Washington Trust(US:WASH)2025-04-21 12:06Financial Performance - Washington Trust reported first quarter 2025 net income of $12.2 million, or $0.63 per diluted share, compared to a net loss of $60.8 million in the fourth quarter of 2024[2][3]. - Noninterest income was $22.6 million for the first quarter, a significant recovery from a loss of $77.9 million in the fourth quarter of 2024[6]. - Net income for the first quarter of 2025 was $12,179 thousand, a significant recovery from a net loss of $60,791 thousand in the previous quarter[30]. - Adjusted net income available to common shareholders was $11,762 thousand for the quarter ended March 31, 2025, compared to $9,356 thousand in the same quarter last year, representing a 25.7% increase[63]. - Basic earnings per common share for the first quarter of 2025 was $0.63, a recovery from a loss of $3.48 per share in the previous quarter[30]. Asset and Loan Management - Total loans amounted to $5.1 billion, down by 1% from the end of the preceding quarter, while in-market deposits increased to $5.0 billion, up by 4%[10][11]. - Total loans decreased to $5,096,210 thousand as of March 31, 2025, down from $5,137,838 thousand at December 31, 2024, indicating a reduction of approximately 1%[29]. - Residential mortgage loan originations for retention in portfolio increased to $27,662,000 for the three months ended March 31, 2025, compared to $15,155,000 in the previous quarter, a growth of 82.8%[38]. - Total commercial real estate loans decreased to $2,134,107 million as of March 31, 2025, from $2,154,504 million at December 31, 2024, reflecting a decline of approximately 0.93%[46]. Capital and Equity - Total shareholders' equity increased to $521.7 million, up by 4% from December 31, 2024, with a total risk-based capital ratio of 13.13%[20][21]. - Shareholders' equity increased to $521,680 thousand as of March 31, 2025, up from $499,728 thousand at December 31, 2024, representing an increase of approximately 4%[29]. - Tangible book value per share increased to $23.61 in Q1 2025 from $23.45 in Q1 2024[72]. - Tangible equity to tangible assets ratio improved to 6.98% in Q1 2025 from 5.56% in Q1 2024[72]. Income and Expense Metrics - The net interest margin increased to 2.29%, up by 34 basis points from 1.95% in the previous quarter, reflecting benefits from balance sheet repositioning transactions[4][5]. - Net interest income increased to $36,422 thousand for the three months ended March 31, 2025, compared to $31,665 thousand for the same period in 2024, reflecting an increase of about 15%[30]. - The efficiency ratio improved to 71.4% for the three months ended March 31, 2025, compared to 76.3% in the previous quarter, indicating better operational efficiency[33]. - Adjusted efficiency ratio improved to 68.7% in Q1 2025 from 73.5% in Q1 2024[65]. Credit Quality - The provision for credit losses was $1.2 million, up by $200 thousand from the previous quarter, with net charge-offs amounting to $2.3 million[17]. - Nonaccrual loans decreased to $21.6 million, or 0.42% of total loans, down from 0.45% at the end of the previous quarter[14]. - Nonperforming assets to total assets ratio improved to 0.33% as of March 31, 2025, compared to 0.34% at December 31, 2024[55]. - The allowance for credit losses on loans to nonaccrual loans ratio increased to 189.85% as of March 31, 2025, from 180.03% at December 31, 2024[55]. Dividends and Shareholder Returns - The Board declared a quarterly dividend of $0.56 per share, paid on April 11, 2025[21]. - The company declared cash dividends of $0.56 per share for the first quarter of 2025, consistent with the previous quarters[30]. Market Position and Deposits - Total deposits decreased to $5,040,581 thousand as of March 31, 2025, down from $5,115,800 thousand at December 31, 2024, a decline of about 1.5%[29]. - Noninterest-bearing demand deposits decreased to $625,590 million from $661,776 million, a decline of about 5.47%[49]. - Uninsured deposits increased to $1,378,312 million as of March 31, 2025, from $1,363,689 million at December 31, 2024, reflecting a growth of about 1.07%[50].