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.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced the schedule for its fourth quarter 2021 earnings release, set for January 26, 2022, after market closes. A conference call with executives will follow on January 27, 2022, at 8:30 a.m. ET. Investors can participate via toll-free dial-in or listen to a webcast on the company's website. A teleconference replay will be available from January 27 through February 26, 2022. The company, with $6.0 billion in assets as of September 30, 2021, offers a full range of financial services across Rhode Island, Connecticut, and Massachusetts.
The Board of Directors of Washington Trust Bancorp has announced a quarterly dividend of 54 cents per share for the quarter ending December 31, 2021, marking a two-cent increase over the previous dividend rate. This increase signifies the eleventh consecutive year of dividend growth. Shareholders on record by January 3, 2022, will receive payment on January 7, 2022.
As of September 30, 2021, the company held $6.0 billion in assets, continuing its legacy as the oldest community bank in the U.S.
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The Washington Trust Company announced the rebranding of its wealth management offices across Rhode Island, Massachusetts, and Connecticut to the unified name "Washington Trust Wealth Management." This change encompasses previously separate entities such as Weston Financial Group and Halsey Associates, acquired in 2005 and 2015, respectively. The rebranding aims to strengthen the company's comprehensive wealth management services, which include financial planning and investment management, reflecting assets under administration of over $7 billion.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has announced a stock repurchase program allowing the buyback of up to 850,000 shares, approximately 5% of its common stock. The program is authorized to be executed at the Board's discretion based on market conditions and regulatory considerations. As of October 31, 2021, the corporation had about 17.3 million shares outstanding. The program will expire on December 31, 2022, with the potential for amendments or suspensions as needed.
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Washington Trust Bancorp, Inc. (WASH) reported third quarter 2021 net income of $18.8 million, or $1.07 per diluted share, up from $17.5 million in the previous quarter. The company achieved record total assets of $6 billion and $5 billion in deposits. Key metrics include a net interest income of $36.1 million, with a net interest margin of 2.58%. Total loans were $4.3 billion, down 0.3% quarter-over-quarter. Noninterest income decreased to $20.5 million, reflecting a decline in certain revenues. Capital ratios exceed regulatory minimums, with a book value per share of $32.06.
The Washington Trust Company plans to open a new branch at 1900 Mendon Road, Cumberland, RI, following preliminary approval from the town planning board. The approximately 2,300 square feet branch will feature lobby banking, a drive-up lane, ATM services, and safe deposit boxes. Chairman & CEO Ned Handy expressed excitement over the expansion into Northern Rhode Island, enhancing service for both new and existing customers. This new location will increase Washington Trust's total branches to 24 in Rhode Island and one in Mystic, Connecticut.
Washington Trust Bancorp (NASDAQ: WASH) will release its third quarter 2021 earnings on October 25, 2021, after market close. A conference call with executives is scheduled for October 26, 2021, at 8:30 a.m. ET. Participants can dial in at 1-844-378-6480 (toll-free) or 1-412-317-1088 (international). A webcast will be available on the company's website. The teleconference replay will run from October 26 to November 9, 2021, with instructions provided for accessing the replay.
The Washington Trust Company has been named the Best Small Bank in Rhode Island by Newsweek in their annual Best Banks listing. The evaluation involved over 2,600 FDIC-insured institutions assessing overall health, customer service, digital presence, and loan options. Chairman Edward Handy expressed pride in this recognition, highlighting the bank's commitment to quality service over its 220-year history.