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Corporate Directory – Washington Trust Bancorp, Inc.
Board of Directors
Senior Management
John J. Bowen, Chancellor, President and Chief Executive Officer,
Joseph J. MarcAurele, Chairman and Chief Executive Officer
Johnson & Wales University
Steven J. Crandall, Vice President, Ashaway Line & Twine Mfg. Co.
Robert A. DiMuccio, CPA, Chairman, President and Chief Executive Officer,
Amica Mutual Insurance Company
Barry G. Hittner, Retired Attorney
Katherine W. Hoxsie, CPA, Retired Vice President,
Hoxsie Buick-Pontiac-GMC Truck, Inc.
Joseph J. MarcAurele, Chairman and Chief Executive Officer,
Washington Trust Bancorp, Inc.
Kathleen E. McKeough, Retired Senior Vice President of Human Resources,
GTECH Holdings Corporation
Victor J. Orsinger II, Esq., Of Counsel, Orsinger Nardone Lallo & Thomsen
H. Douglas Randall III, Chief Executive Officer, Randall, Realtors, Kinlin
Grover Real Estate, Page Taft Real Estate, Pequot Commercial and
Kinlin Grover Commercial
Edwin J. Santos, Chairman, CharterCARE Health Partners
Patrick J. Shanahan Jr., Former Chairman, President and
Chief Executive Officer, First Financial Corp.
John F. Treanor, Retired President and Chief Operating Officer,
Washington Trust Bancorp, Inc.
John C. Warren, Retired Chairman and Chief Executive Officer,
Washington Trust Bancorp, Inc.
Officers of the Corporation
Joseph J. MarcAurele, Chairman and Chief Executive Officer
Edward O. Handy III, President and Chief Operating Officer
David V. Devault, Vice Chair, Secretary and Chief Financial Officer
Mark K. W. Gim, Executive Vice President, Wealth Management,
and Treasurer
The Washington Trust Company Directors’ Advisory Council
Alcino G. Almeida, Gary P. Bennett, Richard A. Grills, Larry J. Hirsch,
Joseph J. Kirby, Jacques de Laporte, Edward M. Mazze, James W. McCormick Jr.,
Thomas F. Moore, Brendan P. O’Donnell, Joseph H. Potter,
Joyce Olson Resnikoff, Anthony J. Rose Jr., James P. Sullivan, Neil H. Thorp,
William Blunt White
Edward O. Handy III, President and Chief Operating Officer
David V. Devault, Vice Chair, Secretary and Chief Financial Officer
Stephen M. Bessette, Executive Vice President, Retail Lending
Kristen L. DiSanto, Executive Vice President, Human Resources
Mark K. W. Gim, Executive Vice President, Wealth Management,
and Treasurer
James M. Hagerty, Executive Vice President and Chief Lending Officer
Barbara J. Perino, CPA, Executive Vice President, Operations
Dennis L. Algiere, Senior Vice President, Chief Compliance Officer and
Director of Community Affairs
Michael T. Clarkin, Senior Vice President and Corporate Sales Manager
Joseph M. Confessore, Senior Vice President and Team Leader,
Commercial Banking
Elizabeth B. Eckel, Senior Vice President, Marketing
Jeffrey J. Frenette, Senior Vice President, Director of Core Applications
Philip L. Friend, Senior Vice President, Retail Lending
Debra A. Gormley, Senior Vice President, Retail Banking
Maria N. Janes, CPA, Senior Vice President and Controller
Robert R. Kent Jr., Senior Vice President and Team Leader,
Commercial Banking
Rogean B. Makowski, Senior Vice President,
Wealth Management Client Services
Mary E. Noons, Senior Vice President, Lending Support Services
C. Scott Ostrowski, Senior Vice President, Internal Audit
Timothy M. Pickering, Senior Vice President,
Commercial Real Estate Group
Brenda H. Senak, Senior Vice President, Risk Management
L. Peter Sheehan, Senior Vice President, Wealth Management Investments
Julia Anne M. Slom, Senior Vice President, Commercial Real Estate Group
John P. Sullivan, Senior Vice President, Technology
Rick T. Tjader, Senior Vice President and Director of Project Management
Weston Financial Group, Inc.
John W. Filoon III, President and Chief Operating Officer
Kerry P. Falco, Managing Director
Maria A. Staffiere, Managing Director
Ronald A. Sugameli, Managing Director and Chief Investment Officer
Nicole M. Tremblay, Esq., Senior Vice President, Chief Compliance Officer
As of publication date
Letter to Shareholders
banking, commercial banking, wealth management, and trust
services – we are able to maintain our performance and growth amid ever
changing market dynamics. In 2013, we gained market share in both the
retail and commercial lines of our business, generating solid growth in
loans and deposits. Strong equity markets boosted our wealth management
business and rewarded investors who value the active portfolio management
that our advisors provide. And while mortgage volume reflected an
industry-wide cool-down in the refinancing market, we continued to
generate a very strong level of mortgage origination volume.
Our employees made the record-setting results that we delivered in 2013
possible. When we challenged our people to deliver process improvements to
make our operations more efficient, they delivered – but never at the expense
of providing a superior customer experience. In fact, improving the customer
experience was a prerequisite for any process change. The result was a
win-win situation – enhanced service for our customers and improved
performance for our company.
From L-R: Edward O. Handy III, President and Chief Operating
Officer; Mark K.W. Gim, Executive Vice President, Wealth
Management, and Treasurer; Joseph J. MarcAurele, Chairman
and Chief Executive Officer; and David V. Devault, Vice Chair,
Secretary and Chief Financial Officer.
2013 was an outstanding year for Washington Trust, as we generated
the highest annual earnings in our company’s 213-year history. Against
In 2013, we laid the foundation for future growth with the naming of
the backdrop of a competitive marketplace and a slowly recovering
Edward “Ned” Handy III as President and Chief Operating Officer. A
economy, we delivered growth, streamlined processes, and produced
seasoned executive with strong local ties, Ned adds depth and expertise to
excellent results in all business lines. These achievements helped to
our senior management ranks. We are thrilled that he has joined our team –
place us among the leaders in stock price performance within our peers
yet another affirmation of Washington Trust’s reputation as an employer of
both regionally and nationally. We increased our dividend three times
choice, able to attract top talent to our organization.
during 2013, with total dividends of $1.03 per share for the year, up
from $.94 in 2012. Market awareness of Washington Trust as one of the
Branch expansion continues to be a winning growth strategy for
premier financial institutions in New England continues to grow.
Washington Trust. In July, we announced plans for our 19th branch, which
will be located in Johnston, Rhode Island. Slated to open in the second
At the heart of our success is our commitment to providing a superior
quarter of 2014, the Johnston branch will strengthen our presence in the
customer experience across all lines of business. Through a combination
center of the state and attract new retail and business customers to our brand.
of sophisticated capabilities and responsive solutions, we hold a winning
position against both our larger and smaller competitors.
We look to 2014 with confidence, thanks to the strength of our business
model, the dedication of our employees, and the support of you, our
The consistency of our financial results reflects the strength of our
shareholders. It is a privilege to lead your corporation.
business model. With multiple business lines at our core – personal
Joseph J. MarcAurele
Chairman and Chief Executive Officer
2013 Highlights
Net Income
Cash Dividends Declared
Per Share
Closing Stock Price
Total Loans
Total Deposits
Shareholders’ Equity
Total Revenues*
Wealth Management Assets
Under Administration
Mortgage Originations
Financial Highlights
At or for the years ended December 31, 2013 2012 2011
(Dollars in thousands, except per share amounts)
Financial Condition
Total assets $3,188,867 $3,071,884 $3,064,098
Total securities 422,808 415,879 593,392
Total loans 2,462,884 2,294,003 2,147,159
Allowance for loan losses 27,886 30,873 29,802
Total deposits 2,505,321 2,312,631 2,126,315
Total shareholders’ equity 329,646 295,652 281,351
Book value per share 19.84 18.05 17.27
Total risk-based capital ratio 13.29% 13.26% 12.86%
Equity to assets 10.34% 9.62% 9.18%
Operating Results
Net interest income $91,785 $90,696 $84,955
Provision for loan losses 2,400 2,700 4,700
Wealth management revenues 31,825 29,641 28,306
Net gains on loan sales and commissions on loans
originated for others 13,085 14,092 5,074
Other noninterest income 17,170 21,481 19,384
Noninterest expense 98,785 102,338 90,373
Net income 36,153 35,074 29,724
Diluted earnings per common share 2.16 2.13 1.82
Cash dividends declared per share 1.03 0.94 0.88
Return on average assets 1.17% 1.16% 1.02%
Return on average equity 11.65% 11.97% 10.61%
Net interest margin (taxable equivalent basis) 3.28% 3.29% 3.20%
Asset Quality
Nonperforming assets to total assets 0.62% 0.83% 0.81%
Allowance for loan losses to total loans 1.13% 1.35% 1.39%
Net loan charge-offs to average loans 0.27% 0.07% 0.17%
The information presented above is derived from the Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as filed with the Securities and Exchange Commission.
Forward-Looking Statements
This report contains certain statements that may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Actual results, performance or achievements of Washington Trust may differ materially from those discussed in these forward-looking
statements, as a result of, among other factors, the factors described under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31,
2013, as filed with the Securities and Exchange Commission and updated by our Quarterly Reports on Form 10-Q. You should carefully review all of these factors, and you should be
aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this report, and
Washington Trust assumes no obligation to update forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
Washington Trust Locations
NORTH KINGSTOWN, RI
North Kingstown Office
7625 Post Road
North Kingstown, RI 02852
401-295-4700
Commercial Lending Offices
PROVIDENCE, RI
10 Weybosset Street, Suite 100
Providence, RI 02903
401-331-5090
SHARON, MA*
One Merchant Street, Suite 102
Sharon, MA 02067
781-784-3089
*Operating as Washington Trust Mortgage Company
PROVIDENCE, RI
Providence Office
156 Westminster Street
Providence, RI 02903
401-421-3600
RICHMOND, RI
Richmond Office
1200 Main Street
Wyoming, RI 02898
401-539-2427
SOUTH KINGSTOWN, RI
Wakefield Office
730 Kingstown Road
Wakefield, RI 02879
401-782-4200
WARWICK, RI
Centerville Road Office
236 Centerville Road
Warwick, RI 02886
401-739-2353
Governor Francis Office
1473 Warwick Avenue
Warwick, RI 02888
401-921-2500
WESTERLY, RI
Main Office
23 Broad Street
Westerly, RI 02891
401-348-1200
Franklin Street Office
126 Franklin Street
Westerly, RI 02891
401-348-1367
McQuade’s Marketplace
106 Main Street
Westerly, RI 02891
401-348-1201
MYSTIC, CT
McQuade’s Marketplace
14 Clara Drive
Mystic, CT 06355
860-572-2058
WARWICK, RI
236 Centerville Road
Warwick, RI 02886
401-739-2353
WESTERLY, RI
23 Broad Street
Westerly, RI 02891
401-348-1200
Mortgage Offices
WARWICK, RI
171 Service Avenue
Warwick, RI 02886
401-681-4224
GLASTONBURY, CT *
180 Glastonbury Boulevard, Suite 107
Glastonbury, CT 06033
860-430-9900
STAMFORD, CT
1266 East Main Street, Suite 700R
Stamford, CT 06902
203-539-6000
BRAINTREE, MA*
25 Braintree Hill Office Park, Suite 200
Braintree, MA 02184
781-930-3296
BURLINGTON, MA*
25 Mall Road, Suite 408
Burlington, MA 01803
781-229-2004
Wealth Management Offices
PROVIDENCE, RI
66, 68, 70 South Main Street
Providence, RI 02903
401-654-4801
NARRAGANSETT, RI
20 Point Judith Road
Narragansett, RI 02882
401-782-1000
WESTERLY, RI
23 Broad Street
Westerly, RI 02891
401-348-1238
WELLESLEY, MA
Weston Financial Group
Wellesley Office Park
100 William Street, Suite 200
Wellesley, MA 02481
781-235-7055
Customer Service Center
RI: 401-348-1200
CT: 860-443-1508
Toll-free: 800-475-2265
Website
www.washtrust.com
Stock Transfer and Dividend Disbursing Agent
American Stock Transfer & Trust Company, 6201 15th Avenue, Brooklyn, NY 11219
800-852-0354 www.amstock.com
The Corporation’s 2014 Proxy Statement, Form 10-K and Annual Report for 2013 are
available online by visiting the Corporation’s website www.washtrustbancorp.com under
SEC Filings, or by calling the Corporation’s toll-free number 800-475-2265
extension 1566, or by email at investor.relations@washtrust.com.
Auditors
KPMG LLP
Providence, Rhode Island
Counsel
Goodwin Procter LLP
Boston, Massachusetts
The Corporation has an Affirmative Action Plan and is an Equal Opportunity Employer.
Washington Trust is also a member of the FDIC and an Equal Housing Lender.
Branch Offices
HEADQUARTERS
23 Broad Street
Westerly, RI 02891
401-348-1200
BLOCK ISLAND, RI
Block Island Office
Ocean Avenue
Block Island, RI 02807
401-466-7710
CHARLESTOWN, RI
Charlestown Office
4137 Old Post Road
Charlestown, RI 02813
401-364-4000
CRANSTON, RI
Oaklawn Avenue Office
1203 Oaklawn Avenue
Cranston, RI 02920
401-732-0049
Plainfield Pike Office
2174 Plainfield Pike
Cranston, RI 02921
401-383-8223
Reservoir Avenue Office
645 Reservoir Avenue
Cranston, RI 02910
401-946-1004
EAST PROVIDENCE, RI
East Providence Office
587 Taunton Avenue
East Providence, RI 02914
401-383-8800
JOHNSTON, RI
Johnston Office
Opening 2014
1383 Atwood Avenue
Johnston, RI 02919
NARRAGANSETT, RI
Bonnet Shores Office
885 Boston Neck Road
Narragansett, RI 02882
401-782-4800
Sweet Meadows Office
20 Point Judith Road
Narragansett, RI 02882
401-782-1000
Printed with soy-based inks.