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Banking industry

Washington Trust Bancorp Reports Second Quarter 2024 Financial Results

Strategic Insights

— 1 min read

Washington Trust Bancorp, Inc. has announced second quarter 2024 net income of $10.8 million, or $0.63 per diluted share, compared to net income of $10.9 million, or $0.64 per diluted share, for the first quarter of 2024. The company's performance reflects its focus on managing through current economic conditions while positioning for future growth.

Key Takeaways:

  • Net income for the second quarter 2024 was $10.8 million, down from $10.9 million in the first quarter 2024.
  • The net interest margin was 1.83% in the second quarter, a decrease of 1 basis point from the preceding quarter.
  • Total loans amounted to $5.6 billion, down by 1% from March 31, 2024.
  • In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.6 billion, down by 1% from March 31, 2024.
  • Net interest income was $31.6 million for the second quarter of 2024, down by $80 thousand, or 0.3%, from the first quarter of 2024.
  • Noninterest income totaled $16.7 million for the second quarter of 2024, down by $503 thousand, or 3%, from the first quarter of 2024.
  • Wealth management revenues amounted to $9.7 million in the second quarter of 2024, up by $340 thousand, or 4%.
  • Mortgage banking revenues totaled $2.8 million for the second quarter of 2024, up by $255 thousand, or 10%.

Statistics:

  • Net income: $10.8 million (Q2 2024), down from $10.9 million (Q1 2024) by $100 thousand
  • Net interest margin: 1.83% (Q2 2024), down from 1.84% (Q1 2024) by 1 basis point
  • Total loans: $5.6 billion (as of Q2 2024), down by 1% from $5.7 billion (as of March 31, 2024)
  • In-market deposits: $4.6 billion (as of Q2 2024), down by 1% from $4.65 billion (as of March 31, 2024)
  • Net interest income: $31.6 million (Q2 2024), down by $80 thousand from $31.68 million (Q1 2024)
  • Noninterest income: $16.7 million (Q2 2024), down by $503 thousand from $17.21 million (Q1 2024)
  • Wealth management revenues: $9.7 million (Q2 2024), up by $340 thousand from $9.36 million (Q1 2024)
  • Mortgage banking revenues: $2.8 million (Q2 2024), up by $255 thousand from $2.54 million (Q1 2024)

Sources:

  • Washington Trust Bancorp, Inc. news release: Washington Trust Bancorp, Inc. Announces Second Quarter 2024 Financial Results (no date provided)

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