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Returns on average equity and average assets were strong at 13.06% and 1.21%, respectively. Comparable amounts for the first quarter of 2017 were 11.87% and 1.08%, respectively.
Wealth management assets under administration at the end of the quarter totaled $6.4 billion and second quarter revenues amounted to $9.9 million. These were record highs for Washington Trust.
Mortgage banking revenues totaled $2.9 million for the second quarter of 2017, up by 25% on a linked quarter basis.
Total loans stood at $3.2 billion at June 30, 2017, down by 1% from the preceding quarter and up by 4% from a year ago.
Total deposits amounted to $3.0 billion at June 30, 2017, down by 3% in the quarter and up by 8% from a year ago.
Average interest-earning assets decreased by $17 million, primarily due to payoffs in the commercial real estate loan portfolio. The yield on interest-earning assets for the second quarter was 3.68%, up by 12 basis points from the preceding quarter. Excluding the impact of loan prepayment fee income in each period, the yield on interest-earning assets was 3.62%, up by 8 basis points from the preceding quarter, due to higher short-term market rates of interest.
The following information was filed by Washington Trust Bancorp Inc (WASH) on Monday, July 24, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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