WESTERLY, R.I. - Washington Trust (NASDAQ:WASH) Bancorp, Inc. (NASDAQ: WASH) has announced a quarterly dividend of 56 cents per share, to be distributed on January 15, 2025, for shareholders on record as of January 2, 2025. The dividend represents an attractive 7.24% yield, reflecting the company's 13-year streak of consecutive dividend increases. This declaration follows the company's performance as of September 30, 2024, where the assets were reported at $7.1 billion.
As the oldest community bank in the nation, Washington Trust has a longstanding history dating back to 1800 and is the largest state-chartered bank headquartered in Rhode Island. With a market capitalization of $582 million, the company is known for providing a variety of financial services including commercial banking, mortgage banking, personal banking, and wealth management. Washington Trust operates through offices in Rhode Island, Connecticut, and Massachusetts, and emphasizes its commitment to the community by offering support to local people, businesses, and organizations.
The bank has made efforts to ensure accessibility to its services by integrating digital tools into its offerings, catering to the evolving needs of its customers in New England. As a member of the FDIC and an equal housing lender, Washington Trust continues to maintain its reputation as a reliable financial institution.
This dividend announcement is part of Washington Trust Bancorp's regular practice of returning value to its shareholders and reflects the company's financial health and stable performance. The information for this news piece is based on a press release statement from Washington Trust Bancorp, Inc.
In other recent news, Washington Trust Bancorp has announced a public offering of $55 million of its common stock, with BofA Securities acting as the sole book-running manager. The proceeds will be used for various corporate purposes, including investments in the Bank and optimizing the Bank's balance sheet. The company reported a net income of $11 million, or $0.64 per share, for the third quarter of 2024, with a modest rise in net interest income and a 4% increase in assets under administration to $7.1 billion.
In other developments, the company has appointed Michelle Kile as Executive Vice President and Chief Retail Banking Officer. Kile brings two decades of experience in the retail banking sector and is expected to enhance retail sales and customer service operations. Despite a 2% decrease in total loans, the bank's commercial and mortgage loan pipelines valued at $90 million and $107 million respectively suggest potential for future growth.
Washington Trust Bancorp also reported a 3% rise in wealth management revenues to $10 million. However, non-interest income saw a slight decrease of 2% to $16.3 million. The management expects stable margins and growth in the coming year, with a strategic focus on underwriting and property resolutions.
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