The following is a summary of the Washington Trust Bancorp, Inc. (WASH) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 2024 reported net income was $10.8 million with earnings per share at $0.63.

• Net interest income reached $31.6 million, with a margin of 1.83%.

• Non-interest income comprised 35% of total revenue, totaling $16.7 million.

• Average earning assets increased to $7 million with a yield of 4.97%, while average earning liabilities rate rose to 3.68%.

• Wealth management revenues were $9.7 million, up by 4%, and mortgage banking revenues increased to $2.8 million, a 10% rise.

Business Progress:

• Introduced deposit growth-oriented tools enhancing customer experiences such as online account opening and referral rewards.

• Preparing to open a new branch in Olneyville, Providence, with no further branch expansions planned.

• Continued to shift operations to the cloud and sold the operations center, consolidating team members and optimizing occupancy efficiency.

Opportunities:

• Fee-based businesses like wealth management and mortgage services performed well generating higher quarter revenues.

Risks:

• Gradual growth expected due to continued pressure on margins. The company will closely monitor the upcoming Federal Reserve actions that may impact the net interest margin.

More details: Washington Trust Bancorp IR

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