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.
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.
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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.
On June 16, 2022, Washington Trust announced the success of its Community Shred Days, where over 25 tons of sensitive documents were shredded and recycled. This initiative, conducted at six branches on April 9 and May 21, 2022, diverted 76 cubic yards of landfill, conserved 178,500 gallons of water, saved 434 trees, and spared 50 barrels of oil. Additionally, the bank collected over 2,000 hygiene items and $1,200 for Amenity Aid, reflecting its commitment to customer data protection and sustainability efforts.
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