Washington Trust Bank reported results for the first quarter ended March 31, 2022 this morning. The bank delivered diluted earnings per share of $0.94 which is a decline from fourth quarter 2021 levels of $1.15. Remarking on the results, Chief Executive Officer Edward O. Handy III said the company “posted solid first quarter results and, while overall earnings were impacted by market volatility and economic uncertainty, our balance sheet, capital position, and credit quality remain strong.”

Selected Financial Metrics From Washington Trust Banks First Quarter Results:

  • Return on Equity: 12.04%
  • Return on Assets: 1.14%
  • Net Interest Margin: 2.57%
  • Total Loans: $4.3 billion (increased 0.3% from the fourth quarter)
  • Total Deposits: $4.7 billion (increased 6% from the fourth quarter)
  • Total Past Due Loans: $7 million or 0.16% of total loans
  • Risk-Based Capital Ratio: 14.15%
  • Book Value Per Share: $29.61

The company’s net interest margin was impacted by accelerated fee amortization associated with the Paycheck Protection Program (PPP) loans that were forgiven by the Small Business Administration and also commercial loan prepayment fee income. Excluding these two items the company’s net interest margin in the quarter would have been 2.51%.

The company’s board of directors declared a quarterly dividend of $0.54 per share for the quarter which was paid on April 8, 2022. Management will be holding a conference call today at 10:00am Eastern Time to discuss their financial results. For more information visit Washington Trust Bank’s investor relations page.