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.
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.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has declared a quarterly dividend of 54 cents per share for the quarter ending September 30, 2022. The payment date is set for October 7, 2022, with shareholders of record on October 3, 2022. Washington Trust reported assets totaling $6.0 billion as of June 30, 2022, confirming its position as the oldest community bank in the U.S. and the largest state-chartered bank in Rhode Island. The company provides diverse financial services across the Northeast.
Washington Trust has officially opened its 25th branch in Cumberland, Rhode Island, enhancing its presence in Northern RI. The ceremony was attended by CEO Edward Handy and local dignitaries. This new facility offers a comprehensive range of banking services for individuals and businesses, including both in-branch and digital solutions, led by AVP Crystal Thompson. To support the local community, Washington Trust donated $2,500 to the Northern Rhode Island Food Pantry. A Grand Opening event is scheduled for August 20, featuring free food and giveaways.
The Washington Trust Company has appointed Crystal Thompson as the Assistant Vice President and Branch Manager of its new Cumberland, Rhode Island branch, set to open in early August 2022. Thompson brings over a decade of banking experience from Pawtucket Credit Union and will focus on customer relations and community engagement. With this launch, Washington Trust will operate 24 branches in Rhode Island and one in Mystic, Connecticut. The appointment underscores the bank's expansion strategy in northern Rhode Island.
Washington Trust Bancorp (WASH) reported a net income of $20.0 million, or $1.14 per diluted share, for Q2 2022, an increase from $16.5 million or $0.94 in Q1 2022. Key highlights include a 7% rise in net interest income to $37.5 million and a 29% increase in residential real estate loan originations to $350 million. However, noninterest income decreased by 8% to $15.9 million. Total loans reached an all-time high of $4.5 billion, despite a 4% decline in in-market deposits to $4.5 billion.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced its release date for second quarter 2022 earnings on July 25, 2022, after market closes. A conference call with executives will take place on July 26, 2022, at 8:30 a.m. ET. Interested participants can join via dial-in numbers or through a webcast available on the company’s website. As of March 31, 2022, Washington Trust had $5.8 billion in assets, maintaining its status as the oldest community bank in the U.S. and the largest state-chartered bank in Rhode Island.
The Board of Directors of Washington Trust Bancorp (NASDAQ: WASH) declared a quarterly dividend of 54 cents per share for the quarter ending June 30, 2022. This dividend is set to be paid on July 8, 2022, to shareholders of record as of July 1, 2022. As of March 31, 2022, the company reported total assets of $5.8 billion. Founded in 1800, Washington Trust is recognized as the oldest community bank in the U.S., providing a wide range of financial services across New England.
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.?
