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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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