Welcome to our dedicated page for Washington Trust Bancorp news (Ticker: WASH), a resource for investors and traders seeking the latest updates and insights on Washington Trust Bancorp stock.
Washington Trust Bancorp Inc. (NASDAQ: WASH) is the parent company of The Washington Trust Company, the oldest community bank in the United States, founded in 1800. Headquartered in Rhode Island, Washington Trust provides a comprehensive range of financial services across Rhode Island, Connecticut, and Massachusetts. These services include commercial banking, mortgage banking, personal banking, and wealth management.
Commercial Banking: The company’s commercial banking segment focuses on lending activities, including commercial loans and residential real estate loans, and deposit services.
Wealth Management: The wealth management segment offers investment management, financial planning, personal trust, and estate services, including roles as trustee, personal representative, custodian, and guardian. The corporation's broader financial health is predominantly supported by its commercial banking operations.
Recent Developments: On September 27, 2023, Washington Trust entered a settlement with the U.S. Department of Justice regarding alleged fair lending law violations, agreeing to provide $7 million in mortgage loan subsidies and $2 million in community outreach over five years. Despite denying the allegations, this settlement aims to reinforce their commitment to equal lending practices.
Current Financials: For the third quarter of 2023, Washington Trust reported net income of $11.2 million. The corporation showed resilience amid challenging economic conditions, maintaining stable net interest and noninterest incomes.
Community Initiatives: Washington Trust demonstrates strong community involvement through initiatives like the annual Washington Trust Peanut Butter Drive, which has collected over 161 tons of peanut butter since 2001 to support local food banks.
Washington Trust Bancorp Inc. remains committed to fostering financial stability and growth for individuals and businesses in New England through a robust selection of banking and financial services.
Washington Trust Bancorp (WASH) announced balance sheet repositioning transactions to enhance profitability and support organic growth. The Bank is selling approximately $409 million of available-for-sale debt securities yielding 2.65% and $345 million in residential mortgage loans with a 3.03% rate. The Bank has reinvested $378 million into debt securities yielding 5.30% and plans to pay down $352 million of wholesale funding at 4.50% rate.
The transactions will result in a $70 million net after-tax loss in Q4 2024, funded by previously raised capital through equity offering. While causing a net loss for Q4 and full-year 2024, management expects improved profitability in 2025 and beyond.
Washington Trust Bancorp (NASDAQ: WASH) has announced its quarterly dividend declaration. The Board of Directors has approved a dividend of 56 cents per share for the quarter ending December 31, 2024. Shareholders who are on record as of January 2, 2025, will receive the dividend payment on January 15, 2025.
Washington Trust has provided $800,000 in financing to the Rhode Island Hispanic Chamber of Commerce for the purchase of their new headquarters at 359 Broad Street in Providence, R.I. The property, known as the James Potter House, is a historic Queen Anne Mansion built in 1889 and is located in the Trinity Square National Historic District. The financing represents Washington Trust's commitment to supporting Hispanic and minority-owned businesses, while enabling the Chamber to establish a permanent presence to better serve its community.
Washington Trust Bancorp (NASDAQ: WASH) has successfully closed its upsized public stock offering, selling 1,911,764 shares at $34.00 per share. The offering included 286,764 additional shares through the underwriters' purchase option, bringing the total to 2,198,528 shares. BofA Securities acted as the sole book-running manager.
The company expects to receive approximately $71.01 million in proceeds after underwriting discounts and commissions. The funds will be used for general corporate purposes, including supporting organic growth, capital generation, Bank investments, and balance sheet optimization strategies such as selling lower-yielding loans, repaying wholesale funding, and purchasing higher-yielding debt securities.
Washington Trust Bancorp (NASDAQ: WASH) has announced the pricing of its upsized public offering of 1,911,764 shares of common stock at $34.00 per share. The offering is expected to generate approximately $61.75 million in proceeds after underwriting discounts and commissions. The company has also granted a 30-day option to purchase up to 286,764 additional shares.
The offering is expected to close on December 16, 2024. The proceeds will be used for general corporate purposes, including supporting organic growth, bank investments, and balance sheet optimization strategies. These strategies include selling lower-yielding loans, repaying wholesale funding, and purchasing higher-yielding debt securities. BofA Securities is serving as the sole book-running manager for the offering.
Washington Trust Bancorp (NASDAQ: WASH) has announced an underwritten public offering of $55 million of common stock, with an additional 30-day option for the underwriter to purchase up to 15% more shares. BofA Securities is the sole book-running manager for the offering.
The company plans to use the net proceeds for general corporate purposes to support organic growth and capital generation, including investments in The Washington Trust Company and Bank balance sheet optimization strategies. These strategies involve selling lower-yielding loans, available-for-sale debt securities, repaying wholesale funding balances, and purchasing debt securities with current market yields.
Washington Trust has appointed Michelle Kile as Executive Vice President and Chief Retail Banking Officer. With 20 years of experience in Retail Banking delivery from New England financial institutions, Kile will oversee retail sales and customer service across 28 retail branch offices, Customer Solutions Center, and digital banking services. Prior to joining Washington Trust, she led Retail branch services at Digital Federal Credit Union in Franklin, MA. A Rhode Island resident and graduate of Rhode Island College, Kile brings expertise in branch transformation, solution-oriented personal service, and digital optimization.
Washington Trust Company has been voted the #1 Bank in the RI Media Group and Sun Publication's Community Choice Awards Program. The recognition came through a readers' poll across multiple Rhode Island newspapers, including The Westerly Sun, Mystic River Press, and others. Chairman and CEO Edward O. Handy III attributed the success to employees' dedication to outstanding service.
The bank operates 28 branches throughout Rhode Island and Connecticut, offering comprehensive financial solutions including deposit services, mortgage and home equity loans, business banking services, and wealth management and trust services. The Community Choice Awards program recognizes the best businesses in Rhode Island based on reader votes.
Washington Trust Bancorp, Inc. (Nasdaq: WASH) reported third quarter 2024 net income of $11.0 million, or $0.64 per diluted share, compared to $10.8 million, or $0.63 per diluted share, in Q2 2024. Key highlights include:
- Net interest margin increased to 1.85% from 1.83% in Q2
- Wealth management revenues rose 3% from Q2
- Assets under administration reached $7.1 billion, up 4% from Q2
- Total loans decreased 2% to $5.5 billion
- In-market deposits increased 3% to $4.8 billion
- Provision for credit losses decreased to $200,000 from $500,000 in Q2
The company maintained solid asset quality metrics and expanded its presence in Providence with a new branch opening.
Washington Trust Bancorp, Inc. (NASDAQ: WASH), the publicly-owned holding company of The Washington Trust Company, has announced its schedule for the release of third quarter 2024 earnings and the subsequent conference call. The earnings will be released on Monday, October 21, 2024, after the market closes. The conference call with the 's executives is scheduled for Tuesday, October 22, 2024, at 8:30 a.m. ET.
Participants can join the call using the toll-free number 1-833-470-1428 or international dial-in numbers. The access code for the call is 539756. A webcast will also be available on Washington Trust Bancorp's investor relations website. For those unable to attend, a teleconference replay will be accessible until Tuesday, November 5, 2024, using the replay number 1-866-813-9403 (Toll-Free) with the access code 963764.
FAQ
What is the current stock price of Washington Trust Bancorp (WASH)?
What is the market cap of Washington Trust Bancorp (WASH)?
What does Washington Trust Bancorp Inc. do?
Where is Washington Trust Bancorp Inc. headquartered?
What recent achievements has Washington Trust Bancorp Inc. announced?
How does Washington Trust Bancorp Inc. generate revenue?
What community initiatives is Washington Trust involved in?
What are the financial highlights for Washington Trust's third quarter of 2023?
What is Washington Trust's approach to fair lending?
How does Washington Trust support its customers and community?
What is the significance of Washington Trust's wealth management services?
How can investors access more information about Washington Trust Bancorp Inc.?
