Washington Trust Bancorp, Inc. (NASDAQ:WASH) Q2 2022 Earnings Conference Call July 26, 2022 8:30 AM ET

Company Participants

Elizabeth B. Eckel - Senior Vice President, Chief Marketing & Corporate Communications Officer

Ned Handy - Chairman & Chief Executive Officer

Ron Ohsberg - Senior Executive Vice President, Chief Financial Officer & Treasurer

Mark Gim - President & Chief Operating Officer

Conference Call Participants

Mark Fitzgibbon - Piper Sandler

Damon DelMonte - KBW

Laurie Hunsicker - Compass Point

Operator

Good morning and welcome to Washington Trust Bancorp Inc.'s Conference Call. My name is Melissa. I’ll be your operator today. [Operator Instructions] Today's call is being recorded.

And now I will turn the call over to Elizabeth B. Eckel, Senior Vice President, Chief Marketing and Corporate Communications Officer. Ms. Eckel?

Elizabeth B. Eckel

Thank you, Melissa. Good morning, everyone, and welcome to Washington Trust Bancorp Inc.'s 2022 second quarter conference call. Joining us for today's call are members of Washington Trust's executive team, Ned Handy, Chairman and Chief Executive Officer; Mark Gim, President and Chief Operating Officer; Ron Ohsberg, Senior Executive Vice President, Chief Financial Officer and Treasurer; and Bill Ray, 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 the call. Our complete Safe Harbor statement is contained in our earnings press release, which was issued yesterday afternoon, as well as other documents that are filed with the SEC. 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'm now pleased to introduce today's host, Washington Trust's Chairman and CEO, Ned Handy.

Ned Handy

Thank you, Beth, and good morning and thank you for joining our second quarter call. We appreciate your time and continued interest in Washington Trust. I'll provide some commentary on the second quarter and our view of the current environment and then Ron Ohsberg will review our financial performance. After our remarks, Mark Gim and Bill Ray will join us and we will all answer any questions you may have about the quarter.

I'm pleased to report that Washington Trust posted solid second quarter results with a net income of $20 million or $1.14 per diluted share, compared with $16.5 million or $0.94 per diluted share in the prior quarter.

In the quarter, our results benefited from interest rate movements, offsetting fee pressure in our wealth and residential mortgage businesses. While our wealth management net new business and our mortgage portfolio volume were both strong in the quarter, market conditions negatively impacted fee revenues.