Washington Trust reports Q1 EPS 74c, consensus 88c

Reports Q1 revenue $50.5M, consensus $40.27M. Q1 provision for credit losses was $800K, consistent with the provision recognized in 4Q22. Tangible book value per share was $23.36 vs. $22.42 at previous quarter end. "Our capital, liquidity and asset quality remain strong, yet first quarter earnings were dampened by continued margin pressure resulting from rapidly rising funding costs and increased competition for deposits," stated CEO Edward Handy III. "We remain confident in our business model, the strength of our balance sheet, and our ability to manage our way through these challenging times. We recently opened a branch in Barrington, Rhode Island, and have plans to open a branch in the Olneyville section of Providence and another in Smithfield, Rhode Island in the coming months. We are excited about the deposit, lending, and investment opportunities in these new markets."