Washington Trust Reports Third Quarter 2023 Earnings
October 23, 2023
Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced third quarter 2023 net income of $11.2 million, or $0.65 per diluted share, compared to net income of $11.3 million, or $0.66 per diluted share, for the second quarter of 2023.
“Washington Trust’s third quarter performance reflects the Corporation’s core strength, resilience, and ability to manage through difficult operating conditions,” stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. “We continue to attract new business across all lines, which is challenging in the current rate and competitive environment. We value our employees, customers, communities, and shareholders and remain committed to enhancing the value of these relationships over time.”
Selected financial highlights for the third quarter include:
- Returns on average equity and average assets for the third quarter were 9.65% and 0.62%, respectively, compared to 9.67% and 0.65%, respectively, for the preceding quarter.
- Net interest income totaled $33.8 million in the third quarter, up by $251 thousand, or 1%, from the preceding quarter. The net interest margin was 1.97% in the third quarter, compared to 2.03% in the preceding quarter, reflecting the challenging interest rate environment.
- In the third quarter, a provision for credit losses of $500 thousand was recognized, down by $200 thousand from the provision recognized in the preceding quarter.
- Noninterest income totaled $15.2 million in the third quarter, up by $901 thousand, or 6%, from the preceding quarter, reflecting increases in loan related derivative income and mortgage banking revenues.
- Total loans amounted to $5.6 billion, up by $230 million, or 4%, from the end of the preceding quarter. Total loans were up by $762 million, or 16%, from a year ago.
- In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion, up by $35 million, or 1%, from June 30, 2023. In-market deposits were up by $121 million, or 3%, from a year ago.
For more investor information, please visit ir.washtrust.com. Thank you for your continued interest in Washington Trust. If you would like additional information about the Corporation, please contact Elizabeth Eckel, Executive Vice President, Chief Marketing & Corporate Communications Officer.