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Washington Trust Bancorp Inc. Reports Operating Results (10-K)

March 08, 2011 | About:

Washington Trust Bancorp Inc. (NASDAQ:WASH) filed Annual Report for the period ended 2010-12-31.

Washington Trust Bancorp Inc. has a market cap of $351.6 million; its shares were traded at around $21.74 with a P/E ratio of 14.7 and P/S ratio of 2.1. The dividend yield of Washington Trust Bancorp Inc. stocks is 3.9%. Washington Trust Bancorp Inc. had an annual average earning growth of 1% over the past 10 years.

Highlight of Business Operations:

The aggregate market value of voting stock held by non-affiliates of the registrant at June 30, 2010 was $233,435,650 based on a closing sales price of $17.04 per share as reported for the NASDAQ Global Select Market, which includes $9,170,367 held by The Washington Trust Company under trust agreements and other instruments.

The accounting and reporting policies of the Bancorp and its subsidiaries (collectively, the “Corporation” or “Washington Trust”) are in accordance with U. S. generally accepted accounting principles (“GAAP”) and conform to general practices of the banking industry. At December 31, 2010, Washington Trust had total assets of $2.9 billion, total deposits of $2.0 billion and total shareholders equity of $268.9 million.

At December 31, 2010 and 2009, wealth management assets under administration totaled $4.1 billion and $3.8 billion, respectively. These assets are not included in the Consolidated Financial Statements.

Among other things, the Dodd-Frank Act provides for new capital standards that eliminate the treatment of trust preferred securities as Tier 1 capital. Existing trust preferred securities are grandfathered for banking entities with less than $15 billion of assets, such as the Bancorp. The Dodd-Frank Act permanently raises deposit insurance levels to $250,000, retroactive to January 1, 2008, and provides unlimited deposit insurance coverage for noninterest-bearing transaction accounts through December 31, 2012, which is mandatory for all insured depository institutions. Pursuant to modifications under the Dodd-Frank Act, deposit insurance assessments will be calculated as of April 1, 2011, based on an insured depository institution s assets rather than its insured deposits and the minimum reserve ratio of the FDIC s Deposit Insurance Fund will be raised to 1.35%. The payment of interest on business demand deposit accounts is permitted by the Dodd-Frank Act. The Dodd-Frank Act authorizes the Board of Governors of the Federal

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