Washington Trust Bancorp Inc (WASH) Quarterly 10-Q Report
Washington Trust Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $7.1 billion from $7.2 billion at the end of 2023. This decrease is attributed to a reduction in loan balances.
Net interest income for the quarter was $32.3 million, down from $33.8 million in the same quarter of the previous year. The decline is due to higher rates paid on interest-bearing liabilities.
Noninterest income increased to $16.3 million from $15.2 million, primarily driven by higher wealth management and mortgage banking revenues.
The provision for credit losses was $200 thousand, a decrease from $500 thousand in the same quarter of the previous year. The decrease reflects stable to improving economic conditions.
Noninterest expense was relatively stable at $34.5 million, with increases in outsourced services and FDIC deposit insurance costs offset by decreases in salaries and employee benefits.
Net income for the quarter was $11.0 million, slightly down from $11.2 million in the previous year. Diluted earnings per share were $0.64, compared to $0.65 in the prior year.
The filing also reports a total risk-based capital ratio of 12.21%, indicating that the company remains well-capitalized under regulatory standards.
Washington Trust continues to focus on growing its deposit base and managing interest rate risk through various strategies, including the use of interest rate contracts.
The company maintains a strong liquidity position, with contingent liquidity sources exceeding uninsured deposits.
The filing provides detailed information on the company's loan portfolio, asset quality, and allowance for credit losses, reflecting a cautious approach to credit risk management.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Washington Trust Bancorp Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].