Washington Trust Bancorp

Washington Trust Bancorp, Inc. operates as a bank holding company. The firm engages in the provision of financial services, including business banking, personal banking and wealth management and trust services. It operates through the following segments: Commercial Banking and Wealth Management Services. The Commercial Banking segment includes commercial, residential and consumer lending activities, mortgage banking activities, deposit generation, cash management activities and direct banking activities, which include the operation of ATMs, telephone and internet banking services and customer support and sales. The Wealth Management Services segment includes investment management, financial planning, personal trust and estate services, including services as trustee, personal representative, custodian and guardian and institutional trust services are also provided, including fiduciary services. The company was founded in 1984 and is headquartered in Westerly, RI.

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Washington Trust Bancorp reports solid Q4 earnings amidst leadership changes

Washington Trust Bancorp's Q4 2022 earnings call highlighted solid financial performance with net income of $16.6 million and strong loan growth.
The company faced challenges in non-interest income drivers and expenses, but maintained a focus on talent investment and technology enhancements.
Opportunities lie in improving revenue streams, enhancing customer experience, and leveraging the DE&I initiatives for long-term growth and stability.
Overall, the company showcased resilience in managing financial metrics and leadership transitions, setting a positive tone for future growth and innovation.

Washington Trust Bancorp reports Q1 earnings dip but eyes growth

Washington Trust Bancorp's Q1 performance reflects a mixed financial picture with lower net income but steady loan growth.
The company's focus on customer experience through new branches and technology investments bodes well for future growth.
While facing challenges in asset yields and funding costs, Washington Trust Bancorp remains optimistic about its ability to navigate economic headwinds.

Washington Trust Bancorp achieves record assets and solid financials

Washington Trust Bancorp delivered solid financial performance in Q2 2023, driven by loan growth, deposit expansion, and strong wealth management.
While facing challenges in net interest income and sustaining loan growth, the company's focus on digital innovation and community service remains a strength.
Opportunities lie in further branch expansion, leveraging mortgage revenue growth, and enhancing digital offerings to drive future success.
Overall, Washington Trust Bancorp's strong asset quality and capital position position it well for continued growth and resilience in the market.

Washington Trust Bancorp reports solid Q3 earnings amidst economic challenges

Washington Trust Bancorp's Q3 performance reflects a balanced approach to revenue generation and cost management.
Strong credit quality and controlled expenses position the company well amidst economic challenges and market uncertainties.
Opportunities for growth exist through deposit expansion, branch openings, and strategic initiatives in mortgage banking.
Addressing challenges in loan growth and wealth management will be key to sustaining profitability and driving future success.

Washington Trust Bancorp reports Q4 earnings, eyes growth opportunities

Washington Trust Bancorp's Q4 2023 performance reflects a mixed financial outcome with a decline in noninterest income but growth in total loans. The company's strategic focus on technology, capital credit, and deposits positions it well for potential improvements in external conditions in 2024.

Washington Trust Bancorp reports solid Q1 performance and eyes growth

Washington Trust Bancorp's Q1 2024 performance showcased strength in financials and asset quality, with a focus on balance sheet resilience and deposit growth. Challenges include expense increases and net charge-offs, while opportunities lie in deposit-related enhancements and positive trends in office properties. The company is well-positioned to capitalize on growth opportunities.

Washington Trust Bancorp posts solid Q2 results amidst growth opportunities

Washington Trust Bancorp delivered a solid performance in Q2 2024, reporting a net income of $10.8 million and showcasing stability in its revenue streams. The company's focus on wealth management and mortgage banking segments contributed to revenue growth.
Despite challenges in loan growth and potential economic uncertainties, the bank managed its expenses efficiently and maintained strong asset quality metrics. Washington Trust Bancorp's ability to navigate market conditions and capitalize on opportunities positions it well for future growth.
Moving forward, Washington Trust Bancorp has opportunities to drive loan growth, enhance interest income, and further strengthen its market position. By leveraging its strengths and addressing challenges effectively, the company can sustain its financial performance and drive value for stakeholders.

Washington Trust Bancorp reports stable Q3 performance and eyes margin expansion in 2025

Washington Trust Bancorp's Q3 performance reflects stability, strong fee businesses, and growth potential in mortgage and commercial pipelines.
While challenges such as deposit costs and delinquent loans exist, the company's focus on margin expansion and risk management presents opportunities for future success.
Overall, the earnings call highlights a resilient financial performance, strategic opportunities for growth, and ongoing challenges that require attention and management.

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WESTERLY, R.I. , Oct. 5, 2023 /PRNewswire/ -- Washington Trust Bancorp, Inc. (NASDAQ: WASH), the publicly owned holding company of The Washington Trust Company, will release third quarter 2023 earnings and host a conference call with the Corporation's executives as follows: Earnings Release:                        Monday, October 23, 2023, After Market Closes Conference Call:                        Tuesday, October 24, 2023, 8:30 a.m.

Washington Trust Announces Date of Third Quarter 2023 Earnings Release, Conference Call and Webcast

Washington Trust's (WASH) subsidiary agrees to settle the U.S. Department of Justice's allegations regarding violation of fair lending laws in Rhode Island between 2016 and 2021.

Washington Trust (WASH) to Settle Lending Law Violation Claims

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Washington Trust Bank , the largest community bank in the country, will pay $9 million to settle civil rights charges that it discriminated against primarily Black and Hispanic mortgage applicants, the U.S. Justice Department announced on Wednesday.

Washington Trust Bank to pay $9 mln over discriminatory lending practices

WESTERLY, R.I. , Sept. 27, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust" or "the Bank"), the wholly owned subsidiary of Washington Trust Bancorp, Inc. (Nasdaq: WASH), today announced that it has entered into a settlement agreement with the U.S. Department of Justice ("DOJ") that resolves alleged violations of fair lending laws in Rhode Island from 2016 to 2021.

Washington Trust Announces Settlement with U.S. Department of Justice

NEW YORK--(BUSINESS WIRE)-- #KBRA--On August 25, 2023, KBRA affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Westerly, Rhode Island-based Washington Trust Bancorp, Inc. (NASDAQ: WASH) (“the company”). KBRA also affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for the subsidiary, The Washington Trust Company, of Westerly. The.

KBRA Releases Surveillance Report for Washington Trust Bancorp, Inc.

CENTRAL FALLS, R.I. , Sept. 8, 2023 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $4.925 million in financing to Phoenix Central Falls Industrial Investors, LLC for the renovation and future tenant improvements of a 350,000 square foot industrial building located on Broad Street in Central Falls, R.I.

Washington Trust provides $4.925 million in financing to Phoenix Central Falls Industrial Investors, LLC

" What We Value is You" Highlights Local People, Places, and Businesses WESTERLY, R.I. , Aug. 22, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust"; "the Bank") today launched a marketing campaign to introduce its new brand position: "What we value is you.

Washington Trust Introduces New Brand Campaign

CHESHIRE, Conn. , Aug. 16, 2023 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $17.6 million in financing to Cheshire Industrial Owner, LLC for the acquisition of a 318,000 square foot warehouse distribution facility located at 475 Knotter Drive in Cheshire, Connecticut.

Washington Trust provides $17.6 million in financing to Cheshire Industrial Owner, LLC

WESTERLY, R.I. , Aug. 10, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust," "the Bank") today announced that Sandra Mazo , Mortgage Loan Officer (NMLS # 269909), has been appointed to the Executive Committee for the Women United Global Leadership Council of United Way Worldwide.

Washington Trust's Sandra Mazo Appointed to Women United Global Leadership Council of United Way Worldwide

Washington Trust still sells at a discount. Despite a higher payout ratio than normal, WASH will continue to manage its costs and maintain its dividend. Unrealized losses in debt securities should never be realized. There should be no run on deposits as WASH is not Silicon Valley Bank.

Washington Trust: No Future Dividend Cuts Likely

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.

Washington Trust Bancorp, Inc. (WASH) Q2 2023 Earnings Call Transcript

Washington Trust Bancorp (WASH) came out with quarterly earnings of $0.66 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $1.14 per share a year ago.

Washington Trust Bancorp (WASH) Q2 Earnings and Revenues Top Estimates

WESTERLY, R.I. , July 24, 2023 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced second quarter 2023 net income of $11.3 million, or $0.66 per diluted share, compared to net income of $12.8 million, or $0.74 per diluted share, for the first quarter of 2023.

Washington Trust Reports Second Quarter 2023 Earnings

WESTERLY, R.I. , July 19, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust"; "the Bank") announced that the Washington Trust Charitable Foundation has pledged a total of $200,000 towards San Miguel School of Providence ("School") Star Campaign, a capital campaign with a goal of $6 million.

Washington Trust Supports San Miguel School's Capital Campaign

EAST PROVIDENCE, R.I. , July 12, 2023 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $30 million in financing to Newport Apartments, LLC for the construction of a 142-unit apartment building in East Providence, R.I.

Washington Trust provides $30 million in financing to Newport Apartments, LLC

WESTERLY, R.I. , July 10, 2023 /PRNewswire/ -- Washington Trust Bancorp, Inc. (NASDAQ: WASH), the publicly owned holding company of The Washington Trust Company, will release second quarter 2023 earnings and host a conference call with the Corporation's executives as follows: Earnings Release: Monday, July 24, 2023, After Market Closes Conference Call:                        Tuesday, July 25, 2023, 8:30 a.m.

Washington Trust Announces Date of Second Quarter 2023 Earnings Release, Conference Call and Webcast

DOVER, N.H., June 22, 2023 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $7.4 million in financing to 44 Industrial Drive Owner, LLC, an affiliate of RJ Kelly (RJK), for the purchase of an 80,000 square foot, fully leased industrial property located at 44 Industrial Drive in Dover, N.H.

Washington Trust provides $7.4 million in financing to 44 Industrial Drive Owner, LLC

Recognized as Best Bank in Rhode Island by Independent Consumer Survey WESTERLY, R.I. , June 21, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust"; "the Bank") today announced that the Bank has been selected to the Forbes list of Best-In-State Banks 2023.

Forbes Selects Washington Trust to the Best-In-State Banks 2023 List

Affordable Apartments House Women and Children WESTERLY, R.I. , June 14, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust"; "the Bank") today announced that the Washington Trust Charitable Foundation donated $20,000 to McAuley Ministries to fund renovations of two apartments at McAuley Village in Providence, RI.

Washington Trust Donation Funds McAuley Village Renovations

Thirteenth Straight Year Bank Recognized for Workplace Excellence WESTERLY, R.I. , June 13, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust"; "the Bank") today announced the Bank received the "Best Places to Work Award" in Rhode Island by Providence Business News ("PBN").

Washington Trust Receives Top Award for Best Places to Work in RI

Bank Expands Solutions for Ocean State Homebuyers WESTERLY, R.I. , June 6, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust"; "the Bank") today announced that the Bank has recently enhanced its  RI Community Lending Program  by adding two new solutions for potential homeowners in the Ocean State.

Washington Trust Announces Enhanced RI Community Lending Program

TRUMBULL, Conn. , June 5, 2023 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $1.527 million in financing to 140 Corporate Drive Investors, LLC for the acquisition of a 17,796 square foot single-tenant industrial property located in Trumbull, Conn.

Washington Trust provides $1.527 million in financing to 140 Corporate Drive Investors, LLC

WESTERLY, R.I. , May 23, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust"; "the Bank") today announced that the Bank was once again selected by Newsweek to the annual list of "America's Best Small Banks 2023" for the State of Rhode Island.

Newsweek Selects Washington Trust as "America's Best Small Bank 2023" in Rhode Island for Second Straight Year

TAUNTON, Mass. , May 16, 2023 /PRNewswire/ -- Washington Trust's Commercial Real Estate Group recently provided $3.9 million in financing to a Berkeley Partners entity for the acquisition of an 34,236 square foot, fully leased industrial property located at 75 John Hancock Road in Taunton, Mass.

News for Washington Trust Bancorp Stock (WASH)