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Washington Trust Bancorp Inc - WASH STOCK NEWS

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.

News

Washington Trust Reports Fourth Quarter and Full-Year 2023 Earnings

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Washington Trust Bancorp, Inc. (Nasdaq: WASH) announced a net income of $12.9 million for the fourth quarter of 2023, compared to $11.2 million for the third quarter. The year-end net income was $48.2 million, down from $71.7 million the previous year. This decrease was influenced by changes in Massachusetts tax law, resulting in a revaluation of deferred tax assets and liabilities, leading to a $3.3 million increase in net deferred tax assets and a corresponding decrease in income tax expense. The CEO highlighted the Corporation's perseverance in facing economic challenges.
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Washington Trust Announces Date of Fourth Quarter 2023 Earnings Release, Conference Call and Webcast

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Washington Trust Bancorp, Inc. (WASH) will release Q4 2023 earnings on January 24, 2024, and host a conference call on January 25, 2024. The company's website will provide a webcast, and a teleconference replay will be available until February 8, 2024. Participant dial-in and access codes are provided for both domestic and international callers.
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Washington Trust Bancorp, Inc. Announces Quarterly Dividend

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Washington Trust Bancorp, Inc. (NASDAQ: WASH) declares a quarterly dividend of 56 cents per share for the quarter ending December 31, 2023.
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American Banker Names Washington Trust Best Bank to Work For

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Washington Trust Company: Named One of the Nation's Best Banks to Work For for the Fifth Consecutive Year. The Washington Trust Company has been recognized by American Banker magazine as one of the 'Best Banks to Work For' for the fifth year in a row. The company's Chairman and CEO, Edward O. 'Ned' Handy III, expressed gratitude for the honor, emphasizing the bank's commitment to providing a welcoming, engaging, and rewarding workplace for its employees. The program conducts extensive research and employee surveys to recognize banks with outstanding satisfaction ratings. Washington Trust offers a robust suite of employee wellness offerings to support good lifestyle habits.
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Washington Trust Donates $24,000 to Support Food Distribution Efforts in Communities in Rhode Island, Massachusetts, and Connecticut

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Washington Trust Company (WASH) Donates $24,000 to Hunger Relief Agencies in RI, MA, and CT to Support Food Distribution Efforts
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Washington Trust Supports Amos House's Financial Opportunity Center

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Washington Trust Company announces a $30,000 donation to support Amos House's Financial Opportunity Center. The donation will be used for savings and incentive programs and outreach efforts. Amos House's FOC has helped individuals increase their net income, savings, and overall stability.
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Washington Trust Reports Third Quarter 2023 Earnings

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Washington Trust Bancorp, Inc. announces Q3 2023 net income of $11.2 million, down slightly from the previous quarter. Total loans increased by $230 million, while in-market deposits increased by $35 million. Net interest income increased by 1% and noninterest income increased by 6% compared to the previous quarter.
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Washington Trust Supports Crossroads Rhode Island Affordable Housing Development in Providence

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Washington Trust Company commits $50,000 to support Crossroads Rhode Island's Roads to Home Capital Campaign, which aims to develop over 300 affordable permanent supportive housing apartments in Providence.
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Washington Trust's Financial Literacy Program Kicks Off New School Year

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Washington Trust partners with 20 RI schools to offer free financial education software and materials
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Washington Trust Announces Date of Third Quarter 2023 Earnings Release, Conference Call and Webcast

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Washington Trust Bancorp, Inc. to release Q3 2023 earnings and host conference call
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FAQ

What is the current stock price of Washington Trust Bancorp (WASH)?

The current stock price of Washington Trust Bancorp (WASH) is $38.33 as of November 15, 2024.

What is the market cap of Washington Trust Bancorp (WASH)?

The market cap of Washington Trust Bancorp (WASH) is approximately 658.8M.

What does Washington Trust Bancorp Inc. do?

Washington Trust Bancorp Inc. provides a comprehensive range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management through its offices in Rhode Island, Connecticut, and Massachusetts.

Where is Washington Trust Bancorp Inc. headquartered?

Washington Trust Bancorp Inc. is headquartered in Rhode Island.

What recent achievements has Washington Trust Bancorp Inc. announced?

In September 2023, Washington Trust entered a settlement with the U.S. Department of Justice regarding alleged fair lending law violations, committing $9 million towards mortgage loan subsidies and community outreach.

How does Washington Trust Bancorp Inc. generate revenue?

Washington Trust generates the majority of its revenue through its commercial banking segment, which includes lending activities and deposit services.

What community initiatives is Washington Trust involved in?

Washington Trust supports numerous community initiatives, including the annual Washington Trust Peanut Butter Drive, which has collected over 161 tons of peanut butter for local food banks since 2001.

What are the financial highlights for Washington Trust's third quarter of 2023?

Washington Trust reported a net income of $11.2 million for the third quarter of 2023, highlighting its resilience and stable performance amid challenging economic conditions.

What is Washington Trust's approach to fair lending?

Washington Trust is committed to fair lending practices and has agreed to a settlement with the DOJ to reinforce their equal lending commitments, including mortgage subsidies and community outreach.

How does Washington Trust support its customers and community?

Washington Trust offers a variety of financial services and community programs, including financial literacy and educational programs to help potential borrowers prepare for home ownership.

What is the significance of Washington Trust's wealth management services?

Washington Trust's wealth management services include investment management, financial planning, personal trust and estate services, which help individuals and businesses achieve their financial goals.

How can investors access more information about Washington Trust Bancorp Inc.?

Investors can find more information on Washington Trust Bancorp Inc.'s website at ir.washtrust.com or by following the company's stock on NASDAQ under the symbol WASH.

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Washington Trust Bancorp Inc

Nasdaq:WASH

WASH Rankings

#2873 Ranked by Market Cap
#467 Ranked by Dividends

WASH Stock Data

658.79M
17.07M
1.63%
70.9%
3.56%
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