Washington Trust Bancorp Reports Q1 2024 Results: Focus on Balance Sheet Reinforcement and Profitability Enhancement

Washington Trust Bancorp, Inc. (WASH) reported a net income of $10.9 million and net interest income of $31.7 million for Q1 2024. Non-interest income showed a significant 29% increase from the previous quarter. Key takeaways include a focus on deposit growth and asset quality improvement, along with the maintenance of dividend payouts despite lower capital ratios and the possibility of a deal that could reduce a non-accrual loan by half. The company plans to invest in technology to drive deposit growth and aims for a 1-2% increase in deposits for the year.

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