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Jun 30, 2024
Washington Trust Q2 2024 Earnings Report
Washington Trust's earnings remained consistent, credit quality was maintained, and expenses were managed while introducing new technology and investing in a marketing campaign.
Key Takeaways
Washington Trust Bancorp, Inc. reported second quarter 2024 net income of $10.8 million, or $0.63 per diluted share. The company focused on managing economic conditions, maintaining credit quality, and managing expenses, while also investing in technology and marketing for deposit growth.
Returns on average equity and average assets for the second quarter were 9.43% and 0.60%, respectively.
The net interest margin was 1.83% in the second quarter.
Asset and credit quality metrics remain solid with a provision for credit losses of $500 thousand.
Wealth management revenues and mortgage banking revenues increased by 4% and 10%, respectively, 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 21.2%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income