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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.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) will release its fourth quarter 2022 earnings on January 25, 2023, after market close. Following this, the company will host a conference call on January 26, 2023, at 8:30 a.m. ET for investors and analysts. Participants can dial in at 1-844-200-6205 (toll-free) or 1-929-526-1599 internationally. Washington Trust, founded in 1800, manages assets worth $6.4 billion and offers a range of financial services across the Northeast.
Washington Trust Bancorp announces the retirement of President and COO Mark K.W. Gim, effective April 2023. Mary E. Noons has been promoted to Senior Executive Vice President and will assume the presidency. Gim, with 30 years at Washington Trust, joins the Board of Directors after retirement. Under his leadership, the company expanded its market presence significantly. The company is also searching for a new Chief Retail Lending Officer to continue its growth strategy in the retail division.
The Board of Directors of Washington Trust Bancorp (NASDAQ: WASH) declared a quarterly dividend of 56 cents per share for Q4 2022, marking a two cents increase from the previous dividend rate. This increase signifies the twelfth consecutive year of dividend growth. The dividend will be paid on January 6, 2023, to shareholders on record as of January 3, 2023. Washington Trust had approximately $6.4 billion in assets as of September 30, 2022.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has initiated a stock buyback program, allowing for the repurchase of up to 850,000 shares, representing around 5% of its common stock. This program is set to commence on January 1, 2023, and will conclude on December 31, 2023. The actual repurchase will be subject to various factors including market conditions and regulatory considerations. As of November 30, 2022, the company had approximately 17.2 million shares outstanding.
The Washington Trust Company hosted 12 Community Shred Days in 2022, effectively shredding and recycling 36 tons of sensitive documents for residents of Rhode Island and Connecticut. These events contributed to significant resource savings, including 109 cubic yards of landfill diversion and 617 trees saved. Furthermore, the initiative raised awareness about fraud prevention while supporting local charities by collecting over 2,000 hygiene items and more than 1,100 pounds of food. This reflects Washington Trust’s commitment to sustainability and community support.
Washington Trust Bancorp, Inc. (WASH) reported a third quarter 2022 net income of $18.7 million, or $1.08 per diluted share, compared to $20.0 million, or $1.14 per diluted share in Q2 2022. Net interest income reached a record $42.0 million, up 12% due to rising interest rates. Total loans increased to $4.8 billion, an 8% rise from the prior quarter. However, noninterest income fell slightly, and there was a modest increase in noninterest expenses. The company declared a quarterly dividend of $0.54 per share.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) will release its third quarter 2022 earnings on October 24, 2022, after market close. A conference call with the corporation's executives is scheduled for October 25, 2022, at 8:30 a.m. ET. Participants can dial in at 1-844-200-6205. International callers can reach the conference at 1-929-526-1599. The webcast will be available on the company's website. Washington Trust operates with approximately $6.0 billion in assets as of June 30, 2022.
The Washington Trust Company has applied to open three new branches in Rhode Island locations: Barrington, Providence, and Smithfield, all planned for 2023. This expansion aims to enhance services for retail and business customers, building upon the positive reception of its recent Cumberland branch opening. With 24 existing branches, Washington Trust is the state's third-largest banking network, enhancing its competitive position. The expansion is pending necessary regulatory approvals.
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