Core Points - Washington Trust employees built and donated 35 "Welcome Home Kits" valued at over $4,000 to support Crossroads Rhode Island clients transitioning from homelessness to stable housing [1][4] - The kits include personal care items and basic household supplies to assist clients in settling into their new apartments [1][4] - Washington Trust has committed a $50,000 grant to support Crossroads' 'Roads to Home' capital campaign, which aims to create nearly 300 affordable permanent supportive apartments for formerly homeless adults in Providence [4] Company Commitment - Washington Trust emphasizes its commitment to supporting programs that provide resources for individuals and families seeking safe and affordable housing, particularly during the current housing crisis in Rhode Island [4] - The bank's employees actively participated in the collection drive and kit assembly, showcasing their dedication to local community support [2][3] Company Background - Founded in 1800, Washington Trust is the oldest community bank in the United States and the largest state-chartered bank headquartered in Rhode Island [5] - The bank offers a wide range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management, across Rhode Island, Connecticut, and Massachusetts [5]

Washington Trust Bancorp (WASH) reported $48.98 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 6.6%. EPS of $0.59 for the same period compares to $0.76 a year ago.The reported revenue represents a surprise of +1.29% over the Zacks Consensus Estimate of $48.36 million. With the consensus EPS estimate being $0.58, the EPS surprise was +1.72%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compar ...

Core Viewpoint - Washington Trust Bancorp reported quarterly earnings of $0.59 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, but down from $0.76 per share a year ago [1] Financial Performance - The company achieved an earnings surprise of 1.72% for the quarter, having previously exceeded expectations by 14.29% with earnings of $0.64 per share against an estimate of $0.56 [2] - Revenues for the quarter were $48.98 million, surpassing the Zacks Consensus Estimate by 1.29%, and up from $45.96 million year-over-year [3] Market Performance - Washington Trust shares have increased by approximately 3.2% since the beginning of the year, matching the S&P 500's gain of 3.2% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.61 on revenues of $51.03 million, and for the current fiscal year, it is $2.70 on revenues of $211.08 million [8] - The estimate revisions trend for Washington Trust is favorable, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [7] Industry Context - The Banks - Northeast industry, to which Washington Trust belongs, is currently ranked in the top 9% of over 250 Zacks industries, suggesting a strong performance relative to the broader market [9]

Financial Performance - Washington Trust reported a fourth quarter 2024 net loss of $60.8 million, or a loss of $3.46 per diluted share, compared to a net income of $11.0 million, or $0.64 per diluted share, in the third quarter of 2024[1]. - For the full year 2024, the Corporation reported a net loss of $28.1 million, or a loss of $1.63 per diluted share, compared to net income of $48.2 million, or earnings of $2.82 per diluted share, in the prior year[6]. - Noninterest income was a loss of $77.9 million for the fourth quarter of 2024, primarily due to a pre-tax loss of $93.9 million recognized on balance sheet repositioning transactions[9]. - The net loss for the three months ended December 31, 2024, was $60,791,000, compared to a net income of $10,981,000 in the previous quarter[35]. - Adjusted net income available to common shareholders for the twelve months ended December 31, 2024, was $40,869, down from $44,842 in 2023[72]. - For the three months ended December 31, 2024, the company reported a net loss of $60,791 thousand, compared to a net income of $12,947 thousand for the same period in 2023[74]. Asset and Loan Management - Total loans amounted to $5.1 billion at December 31, 2024, down by $510 million, or 9%, from December 31, 2023, largely due to the reclassification of residential mortgage loans to held for sale[7]. - Total loans decreased to $5,137.8 million from $5,647.7 million year-over-year, a reduction of about 9.0%[33]. - The balance of commercial real estate loans as of December 31, 2024, was $2,154,504 million, an increase from $2,106,359 million year-over-year, reflecting a growth of 2.3%[47]. - Total mortgage loan originations for the three months ended December 31, 2024, amounted to $129,292 million, a decrease of 11% from $116,322 million year-over-year[41]. - The allowance for credit losses on loans was $41.96 million as of December 31, 2024, slightly up from $41.06 million a year earlier, indicating a cautious approach to potential credit risks[33]. Capital and Equity - Total shareholders' equity was $499.7 million at December 31, 2024, down by $2.5 million, or 0.5%, from September 30, 2024[23]. - The company’s common stock increased to $1,223 thousand as of December 31, 2024, from $1,085 thousand in the previous quarter, showing a positive trend in equity[33]. - Retained earnings decreased to $434.0 million from $501.9 million year-over-year, indicating a reduction of approximately 13.5%[33]. - The total shareholders' equity was $499.7 million as of December 31, 2024, down from $472.7 million a year earlier, reflecting a decrease of about 5.7%[33]. - The equity to assets ratio (GAAP) improved to 7.21% as of December 31, 2024, compared to 6.56% a year prior[76]. Income and Revenue Streams - Wealth management revenues in the fourth quarter increased by 1% from the preceding quarter, with end of period assets under administration totaling $7.1 billion, up by 0.4% from September 30, 2024[7]. - Total interest and dividend income for the three months ended December 31, 2024, was $81,839,000, a decrease of 6.4% from $87,586,000 in the previous quarter[35]. - Wealth Management total revenues for the three months ended December 31, 2024, reached $10,049 million, a 13% increase from $8,881 million in the same period last year[41]. - Noninterest (loss) income for the twelve months ended December 31, 2024, was reported at ($27,797), compared to $56,140 in 2023[72]. Credit Quality and Losses - The provision for credit losses totaled $1.0 million in the fourth quarter of 2024, reflecting an increase of $800 thousand from the preceding quarter[22]. - Nonperforming assets to total assets improved from 0.63% in 2023 to 0.34% in 2024, indicating enhanced asset quality[58]. - Nonaccrual loans to total loans decreased from 0.79% in 2023 to 0.45% in 2024, reflecting a positive trend in loan performance[58]. - Net loan charge-offs for Q4 2024 were $1,870 thousand, up from $406 thousand in Q4 2023, indicating increased credit losses[62]. Regulatory and Compliance - Capital levels exceeded regulatory minimums with a total risk-based capital ratio of 12.47% at December 31, 2024, compared to 12.21% at September 30, 2024[25]. - The Tier 1 risk-based capital ratio improved to 11.64% as of December 31, 2024, compared to 11.39% in the previous quarter[37]. - The percentage of total contingent liquidity to uninsured deposits fell from 149.8% in 2023 to 106.9% in 2024[54]. Market and Economic Conditions - Washington Trust Bancorp is actively monitoring economic conditions and customer behavior to adapt its strategies in response to market changes[30]. - The adjusted effective tax rate for 2024 was 23.7%, slightly higher than 20.5% in 2023[72].

Core Viewpoint - Washington Trust Bancorp reported a significant net loss of $60.8 million for the fourth quarter of 2024, primarily due to balance sheet repositioning transactions, although adjusted net income showed a slight decrease compared to the previous quarter [1][5]. Financial Performance - The net loss for the fourth quarter of 2024 was $60.8 million, translating to a loss of $3.46 per diluted share, while adjusted net income was $10.4 million or $0.59 per diluted share, down from $11.0 million or $0.64 per diluted share in the third quarter [1][5]. - For the full year 2024, the Corporation reported a net loss of $28.1 million, compared to a net income of $48.2 million in 2023 [5]. Balance Sheet Repositioning - The Corporation executed balance sheet repositioning transactions, selling available for sale debt securities with an amortized cost of $409 million, resulting in a net pre-tax realized loss of $31.0 million [3]. - Additionally, the Bank committed to sell residential mortgage loans with an amortized cost of $345 million, leading to a net pre-tax loss of $62.9 million [4]. Income and Expenses - Net interest income for the fourth quarter was $32.9 million, a 2% increase from the previous quarter, with a net interest margin of 1.95%, up 10 basis points [6][8]. - Noninterest income recorded a loss of $77.9 million in the fourth quarter, significantly impacted by the pre-tax loss of $93.9 million from the balance sheet repositioning transactions [7][8]. Asset Quality - Nonaccrual loans decreased to $23.3 million, or 0.45% of total loans, down from $31.1 million or 0.56% in the previous quarter [16]. - Past due loans also decreased to $12.0 million, or 0.23% of total loans, compared to $20.3 million or 0.37% in the previous quarter [17]. Capital and Dividends - Total shareholders' equity was $499.7 million at the end of 2024, down 0.5% from the previous quarter, with a total risk-based capital ratio of 12.47% [20][22]. - The Board declared a quarterly dividend of $0.56 per share for the quarter ended December 31, 2024 [21]. Wealth Management and Loans - Wealth management revenues for the fourth quarter increased by 1% to $10.0 million, with assets under administration totaling $7.1 billion, up 0.4% from the previous quarter [8][36]. - Total loans amounted to $5.1 billion at the end of 2024, down 7% from the previous quarter, largely due to the reclassification of residential mortgage loans [12][23].

Core Viewpoint - Washington Trust Bancorp, Inc. is set to release its fourth quarter 2024 earnings on January 29, 2025, followed by a conference call on January 30, 2025, indicating ongoing transparency and communication with investors [1]. Company Overview - Washington Trust Bancorp, Inc. is the publicly-owned holding company of The Washington Trust Company, with total assets of $7.1 billion as of September 30, 2024, highlighting its significant presence in the financial sector [2]. - Established in 1800, Washington Trust is recognized as the oldest community bank in the United States and the largest state-chartered bank headquartered in Rhode Island, emphasizing its historical significance and regional importance [2]. - The bank offers a comprehensive range of services including commercial banking, mortgage banking, personal banking, and wealth management, serving clients in Rhode Island, Connecticut, and Massachusetts, which showcases its diverse service offerings [2]. - Washington Trust is committed to enhancing the financial lives of individuals, businesses, and organizations in New England, reflecting its community-focused mission [2].

Core Viewpoint - Washington Trust Bancorp (WASH) has experienced a downtrend, losing 16.4% over the past four weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottom formation, suggesting that selling pressure may be exhausting and that bulls could be gaining control [2][4]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that the stock opened lower, made a new low, but closed near or above the opening price, reflecting buying interest [3][4]. Fundamental Analysis - Recent upward revisions in earnings estimates for WASH serve as a bullish indicator, with a 4.1% increase in the consensus EPS estimate over the last 30 days, suggesting analysts expect better earnings than previously predicted [6][7]. - WASH holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, indicating strong potential for outperformance in the market [8].

Washington Trust Bancorp (WASH) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individua ...

Group 1 - Washington Trust Bancorp, Inc. (WASH) has seen a 3.9% increase in the Zacks Consensus Estimate for its next year earnings over the last 60 days [1] - The company has a dividend yield of 7.3%, significantly higher than the industry average of 2.5% [4]

WESTERLY, R.I., Dec. 23, 2024 /PRNewswire/ -- The Washington Trust Company ("Washington Trust") recently announced that it has made charitable contributions and in-kind donations to 40 local nonprofit organizations to support their outreach efforts this holiday season. Washington Trust and its employees recently supported 40 Rhode Island-based community organizations during the holiday season through a combination of grant funding, toys, gifts, gift cards, and more. Donations benefited local families via ...