WASH - Earnings call transcript Q2 2019 | Washington Trust Bancorp, Inc.

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Operator

Good morning, everyone. And welcome to Washington Trust Bancorp, Inc.'s Conference Call. My name is Jamie and I will be your operator today [Operator Instructions]. Today's conference call is being recorded.

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

Elizabeth Eckel

be to morning. Bancorp, and call. Thank President Handy, and will Ron Mark Good Officer Officer; Senior Executive welcome and This by Washington Chief Chairman call Chief conference you, Jamie. Financial Gim, XXXX Executive And Vice Trust Treasurer. Officer; Chief Ned quarter Inc. morning's and Operating hosted Ohsberg, second President,

take could Before statements note materially I'd we to of forward-looking results like may and presentation those. actual differ today's from contain begin,

Our Harbor the statements. and review you to Web Safe Trust Washington WASH. SEC. file statement company's Relations earnings appears NASDAQ ir.washtrust.com. Harbor encourage press in with these trades on in materials release to We symbol that Investor at our visit and our other under our documents site Safe the complete

now, pleased And CEO, Trust's Ned Chairman Washington and introduce now Handy. to I'm

Ned Handy

highlights you, Thank conference thank for quarter's review the results. today's prepared will we'll the our joining good and of on quarter I for us you our remarks, second any will This us afternoon, and performance. and our XXXX. questions and quarter join have Beth. And answer And may released and Ron morning, Yesterday you, remainder Mark outlook call. about morning we financial the after

quarter diluted in share the Washington or $X.XX $XX.X $X per $XX.X second of Trust per reported to million, prior earnings or diluted share million compared quarter.

all quarter's remain measures business benefits at Washington diversified quality profitability second and reflect strong model. asset quarter the our Our from capital ratios Trust's end. earnings

economic declines and offsetting several to key see lines, our challenging environment. due mostly the continue results to from competitive of We positive rate and business

deposits, ago. retained consistent and were which to cost quarter's Competition credit run-off of quarter as and moment offset attracted for the strong levels We the promotions, year saw of which remain help X% highlights. second some increase rate but as was CD Total to quarter banks, to $X.X unions. as deposits in in aggressive the Let successfully deposits an large first small our up a through we offers quarter. and me well contributed both deposits from seasonal municipal local take during a billion, special with share from funds in our

In to efforts. expected at recovery. competitors we the the interested our rate decreased offer the anticipation announced Many and reduced which by of deposit promotional of high of be CD reduction might price end rates continue our fed lengthen deposit our specials, rate to July,

reflect educational mentioned calls, we've this typically and As from outflows quarter that the was numbers previous government large on customers, quarter. deposit seasonal and again our second case

return We expect quarter. in the third those deposits will bank the to

branch, is which in meeting the performance expectations. North opened Our our first Providence quarter,

branch seek loan deposits locations We attractive for which offer growth. within would opportunities and continued Rhode continue to Island,

X% down quarter, from were loans by Total up but a the year were from ago. previous

of with Our was residential lending quarter their revenues market reached the quarter were mortgage in our highest second More from mortgage area level throughout activity mortgage mortgage robust XX% productions fourth originations had area another offices. the residential XXXX. banking Residential strong of particularly Massachusetts as than the since strong Massachusetts. quarter in

this activities. As pipeline home head residential Reserve is the healthy. mortgage the high, year-to-date additional applications reduction so rate and refinance we are purchase at third a into later Federal could quarter, month spur

on bullish business at the we're So mortgage moment. the

level were quarter. during loans down of commercial an the due total side, commercial increased payoffs overall to the On

and from moderated, construction to structure. seems area healthy. advances. level had new Competition estate expansions quarter, had the real both business and credit small Business CRE solid and of especially commercial banks has Our around still and extremely have large originations good been while with we challenging, a a pricing remains

Heaven believe who new in two help commercial will XX lenders portfolio area experience years market seasoned a lenders to Connecticut. Washington and have and as board on than and those has the our lender industrial who and greater estate real of category. us excited New will C&I market Trust hired Connecticut further commercial and commercial brand the they lenders in recently We're focus We build more on expand the

Wealth assets were previous management XXXX, June March revenues Wealth financial were $X.X X% for appreciation. second revenues asset increase assets wealth management $X.X XX, quarter based market X% of in up under attributable the billion XXXX, million to from Both under at from were administration the and XXXX. the management XX, quarter. administration up

subsidiary a our just In in the June, wirehouse. end two join Financial firm the Group left to before the Weston large of senior counselors late second quarter,

and help the clients could Weston. that not We of will non-solicit does ensure outflow the assets which have non-compete with reduce necessarily agreements fine remain in but place,

disappointed we Weston this are to the and development, clients. we are While with committed

team counselors have We Weston service excellent which an to working clients experienced employees the have who are continue hard of long and been accustomed. Weston to our

has corporate a division to to and contributor standpoint, be been financial a revenues. From continues key wealth management our

it's some outflows. determine left counselor financial potential impact to who We with totaling follow they've term whom with $X this had or associated there event approximately counselors and While the realized anticipate to too future of assets billion. clients some the early therefore a client were choose the will long asset relationship be managed may

best will and Our ensure service clients attention. we come they possible always the receive and first

division. Weston, XXXX. to from entire our been We've is services the Washington management wealth committed wealth highly operating Trust since client

an differentiates big other So and as it important who us banks, are it's we both of from small. part

to will detail Ron performance. I'll the over financial now on more the provide second quarter's turn Ohsberg discussion who Ron?

Ron Ohsberg

today. on XXXX results described in you position quarter yesterday. as financial Thank Good and Thank operating our issued for you, release prepared second us Ned. call morning our joining I'll review the everyone.

net per As diluted compared and the Ned This for was share first million $X.XX $XX.X share income or the quarter. per $X $XX.X second for mentioned, million to quarter.

return on to of reported on return of X.XX%. also XX.XX% assets We equity

basis prepayments a in lower from interest in down Income amortization during margin income mortgage interest accelerated by as reversal X.XX%, LIBOR or of mortgages. QX by XXX,XXX costs were second rates the premiums, backed and margin XX in Net points. for interest as mortgage rates net impact as deferred market well affected in slight The resulted QX was declined as There quarter well. X%. on residential security was the

interest were up loans quarter the assets down to million commercial investment decreased preceding were Liability yield in re-priced $X interest by points Average money rose market and assets quarter-over-quarter due to average by $XX or the interest quarter and as from increased by a on average million to X.XX% and on The rates earning in million. mature rates upward The X basis and funding securities balance CD's quarter $XX continue earning market linked wholesale rates. basis. rise. average by X% lower

$XX cost On from points the of $XX funding the the cost the average X quarter deposits quarter. The basis the million X.XX%, funding XX balance first up side, average end basis in market and wholesale funding was was basis up is deposits was up of of sources in-market declined points, points. wholesale million and X

comprised up XX% the X%. income million amounted QX. $XXX,XXX revenues up and interest quarter total $X.X million, revenues $X.X to in or second or were million, $XX.X of Net from Wealth management X%

under in revenues quarter $XXX,XXX the basis. Asset totaled linked assets administration. wealth or increase increase wealth a on management management an reflected average This up X% balance of million, $X.X based

average concentrated year. $XXX,XXX, revenues are the in and reporting the reflects management increase of by preparation under wealth the wealth end tax generally stood billion, balances in first X%. a totaled on an average based to basis XX quarter fees, linked half of The and or $XX,XXX and which of period $X.X due increase financial The assets management spot of X%. up Transaction The at June administration was million balance increased $XXX appreciation. market balance

Ned which revenues They or be business It approximately two to how have the much estimated annual will billion investments As of of $X.X in co-managed million. company assets, our managed over too this counselors just $X in mentioned, is of lost. early left estimate June.

are have million we been approximately $XX that by annual estimated clients $XXX,XXX. yesterday, of informed they have which assets, revenues of in As withdrawing

up revenues mortgage reflect the volume $X.X quarter, XX%. results in mortgages market. $XXX,XXX These the Our sold or higher in a totaled of by secondary banking second million

XX $XXX was increase $XX origination recent an million, XXst. in the million the of reflected mortgage Our or June This sharp year decline since XX% at pipeline March XX rates.

million expenses activities. the due benefit increase items expense, of due timing quarter; $X.X increase to advertising which non-interest previous significant banking and salaries commission is Total in the $XXX,XXX largely promotion reflected an me in in X% to an Now, increase $XXX,XXX by our activities; and expenses. marketing turn from let to an expense costs of include increased mortgage or increased of

expenses totaled quarter. first the to tax The rate $XX.X million million was tax effective $X.X compared million. $XX.X in Income

We $XX.X year expect the approximately tax be XXXX rate to effective million. full

real up that to with second and balances Recall estate $XXX our Total by loans payoffs, were sheet. $XX $X in $XX which balance by by year XXst, ago. increased a of of Commercial pay-downs the quarter. X% to elevated new March million or million. from delayed were $XX but million occurred million Turning offset the portfolio loans advances QX million compared by

and C&I declined $X [indiscernible] Included were of and offset $XX million payoffs. Investment securities, by securities $XX downs million. decreased the for securities. The pay of million TDR value partially by by mortgage of to $XX new portfolio with an $XX in loans due offset loan principle primarily million million in back increase of available pay fare repeat the sales million, downs by $XX

opportunities at not We seeing reinvestment attractive are this time.

or the from X% QX brokerage $X and a $X.X were year market were were by ago. down $XXX billion, deposits end CDs deposits from million Total up up million $XXX,XXX In of and wholesale $X up million.

depositor borrowings have million. increased typical and our been these municipal customers, had but by in outflows have larger FHLB some higher transactions. seasonal $X offset by We new education

the Asset strong. compared were end X.XX% first early or real by of with of the was compared quarter. of value that of There was status X.XX% days million estate to at end but loans the a current total Non-accruing more XX total pass-due to X.XX% pass-due Loans July. at quality $X.X returned loan loans loans QX. remains one X.XX% at in of commercial very carrying to were XX,

quarter. in Net X.XX% the versus quarter. losses to loss the provided This for charge-offs total on loan previous and of was MPL first XXX%, loans coverage of due of one and $XXX,XXX relationship. $XX,XXX in charge-offs was increase residential The estate allowance compared largely were $XXX,XXX to loan the $XXX,XXX real provision

based our ratio X.XX% of X.XX% to capital million, XXth. was the at of remain Tangible $XXX finally, end from $XX.X The $X.XX compared X%, of paid share, declaration QX. And end March. ratio increase or the at compared at was total June capitalized. equity of was equity up to the risk million quarter. XX.XX% the asset tangible to first an to second XX.X% We per quarter of end XX dividend improved well shareholders' Total on July $X.XX

will time, the I call over back this at Ned. And turn to

Ned Handy

plays in of model comments, a especially Thank In opening challenging the times. company, during I role consistent for important Ron. stream our generating economic business my the you, mentioned diversified earnings

I'd noting driven like to interaction customer today's over Washington close are Trust's world people. than and intelligence that artificial automated by contributor important and to of technology success, taking another human more guidance Washington systems believes Trust ever. expert service, In our key

technology, so technology also and most we important are recognize that and embrace employ we the that the ones. take far only personal While often us can connections

the of are endorsements. believe We we studies. employer with Providence the the Rhode Best is genuine. best quarter, party Rhode two validated Island research work. In bank what we third Bank choice, of In in because we by June, of by second remained we separate an one Business Island's in And this both was offer ninth May, and for to were consecutive News the places recognized years

study first, state, top and the the conducted each honors. top by Forbes exclusive bank Washington in nationwide selected received Trust The

to values. Solutions, first New We're Trust American Experience receive this of to conducted it with Bank for by second Customer quality of in Washington Business core recognition Bank our both community reinforces commitment contributions. Media overall England as The Rhode survey and Island honored and our

have. that my be Ron now prepared and remarks. I concludes any Mark, happy questions And you to answer will And might

Operator

your question. Ladies and Mark and our Sandler go time, Fitzgibbon at Please from session question O'Neill gentlemen, this first And from ahead today question-and-answer comes [Operator Partners. Instructions]. we'll the with begin

Mark Fitzgibbon

A quick around questions of couple Weston.

what billion in dollars the today at us the remind is with you total could First, Weston AUM there?

Ned Handy

billion. $X.X it's Yes,

Mark Fitzgibbon

And had relationships so people are $X the with billion two of about relationship that billion? that leaving $X.X

Ned Handy

Yes, that's correct.

Mark Fitzgibbon

left are people many how Weston? So at

Mark Gim

XX there're Financial. at this So is employees Gim. Mark, Weston currently Mark

Mark Fitzgibbon

is And are plan as How the you about And they the a that… those? little have? action non-solicits much could bit non-compete what retain of long to talk

Mark Gim

that agreements legal we're things, with place. all Two sealing remedies those associated were in

In been outreach, Weston those reporting reaching of proactively the conversations been honest. clients, out open to terms has team that have and and has been

the to process retention I for fit try And anything efforts. know job you are have we best if the we're continue, those to of to of Our add? course, is execute the to don't find, Ned, in client. going

Ned Handy

Yes. the that year -- they're duration one And you specially Mark, asked non-competes.

Mark Fitzgibbon

in change you or at your Halsey, this or does thinking with the agreements retention folks And have Trust either other on Weston? Wash

Ned Handy

the best optimal and we last have place accordance in that been structured is those We client the law. for way, think if at in non-compete have for so. facing with the agreements that at current is in looked also year what professional have looking non-solicit better or And we and

Mark Fitzgibbon

then And could wondered to be under we competitive little some CD given about net Are Ron, think I those margin you likely the the a environment. see margin us to bit if continue the help pressure? promotions of and of interest

Ron Ohsberg

balance just thinking know, you our the pretty sensitive. We're, you I of asset and absolutely. we're rundown Yes, can sheet. composition give just what of maybe as

would for cut the and This be expected XX residential the X.Xs. factors that the it the rest QX continue I in assumes saw going expect NIM rate QX. the the fed year at that will basis same into point we the in low likely pace the of listen, So, funds that in in prepayments

reset of month. it's numbers, But have so of month-to-date the point $X.X been half of the our that is in July LIBOR book So XX re-prices a and at we already in. expected reflected of some each already leaking billion first basis

a reset of Xst. on million have prime also We that book August will $XXX

much We weighted funding rate about relief do XX rate that mature year, have So, average not $X.X expect billion the in of July has X.XX%. year. we the per variable of a point is that loans total, wholesale will annually the $XXX end deposit do before December of on rate million basis XXst of million but book between $X.X that and

So, now monthly year. But be on pick points a annually. if basis will we the worth $X.X between face would on that million I got that end said, that XX up in and the as of basis

our see sometime promotional not material of in maturities will any We CDs XXXX. until

all put we pressure this second is going as saw quarter. So, of the to margin the on in

that there for are end time. think market reduce at opportunities costs I this deposit our limited us to

Mark Fitzgibbon

only And in one so cut you're July… assuming

Ron Ohsberg

cut assuming at We're yes. this point, the one

Mark Fitzgibbon

management and the headwinds perhaps given secondly, reduce on Is side. an some of overhead then opportunity And there headwinds bit? some margin take costs wealth out some to your the a

Ron Ohsberg

ratio efficiency is to I pretty with. Yes. well mean, our begin

of some base so no, is expense So our variable.

been XX%, that side, XX% against Weston so that the there. on costs So our offset variable of assets, revenue probably are they runs

X% seeing and the gave variable You -- year go beginning our on outlook the our side the it's think, -- guidance probably the core higher the mortgage that of things, rate FDIC. core and you -- on expense the increase of higher legal more with out year-over-year, trending costs X% side X% have commissions. Overall, fixed we at would expense was the towards year to been fixed I of for

Operator

DelMonte Damon from comes KBW. question with next our question. from your go Please And ahead

Damon DelMonte

said low fourth by I on full XXXX, of follow of you low saying quarter or think year a are XXXs. XXX? end saying Ron, for the Just Are the you up margin. quick the the you

Ron Ohsberg

saying I'm of the year. second half for the

Damon DelMonte

of on regards what half give then here great. For quarters second growth, quarter. right, you're first flattish the think quarter, okay perspective a the here, you're loan half the the And to of somewhere second the little for so for you year, or around all first the in back Could thinking X% in I two with year?

Ned Handy

we've from in of I quarter that about the first quarter. were or had single-digit we that single-digit with the before second some think growth those the a payoff stick lot delayed we'll of mid low that talked

resi-mortgage on those had We growth. I sold out, So that lot about the think a if exclude side. we've you

we So resi hasn't in portfolio the expect. half in growth the the that first been might there

Mark Gim

And this Right. Mark. Damon, is

than The give Ned terms to long to Just has percentage the is portfolio. refinance with little favorable it's changed said versus shift what where rates you regards a loans more mix portfolio. to in on color mortgage term in -- that residential interest is downward of

less does the that loans of well refinancing the since second than held not are expect of at for portfolio, going would robust loans generation growth some beginning see year effect us. loan as of to talked with our we a own being net within XXXX into as the source So half we gain

Damon DelMonte

try what's more fee in this Weston, to is keep acquisitive in space a years of last at the left. Has couple a of component And to key to have think the then on key light couple your this time your be income? this trying happened I changed this overall second that investment maybe in of perspective managers

Mark Gim

competency business. Yes, is question. good are core of wealth committed It to we the a that's a Damon, company. the

to the stream. We committed gives are revenue the that differentiation

look change to M&A be wealth expect that. And to continue prospects that in not in at to space. does opportunities. considering would continue We This active we

Damon DelMonte

question just back then in see the last color you give a on expenses. the you And little Ron, on can year? half how the of trajectory

Ron Ohsberg

we're higher the I I at As that gave end range to mentioned, X% call. probably of that last at X% the

is year-over-year other. we're how X% of thinking So,

Operator

Erik from go [Operator Instructions] comes question. ahead Our next Zwick and Scattergood. your question from Please with Boenning

Erik Zwick

the to question a on were did I’m about leaving, individuals indication any with left prior guess and more thinking two work One you? come surprise them? you that from have that it I as did to Or Weston. any discussions curious they

Ned Handy

been business. the for they've at well committed long would customers the with do to Yes, counselors. at go. keep see good We say for I leave much been company very I us we're We're long preferred time. given to yes, And are Erik. time, that them them. would served would still them very to preferred to have sorry for circumstances. Weston. stay, we we They've They But, think as I'll with very a have a the

But we preferred to dedicated families. way are there themselves to care committed help take do all stay market the and to And the help customer that And counselors and and we will all to customer we we in particular the they have counselors remaining the base. of we'd and us customer Weston business operate. continue itself that's very can that the us certainly to their great business create relationships. will make for unit. that and entire And place who manage decisions We're

So, I'll it that. leave just at

Erik Zwick

just and specifically next commercial the growth know a thinking for about then on gross, is loan the side, I And Connecticut outlook focus.

you about gaining Can just successful be just structure? that lenders bit on market much Are all? market new today? the price? is some that wins, Is able added there. talk competition to Or you little a in in at You've competing getting the soft how

Ned Handy

We've greater been the a had County, active somewhat the of in years, the Connecticut New for in lot in marketplace the Haven, Hartford down in success County. and Fairfield up

good got we've base. great track a customer a have and So again, record there

I that we've real marketplace lender has long the who the in helpful. greater be Haven commercial think added will estate very New history

strong. we're side. is of competition People's the marketplace. providers there from KeyBank, our I you think And Webster, pretty And on lot in careful the credit know are that history,

probably price when us or price deals most And and decide not. the comes the have where so play market want to won't structure we into at be to play we rates -- whether those we

ahead. some of based in deposits management, decided to go and cases cash relationship so And we overall on

has success XX Connecticut. marketplace. in that record of the added The first XX with someone C&I lender years. I C&I He that And in marketplace lender the has these are that Connecticut been long personally track known a on in years, we was ground for

also permanently us both up particularly time marketplace well known win hopes around Connecticut. about I'm on have the him. relationships. It be ground the takes first who in to in But ramp will them ground, he's be on pre-lender is for and a C&I our having This there'll the grow always excited I to -- period. great it's So

fabric the a So think marketplace increase to for side the good in the have development exciting C&I us. someone in is both I and

Erik Zwick

acquisitions the M&A. us remind any one describe last you'd chatter target pace six And quarter say size then potential relative consider? one How regard and to, months of characteristics that me you you second in preferred from can to of with of ago? And the market your would

Mark Gim

this is Mark Gim. Erik,

mean with You to regard bank M&A?

Erik Zwick

M&A. bank specifically Yes,

Mark Gim

the have environment. we would of interest even like think, thinking terms institutions extent more has think since bank We six declined pace the the year. some in billion We're months last $X.X $X.X to necessarily I looking in value seems generally, in to range. any be It for over So of of in matters M&A relative the picked billion less aggressive this or beginning though partners. differentiation currency the not all stocks up

see to I think and reach our objectives deposit would market primarily be expansion funding.

mix our to addition in to interest. with size, a do level lot So of has

Ned Handy

is buy I But hasn't a really be and our rationale changed. Ned. things little times change to it's bit mean, got impacted. around to pricing right. M&A Erik, able We

a that own ourselves convince that it it a to it. problem factor the we for organically, can't otherwise have we grow solve that's once well. extent to can solve We as we that And can for

as factors nor way So changed. base and our to possible increase a gating has our interest haven't changed M&A gathering deposit in our

last So don't has seen the and couple footprint lot. changed a we in rational years, of think we're trades them. over happen interested. of a We've followed I lot our our

I a for in And pricing for and sense market. sense so, going a we what's have the on think

our yes, tied our We're don't factors interested. I in. again, -- gating So changed. haven't we're think

Operator

ahead Point. your our Hunsicker Compass question question. with Laurie from comes And Please next from go

Laurie Hunsicker

I think tied remember were question. around you AUA and if when them? at have there and facing appreciate $XXX point in that us people had to to just to I non-competes color the I no a you Or -- two the you I leave, about just think the AUA client quarter million. wonder rewinding quarter second $XXX of AUA and first of was What if sort And 'XX on people? those can part cumulative was those of first senior and first quarter correctly just What the departure million. I I tied all client were appreciate asset the people? even guess, the help outflows just total that transparency. three It's cumulative, the

Ron Ohsberg

is place. the answer agreements the no there The non-compete second non-solicit Laurie, correct, question, in of to part were

of three XXXX. those the We individuals out in first of quarter have two

Laurie Hunsicker

the other figure sitting extrapolate, is were to And what those that you provide… look income we're then three non-interest trying were people like? specifically responsible? could If what to words here out AUA In going trying just to

Ron Ohsberg

this is Ron. Laurie,

took close book level to -- what that did had, full but So than business. non-compete I that that different the AUA which we're with I of a $XXX don't there of their them they recall respect, million, was not now. in seeing They pretty exactly non-solicit was agreements. mean was they it situation have

that is with So necessarily from a I don't ago think it valid to extrapolate year now. our happening experience what's

We last are know us in can remedies to it all too was lost pace available where that's to month. way exactly that time, time It's legal X% is of at slower and to the the exit first early the we've And around see than you pursuing going moment. land. client this

Ned Handy

very the them given as do year. your And we the transparency. and for the thing appreciate we And we can I customers customers Laurie, that's also question circumstance can can this We're doing become know protect transparent be and the one in and tell appreciate is as do update care that will we'll comments I best we transition, that will in the ourselves, for we too. help to the next closely by that about certain and but your thing And if it as do. do we will facts obviously also everything that involved And I watching you available.

ground got But left on there. great a we've again, team the

want I appear giving customer the there us think one-offs there. a just And circumstances, that. Weston, have stretch any early base at on But not and I'd to too we come leave people and on given direction we great it’s get this. will think asset I we by through are We to have

Laurie Hunsicker

can you counselors, senior the number of then us just remind that $X.X what billion? you are have total the And supporting counselors

Ron Ohsberg

I the and a XXX Group. employees probably between Management facing. trust bank total Wealth and Trust models That and Weston investment estimate Washington counselors business XX Financial management They're client trust include for between would in XX good Island, Halsey There in the managers, portfolio facing somewhat the is about are across clients officers. XX, and Rhode professionals between different, Laurie. but are company, have XX wealth think Well, division

Laurie Hunsicker

and then of think that quarter, in that And Island baked line could there on item? first the advertising just you just expenses, categories, branch and and was the really the removal, maybe Is we just Ron, should because And non-recurring $XX.X expense, Rohde if benefits. also that this somewhat come about up payroll And expenses because in I just down, branch promotion is if tax But color that got at comment wrong. the non-interest a then wondered anything wonder, give million? fully see bit so within last typically the salary Providence you jump we that have if new that the could and jumped. North back and more or how two the the little specifically you quarter I I jump and looking elevated quarter. know thought

Ron Ohsberg

our earlier increase. X% to year So, guidance X% this was

the budget year on And so, advertising. for we're and for marketing

the hits just in timing it's really, when So the quarter. of it

non-recurring marketing nothing So is there new expense no items. line, the there is within

Our than higher, size run our FDIC asset is we what because going is larger to budgeted. expense had

up bit. And going a that's to bills related push legal to we're So to going incur things some Weston.

Laurie Hunsicker

that makes Okay, sense.

so And this little that up ticked going that that keeps bit a already item line higher. quarter

million to $X does quarter run or… a $XXX million where that So

Ron Ohsberg

legal? The

Laurie Hunsicker

Yes.

Ron Ohsberg

probably thinking another before we're Yes, is done. all this of $XXX,XXX one-time to $XXX,XXX expense

Laurie Hunsicker

about forward How at last this open. thinking just are branch Providence novo the point? going then saw de Island you Rhode question Obviously, here. North we And

Ned Handy

market So, we in still Rhode Island. for think a us opportunity there's

Northern are moment. yes, So we are Providence. to always primarily But at looking we for new further expand right into -- locations. we anything Island, We Greater are don't specifically the have looking Rhode

to increasing wanted we're of Mark, looking in presence is Rhode to an Island you I know our So don't always if our important we add think marketplace strategy. that? and part the

Mark Gim

de pace No, of with of we’d progress expand. market this novo, we're novo growth. look de And our to the pleased continue to opportunities in for

Operator

over I'm question turn conclude closing Ned to call to session. ladies answer and any I'll I'd back and like showing no the additional And today's remarks. for questions. gentlemen, Handy conference

Ned Handy

very Well, Thanks thanks forward effort you We everybody. around your again much us And and everyone. our talking thank time to your your to soon. for and joining you we look energy appreciate and company.

Operator

gentlemen, and the Ladies attending conference has do concluded. presentation. now for thank We today's you

disconnect now may You your lines.

Washington Trust Bancorp (WASH) 23 Jul 192019 Q2 Earnings call transcript