WASH Washington Trust Bancorp, Inc.
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.
Company profile
Ticker
WASH
Exchange
Website
CEO
Edward O. Handy
Employees
Incorporated in
Location
Fiscal year end
Sector
Industry (SEC)
SEC CIK
Corporate docs
IRS number
50404671
WASH stock data
()
Investment data
Securities sold
Number of investors
Calendar
7 May 20
9 Jul 20
31 Dec 20
News
Company financial data Financial data
| Quarter (USD) | Mar 20 | Dec 19 | Sep 19 | Jun 19 | |
|---|---|---|---|---|---|
| Revenue | 52.53M | 48.61M | 51.32M | 50.61M | |
| Net income | 11.9M | 15.54M | 18.81M | 17.27M | |
| Diluted EPS | 0.68 | 0.89 | 1.08 | 0.99 | |
| Net profit margin | 22.66% | 31.96% | 36.66% | 34.13% | |
| Net change in cash | 46.81M | -7.65M | 26.29M | 28.26M | |
| Cash on hand | 185.27M | 138.46M | 146.1M | 119.81M |
| Annual (USD) | Dec 19 | Dec 18 | Dec 17 | Dec 16 | |
|---|---|---|---|---|---|
| Revenue | 200.49M | 194.4M | 184.34M | 175.61M | |
| Net income | 69.12M | 68.43M | 45.93M | 46.48M | |
| Diluted EPS | 3.96 | 3.93 | 2.64 | 2.7 | |
| Net profit margin | 34.47% | 35.20% | 24.91% | 26.47% | |
| Net change in cash | 44.98M | 10.55M | -24.87M | 10.17M | |
| Cash on hand | 138.46M | 93.48M | 82.92M | 107.8M |
Financial data from company earnings reports
Recent insider trades
| Date | Owner | Security | Transaction | Code | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|
| 1 Jun 20 | Wray William K. Sr. | Common Stock | Payment of exercise | Dispose F | No | 31.66 | 655 | 20.74K | 5,299 |
| 20 May 20 | Gim Mark K W | Common Stock | Payment of exercise | Dispose F | No | 28.67 | 3,221 | 92.35K | 23,666.872 |
| 20 May 20 | Gim Mark K W | Common Stock | Option exercise | Aquire M | No | 17.52 | 4,100 | 71.83K | 26,887.872 |
| 20 May 20 | Gim Mark K W | Stock Options Common Stock | Option exercise | Dispose M | No | 17.52 | 4,100 | 71.83K | 0 |
| 28 Apr 20 | MarcAurele Joseph J | Common Stock | Grant | Aquire A | No | 0 | 860 | 0 | 65,214 |
| 28 Apr 20 | Santos Edwin J | Common Stock | Grant | Aquire A | No | 0 | 860 | 0 | 5,510 |
Institutional ownership Q1 2020
72.0% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 118 |
| Opened positions | 13 |
| Closed positions | 20 |
| Increased positions | 37 |
| Reduced positions | 38 |
13F shares |
Current |
|---|---|
| Total value | 2.37B |
| Total shares | 12.43M |
| Total puts | 0 |
| Total calls | 0 |
| Total put/call ratio | – |
Largest owners |
Shares | Value |
|---|---|---|
| BK Bank Of New York Mellon | 1.87M | $68.3M |
| BLK BlackRock | 1.2M | $43.82M |
| PFG Principal Financial | 1.01M | $37.02M |
| Champlain Investment Partners | 861.39K | $31.49M |
| WASHINGTON TRUST | 814.53K | $29.78M |
| BEN Franklin Resources | 808.25K | $29.55M |
| Vanguard | 783.47K | $28.64M |
| Dimensional Fund Advisors | 727.36K | $26.59M |
| Renaissance Technologies | 472.4K | $17.27M |
| JPM JPMorgan Chase & Co. | 372.08K | $13.6M |
Financial report summary
?Risks
- 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.
Management Discussion
- Net income totaled $11.9 million for the three months ended March 31, 2020, compared to $17.5 million for the same period in 2019. Income before taxes for the three months ended decreased by $7.3 million, or 33%, from the same period in 2019. Our results for the first quarter of 2020 reflect the adoption of the CECL accounting methodology and the impacts of the COVID-19 pandemic and lower market interest rates.
- Net interest income continues to be the primary source of our operating income. Net interest income for the three months ended March 31, 2020 totaled $32.6 million, compared to $34.6 million for the same period in 2019. 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.
- The analysis of net interest income, net interest margin and the yield on loans may be impacted by the periodic recognition of prepayment penalty income associated with loan payoffs. Prepayment penalty income associated with loan payoffs for both the three months ended March 31, 2020 and 2019 was not material. The analysis of net interest income, net interest margin and the yield on loans is also impacted by changes in the level of net amortization of premiums and discounts on securities and loans, which is included in interest income. As market interest rates decline, as they did in the latter portion of 2019 and first quarter of 2020, loan prepayments and the receipt of payments on mortgage-backed securities generally increase. This results in accelerated levels of amortization reducing net interest income and may also result in the proceeds having to be reinvested at a lower rate than the loan or mortgage-backed security being prepaid. As noted in the Unaudited Consolidated Statements of Cash Flows, net amortization of premiums and discounts on securities and loans amounted to $1.5 million for the three months ended March 31, 2020, up by $697 thousand from the same period in 2019.
Content analysis
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H.S. freshman Bad
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New words:
accelerated, add, added, affirm, afforded, aid, American, analyze, analyzed, anchor, announced, appointment, arose, ASC, AUA, authority, authorizing, Baker, basic, bill, burden, cancellable, card, CECL, check, combat, commonly, compete, Compression, Comptroller, contact, contra, correlated, counterfeit, CRE, DCF, debit, deficiency, deny, depository, depth, difficulty, discontinued, disrupted, disruption, distancing, downturn, dwelling, ease, easing, econometric, economy, elder, enacted, enactment, England, entitled, environmental, eventual, examination, exceed, explicitly, face, faced, Facilitation, facility, factor, family, faster, forbear, forbearance, forgiven, furnisher, furnishing, gaming, goal, golf, Governor, grocery, guarantor, guaranty, harm, heightened, history, honor, Hospitality, IFR, immaterial, implicitly, interchange, investigation, key, larger, law, lead, lifetime, lifted, light, list, litigation, longer, macroeconomic, manner, medical, mental, met, monthly, moratorium, nonpayment, notably, November, nursing, occurrence, offering, organizational, outbreak, outlined, overdraft, pace, pandemic, passed, paycheck, percent, posed, PPP, PPPLF, predominantly, prepaid, President, prolonged, reform, regression, repurchase, repurchased, request, requested, restated, restaurant, Revival, SBA, scrutiny, seek, shelter, simplify, Simplifying, single, small, social, southern, specialty, stay, stemming, store, suburban, suffer, sum, suspension, temporary, tenant, tool, trillion, unable, uncertain, unclear, unconditionally, unemployment, unfunded, unprecedented, whichever, wire, workforce
Removed:
achieving, acquisition, adequately, benchmark, buy, clarification, clarified, Codification, commenced, commencement, commensurate, compensation, complexity, compliant, complying, criticized, DDM, denominated, earliest, Easement, emergence, exclusive, existed, FICO, finance, foreign, generated, Halsey, IA, ICS, identification, implementing, implicit, Improvement, inclusion, incremental, Isaac, July, leased, lessee, lessor, lodging, manufacturing, minimal, mixed, OIS, Overnight, package, payout, permit, personnel, promotional, qualitatively, quantitatively, ranged, reaching, reclassification, remeasured, retroactively, scientific, score, SOFR, statewide, statistical, systematically, technical, tracking, trade, translation, transportation, warehouse, warehousing
Financial reports
10-Q
2020 Q1
Quarterly report
7 May 20
10-K
2019 FY
Annual report
25 Feb 20
10-Q
2019 Q3
Quarterly report
4 Nov 19
10-Q
2019 Q2
Quarterly report
1 Aug 19
10-Q
2019 Q1
Quarterly report
2 May 19
10-K
2018 Q4
Annual report
26 Feb 19
10-Q
2018 Q3
Quarterly report
5 Nov 18
10-Q
2018 Q2
Quarterly report
2 Aug 18
10-Q
2018 Q1
Quarterly report
3 May 18
10-K
2017 Q4
Annual report
27 Feb 18
Current reports
8-K
Regulation FD Disclosure
5 May 20
8-K
Departure of Directors or Certain Officers
30 Apr 20
8-K
Washington Trust Reports First Quarter 2020 Earnings
27 Apr 20
8-K
Washington Trust Reports Fourth Quarter and Full-Year 2019 Earnings
27 Jan 20
8-K
Washington Trust Bancorp, Inc. Announces New Stock Repurchase Program
2 Dec 19
8-K
Washington Trust Reports Third Quarter 2019 Earnings
21 Oct 19
8-K
Washington Trust Reports Second Quarter 2019 Earnings
22 Jul 19
8-K
Other Events
28 May 19
8-K
Submission of Matters to a Vote of Security Holders
25 Apr 19
8-K
Washington Trust Reports First Quarter 2019 Earnings
22 Apr 19
Registration and prospectus
S-3
Shelf registration
16 Oct 17
8-A12B/A
Registration of securities on exchange (amended)
12 Sep 16
D
$5.43M in equity, sold $5.43M, 4 investors
11 Aug 15
S-8
Registration of securities for employees
23 Apr 13
S-8
Registration of securities for employees
29 Jun 09
424B3
Prospectus supplement
24 Oct 08
S-3
Shelf registration
20 Oct 08
REGDEX
Notice of sale of securities
17 Oct 08
S-8
Registration of securities for employees
28 Sep 07
8-A12B
Registration of securities on exchange
21 Aug 06
Proxies
DEFA14A
Additional proxy soliciting materials
13 Apr 20
DEFA14A
Additional proxy soliciting materials
25 Mar 20
DEFA14A
Additional proxy soliciting materials
17 Mar 20
DEF 14A
Definitive proxy
17 Mar 20
DEFA14A
Additional proxy soliciting materials
12 Mar 19
DEF 14A
Definitive proxy
12 Mar 19
DEF 14A
Definitive proxy
13 Mar 18
DEFA14A
Additional proxy soliciting materials
13 Mar 18
DEF 14A
Definitive proxy
13 Mar 17
DEFA14A
Additional proxy soliciting materials
13 Mar 17
Other
EFFECT
Notice of effectiveness
23 Oct 17
UPLOAD
Letter from SEC
20 Oct 17
CORRESP
Correspondence with SEC
19 Oct 17
UPLOAD
Letter from SEC
12 Aug 09
UPLOAD
Letter from SEC
25 Jun 09
CORRESP
Correspondence with SEC
16 Jun 09
UPLOAD
Letter from SEC
18 May 09
CORRESP
Correspondence with SEC
27 Apr 09
EFFECT
Notice of effectiveness
24 Oct 08
UPLOAD
Letter from SEC
18 Dec 07
Ownership
SC 13G/A
WASHINGTON TRUST BANCORP / Bank of New York Mellon ownership change
10 Jun 20
4
WASHINGTON TRUST BANCORP / William K. Sr. Wray ownership change
3 Jun 20
4
WASHINGTON TRUST BANCORP / Mark K W Gim ownership change
21 May 20
4
WASHINGTON TRUST BANCORP / KATHLEEN E MCKEOUGH ownership change
29 Apr 20
4
WASHINGTON TRUST BANCORP / STEVEN J CRANDALL ownership change
29 Apr 20
4
WASHINGTON TRUST BANCORP / JOHN T RUGGIERI ownership change
29 Apr 20
4
WASHINGTON TRUST BANCORP / Robert A DiMuccio ownership change
29 Apr 20
4
WASHINGTON TRUST BANCORP / Joseph J MarcAurele ownership change
29 Apr 20
4
WASHINGTON TRUST BANCORP / Sandra Parrillo ownership change
29 Apr 20
4
WASHINGTON TRUST BANCORP / Edwin J Santos ownership change
29 Apr 20