The following is a summary of the Washington Trust Bancorp, Inc. (WASH) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 net income was $11 million with earnings per share at $0.64.
Net interest income increased to $32.3 million, up 2% from the previous quarter.
Wealth management revenues were $10 million, showing a 3% increase, with Assets Under Administration (AUA) rising by 4% to $7.1 billion.Non-interest income amounted to $16.3 million, a slight decrease of 2% from the previous quarter.
Total loans decreased by 2%, but in-market deposits grew by 3%.
Business Progress:
Opened a new full service branch in the Olneyville neighborhood of Providence, seen as a catalyst for community strength and customer base growth.
Enhanced focus on managing through the current Fed pivot and rebuilding earnings capacity.
Opportunities:
Strengthened mortgage pipeline and market appreciation in wealth management AUA due to the current Fed action on rates.
Risks:
Initial slow growth from AI services as Azure AI scales and copilots reach general availability dates.
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