Welcome to our dedicated page for Washington Tr Bancorp news (Ticker: WASH), a resource for investors and traders seeking the latest updates and insights on Washington Tr Bancorp stock.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) is the parent of The Washington Trust Company, a community bank founded in 1800 and recognized by the company as the oldest community bank in the United States. From its base in Westerly, Rhode Island, Washington Trust offers commercial banking, mortgage banking, personal banking, and wealth management and trust services through offices in Rhode Island, Connecticut, and Massachusetts.
This news page aggregates coverage of Washington Trust’s key corporate developments and financial updates. Readers can follow announcements from the holding company and the Bank, including quarterly earnings results, dividend declarations by the Board of Directors, and information on capital management actions such as stock repurchase activity disclosed in SEC filings and press releases.
Because Washington Trust combines commercial banking with a significant wealth management business, its news flow often includes items on commercial real estate financing transactions, business banking initiatives, and expansions of its wealth management team and capabilities. The Bank also reports on branch openings and regional expansion within New England, as well as technology enhancements to its business banking and payment solutions.
In addition, Washington Trust regularly issues updates related to its long operating history, community engagement, and milestones as a Rhode Island‑based financial institution. Investors, customers, and community members can use this page to review historical and recent news about Washington Trust Bancorp (WASH) and The Washington Trust Company, including corporate announcements, operational highlights, and other material events described in company communications.
The Washington Trust Company has provided a significant commercial loan to WindServe Marine for the construction of three new crew transfer vessels, enhancing offshore wind development along the Eastern Seaboard. The funding supports WindServe's role in expanding the renewable energy sector, specifically the offshore wind industry. The U.S. offshore wind pipeline is projected to have over 40 gigawatts of capacity, with Massachusetts and New York approving large-scale projects. Construction will create approximately 100 local jobs, aiming for completion by mid-to-late summer 2023, reinforcing Washington Trust's commitment to environmental sustainability and local economic growth.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) reported a fourth-quarter 2022 net income of $16.6 million or $0.95 per diluted share, down from $18.7 million or $1.08 per diluted share in Q3 2022. Total net income for 2022 was $71.7 million ($4.11 per diluted share), compared to $76.9 million ($4.39) in 2021. Total loans reached a record $5.1 billion, marking a 20% increase year-over-year. A quarterly dividend of 56 cents per share was declared, continuing a twelve-year trend of annual increases. The bank anticipates continued economic challenges in 2023.
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.
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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.