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.
Company profile
Ticker
WASH
Exchange
CEO
Edward Handy
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
IRS number
50404671
WASH stock data
()
Press releases
Washington Trust Announces Date of First Quarter 2021 Earnings Release, Conference Call and Webcast
7 Apr 21
Washington Trust Bancorp, Inc. Announces Quarterly Dividend
18 Mar 21
Washington Trust Bancorp, Inc. Announces Date for Annual Shareholders Meeting
28 Jan 21
Washington Trust Bancorp, Inc. to Host Earnings Call
28 Jan 21
Washington Trust Reports Fourth Quarter and Full-Year 2020 Earnings
27 Jan 21
Investment data
Securities sold
Number of investors
Calendar
25 Feb 21
21 Apr 21
31 Dec 21
Financial summary
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Dec 20 | Dec 19 | Dec 18 | Dec 17 | |
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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 |
Recent insider trades
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 |
Institutional ownership Q4 2020
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 |
---|---|
Total holders | 138 |
Opened positions | 26 |
Closed positions | 8 |
Increased positions | 38 |
Reduced positions | 43 |
13F shares |
Current |
---|---|
Total value | 605.35M |
Total shares | 13.51M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
---|---|---|
BLK Blackrock | 1.54M | $68.85M |
BEN Franklin Resources | 1.04M | $46.65M |
Franklin Mutual Advisers | 1.04M | $46.64M |
Vanguard | 894.68K | $40.08M |
PFG Principal Financial Group Inc - Registered Shares | 807.93K | $36.2M |
Champlain Investment Partners | 735.3K | $32.94M |
Dimensional Fund Advisors | 722.35K | $32.36M |
WASHINGTON TRUST | 695.36K | $31.15M |
JPM JPMorgan Chase & Co. | 549.05K | $24.6M |
STT State Street | 411.64K | $18.65M |
Financial report summary
?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.
Content analysis
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Litigous | ||
Readability |
H.S. freshman Bad
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New words:
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Removed:
branded, buy, collect, comprised, criticized, deductibility, defaulted, deferrable, denominated, depreciable, enactment, exclusive, existed, expensing, holder, inconsistency, lessee, lodging, logo, minimal, mitigation, presence, qualitatively, quantitatively, reached, realizable, reclassification, redeemable, remeasured, restrictive, revalue, simple, statutorily, terminated, Topic, tornado, translation
Financial reports
10-K
2020 FY
Annual report
25 Feb 21
10-Q
2020 Q3
Quarterly report
4 Nov 20
10-Q
2020 Q2
Quarterly report
6 Aug 20
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
Current reports
8-K
Washington Trust Bancorp, Inc. Announces Date for Annual Shareholders Meeting
28 Jan 21
8-K
Washington Trust Reports Fourth Quarter and Full-Year 2020 Earnings
27 Jan 21
8-K
Washington Trust Bancorp, Inc. Announces New Stock Repurchase Program
1 Dec 20
8-K
Washington Trust Reports Third Quarter 2020 Earnings
19 Oct 20
8-K/A
Virtual KBW Community Bank Investor Conference July 28 ‐ 30, 2020
29 Jul 20
8-K
Virtual KBW Community Bank Investor Conference July 28 ‐ 30, 2020
28 Jul 20
8-K
Washington Trust Reports Second Quarter 2020 Earnings
20 Jul 20
8-K
Regulation FD Disclosure
4 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
Registration and prospectus
S-3
Shelf registration
1 Oct 20
S-3
Shelf registration
15 Oct 17
8-A12B/A
Registration of securities on exchange (amended)
11 Sep 16
D
$5.43M in equity, sold $5.43M, 4 investors
10 Aug 15
S-8
Registration of securities for employees
22 Apr 13
S-8
Registration of securities for employees
28 Jun 09
424B3
Prospectus supplement
23 Oct 08
S-3
Shelf registration
19 Oct 08
REGDEX
Notice of sale of securities
16 Oct 08
S-8
Registration of securities for employees
27 Sep 07
Proxies
DEFA14A
Additional proxy soliciting materials
16 Mar 21
DEF 14A
Definitive proxy
16 Mar 21
PRE 14A
Preliminary proxy
25 Feb 21
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
12 Mar 18
Other
EFFECT
Notice of effectiveness
13 Oct 20
CORRESP
Correspondence with SEC
4 Oct 20
UPLOAD
Letter from SEC
4 Oct 20
EFFECT
Notice of effectiveness
22 Oct 17
UPLOAD
Letter from SEC
19 Oct 17
CORRESP
Correspondence with SEC
18 Oct 17
UPLOAD
Letter from SEC
11 Aug 09
UPLOAD
Letter from SEC
24 Jun 09
CORRESP
Correspondence with SEC
15 Jun 09
UPLOAD
Letter from SEC
17 May 09
Ownership
4
WASHINGTON TRUST BANCORP / James M Hagerty ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / Kristen L DiSanto ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / Ronald S. Ohsberg ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / Mark K W Gim ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / William K. Sr. Wray ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / Debra A. Gormley ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / KATHLEEN A RYAN ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / Mary E. Noons ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / Edward O. Handy III ownership change
31 Mar 21
4
WASHINGTON TRUST BANCORP / Maria N Janes ownership change
31 Mar 21
Transcripts
2020 Q4
Earnings call transcript
28 Jan 21
2020 Q3
Earnings call transcript
20 Oct 20
2020 Q2
Earnings call transcript
21 Jul 20
2020 Q1
Earnings call transcript
27 Apr 20
2019 Q4
Earnings call transcript
28 Jan 20
2019 Q3
Earnings call transcript
22 Oct 19
2019 Q2
Earnings call transcript
23 Jul 19
2019 Q1
Earnings call transcript
22 Apr 19
2018 Q4
Earnings call transcript
29 Jan 19
2018 Q3
Earnings call transcript
23 Oct 18
Reddit threads
Daily Discussion Thread - April 21st, 2021
21 Apr 21
Daily Discussion Thread - April 20th, 2021
20 Apr 21
Daily Discussion Thread - April 19th, 2021
19 Apr 21
Daily Advice Thread - All basic help or advice questions must be posted here.
8 Apr 21
Taxes...who gives a flying f*ck???
2 Apr 21
covered call wash sale
31 Mar 21
Daily Discussion Thread - March 31st, 2021
31 Mar 21
Daily Discussion Thread - March 30th, 2021
30 Mar 21
$45,000 Profit With A $800,000 Tax Bill (LMAO)
29 Mar 21
Daily Discussion Thread - March 29th, 2021
29 Mar 21