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), America's oldest community bank since 1800, provides investors and stakeholders with essential financial updates through this dedicated news hub. Access timely press releases, earnings reports, and strategic developments from the New England banking leader.
This resource centralizes all material announcements across WASH's commercial banking and wealth management operations. Track updates on loan portfolio performance, trust service expansions, and community initiatives while staying informed about leadership changes and regulatory filings.
Key content includes quarterly earnings disclosures, merger & acquisition activity, dividend declarations, and corporate governance updates. All information is sourced directly from company filings and official statements to ensure accuracy.
Bookmark this page for streamlined access to WASH's financial communications. Combine historical context with current developments to better understand this institution's role in regional economic growth and personal wealth management solutions.
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.
Washington Trust has expanded its operations by opening a new branch in Barrington, RI, marking its 26th location. The new branch will provide a full suite of financial services including deposits, mortgage and home equity loans, business banking, and wealth management. The bank, recognized as Rhode Island's largest independent bank and the oldest community bank in the nation, aims to serve individuals, businesses, and organizations in the East Bay area.
The grand opening is scheduled for April 29, featuring community engagement activities. Washington Trust, a subsidiary of Washington Trust Bancorp, Inc. (NASDAQ: WASH), has been a key player in financial services since its establishment in 1800.
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