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WASH Washington Trust Bancorp

Washington Trust Bancorp, Inc. is a bank holding company, which engages in the provision of financial services, including business banking, personal banking, and wealth management and trust services. It operates through the following business segments: Commercial Banking, Wealth Management Services, and Corporate. The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities; deposit generation; cash management activities; and direct banking activities, which include the operation of ATMs, telephone and internet banking services and customer support and sales. The Wealth Management Services segment includes investment management; financial planning; personal trust and estate services, including services as trustee, personal representative, custodian and guardian; and settlement of decedents’ estates. Institutional trust services are also provided, including fiduciary services. The Corporate segment includes treasury unit, which is responsible for managing the wholesale investment portfolio and wholesale funding needs. The company was founded in 1984 and is headquartered in Westerly, RI.

WASH stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

25 Feb 21
21 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 202.27M 202.27M 202.27M 202.27M 202.27M 202.27M
Cash burn (monthly) 3.25M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 12.03M n/a n/a n/a n/a n/a
Cash remaining 190.24M n/a n/a n/a n/a n/a
Runway (months of cash) 58.6 n/a 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
29 Mar 21 Janes Maria N Common Stock Payment of exercise Dispose F No No 51.99 1,105 57.45K 7,176
29 Mar 21 Janes Maria N Common Stock Grant Aquire A No No 0 2,449 0 8,281
29 Mar 21 Handy Edward O. III Common Stock Payment of exercise Dispose F Yes No 51.99 4,238 220.33K 19,280.604
29 Mar 21 Handy Edward O. III Common Stock Grant Aquire A Yes No 0 9,349 0 23,518.604
29 Mar 21 Kathleen A Ryan Common Stock Payment of exercise Dispose F Yes No 51.99 1,463 76.06K 2,765
29 Mar 21 Kathleen A Ryan Common Stock Grant Aquire A Yes No 0 3,228 0 4,228
29 Mar 21 Noons Mary E. Common Stock Payment of exercise Dispose F No No 51.99 1,110 57.71K 9,570.565
29 Mar 21 Noons Mary E. Common Stock Grant Aquire A No No 0 2,449 0 10,680.565
29 Mar 21 Gormley Debra A. Common Stock Payment of exercise Dispose F No No 51.99 1,110 57.71K 8,982.606
29 Mar 21 Gormley Debra A. Common Stock Grant Aquire A No No 0 2,449 0 10,092.606

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

78.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 138 120 +15.0%
Opened positions 26 13 +100.0%
Closed positions 8 18 -55.6%
Increased positions 38 38
Reduced positions 43 45 -4.4%
13F shares
Current Prev Q Change
Total value 605.35M 368.63M +64.2%
Total shares 13.51M 12M +12.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 1.54M $68.85M +2.6%
BEN Franklin Resources 1.04M $46.65M +28.1%
Franklin Mutual Advisers 1.04M $46.64M NEW
Vanguard 894.68K $40.08M +3.4%
PFG Principal Financial Group Inc - Registered Shares 807.93K $36.2M -10.4%
Champlain Investment Partners 735.3K $32.94M +3.0%
Dimensional Fund Advisors 722.35K $32.36M -1.8%
WASHINGTON TRUST 695.36K $31.15M -1.3%
JPM JPMorgan Chase & Co. 549.05K $24.6M +8.0%
STT State Street 411.64K $18.65M +13.9%
Largest transactions
Shares Bought/sold Change
Franklin Mutual Advisers 1.04M +1.04M NEW
BEN Franklin Resources 1.04M +228.6K +28.1%
Norges Bank 159.21K +159.21K NEW
PFG Principal Financial Group Inc - Registered Shares 807.93K -93.58K -10.4%
Boston Trust Walden 324.66K +62.67K +23.9%
Renaissance Technologies 222.3K -62.2K -21.9%
Healthcare Of Ontario Pension Plan Trust Fund 0 -50.9K EXIT
STT State Street 411.64K +50.36K +13.9%
Arrowstreet Capital, Limited Partnership 9.79K -42.57K -81.3%
JPM JPMorgan Chase & Co. 549.05K +40.84K +8.0%

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, will continue to adversely impact our employees, customers, business operations and financial results, and the ultimate impact will depend on future developments, which are highly uncertain and cannot be predicted.
  • Our participation in the SBA’s PPP may expose us to reputational harm, increased litigation risk, as well as the risk that the SBA may not fund some or all of the guarantees associated with PPP loans.
  • 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.
  • 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.
  • 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 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.
  • We are subject to capital and liquidity standards that require banks and bank holding companies to maintain more and higher quality capital and greater liquidity than has historically been the case.
Management Discussion
  • Net income totaled $69.8 million in 2020, compared to $69.1 million in 2019. Net interest income in 2020 was negatively impacted by the decline in market interest rates, as interest-earning asset yields declined faster than the downward repricing of interest-bearing liabilities. However, the decline in market interest rates also spurred mortgage origination, refinancing and sales activity, resulting in strong mortgage banking results in 2020. Our 2020 results also reflected an increase in provision for credit losses due to the estimated impact of the COVID-19 pandemic under the CECL accounting methodology. Noninterest expenses increased in 2020, largely due to increases in salaries and employee benefits expense, which included volume-related increases in mortgage banking commissions expense.
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