Washington Tr Bancorp Inc Stock Price, News & Analysis

The Washington Trust Company has appointed Rolando Lora as Executive Vice President and Chief Retail Lending Officer to lead its mortgage origination and consumer lending operations. Lora, bringing over 30 years of experience from Wells Fargo and JP Morgan Chase, aims to enhance market share and expand retail lending. Washington Trust's Chairman and CEO, Edward O. Handy III, expressed optimism about Lora's leadership, noting his successful managerial track record and community involvement. Founded in 1800, Washington Trust is the oldest community bank in the U.S., offering a variety of financial services across Rhode Island, Connecticut, and Massachusetts. This executive change could position the bank for further growth in its retail lending division.

Washington Trust Bancorp, Inc. (WASH) reported a first quarter 2023 net income of $12.8 million, or $0.74 per diluted share, down from $16.6 million in Q4 2022. The decrease in earnings is attributed to margin pressure from rising funding costs and competitive deposit pressures. Total revenues for the quarter were $50.5 million, an 8% decrease from the previous quarter. Net interest income fell to $37.2 million, down 10%, with the net interest margin at 2.33%. The company achieved an all-time loan high of $5.2 billion, reflecting a 2% increase. Despite a slight decline in in-market deposits, asset and credit quality metrics remained strong. Washington Trust's dividend was maintained at 56 cents per share, signaling confidence in its capital strength.

Washington Trust has expanded its operations by opening a new branch in Barrington, RI, marking its 26^th location. The new branch will provide a full suite of financial services including deposits, mortgage and home equity loans, business banking, and wealth management. The bank, recognized as Rhode Island's largest independent bank and the oldest community bank in the nation, aims to serve individuals, businesses, and organizations in the East Bay area.

The grand opening is scheduled for April 29, featuring community engagement activities. Washington Trust, a subsidiary of Washington Trust Bancorp, Inc. (NASDAQ: WASH), has been a key player in financial services since its establishment in 1800.

Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced the schedule for its first quarter 2023 earnings release and conference call. The earnings release will take place on April 24, 2023, at 8:00 a.m. ET, followed by a conference call at 10:00 a.m. ET. Investors can participate by dialing 1-833-470-1428 or 1-929-526-1599 for international callers, using access code 046558. A webcast will also be available on the company’s investor relations website. Additionally, a replay of the teleconference will be accessible until May 8, 2023. Washington Trust, which has $6.7 billion in assets as of December 31, 2022, is the oldest community bank in the U.S. and is headquartered in Rhode Island.

On April 5, 2023, Washington Trust announced the promotions of four senior managers to Executive Vice President. The promotees include:

• Anthony Botelho, Chief Commercial Lending Officer, brings over 35 years of experience in lending and market development.
• Elizabeth Boyle Eckel, Chief Marketing & Corporate Communications Officer, has more than 30 years in marketing and investor relations.
• James A. Mignone, Chief Information Officer, leads bank operations with a background in technology and banking.
• Julia Anne M. Slom, Chief Commercial Real Estate Lending Officer, has been pivotal in developing the bank's commercial real estate group.

Washington Trust has been chosen to participate in the Federal Home Loan Bank of Boston's homeownership assistance programs: Equity Builder Program and Housing Our Workforce. The Equity Builder Program offers up to $29,000 for borrowers earning up to 80% of the area median income for down-payment assistance. The Housing Our Workforce program assists homebuyers earning between 80% and 120% of the area median income with up to $25,000 for down payments. Washington Trust can access up to $350,000 through the Equity Builder Program and $260,000 through Housing Our Workforce in 2023.