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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.
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
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%.