Washington Trust Bancorp Inc - WASH STOCK NEWS

Washington Trust has been recognized with two prestigious workplace wellness awards. The Bank was named one of Rhode Island's Healthiest Employers by Providence Business News for the third consecutive year. Additionally, it received an Exemplary Worksite Heath Award from Blue Cross & Blue Shield of RI and the Greater Providence Chamber of Commerce for the tenth consecutive year, with the last eight at the Exemplary level.

These awards acknowledge Rhode Island employers who prioritize employee health and well-being through policies, culture, programs, and education. Kristen DiSanto, Senior Executive VP and Chief HR Officer, emphasized the Bank's commitment to a holistic approach to wellness for employees and their families.

Washington Trust is currently recruiting and will participate in BankForward's Career Discovery Day on October 5th at CCRI's Providence Campus. This event aims to help potential employees explore opportunities in banking and finance.

Washington Trust has expanded its RI Community Lending Program by introducing I Luv RI™ Home Improvement Loans. These loans offer discounted rates of up to 2% for home renovation and repair, with flexible options up to $50,000. The program is available in 14 Rhode Island cities and towns, including Providence, Newport, and Warwick.

The Bank recently hosted an educational event for real estate professionals to inform them about the program's expansion, which includes four unique mortgage options with various financing options, matching funds/grants, and closing cost credits. Washington Trust has a team of community lending officers and mortgage lenders throughout Rhode Island to assist residents with homebuying and homeownership needs, including financial education and resources.

Washington Trust Bancorp (NASDAQ: WASH) has announced its quarterly dividend for the period ending September 30, 2024. The Board of Directors has declared a dividend of 56 cents per share, which will be paid on October 11, 2024 to shareholders of record as of October 1, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders.

Washington Trust, the nation's oldest community bank, has opened its 28th branch in the Olneyville neighborhood of Providence, R.I. The branch, located at 1917 Westminster St, was officially inaugurated on September 13th, 2024, with a ribbon-cutting ceremony attended by bank executives and local dignitaries.

The new branch, managed by Eddy Grijalva, offers a full range of financial services, including deposits, loans, business banking, and wealth management. Notably, the branch staff is bilingual in English and Spanish. During the opening event, Washington Trust Charitable Foundation presented a $20,000 contribution to the Olneyville Neighborhood Association to support their efforts in acquiring a new mixed-use space.

This expansion reflects Washington Trust's commitment to deepening existing relationships and building new ones within the Olneyville community.

Washington Trust has partnered with the Episcopal Conference Center of RI (ECC) to support its City Camp program for 150 youth aged 6-12 in Providence's Olneyville neighborhood. The free week-long program offers daily field trips, activities, and lunch. Washington Trust provided financial support, reusable water bottles, and insulated lunch bags for campers. Bank volunteers, including CEO Edward O. Handy III, participated in camp activities.

The initiative aligns with Washington Trust's commitment to supporting community needs. Sara Clarke, Executive Director of ECC, emphasized the program's importance in providing a safe, creative, and inclusive experience for children who might not otherwise have access to summer camp. Washington Trust is set to open a new branch in Olneyville on August 19th at 1917 Westminster Street.

Washington Trust has promoted Scott McCaughey to Senior Vice President and Team Leader within its Commercial Banking division. With 30 years of banking experience, McCaughey will oversee the Bank's Commercial & Industrial (C&I) Lending and Business Banking teams. His responsibilities include implementing strategic initiatives, enhancing client relationships, and expanding the C&I and Business Banking portfolios.

McCaughey's community involvement includes serving on the Advisory Board at Saint Joseph School in West Warwick and coaching soccer and basketball in the Catholic Athletic League for over a decade. He holds a bachelor's degree from Stonehill College.

Washington Trust has appointed Anthony A. Botelho as Executive Vice President and Chief Lending Officer, overseeing the Bank's Commercial and Industrial Lending, Commercial Real Estate Lending, Business Banking, and Cash Management groups. Botelho brings over 35 years of banking experience to the role, having joined Washington Trust in 2021 from Freedom National Bank, where he served as President and CEO. He holds an MBA from Bryant University and a bachelor's degree from the University of Rhode Island.

Botelho is actively involved in community leadership, serving on the Board of Directors at the United Way of Rhode Island and chairing its Governance Committee. He previously served as President of the Rhode Island Bankers Association and on the Board of Directors at the Northern Rhode Island Chamber of Commerce.

Washington Trust Bancorp, Inc. (Nasdaq: WASH) reported second quarter 2024 net income of $10.8 million, or $0.63 per diluted share, compared to $10.9 million in Q1 2024. Key highlights include:

- Net interest margin was 1.83%, down 1 basis point from Q1
- Wealth management revenues increased 4% and mortgage banking revenues rose 10%
- Total loans decreased 1% to $5.6 billion
- In-market deposits declined 1% to $4.6 billion
- Asset quality remained solid with nonaccrual loans at 0.54% of total loans
- Total risk-based capital ratio improved to 11.81%

The company maintained consistent earnings while managing expenses and investing in technology and marketing for future growth.

Washington Trust Bancorp (NASDAQ: WASH) will announce its second quarter 2024 earnings on July 22, 2024, after market close. A conference call with the company's executives is scheduled for July 23, 2024, at 8:30 a.m. ET. Investors can participate via toll-free dial-in at 1-833-470-1428 or through international numbers listed. A webcast will be available on the company's investor relations website. A teleconference replay will be accessible until August 6, 2024, with a toll-free replay number 1-866-813-9403 and access code 808623.