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.
The Board of Directors of Washington Trust Bancorp has announced a quarterly dividend of 54 cents per share for the quarter ending December 31, 2021, marking a two-cent increase over the previous dividend rate. This increase signifies the eleventh consecutive year of dividend growth. Shareholders on record by January 3, 2022, will receive payment on January 7, 2022.
As of September 30, 2021, the company held $6.0 billion in assets, continuing its legacy as the oldest community bank in the U.S.
The Washington Trust Company announced the rebranding of its wealth management offices across Rhode Island, Massachusetts, and Connecticut to the unified name "Washington Trust Wealth Management." This change encompasses previously separate entities such as Weston Financial Group and Halsey Associates, acquired in 2005 and 2015, respectively. The rebranding aims to strengthen the company's comprehensive wealth management services, which include financial planning and investment management, reflecting assets under administration of over $7 billion.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has announced a stock repurchase program allowing the buyback of up to 850,000 shares, approximately 5% of its common stock. The program is authorized to be executed at the Board's discretion based on market conditions and regulatory considerations. As of October 31, 2021, the corporation had about 17.3 million shares outstanding. The program will expire on December 31, 2022, with the potential for amendments or suspensions as needed.
Washington Trust Bancorp, Inc. (WASH) reported third quarter 2021 net income of $18.8 million, or $1.07 per diluted share, up from $17.5 million in the previous quarter. The company achieved record total assets of $6 billion and $5 billion in deposits. Key metrics include a net interest income of $36.1 million, with a net interest margin of 2.58%. Total loans were $4.3 billion, down 0.3% quarter-over-quarter. Noninterest income decreased to $20.5 million, reflecting a decline in certain revenues. Capital ratios exceed regulatory minimums, with a book value per share of $32.06.
The Washington Trust Company plans to open a new branch at 1900 Mendon Road, Cumberland, RI, following preliminary approval from the town planning board. The approximately 2,300 square feet branch will feature lobby banking, a drive-up lane, ATM services, and safe deposit boxes. Chairman & CEO Ned Handy expressed excitement over the expansion into Northern Rhode Island, enhancing service for both new and existing customers. This new location will increase Washington Trust's total branches to 24 in Rhode Island and one in Mystic, Connecticut.
Washington Trust Bancorp (NASDAQ: WASH) will release its third quarter 2021 earnings on October 25, 2021, after market close. A conference call with executives is scheduled for October 26, 2021, at 8:30 a.m. ET. Participants can dial in at 1-844-378-6480 (toll-free) or 1-412-317-1088 (international). A webcast will be available on the company's website. The teleconference replay will run from October 26 to November 9, 2021, with instructions provided for accessing the replay.
The Washington Trust Company has been named the Best Small Bank in Rhode Island by Newsweek in their annual Best Banks listing. The evaluation involved over 2,600 FDIC-insured institutions assessing overall health, customer service, digital presence, and loan options. Chairman Edward Handy expressed pride in this recognition, highlighting the bank's commitment to quality service over its 220-year history.
Washington Trust, led by Chairman and CEO Edward "Ned" Handy III, received the Community Partner Impact Award from the Nonviolence Institute at the annual Invest In Peace event on September 26, 2021. This accolade recognizes the bank's significant contributions to building a healthier Rhode Island community. Handy emphasized Washington Trust's ongoing support for the Institute's peace initiatives, which are vital amid current societal challenges. For over 220 years, Washington Trust has dedicated resources to various community-focused efforts.
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.?
