Washington Trust Reports Second Quarter 2024 Earnings

Core Viewpoint Washington Trust Bancorp, Inc. reported a stable second quarter performance for 2024, with net income slightly decreasing to $10.8 million from $10.9 million in the previous quarter. The company emphasized its focus on managing current economic conditions while investing in technology and marketing for future growth. Financial Performance - The net income for Q2 2024 was $10.8 million, or $0.63 per diluted share, compared to $10.9 million, or $0.64 per diluted share in Q1 2024 [1] - Returns on average equity and average assets were 9.43% and 0.60%, respectively, compared to 9.33% and 0.61% in the prior quarter [1] - The net interest margin was 1.83%, down from 1.84% in the preceding quarter [1][2] Income Breakdown - Net interest income for Q2 2024 was $31.6 million, a decrease of $80 thousand, or 0.3%, from Q1 2024 [2] - Noninterest income totaled $16.7 million, down by $503 thousand, or 3%, from Q1 2024, but excluding specific items, it increased by 4% [3] - Wealth management revenues increased by 4% to $9.7 million, while mortgage banking revenues rose by 10% to $2.8 million [3] Expense Management - Total noninterest expense decreased by 1% to $33.9 million, with a notable reduction in salaries and employee benefits expense [4] - Salaries and employee benefits amounted to $21.3 million, down by $515 thousand, or 2% [4] Tax and Capital - Income tax expense was $3.0 million, up by $191 thousand from the previous quarter, with an effective tax rate of 21.8% [5] - Total shareholders' equity increased to $471.0 million, up by $4.0 million, or 1%, from the previous quarter [8] Asset Quality - Nonaccrual loans were $30.5 million, or 0.54% of total loans, remaining stable compared to the previous quarter [8] - The allowance for credit losses on loans was $42.4 million, or 0.75% of total loans, slightly up from $41.9 million [8] Deposits and Loans - Total loans amounted to $5.6 billion, down by 1% from the previous quarter [6] - Total deposits were $5.0 billion, a decrease from $5.3 billion at the end of the previous quarter [7] Conference Call Washington Trust will host a conference call on July 23, 2024, to discuss its second quarter results and outlook [1]