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Washington Trust Bancorp, Inc. reports developments for a publicly owned bank holding company whose subsidiary, The Washington Trust Company, provides commercial banking, mortgage banking, personal banking and wealth management services in Rhode Island, Connecticut and Massachusetts. Recurring news covers quarterly earnings, net interest margin, deposits, lending activity, asset quality, capital ratios and dividends.
Company updates also include commercial and institutional banking expansion, services for education, healthcare, nonprofit and cultural organizations, leadership and board changes, annual shareholder meeting matters and digital banking capabilities.
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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.