In This Article:
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Net Loss: $60.8 million or $3.46 per share in the fourth quarter.
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Adjusted Net Income: $10.4 million or $0.59 per share, excluding repositioning asset losses.
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Net Interest Income: $32.9 million, up by $674,000 or 2%.
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Net Interest Margin: 195 basis points, up by 10 basis points.
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Adjusted Non-Interest Income: $16 million, down by $229,000 or 1%.
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Wealth Management Revenues: $10 million, up by $60,000 or 1%.
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Mortgage Banking Revenues: $2.8 million, down by $18,000 or 1%.
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Non-Interest Expenses: $34.3 million, down by $212,000 or 1%.
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Salaries and Benefits Expense: Up by $525,000 or 2%.
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Advertising and Promotion Expense: Decreased by $297,000.
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Adjusted Income Tax Expense: $3.2 million with an effective tax rate of 23.7%.
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Total Loans: Down by $377 million or 7%.
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Residential Loans: Decreased by $403 million or 16%.
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Total Commercial Loans: Increased by $29 million or 1%.
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Market Deposits: Up by $26 million or 1%.
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Broker Deposits: Down by $82 million.
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FHB Borrowings: Down by $175 million.
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Loan to Deposit Ratio: Decreased from 106.2% to 105.5%.
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Non-Accruing Loans: 45 basis points at year-end.
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Past Due Loans: 23 basis points at year-end.
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Allowance for Loan Losses: $42 million, providing NPL coverage of 180%.
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Provision for Credit Losses: $1 million in the fourth quarter.
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Net Charge-Offs: $1.9 million in the fourth quarter and $2 million for the full year 2024.
Release Date: January 30, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Washington Trust Bancorp Inc (NASDAQ:WASH) successfully raised $70.5 million in capital, which is expected to favorably impact future revenues and provide additional capacity for growth and investment.
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Net interest income increased by $674,000 or 2% to $32.9 million, reflecting a positive impact from balance sheet repositioning.
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The company hired a new head of retail banking, Michelle Kyle, to enhance deposit growth strategies.
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Non-accruing loans improved, decreasing from 56 basis points to 45 basis points by the end of the year.
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The company plans to maintain its dividend, indicating confidence in its financial stability.
Negative Points
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Washington Trust Bancorp Inc (NASDAQ:WASH) reported a net loss of $60.8 million or $3.46 per share in the fourth quarter due to balance sheet repositioning asset losses.
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Total loans decreased by $377 million or 7%, with residential loans down by $403 million or 16%.
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Mortgage banking revenues declined by $18,000 or 1%, reflecting challenges in the mortgage market.
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Non-interest income was modestly down by $229,000 or 1%, indicating pressure on revenue streams.
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The company experienced net charge-offs of $1.9 million in the fourth quarter, highlighting ongoing credit challenges.