Q2 2024 Washington Trust Bancorp Inc Earnings Call Transcript
Key Points
- Capital ratios improved somewhat in the quarter as the company deemphasized asset growth and stabilized earnings.
- Credit remains strong with non-accruing loans at 54 basis points and past due loans at 21 basis points of total loans.
- Expenses are down quarter over quarter, reflecting lower staffing levels and payroll tax expense.
- Fee-based businesses, wealth and mortgage, performed well and generated higher revenues in the quarter.
- The company introduced new deposit growth-oriented tools to enhance customer experience and reward referrals.
- Net interest income was $31.6 million with a margin of 1.83%, indicating continued pressure on the margin.
- Non-interest income was down by $503,000 or 3% from Q1, despite a gain on the sale of the operations center.
- Total loans were down by $56 million or 1% from March 31, indicating a decrease in both commercial and residential loans.
- In-market deposits were seasonally down by $37 million from March 31, reflecting a reduction in brokered deposits.
- The wealth management business experienced outflows of $163 million, partly due to the departure of two advisors and an unexpected death of another.
Good morning, and welcome to Washington Trust Bancorp, Inc.'s conference call. My name is Lydia, and I will be your operator today. (Operator Instructions) As a reminder, today's call is being recorded. I'd now like to turn the call over to Elizabeth Eckel, Executive Vice President, Chief Marketing and Corporate Communications Officer. Please go ahead.
Thank you, Lydia. Good morning, and welcome to Washington Trust Bancorp Inc.'s conference call for the second quarter of 2024. Joining us this morning are members of Washington Trust's Executive team, Ned Handy, Chairman and Chief Executive Officer; Mary Noons, President and Chief Operating Officer; Ron Ohsberg, Senior Executive Vice President, Chief Financial Officer and Treasurer; and Bill Wray, Senior Executive Vice President and Chief Risk Officer.
Please note that today's presentation may contain forward-looking statements and our actual results could differ materially from
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