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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