Washington Trust reports Q4 non-GAAP EPS 59c, consensus 55c

Reports Q4 net charge-offs $1.9M vs. $48K in the preceding quarter. Q4 provision for credit losses totaled $1.0M, up by $800 thousand from the preceding quarter. “Washington Trust’s (WASH) 2024 results reflect the strategic actions we took in December to reposition our balance sheet,” stated CEO Edward O. Handy III. “Though the sales resulted in a loss recognized in the fourth quarter, the equity offering and repositioning will favorably impact future revenues and provide additional capacity for growth and investment. This strategy has further strengthened our financial foundation, allowing us to focus on providing enhanced value for our shareholders, as well as the customers and communities we serve.”