WESTERLY, R.I., Dec. 20, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH) (the "Corporation"), parent company of The Washington Trust Company, of Westerly (the "Bank"), today announced Bank balance sheet repositioning transactions to support continued organic growth and capital generation. "Like many banks, we have been carrying low-yielding assets on our balance sheet following rapid increases in interest rates over the past few years.  These assets have been earning interest below curren ...

PROVIDENCE, R.I., Dec. 17, 2024 /PRNewswire/ -- Washington Trust recently provided $800,000 in financing to the Rhode Island Hispanic Chamber of Commerce for the purchase of property located at 359 Broad Street in Providence, R.I., to be used as the Chamber's new headquarters.The property, known as the James Potter House, an elaborate Queen Anne Mansion built c. 1889 and designed by Stone, Carpenter and Willson, is located in the Trinity Square National Historic District in the Elmwood section of Providence ...

WESTERLY, R.I., Dec. 16, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH) (the "Corporation"), parent company of The Washington Trust Company, of Westerly (the "Bank"), today announced the closing of its previously announced underwritten public offering of 1,911,764 shares of its common stock at a public offering price of $34.00 per share. The 2,198,528 shares sold in the offering include 286,764 shares sold pursuant to the exercise of the underwriters' purchase option. BofA Securities is ...

WESTERLY, R.I., Dec. 12, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH) (the "Corporation"), parent company of The Washington Trust Company, of Westerly (the "Bank"), today announced the pricing of its previously announced underwritten public offering of 1,911,764 shares of its common stock at a public offering price of $34.00 per share.  The expected proceeds to the Corporation, after deducting underwriting discounts and commissions but before deducting operating expenses payable by the ...

WESTERLY, R.I., Dec. 12, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH) (the "Corporation"), parent company of The Washington Trust Company, of Westerly (the "Bank"), today announced it has commenced an underwritten public offering of $55,000,000 of the Corporation's common stock. The Corporation also expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the offering. BofA Securities is serving as the sole book-runn ...

Washington Trust Bancorp (WASH) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following yea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. Commission file number: 001-32991 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|------------- ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

Washington Trust Bancorp, Inc.'s (NASDAQ: WASH ) Q3 2024 was recently released, and the market reacted positively with +8.06%. Underlying this optimism is more conservative balance sheet management as well as a return to growth in non-interest-bearing deposits. In addition, both EPS and revenueHi there, welcome to my profile. My name is Eugenio Catone, I live in Italy and I am 26 years old. In 2023 I graduated in Business Administration and I am completing my studies. My interest in financial markets starte ...

Financial Data and Key Metrics Changes - Net income for Q3 2024 was $11 million, or $0.64 per share [5] - Net interest income increased to $32.3 million, up by $677,000 or 2% from the previous quarter [5] - The net interest margin was 1.85%, an increase of two basis points [5] - Non-interest income comprised 34% of total revenue, amounting to $16.3 million, down by $388,000 or 2% [5] - Non-interest expenses rose by $594,000 or 2% from Q2 [6] - Total loans decreased by $114 million or 2% [6] - In-market deposits increased by $155 million or 3% [6] - Total equity amounted to $502 million, up by $31 million from the end of Q2 [6] Business Line Data and Key Metrics Changes - Wealth management revenues were $10 million, up by $311,000 or 3% [5] - Assets Under Administration (AUA) totaled $7.1 billion, an increase of $249 million or 4% [5] - Mortgage banking revenues totaled $2.9 million, up by $105,000 or 4% [5] Market Data and Key Metrics Changes - The mortgage pipeline at September 30 was $107 million, up 2% from the end of June [5] - The commercial loan pipeline was $90 million, up from $45 million in Q2 [8] Company Strategy and Development Direction - The company is focused on building balance sheet strength and rebuilding earnings capacity while managing credit closely [3] - A new full-service branch was opened in the Olneyville neighborhood of Providence, seen as a catalyst for community strength [4] - The company plans to ramp up underwriting in Q4 after a period of pulling back on origination activity [16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the margin is not yet where desired, it has stabilized [3] - The company expects muted loan growth in the next quarter or two, with a return to normal growth thereafter [17] - Management anticipates that net interest income will be accretive going forward, despite a slight decline expected in Q4 [18] Other Important Information - The effective tax rate for Q3 was 20.6%, with an expectation of 21% for 2024 [6] - Non-accruing loans were at 55 basis points, and past due loans were at 37 basis points [7] - The allowance for loan losses totaled $42.6 million, providing coverage of 137% for non-performing loans [7] Q&A Session Summary Question: What is the size of the commercial pipeline? - The commercial pipeline is $90 million, up from $45 million in Q2 [8] Question: Will cash balances normalize in Q4? - Cash balances are expected to normalize to about $100 million [10] Question: What is the outlook for deposit costs and margin trajectory? - The margin is expected to be flat in Q4, with potential expansion in 2025 as rates come down [13] Question: What is the status of the $10.5 million loan that is 30 days delinquent? - Management is confident in resolving this loan in Q4 due to ongoing negotiations [14] Question: Can you provide details on the classified office loans? - There are three classified properties, with one set for resolution this quarter and the others being actively managed [23][24] Question: What is the total exposure for the $20.5 million lab space loan? - The total exposure with all banks is approximately $174 million [26] Question: What is the reserve factor for the office loans? - The office reserve factor is 127 basis points, part of the total commercial real estate segment [27]