 16.51% and 1.46%, respectively.
Mortgage banking revenues hit an all-time quarterly high, totaling $14.9 million for the second quarter.
Residential mortgage loan originations for portfolio or sale amounted to a quarterly record of $426 million in the second quarter of 2020.
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 expects its full-year 2020 effective tax rate to be approximately 21.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income