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. (WASH) reported a strong second quarter 2020 net income of $21.0 million, or $1.21 per diluted share, compared to $11.9 million and $0.68 per share in Q1 2020. Key highlights include a 144% increase in mortgage banking revenues, totaling $14.9 million, and record residential mortgage loan originations of $426 million. Although net interest income fell 5% to $30.9 million, and net interest margin decreased by 30 basis points, the bank remains well-capitalized amid ongoing economic uncertainty from COVID-19.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced its second quarter 2020 earnings release scheduled for July 20, 2020, after market closes. A conference call with executives will follow on July 21, 2020, at 8:30 a.m. ET. Participants can dial in at 1-888-243-4451 (toll-free) or 1-412-542-4135 for international calls. The replay will be available from July 21, 2020, through August 4, 2020. Washington Trust boasts $5.6 billion in assets and offers various financial services across Rhode Island, Connecticut, and Massachusetts.
The Board of Directors of Washington Trust Bancorp, Inc. (NASDAQ: WASH) has declared a quarterly dividend of $0.51 per share for the quarter ending June 30, 2020. This dividend will be paid on July 10, 2020 to shareholders of record as of July 1, 2020. As of March 31, 2020, Washington Trust Bancorp reported $5.6 billion in assets, highlighting its stability as the oldest community bank in the U.S. and a leading financial services provider in the Northeast.