Washington Trust reports Q1 EPS 64c, consensus 45c

The net interest margin was 1.84% in the first quarter, compared to 1.88% in the preceding quarter. “Washington Trust’s first quarter performance reflects the importance of our diversified business model, as we were able to generate solid noninterest income while faced with continued margin pressure associated with higher funding costs,” stated Edward Handy III, Washington Trust Chairman and CEO. “We remain focused on managing the balance sheet, maintaining credit quality, and prudently overseeing expenses to ensure we are adequately positioned to meet the challenges ahead.”