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Dec 31, 2024
Washington Trust Q4 2024 Earnings Report
Washington Trust experienced a net loss due to strategic balance sheet repositioning, which is expected to improve future revenues and growth capacity.
Key Takeaways
Washington Trust Bancorp, Inc. reported a net loss for Q4 2024, primarily due to balance sheet repositioning transactions. Excluding these transactions, the company's adjusted net income was $10.4 million. Strategic actions taken in December to reposition the balance sheet favorably impact future revenues and provide additional capacity for growth and investment.
Reported a net loss of $60.8 million, or $3.46 loss per diluted share, for the fourth quarter of 2024.
Excluding balance sheet repositioning, adjusted net income was $10.4 million, or $0.59 per diluted share.
Net interest margin increased to 1.95%, up by 10 basis points from the previous quarter.
Wealth management revenues increased by 1% from the preceding quarter, with AUA totaling $7.1 billion.
Revenue by Segment
Forward Guidance
Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2025 effective tax rate to be approximately 22.5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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