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Jun 30, 2023
Washington Trust Q2 2023 Earnings Report
Net income decreased due to challenging interest rate environment, but total loans reached an all-time high while asset quality remained strong.
Key Takeaways
Washington Trust Bancorp reported a net income of $11.3 million for Q2 2023, a decrease compared to the previous quarter's $12.8 million. The results reflect the strength and stability of the company's diversified business model despite a challenging interest rate environment. Total assets surpassed $7 billion for the first time, with consistent deposit growth and strong asset quality.
Net income for Q2 2023 was $11.3 million, or $0.66 per diluted share, compared to $12.8 million, or $0.74 per diluted share, for the first quarter of 2023.
Net interest income totaled $33.5 million, down 10% from the preceding quarter, reflecting the challenging interest rate environment.
Total loans reached an all-time high of $5.4 billion, up 3% from the end of the preceding quarter and 20% from a year ago.
In-market deposits amounted to $4.7 billion, up 1% from the end of the preceding quarter and 4% from a year ago.
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 2023 effective tax rate to be approximately 20.8%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income