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Washington Trust Bancorp (WASH)

Washington Trust Bancorp, Inc., the parent of The Washington Trust Company, had $5.7 billion in assets as of December 31, 2020. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts.

Company profile

Ticker
WASH
Exchange
CEO
Edward Handy
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
The Washington Trust Company • Weston Securities Corporation ...
IRS number
50404671

WASH stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 98.62M 98.62M 98.62M 98.62M 98.62M 98.62M
Cash burn (monthly) 43.16M 2.8M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 61.77M 4.01M n/a n/a n/a n/a
Cash remaining 36.85M 94.62M n/a n/a n/a n/a
Runway (months of cash) 0.9 33.8 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jun 22 Ronald S. Ohsberg Common Stock Payment of exercise Dispose F No No 50.3 890 44.77K 4,923.384
26 Apr 22 MarcAurele Joseph J Common Stock Grant Acquire A No No 0 630 0 46,424
26 Apr 22 DiMuccio Robert A Common Stock Grant Acquire A No No 0 630 0 13,386.053
26 Apr 22 Bowen John J Common Stock Grant Acquire A No No 0 630 0 11,910
26 Apr 22 Crandall Steven J Common Stock Grant Acquire A No No 0 630 0 2,070
76.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 142 141 +0.7%
Opened positions 14 17 -17.6%
Closed positions 13 8 +62.5%
Increased positions 44 49 -10.2%
Reduced positions 57 42 +35.7%
13F shares Current Prev Q Change
Total value 698.22M 1.16B -40.0%
Total shares 13.25M 13.32M -0.5%
Total puts 6.1K 0 NEW
Total calls 14.9K 4.9K +204.1%
Total put/call ratio 0.4
Largest owners Shares Value Change
BLK Blackrock 1.51M $79.26M -2.0%
FMR 1.14M $59.85M +15.5%
Vanguard 958.24K $50.31M +4.0%
Franklin Mutual Advisers 950.01K $53.55M 0.0%
BEN Franklin Resources 949.91K $49.87M -0.0%
Dimensional Fund Advisors 705.74K $37.05M +2.6%
WASHINGTON TRUST 681.4K $35.77M -0.3%
STT State Street 515.24K $27.33M +15.0%
Champlain Investment Partners 506.61K $26.6M -32.9%
JPM JPMorgan Chase & Co. 457.67K $24.03M -4.1%
Largest transactions Shares Bought/sold Change
Champlain Investment Partners 506.61K -248.35K -32.9%
FMR 1.14M +152.88K +15.5%
Norges Bank 0 -144.24K EXIT
Victory Capital Management 253.12K +84.23K +49.9%
STT State Street 515.24K +67.34K +15.0%
Vanguard 958.24K +37.26K +4.0%
BLK Blackrock 1.51M -30.42K -2.0%
Russell Investments 121.41K -26.07K -17.7%
Stratos Wealth Advisors 22.88K +22.88K NEW
MS Morgan Stanley 62.91K +21.04K +50.3%

Financial report summary

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Risks
  • RISKS RELATED TO THE COVID-19 PANDEMIC
  • The COVID-19 pandemic, and the measures taken to control its spread, may continue to adversely impact our employees, customers, business operations and financial results.
  • RISKS RELATED TO OUR BUSINESS AND INDUSTRY
  • Changes in the business and economic conditions, particularly those of southern New England, could adversely affect our financial condition and results of operations.
  • Fluctuations in interest rates may impair the Bank’s business.
  • Our loan portfolio includes commercial loans, which are generally riskier than other types of loans.
  • We may experience losses and expenses if security interests granted for loans are not enforceable.
  • Environmental liability associated with our lending activities could result in losses.
  • We may be required to repurchase mortgage loans or indemnify buyers against losses in some circumstances, which could adversely affect our results of operations and financial condition.
  • Our allowance for credit losses on loans may not be adequate to cover actual loan losses, and an increase in the allowance for credit losses on loans will adversely affect our earnings.
  • We are subject to liquidity risk, which could negatively affect our funding levels.
  • Our cost of funds for banking operations may increase as a result of general economic conditions, interest rates and competitive pressures.
  • We are a holding company and depend on the Bank for dividends, distributions and other payments.
  • We have credit and market risk inherent in our investment securities portfolio.
  • Potential downgrades of U.S. government agency and government-sponsored enterprise securities by one or more of the credit ratings agencies could have a material adverse effect on our operations, earnings and financial condition.
  • The soundness of other financial institutions could adversely affect us.
  • Changes to and replacement of LIBOR may adversely affect our business, financial condition, and results of operations.
  • Market changes or economic downturns may adversely affect demand for our fee-based services and level of wealth management assets under administration.
  • Our wealth management business is highly regulated, and the regulators have the ability to limit or restrict our activities and impose fines or suspensions on the conduct of our business.
  • We face continuing and growing security risks to our information base, including the information we maintain relating to our customers.
  • We rely on other companies to provide key components of our business infrastructure.
  • We may not be able to successfully implement future information technology system enhancements, which could adversely affect our business operations and profitability.
  • Our business may be adversely affected if we fail to adapt our products and services to evolving industry standards and consumer preferences.
  • We may incur significant losses as a result of ineffective risk management processes and strategies.
  • Damage to our reputation could significantly harm our business, including our competitive position and business prospects.
  • We may not be able to compete effectively in our increasingly competitive industry.
  • We may be unable to attract and retain key personnel.
  • Natural disasters, acts of terrorism and other external events could harm our business.
  • Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our business.
  • If we are required to write-down goodwill or other intangible assets recorded in connection with our acquisitions, our profitability would be negatively impacted.
  • Changes in accounting standards can materially impact our financial statements.
  • Changes in tax laws and regulations and differences in interpretation of tax laws and regulations may adversely impact our financial statements.
  • The market price and trading volume of our stock can be volatile.
  • We may need to raise additional capital in the future and such capital may not be available when needed.
  • Certain provisions of our articles of incorporation may have an anti-takeover effect.
  • RISKS RELATED TO OUR REGULATORY ENVIRONMENT
  • We operate in a highly regulated industry, and laws and regulations, or changes in them, could limit or restrict our activities and could have a material adverse effect on our operations.
  • We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • We may become subject to enforcement actions even though noncompliance was inadvertent or unintentional.
  • We face significant legal risks, both from regulatory investigations and proceedings, and from private actions brought against us.
Management Discussion
  • Net income totaled $20.0 million and $36.4 million, respectively, for the three and six months ended June 30, 2022, compared to $17.5 million and $37.9 million, respectively, for the same periods in 2021.
  • In 2022, net interest income largely benefited from higher yields on, and growth in, average interest-earning assets, as well as a reduction in average wholesale funding balances. Noninterest income declined in 2022 largely due to lower mortgage banking revenues, reflecting an overall reduction in mortgage origination and sales activity. Results also benefited from negative provisions for credit losses in both years. Noninterest expenses decreased, reflecting declines in debt prepayment penalty expense and salaries and employee benefits expense.
  • Net interest income, the primary source of our operating income, totaled $37.5 million and $72.6 million, respectively, for the three and six months ended June 30, 2022, compared to $34.8 million and $67.6 million, respectively, for the same periods in 2021. Net interest income is affected by the level of and changes in interest rates, and changes in the amount and composition of interest-earning assets and interest-bearing liabilities.  Prepayment penalty income associated with loan payoffs is included in net interest income.

Content analysis

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Positive
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Legalese
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Readability
H.S. freshman Bad
New words: adjacent, depreciation, February, Haven, outpaced, pronouncement, shareholder, voted
Removed: comprise, environmental, paying, staffing