In This Article:
-
Net Income: $12.2 million or $0.63 per share; adjusted net income of $11.8 million or $0.61 per share.
-
Net Interest Income: $36.4 million, up by $3.5 million or 11% quarter-over-quarter.
-
Net Interest Margin (NIM): 2.29%, up by 34 basis points.
-
Non-Interest Income: Includes a pre-tax net gain of $7 million from sale leaseback transactions.
-
Wealth Management Revenues: $9.9 million, down by $158,000 or 2%.
-
Mortgage Banking Revenues: $2.3 million, down by $544,000 or 19%.
-
Mortgage Pipeline: $95 million, up by $35 million or 59% from December.
-
Non-Interest Expenses: Adjusted to $35.8 million, up by $1.5 million or 4% excluding pension settlement charge.
-
Income Tax Expense: $3.5 million with an effective tax rate of 22.3%.
-
Total Loans: Down by $42 million or 1% from December 31.
-
In-Market Deposits: Up by $195 million or 4%.
-
Loan to Deposit Ratio: Decreased from 105.5% to 100.7%.
-
Total Equity: $522 million, up by $22 million from Q4.
-
Dividend: $0.56 per share.
-
Common Equity Tier 1 (CET1): Improved 56 basis points to 11.76%.
-
Total Risk-Based Capital: Improved by 66 basis points to 13.13%.
-
Non-Occurring Loans: 0.42% of total loans.
-
Past Due Loans: 0.20% of total loans.
-
Allowance for Loan Losses: $41.1 million or 81 basis points of total loans.
-
Provision for Credit Losses: $1.2 million.
-
Net Charge Offs: $2.3 million in the first quarter.
Release Date: April 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Washington Trust Bancorp Inc (NASDAQ:WASH) reported a net income of $12.2 million or $0.63 per share for the first quarter.
-
Net interest income increased by $3.5 million or 11% on a quarter basis, reflecting benefits from recent balance sheet repositioning.
-
In-market deposits reached an all-time high of $513 million, demonstrating successful deposit growth strategies.
-
The company's loan to deposit ratio improved from 105.5% to 100.7%, indicating better balance sheet management.
-
Capital ratios improved, with CET1 increasing by 56 basis points to 11.76% and total risk-based capital improving by 66% to 13.13%.
Negative Points
-
Total loans decreased by $42 million or 1% from December 31, with reductions in both residential and commercial loans.
-
Wealth management revenues declined by $158,000 or 2%, and mortgage banking revenues fell by $544,000 or 19%.
-
A pre-tax non-cash pension settlement charge of $6.4 million was recognized within non-interest expenses.
-
Net charge-offs amounted to $2.3 million in the first quarter, reflecting some credit quality challenges.
-
The dividend payout ratio remains high, which could constrain future growth opportunities if not managed carefully.