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Washington Trust Bancorp, Inc.'s (NASDAQ: WASH ) Q3 2024 was recently released, and the market reacted positively with +8.06%. Underlying this optimism is more conservative balance sheet management as well as a return to growth in non-interest-bearing deposits. In addition, both EPS and revenueHi there, welcome to my profile. My name is Eugenio Catone, I live in Italy and I am 26 years old. In 2023 I graduated in Business Administration and I am completing my studies. My interest in financial markets starte ...

Financial Data and Key Metrics Changes - Net income for Q3 2024 was $11 million, or $0.64 per share [5] - Net interest income increased to $32.3 million, up by $677,000 or 2% from the previous quarter [5] - The net interest margin was 1.85%, an increase of two basis points [5] - Non-interest income comprised 34% of total revenue, amounting to $16.3 million, down by $388,000 or 2% [5] - Non-interest expenses rose by $594,000 or 2% from Q2 [6] - Total loans decreased by $114 million or 2% [6] - In-market deposits increased by $155 million or 3% [6] - Total equity amounted to $502 million, up by $31 million from the end of Q2 [6] Business Line Data and Key Metrics Changes - Wealth management revenues were $10 million, up by $311,000 or 3% [5] - Assets Under Administration (AUA) totaled $7.1 billion, an increase of $249 million or 4% [5] - Mortgage banking revenues totaled $2.9 million, up by $105,000 or 4% [5] Market Data and Key Metrics Changes - The mortgage pipeline at September 30 was $107 million, up 2% from the end of June [5] - The commercial loan pipeline was $90 million, up from $45 million in Q2 [8] Company Strategy and Development Direction - The company is focused on building balance sheet strength and rebuilding earnings capacity while managing credit closely [3] - A new full-service branch was opened in the Olneyville neighborhood of Providence, seen as a catalyst for community strength [4] - The company plans to ramp up underwriting in Q4 after a period of pulling back on origination activity [16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the margin is not yet where desired, it has stabilized [3] - The company expects muted loan growth in the next quarter or two, with a return to normal growth thereafter [17] - Management anticipates that net interest income will be accretive going forward, despite a slight decline expected in Q4 [18] Other Important Information - The effective tax rate for Q3 was 20.6%, with an expectation of 21% for 2024 [6] - Non-accruing loans were at 55 basis points, and past due loans were at 37 basis points [7] - The allowance for loan losses totaled $42.6 million, providing coverage of 137% for non-performing loans [7] Q&A Session Summary Question: What is the size of the commercial pipeline? - The commercial pipeline is $90 million, up from $45 million in Q2 [8] Question: Will cash balances normalize in Q4? - Cash balances are expected to normalize to about $100 million [10] Question: What is the outlook for deposit costs and margin trajectory? - The margin is expected to be flat in Q4, with potential expansion in 2025 as rates come down [13] Question: What is the status of the $10.5 million loan that is 30 days delinquent? - Management is confident in resolving this loan in Q4 due to ongoing negotiations [14] Question: Can you provide details on the classified office loans? - There are three classified properties, with one set for resolution this quarter and the others being actively managed [23][24] Question: What is the total exposure for the $20.5 million lab space loan? - The total exposure with all banks is approximately $174 million [26] Question: What is the reserve factor for the office loans? - The office reserve factor is 127 basis points, part of the total commercial real estate segment [27]

For the quarter ended September 2024, Washington Trust Bancorp (WASH) reported revenue of $48.53 million, down 0.9% over the same period last year. EPS came in at $0.64, compared to $0.65 in the year-ago quarter.The reported revenue represents a surprise of +2.57% over the Zacks Consensus Estimate of $47.32 million. With the consensus EPS estimate being $0.56, the EPS surprise was +14.29%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

Washington Trust Bancorp (WASH) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.29%. A quarter ago, it was expected that this holding company for The Washington Trust Co. Would post earnings of $0.49 per share when it actually produced earnings of $0.63, delivering a surprise of 28 ...

Exhibit 99.1 NASDAQ: WASH Contact: Elizabeth B. Eckel EVP, Chief Marketing & Corporate Communications Officer Telephone: (401) 348-1309 E-mail: ebeckel@washtrust.com Date: October 21, 2024 FOR IMMEDIATE RELEASE Washington Trust Reports Third Quarter 2024 Earnings WESTERLY, R.I., October 21, 2024 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced third quarter 2024 net income of $11.0 million, or $0.64 per diluted share, compared to ne ...

WESTERLY, R.I., Oct. 21, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced third quarter 2024 net income of $11.0 million, or $0.64 per diluted share, compared to net income of $10.8 million, or $0.63 per diluted share, for the second quarter of 2024."Washington Trust's third quarter results remained steady, demonstrating the strength of our diversified business model, and commitment to our customers," stated Edward O. Handy I ...

In its upcoming report, Washington Trust Bancorp (WASH) is predicted by Wall Street analysts to post quarterly earnings of $0.56 per share, reflecting a decline of 13.9% compared to the same period last year. Revenues are forecasted to be $47.32 million, representing a year-over-year decrease of 3.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this time ...

WESTERLY, R.I., Oct. 8, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (NASDAQ: WASH), the publicly-owned holding company of The Washington Trust Company, will release third quarter 2024 earnings and host a conference call with the Corporation's executives as follows: Earnings Release: Monday, October 21, 2024, After Market Closes Conference Call: Tuesday, October 22, 2024, 8:30 a.m. ET Participant Dial In: 1-833-470-1428 (Toll-Free) International Dial In: Global Dial-In Numbers Access Code: 539756 Web ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. Commission file number: 001-32991 WASHINGTON TRUST BANCORP, INC. (Exact name of registrant as specified in its charter) Rhode Island 05-0404671 ...