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Washington Trust Bancorp (WASH)
NASDAQ:WASH
Earnings Data
Report Date
Apr 28, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.63Last Year’s EPS
0.64Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Jan 29, 2025
|% Change Since: -5.74%
|Next Earnings Date:Apr 28, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a strategically challenging quarter with a significant net loss due to balance sheet repositioning. However, the capital raise and improved financial metrics indicate potential growth and stronger future performance. Credit quality remains strong, and new leadership is expected to drive deposit growth. While the immediate impacts are negative, the long-term outlook is cautiously optimistic.Company Guidance
During the Washington Trust Bancorp, Inc. fourth-quarter 2024 conference call, several key financial metrics and strategic initiatives were discussed. The company reported a net loss of $60.8 million, or $3.46 per share, primarily due to a balance sheet repositioning which involved a capital raise of $70.5 million, and selling and reinvesting in securities. Excluding these asset losses, adjusted net income was $10.4 million, or $0.59 per share. Net interest income rose by 2% to $32.9 million with a margin of 1.95%, reflecting a 10 basis point increase. Wealth management revenues were slightly up, totaling $10 million, while mortgage banking revenues were $2.8 million. Noninterest expenses decreased by 1% to $34.3 million. The company also highlighted a positive outlook for 2025, projecting a net interest margin increase to 2.45%-2.50% by the fourth quarter, with average earning assets expected to be between $6.3 billion to $6.4 billion. Additionally, Washington Trust announced the appointment of Michelle Kile as the new Head of Retail Banking to drive deposit growth strategies.Strategic Capital Raise
Washington Trust Bancorp, Inc. announced a December capital raise of $70.5 million, allowing for future growth and investment. This strategic move is expected to favorably impact future revenues despite resulting in a short-term loss.
Improved Financial Metrics
Net interest income increased by $674,000 or 2%, and the net interest margin improved by 10 basis points to 1.95%.
Strong Asset and Credit Quality
Non-accruing loans decreased from 56 basis points to 45 basis points, and past due loans decreased from 37 basis points to 23 basis points.
New Leadership in Retail Banking
Michelle Kile was hired as the new Head of Retail Banking, expected to enhance deposit growth strategies.
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WASH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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WASH Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Jan 29, 2025 | $31.89 | $31.64 | -0.78% |
| Oct 21, 2024 | $30.75 | $33.23 | +8.07% |
| Jul 22, 2024 | $29.50 | $31.16 | +5.63% |
| Apr 22, 2024 | $23.72 | $23.90 | +0.76% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Washington Trust Bancorp (WASH) report earnings?
Washington Trust Bancorp (WASH) is schdueled to report earning on Apr 28, 2025, TBA Not Confirmed.
What is Washington Trust Bancorp (WASH) earnings time?
Washington Trust Bancorp (WASH) earnings time is at Apr 28, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WASH EPS forecast?
WASH EPS forecast for the fiscal quarter 2025 (Q1) is 0.63.
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