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WASH Washington Trust Bancorp

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
IRS number
50404671

WASH stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

6 May 21
3 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 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) 170.74M 170.74M 170.74M 170.74M 170.74M 170.74M
Cash burn (monthly) 10.51M 1.21M (positive/no burn) (positive/no burn) 1.12M (positive/no burn)
Cash used (since last report) 43.43M 5M n/a n/a 4.64M n/a
Cash remaining 127.31M 165.74M n/a n/a 166.11M n/a
Runway (months of cash) 12.1 136.9 n/a n/a 148.0 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Jun 21 MarcAurele Joseph J Common Stock Sell Dispose S No No 55 5,000 275K 60,794
24 May 21 Gormley Debra A. Common Stock Payment of exercise Dispose F No No 53.63 2,755 147.75K 10,317.565
24 May 21 Gormley Debra A. Common Stock Option exercise Aquire M No No 23.27 4,000 93.08K 13,072.565
24 May 21 Gormley Debra A. Stock Options Common Stock Option exercise Dispose M No No 23.27 4,000 93.08K 0
6 May 21 Hagerty James M Common Stock Payment of exercise Dispose F No No 51.94 1,422 73.86K 14,231
6 May 21 Hagerty James M Common Stock Option exercise Aquire M No No 24.73 2,000 49.46K 15,653
6 May 21 Hagerty James M Stock Options Common Stock Option exercise Dispose M No No 24.73 2,000 49.46K 0
3 May 21 Santos Edwin J Common Stock Sell Dispose S No No 51.8765 1,120 58.1K 4,970
28 Apr 21 Janes Maria N Common Stock Payment of exercise Dispose F No No 51.77 44 2.28K 7,197
28 Apr 21 Janes Maria N Common Stock Option exercise Aquire M No No 23.27 65 1.51K 7,241

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

77.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 135 138 -2.2%
Opened positions 15 26 -42.3%
Closed positions 18 8 +125.0%
Increased positions 46 38 +21.1%
Reduced positions 44 43 +2.3%
13F shares
Current Prev Q Change
Total value 1.08B 605.35M +77.8%
Total shares 13.42M 13.51M -0.7%
Total puts 9.6K 0 NEW
Total calls 12.3K 0 NEW
Total put/call ratio 0.8
Largest owners
Shares Value Change
BLK Blackrock 1.65M $85.33M +7.5%
BEN Franklin Resources 1.07M $55.44M +3.1%
Franklin Mutual Advisers 1.04M $46.64M 0.0%
Vanguard 906.18K $46.79M +1.3%
Champlain Investment Partners 745.48K $38.49M +1.4%
Dimensional Fund Advisors 696.9K $35.98M -3.5%
WASHINGTON TRUST 690.44K $35.65M -0.7%
PFG Principal Financial Group Inc - Registered Shares 610.46K $31.52M -24.4%
JPM JPMorgan Chase & Co. 533.58K $27.55M -2.8%
STT State Street 469.43K $24.48M +14.0%
Largest transactions
Shares Bought/sold Change
PFG Principal Financial Group Inc - Registered Shares 610.46K -197.47K -24.4%
Norges Bank 0 -159.21K EXIT
Haverford Trust 116.12K +116.12K NEW
BLK Blackrock 1.65M +115.76K +7.5%
Victory Capital Management 107.53K +72.36K +205.7%
Russell Investments 303.37K -62.63K -17.1%
STT State Street 469.43K +57.79K +14.0%
Renaissance Technologies 171.2K -51.1K -23.0%
WFC Wells Fargo & Co. 6.95K -33.06K -82.6%
BEN Franklin Resources 1.07M +32.51K +3.1%

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 $20.5 million for the three months ended March 31, 2021, up by $8.6 million, or 72%, from the same period in 2020. These results reflected higher levels of noninterest income and a reduction in the provision for credit losses, partially offset by an increase in noninterest expenses.
  • Noninterest income increased due primarily to strong mortgage banking results and growth in wealth management revenues. A negative provision for credit losses (or a benefit) was recognized in the first quarter of 2021 as a result of improvement in forecasted economic conditions and continued stable asset quality metrics. Noninterest expenses increased largely due to debt prepayment penalty expense recognized in the first quarter of 2021 on the prepayment of FHLB advances.
  • Net interest income continues to be the primary source of our operating income.  Net interest income for the three months ended March 31, 2021 totaled $32.9 million, compared to $32.6 million for the same period in 2020. 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.
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