Washington Trust Bancorp, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. The company recorded net income of $10.981 million for Q3 2024, a slight decrease from $11.161 million in Q3 2023. For the nine months, net income was $32.732 million, down from $35.229 million in the same period last year.
Total revenues for Q3 2024 were $48.534 million, a decrease of 1% from $48.977 million in Q3 2023. For the nine months, total revenues also fell by 1% to $145.607 million. The decline in revenue was primarily driven by a 4% decrease in net interest income, which amounted to $32.262 million for Q3 2024, compared to $33.751 million in Q3 2023. For the nine months, net interest income decreased by 9% to $95.512 million. This decline was attributed to a reduction in loan balances and increased interest expenses.
In contrast, noninterest income showed positive growth, increasing by 7% to $16.272 million in Q3 2024 and by 17% to $50.095 million for the nine months. Wealth management revenues contributed significantly to this growth, totaling $29.005 million for the nine months, up 9% from the previous year.
The company’s total assets as of September 30, 2024, were $7.142 billion, a decrease of 1% from $7.203 billion at the end of 2023. Total loans also declined by 2% to $5.515 billion, with notable decreases in residential real estate loans. Total deposits fell by 3% to $5.172 billion, influenced by a significant reduction in wholesale brokered time deposits.
Washington Trust's shareholders' equity increased by 6% to $502.229 million, bolstered by a rise in accumulated other comprehensive income due to improved fair value of available-for-sale securities. The company maintained a strong capital position, with a total risk-based capital ratio of 12.21%, up from 11.58% at the end of 2023.
Strategically, Washington Trust opened two new branches in Rhode Island in early 2024, aiming to enhance its market presence and customer service. The company continues to focus on managing interest rate risk through various derivatives and maintains a robust Enterprise Risk Management program to address various financial risks.
About WASHINGTON TRUST BANCORP INC
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.