Washington Trust Bancorp, Inc. (NASDAQ:WASH) Q2 2023 Earnings Conference Call July 25, 2023 8:30 AM ET
Company Participants
Elizabeth Eckel - Executive Vice President, Chief Marketing and Corporate Communications Officer
Ned Handy - Chairman and Chief Executive Officer
Mary Noons - President, Chief Operating Officer
Ron Ohsberg - Senior Executive Vice President, Chief Financial Officer and Treasurer
Bill Wray - Senior Executive Vice President and Chief Risk Officer
Conference Call Participants
Mark Fitzgibbon - Piper Sandler
Damon DelMonte - KBW
Operator
Good morning and welcome to Washington Trust Bancorp, Inc.’s Conference Call. My name is Carla. I will be your operator today. [Operator Instructions] And now, I will turn the call over to Elizabeth B. Eckel, Executive Vice President, Chief Marketing and Corporate Communications Officer. Ms. Eckel?
Elizabeth Eckel
Thank you. Thank you, Carla. Good morning and welcome to Washington Trust Bancorp, Inc.’s second quarter 2023 conference call. Joining us this morning are members of Washington Trust’s executive team, Ned Handy, Chairman and Chief Executive Officer; Mary Noons, President, Chief Operating Officer; Ron Ohsberg, Senior Executive Vice President, Chief Financial Officer and Treasurer; and Bill Wray, Senior Executive Vice President and Chief Risk Officer.
Please note that today’s presentation may contain forward-looking statements and actual results could differ materially from what is discussed on today’s call. Our complete Safe Harbor statement is contained in the earnings release, which was issued yesterday as well as other documents that have been filed with the SEC. All of these materials and other public filings are available on our Investor Relations website at ir.washtrust.com. Washington Trust trades on NASDAQ under the symbol WASH.
I am now pleased to introduce today’s host, Washington Trust Chairman and CEO, Ned Handy.
Ned Handy
Thank you, Beth and good morning everybody. Thank you for joining our second quarter call. We welcome the opportunity to share some highlights from the quarter and appreciate your time and interest in Washington Trust. I will provide some comments about the second quarter as well as some thoughts on the current operating environment. And then Ron Ohsberg will then discuss the financial performance and Mary Noons and Bill Wray will join us to help answer any questions you may have about the quarter.
Washington Trust posted second quarter net income of $11.3 million or $0.66 per diluted share compared to $12.8 million or $0.74 per diluted share in the prior quarter. Total loans grew by 3% and in-market deposits grew by 1% in the quarter. We surpassed $7 billion in assets for the first time.