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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 declared a quarterly dividend of $0.52 per share for the quarter ending March 31, 2021. The dividend is set to be paid on April 9, 2021 to shareholders on record as of April 1, 2021. As of December 31, 2020, the company reported $5.7 billion in assets, solidifying its status as the oldest community bank in the nation and the largest state-chartered bank in Rhode Island.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced its 2021 Annual Meeting of Shareholders will be held via live webcast on April 27, 2021, at 11:00 a.m. ET due to the ongoing pandemic. Shareholders of record by March 2, 2021, are eligible to attend and vote. As of December 31, 2020, the company holds $5.7 billion in assets and is recognized as the oldest community bank in the U.S. and the largest state-chartered bank in Rhode Island, offering a range of financial services across multiple states.
Washington Trust Bancorp reported a fourth quarter 2020 net income of $18.6 million, or $1.07 per diluted share, up from $18.3 million in Q3 2020. Full-year net income reached $69.8 million for 2020, compared to $69.1 million in 2019. Mortgage banking revenues surged 220% year-over-year to a record $47.4 million. Total loans increased 8% to $4.2 billion, largely driven by PPP loans. However, the return on average equity declined to 13.51% from 14.34% in the previous year, reflecting the challenges of 2020.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) will release its fourth quarter 2020 earnings on January 27, 2021, after market closes. A conference call with executives is scheduled for January 28, 2021, at 8:30 a.m. ET, accessible via a toll-free number or international dial-in option. The call will also be available through a webcast on the company’s investor relations site. Washington Trust, headquartered in Rhode Island, manages $5.8 billion in assets as of September 30, 2020, and offers diverse financial services including commercial and mortgage banking.
Washington Trust Bancorp (NASDAQ: WASH) declared a quarterly dividend of $0.52 per share for the quarter ending December 31, 2020, representing a one cent increase. This dividend will be paid on January 8, 2021 to shareholders of record as of January 4, 2021. As of September 30, 2020, the company reported $5.8 billion in assets, solidifying its position as one of the Northeast's leading financial service providers.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has initiated a stock repurchase program allowing the buyback of up to 850,000 shares, or approximately 5% of its common stock. Authorized by the Board of Directors, this program will be executed based on market conditions and regulatory considerations. As of November 30, 2020, the company had approximately 17.3 million shares outstanding. The repurchase program is set to expire on October 31, 2021, and may be modified or suspended at any time, depending on various factors.
Washington Trust Bancorp (NASDAQ: WASH) reported third-quarter 2020 net income of $18.3 million, or $1.06 per diluted share, down from $21.0 million, or $1.21 per diluted share in Q2 2020. The company experienced strong mortgage banking activity, with revenues of $12.4 million, up 155% year-over-year. Wealth management revenues rose to $9.0 million, a 4% increase from Q2 2020. However, total noninterest income decreased by 3% to $25.5 million. The loan portfolio stood at $4.3 billion, essentially flat from Q2, while in-market deposits grew by 4% to $3.7 billion.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) will announce its third quarter 2020 earnings on October 19, 2020, after market closes. The subsequent conference call with executives is scheduled for October 20, 2020, at 8:30 a.m. ET. Participants can join via a toll-free call at 1-888-243-4451 or internationally at 1-412-542-4135. A replay of the call will be available until November 3, 2020. The bank, with $5.9 billion in assets as of July 31, 2020, is headquartered in Rhode Island and specializes in a full range of financial services.
The Board of Directors of Washington Trust Bancorp (NASDAQ: WASH) announced a quarterly dividend of $0.51 per share for the quarter ending September 30, 2020. This dividend will be paid on October 9, 2020 to shareholders of record as of October 1, 2020. Washington Trust Bancorp had $5.9 billion in assets as of June 30, 2020, making it the oldest community bank in the U.S. and the largest state-chartered bank in Rhode Island.
Washington Trust Bancorp, Inc. (WASH) reported a strong second quarter 2020 net income of $21.0 million, or $1.21 per diluted share, compared to $11.9 million and $0.68 per share in Q1 2020. Key highlights include a 144% increase in mortgage banking revenues, totaling $14.9 million, and record residential mortgage loan originations of $426 million. Although net interest income fell 5% to $30.9 million, and net interest margin decreased by 30 basis points, the bank remains well-capitalized amid ongoing economic uncertainty from COVID-19.
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