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
Website
CEO
Edward Handy
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
The Washington Trust Company • Weston Securities Corporation ...
IRS number
50404671
WASH stock data
Press releases
Washington Trust Opens Cumberland, RI Branch
9 Aug 22
Washington Trust Names Crystal Thompson Manager of New Cumberland Branch
2 Aug 22
Washington Trust Reports Second Quarter 2022 Earnings
25 Jul 22
Washington Trust Announces Date of Second Quarter 2022 Earnings Release, Conference Call and Webcast
7 Jul 22
Washington Trust Bancorp, Inc. Announces Quarterly Dividend
16 Jun 22
Investment data
Securities sold
Number of investors
Calendar
4 Aug 22
12 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
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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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
76.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 142 |
Opened positions | 14 |
Closed positions | 13 |
Increased positions | 44 |
Reduced positions | 57 |
13F shares | Current |
---|---|
Total value | 698.22M |
Total shares | 13.25M |
Total puts | 6.1K |
Total calls | 14.9K |
Total put/call ratio | 0.4 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 1.51M | $79.26M |
FMR | 1.14M | $59.85M |
Vanguard | 958.24K | $50.31M |
Franklin Mutual Advisers | 950.01K | $53.55M |
BEN Franklin Resources | 949.91K | $49.87M |
Dimensional Fund Advisors | 705.74K | $37.05M |
WASHINGTON TRUST | 681.4K | $35.77M |
STT State Street | 515.24K | $27.33M |
Champlain Investment Partners | 506.61K | $26.6M |
JPM JPMorgan Chase & Co. | 457.67K | $24.03M |
Financial report summary
?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
?Positive | ||
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Legalese | ||
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Readability |
H.S. freshman Bad
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New words:
adjacent, depreciation, February, Haven, outpaced, pronouncement, shareholder, voted
Removed:
comprise, environmental, paying, staffing
Financial reports
Current reports
8-K
Washington Trust Reports Second Quarter 2022 Earnings
25 Jul 22
8-K
Departure of Directors or Certain Officers
28 Apr 22
8-K
Washington Trust Reports First Quarter 2022 Earnings
25 Apr 22
8-K
Washington Trust Announces Appointment of Two New Board Members
1 Feb 22
8-K
Washington Trust Reports Fourth Quarter and Full-Year 2021 Earnings
26 Jan 22
8-K
Washington Trust Bancorp, Inc. Announces New Stock Repurchase Program
12 Nov 21
8-K
Washington Trust Reports Third Quarter 2021 Earnings
25 Oct 21
8-K
Washington Trust Reports Second Quarter 2021 Earnings
21 Jul 21
8-K
Amendments to Articles of Incorporation or Bylaws
29 Apr 21
8-K
Washington Trust Reports First Quarter 2021 Earnings
21 Apr 21
Registration and prospectus
S-8
Registration of securities for employees
26 Apr 22
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
Proxies
DEFA14A
Additional proxy soliciting materials
15 Mar 22
DEFA14A
Additional proxy soliciting materials
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
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 / Ronald S. Ohsberg ownership change
2 Jun 22
4
WASHINGTON TRUST BANCORP / Joseph P. Gencarella ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / Lisa M. Stanton ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / Edwin J Santos ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / Sandra Parrillo ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / Alimamy Dauda Jr. Jabbie ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / Constance A Howes ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / KATHLEEN E MCKEOUGH ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / JOHN T RUGGIERI ownership change
28 Apr 22
4
WASHINGTON TRUST BANCORP / STEVEN J CRANDALL ownership change
28 Apr 22
Transcripts
2022 Q2
Earnings call transcript
26 Jul 22
2022 Q1
Earnings call transcript
25 Apr 22
2021 Q4
Earnings call transcript
27 Jan 22
2021 Q3
Earnings call transcript
26 Oct 21
2021 Q2
Earnings call transcript
22 Jul 21
2021 Q1
Earnings call transcript
22 Apr 21
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
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