Annual Report
2023
Chairman’s Message
Our commitment to enhancing long-term value encompasses our shareholders, as well as our
valued employees, loyal customers, and the communities we serve.
As I reflect on 2023, I am most
proud of our team’s resilience
and continued perseverance
in helping us navigate our
way through the extremely
difficult macro-environment.
Throughout the year our
team exhibited agility, collaboration,
and care in supporting one another through these
uncertain and challenging times. Team members
from our key business lines — retail banking,
commercial banking, mortgage banking, and wealth
management services — served as trusted advisors
to help our customers manage interest rate hikes,
market swings, and inflationary pressures. Our front
line and back-office teams continued to deliver
exceptional and highly personalized service.
I am grateful for our team’s continued support,
contributions, and commitment to expense,
project, and risk management.
In 2023, we took steps to fortify our business and
further position Washington Trust as a sustainably
relevant, profitable, and leading regional financial
services organization — for the long term. To
make progress toward this goal, we remain
focused on preserving and building our already
strong capital position. We also made strategic
decisions toward future growth by approving
investments in technology, branch network
expansion, and product development
and pricing.
To ensure we meet our customers’
evolving expectations for quick, easy,
and convenient digital service, we
enhanced our business and personal
digital banking platforms and
streamlined processes. We also
approved technological investments
centered around simplifying
and enhancing the customer
“
In 2023, we took steps to
fortify our business and
further position Washington
Trust as a sustainably
relevant, profitable, and
leading regional financial
services organization —
for the long term.”
$7.2B $5.6B $5.3B $6.6B
ASSETS
.
LOANS
.
DEPOSITS
.
AUA
Wealth Management
Assets Under
Administration
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 02
experience for new and existing customers.
balance. This account was certified as part of the
Improving the digital customer experience is key
Bank On movement and meets the Cities for
to attracting new deposit, loan, and wealth
Financial Empowerment Fund (“CFE”) National
customers, and building and retaining relationships
Account standards. We remain deeply committed to
with existing customers.
building home ownership equity and introduced the
“Buyer's AdvantageTM”, “Home OpportunityTM” and
As we leverage technology to ensure convenience
“I Luv RI Community LendingTM”as part of our RI
and accessibility through digital banking, we also
Community Lending Program. These three unique
continued our commitment to growing our physical
community lending programs offer flexible product
branch presence in Rhode Island. This is an integral
solutions and a variety of financing options,
component of our growth strategy to ensure we
matching funds, and grants, as well as closing cost
deliver localized services, foster community
credits and grants.
engagement, and provide greater accessibility.
In 2023, we opened our first branch on the East Bay,
Over the past 223 years,
in Barrington, Rhode Island. Earlier this year, in late
Washington Trust has
January, we expanded our northern Rhode Island
helped generations
presence opening a new branch in Smithfield.
We are excited to open our 28th branch, in the
Olneyville neighborhood of Providence, Rhode
of people and
businesses achieve
their financial goals
Island, later this year. We look forward to deepening
through savings,
our connections with our communities through our
strategic branch expansion.
We understand the challenges our customers face
in today’s economy and proactively developed
lending, and
wealth building
programs. More
importantly,
our employees
products and made pricing decisions to help meet
have served as trusted advisors, community leaders,
their financial needs. In early 2023, we introduced
and ambassadors for our financial wellness program.
Simply Free Checking, an account featuring no bank
We hold seminars for students and community
overdraft fees, no monthly fees, and no minimum
groups on budgeting, saving, managing debt, and
investing in the stock market. We also share tips
on important topics such as fraud protection
and cybersecurity.
As part of our comprehensive initiatives, we remain
dedicated to recognizing, observing, and celebrating
diversity, equity, and inclusion (“DE&I”) with our
employees and the communities we serve. We
long-term growth through deposit acquisition
strategies, investments in technology, and physical
branch expansion. We believe this positions us for
sustained success and we are confident in our ability
to navigate any uncertainties.
Our commitment to enhancing long-term value
encompasses our shareholders, as well as our valued
believe our company and workforce should mirror
professionally while fostering a sense of belonging
employees, loyal customers, and the communities
the diversity of our customers and communities,
and community.
we serve. Thank you all for being part of our journey.
and this alignment is key to addressing the evolving
needs of our growing customer base. Our DE&I
As we proceed in 2024, there are uncertainties in the
Sincerely,
Council plays a pivotal role in the successful
banking industry and in the world at large, including
implementation of our strategy, ensuring that
interest rates, the credit market, the global economy,
Washington Trust maintains a welcoming
and geopolitical events. We have weathered many
environment for all and sustains its reputation
storms throughout our 223-year history, and we will
as an employer of choice. In 2024, we plan to build
continue to do what is best, regardless of the
Edward O. “Ned” Handy III
on our DE&I commitment through the introduction
economic environment, by managing our balance
Chairman and Chief Executive Officer
of employee resource groups designed to provide
sheet, maintaining credit quality, and prudently
a safe and supportive space for employees to
overseeing expenses. At the same time, we are
connect, network, learn and grow personally and
strategically positioning Washington Trust for
As I reflect on 2023, I am most
In 2023, we took steps to fortify our business and
proud of our team’s resilience
further position Washington Trust as a sustainably
and continued perseverance
relevant, profitable, and leading regional financial
in helping us navigate our
services organization — for the long term. To
way through the extremely
make progress toward this goal, we remain
difficult macro-environment.
focused on preserving and building our already
strong capital position. We also made strategic
Throughout the year our
decisions toward future growth by approving
team exhibited agility, collaboration,
investments in technology, branch network
and care in supporting one another through these
expansion, and product development
uncertain and challenging times. Team members
and pricing.
from our key business lines — retail banking,
commercial banking, mortgage banking, and wealth
To ensure we meet our customers’
management services — served as trusted advisors
evolving expectations for quick, easy,
to help our customers manage interest rate hikes,
and convenient digital service, we
market swings, and inflationary pressures. Our front
enhanced our business and personal
line and back-office teams continued to deliver
digital banking platforms and
exceptional and highly personalized service.
streamlined processes. We also
I am grateful for our team’s continued support,
approved technological investments
contributions, and commitment to expense,
project, and risk management.
centered around simplifying
and enhancing the customer
“
In these challenging
economic times, it’s more
important than ever to
help customers manage
their finances and achieve
financial wellness.”
experience for new and existing customers.
Improving the digital customer experience is key
to attracting new deposit, loan, and wealth
customers, and building and retaining relationships
with existing customers.
As we leverage technology to ensure convenience
and accessibility through digital banking, we also
continued our commitment to growing our physical
branch presence in Rhode Island. This is an integral
component of our growth strategy to ensure we
deliver localized services, foster community
engagement, and provide greater accessibility.
In 2023, we opened our first branch on the East Bay,
in Barrington, Rhode Island. Earlier this year, in late
January, we expanded our northern Rhode Island
presence opening a new branch in Smithfield.
We are excited to open our 28th branch, in the
Olneyville neighborhood of Providence, Rhode
Island, later this year. We look forward to deepening
our connections with our communities through our
strategic branch expansion.
We understand the challenges our customers face
in today’s economy and proactively developed
products and made pricing decisions to help meet
their financial needs. In early 2023, we introduced
Simply Free Checking, an account featuring no bank
overdraft fees, no monthly fees, and no minimum
balance. This account was certified as part of the
Bank On movement and meets the Cities for
Financial Empowerment Fund (“CFE”) National
Account standards. We remain deeply committed to
building home ownership equity and introduced the
“Buyer's AdvantageTM”, “Home OpportunityTM” and
“I Luv RI Community LendingTM”as part of our RI
Community Lending Program. These three unique
community lending programs offer flexible product
solutions and a variety of financing options,
matching funds, and grants, as well as closing cost
credits and grants.
Over the past 223 years,
Washington Trust has
helped generations
of people and
businesses achieve
their financial goals
through savings,
lending, and
wealth building
programs. More
importantly,
our employees
have served as trusted advisors, community leaders,
and ambassadors for our financial wellness program.
We hold seminars for students and community
groups on budgeting, saving, managing debt, and
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 03
investing in the stock market. We also share tips
on important topics such as fraud protection
and cybersecurity.
As part of our comprehensive initiatives, we remain
dedicated to recognizing, observing, and celebrating
diversity, equity, and inclusion (“DE&I”) with our
employees and the communities we serve. We
long-term growth through deposit acquisition
strategies, investments in technology, and physical
branch expansion. We believe this positions us for
sustained success and we are confident in our ability
to navigate any uncertainties.
Our commitment to enhancing long-term value
encompasses our shareholders, as well as our valued
believe our company and workforce should mirror
professionally while fostering a sense of belonging
employees, loyal customers, and the communities
the diversity of our customers and communities,
and community.
we serve. Thank you all for being part of our journey.
and this alignment is key to addressing the evolving
needs of our growing customer base. Our DE&I
As we proceed in 2024, there are uncertainties in the
Sincerely,
Council plays a pivotal role in the successful
banking industry and in the world at large, including
implementation of our strategy, ensuring that
interest rates, the credit market, the global economy,
Washington Trust maintains a welcoming
and geopolitical events. We have weathered many
environment for all and sustains its reputation
storms throughout our 223-year history, and we will
as an employer of choice. In 2024, we plan to build
continue to do what is best, regardless of the
Edward O. “Ned” Handy III
on our DE&I commitment through the introduction
economic environment, by managing our balance
Chairman and Chief Executive Officer
of employee resource groups designed to provide
sheet, maintaining credit quality, and prudently
a safe and supportive space for employees to
overseeing expenses. At the same time, we are
connect, network, learn and grow personally and
strategically positioning Washington Trust for
As I reflect on 2023, I am most
In 2023, we took steps to fortify our business and
proud of our team’s resilience
further position Washington Trust as a sustainably
and continued perseverance
relevant, profitable, and leading regional financial
in helping us navigate our
services organization — for the long term. To
way through the extremely
make progress toward this goal, we remain
difficult macro-environment.
focused on preserving and building our already
strong capital position. We also made strategic
Throughout the year our
decisions toward future growth by approving
team exhibited agility, collaboration,
investments in technology, branch network
and care in supporting one another through these
expansion, and product development
uncertain and challenging times. Team members
and pricing.
from our key business lines — retail banking,
commercial banking, mortgage banking, and wealth
To ensure we meet our customers’
management services — served as trusted advisors
evolving expectations for quick, easy,
to help our customers manage interest rate hikes,
and convenient digital service, we
market swings, and inflationary pressures. Our front
enhanced our business and personal
line and back-office teams continued to deliver
digital banking platforms and
exceptional and highly personalized service.
streamlined processes. We also
I am grateful for our team’s continued support,
approved technological investments
contributions, and commitment to expense,
project, and risk management.
centered around simplifying
and enhancing the customer
experience for new and existing customers.
balance. This account was certified as part of the
Improving the digital customer experience is key
Bank On movement and meets the Cities for
to attracting new deposit, loan, and wealth
Financial Empowerment Fund (“CFE”) National
customers, and building and retaining relationships
Account standards. We remain deeply committed to
with existing customers.
building home ownership equity and introduced the
“Buyer's AdvantageTM”, “Home OpportunityTM” and
As we leverage technology to ensure convenience
“I Luv RI Community LendingTM”as part of our RI
and accessibility through digital banking, we also
Community Lending Program. These three unique
continued our commitment to growing our physical
community lending programs offer flexible product
branch presence in Rhode Island. This is an integral
solutions and a variety of financing options,
component of our growth strategy to ensure we
matching funds, and grants, as well as closing cost
deliver localized services, foster community
credits and grants.
engagement, and provide greater accessibility.
In 2023, we opened our first branch on the East Bay,
Over the past 223 years,
in Barrington, Rhode Island. Earlier this year, in late
Washington Trust has
January, we expanded our northern Rhode Island
helped generations
presence opening a new branch in Smithfield.
We are excited to open our 28th branch, in the
Olneyville neighborhood of Providence, Rhode
of people and
businesses achieve
their financial goals
Island, later this year. We look forward to deepening
through savings,
our connections with our communities through our
lending, and
strategic branch expansion.
We understand the challenges our customers face
in today’s economy and proactively developed
wealth building
programs. More
importantly,
our employees
products and made pricing decisions to help meet
have served as trusted advisors, community leaders,
their financial needs. In early 2023, we introduced
and ambassadors for our financial wellness program.
Simply Free Checking, an account featuring no bank
We hold seminars for students and community
overdraft fees, no monthly fees, and no minimum
groups on budgeting, saving, managing debt, and
investing in the stock market. We also share tips
on important topics such as fraud protection
and cybersecurity.
As part of our comprehensive initiatives, we remain
dedicated to recognizing, observing, and celebrating
diversity, equity, and inclusion (“DE&I”) with our
employees and the communities we serve. We
believe our company and workforce should mirror
the diversity of our customers and communities,
and this alignment is key to addressing the evolving
needs of our growing customer base. Our DE&I
Council plays a pivotal role in the successful
implementation of our strategy, ensuring that
Washington Trust maintains a welcoming
environment for all and sustains its reputation
as an employer of choice. In 2024, we plan to build
on our DE&I commitment through the introduction
of employee resource groups designed to provide
a safe and supportive space for employees to
connect, network, learn and grow personally and
“
Washington Trust maintains a
welcoming environment for all
and sustains its reputation as
an employer of choice.”
professionally while fostering a sense of belonging
and community.
As we proceed in 2024, there are uncertainties in the
banking industry and in the world at large, including
interest rates, the credit market, the global economy,
and geopolitical events. We have weathered many
storms throughout our 223-year history, and we will
continue to do what is best, regardless of the
economic environment, by managing our balance
sheet, maintaining credit quality, and prudently
overseeing expenses. At the same time, we are
strategically positioning Washington Trust for
long-term growth through deposit acquisition
strategies, investments in technology, and physical
branch expansion. We believe this positions us for
sustained success and we are confident in our ability
to navigate any uncertainties.
Our commitment to enhancing long-term value
encompasses our shareholders, as well as our valued
employees, loyal customers, and the communities
we serve. Thank you all for being part of our journey.
Sincerely,
Edward O. “Ned” Handy III
Chairman and Chief Executive Officer
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 04
Employees
Named one of the nation’s Best Banks to
Work For by American Banker® magazine
for the 5th consecutive year.
Named to the Forbes list of Best-In-State-Banks 2023.
The spirit of Washington
Trust is alive through
our corporate culture!
Named by Newsweek as Best Small Bank
in Rhode Island for the 2nd consecutive year.
Named as one of Rhode Island’s Best Places to Work by
Providence Business News for the 13th consecutive year.
Named as one of the Healthiest Employers in Rhode Island by
Providence Business News for the 3rd consecutive year.
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 05
Operational Review
Technology plays a vital role in our industry as it continues to redefine the way financial institutions
engage with customers. In 2023, we committed to technological investments that will provide
customers with a seamless, efficient, and user-friendly experience.
For more than 223 years, what
has set Washington Trust
apart from the competition is
the personalized approach
that spans our financial
offerings. Today, our growth
and success are rooted in the
same principles — a thoughtful
approach to business operations,
outstanding service, and exceptional customer
experiences — that have made us a trusted financial
partner to generations of New Englanders.
Although the banking industry faced significant
challenges in 2023, our company remained resilient.
Our ability to persevere is the result of our dedicated
team and the lasting relationships we have with our
loyal customers.
All banks utilize deposits as a key source of low-cost
funding for loan growth, which in turn fuels revenue.
Over the past two years, the Federal Reserve has
implemented twelve rate increases, leading to
heightened competition for deposits and rapidly
rising deposit costs for our industry. Over the
long term, we do not believe it is sustainable,
profitable, or prudent balance sheet
management to compete on rates alone to
attract deposits. Instead, our strategy centers
on attracting and building deep customer
relationships through exceptional personal
service, local branch locations, and
technological tools that offer the speed
and convenience our customers value.
Technology plays a vital role in our
industry as it continues to redefine the
way financial institutions engage with
customers. In 2023, we committed
to technological investments that
will provide customers with a
seamless, efficient, and
“
We actively foster a
culture of development
and innovation for our
team members.”
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 06
user-friendly experience. In 2024, we will
expanding our physical footprint while enhancing our
introduce an omnichannel digital solution that
digital capabilities — ensures that we meet our
will enable customers to quickly and easily open
customers where they are and provide a
deposit accounts through their preferred delivery
personalized banking experience.
channel — online, mobile, in-branch, or call center.
We will also introduce a “quick switch” digital tool
In addition to our focus on digital features and
that will allow customers to easily transfer their
branch expansion, our commitment to accessibility
direct deposits and automatic payments from
remains a priority. We recognize the diversity within
another financial institution to Washington Trust.
our communities and strive to create an environment
Not only does this enhance the efficiency of deposit
that is inclusive and accessible for all. For example,
account opening, but it helps to expand our
as part of our outreach initiatives, in 2023 we
presence outside of our branch footprint. In addition,
translated even more of our marketing materials as
we are gearing up to launch our "Refer a Friend"
well as our radio, TV and print advertisements into
program. Rooted in our high net promoter scores,
Spanish and expanded our advertising reach into
this initiative will enable us to tap into the support
Spanish media outlets. In 2024, we plan to introduce
of our existing customers, leverage their positive
a website plug-in, enabling users to select Spanish
experiences and expressed willingness to
recommend us to friends and family, and drive
new customer acquisitions.
While our digital solutions make life easier for our
customers, we also understand the importance
physical branch locations play in providing the
personal element of banking. In addition to
providing increased accessibility to in-person
consultations, brick-and-mortar branches
as their preferred language upon logging in. Efforts
demonstrate our commitment to the communities
like these enhance the accessibility of our products
we serve, bolster our visibility, and attract new
and services to meet the needs of the diverse
customers. Our dual approach — focusing on
communities we serve.
Through the combination of personal banking,
service. In fact, the macro-economic and industry
products, and solutions, combined with digital
commercial banking, and trust and wealth
challenges of 2023 demonstrated the importance of
conveniences, to ensure an exceptional customer
management services, we guide customers through
our operational agility and the innovative spirit of our
experience. And, we have a strong corporate culture
all stages of life, ensuring access to a dedicated
team. We actively foster a culture of development
built on driving innovation, further enhancing our
team of advisors tailored to meet their unique needs.
and innovation for our team members. To make our
operations, and increasing value to our shareholders.
In an industry characterized by fragmentation,
processes as easy and customer friendly as possible,
Thank you for your continued trust and confidence.
consumers at other financial institutions are often
we encourage our team to view experiences through
forced to interact with different entities for various
the customers' eyes. This approach enables us to
Sincerely,
services. At Washington Trust, we take the time to
strengthen our internal processes to make a
get to know our customers and their families
difference where it matters most, which is a great
personally and understand their financial situations
customer experience. Our company also benefits by
and aspirations. Our integrated approach enables us
increasing overall productivity while providing team
Mary E. Noons
to create a supportive financial environment and
members with valuable opportunities to broaden
President and Chief Operating Officer
deliver customized solutions that extend beyond
their skills and advance in their careers.
mere transactions, fostering lasting relationships and
building loyalty across our offerings.
Looking ahead, we will continue to successfully
navigate the dynamic industry landscape. Our
Strengthening our knowledge base, connection, and
customer-centric philosophy has enabled us to
agility through the implementation of technology
weather many economic storms during the past 223
empowers our people to look for more ways to
years. We have an incredible team that cares deeply
provide our customers with exceptional levels of
about all our communities. We offer advice,
For more than 223 years, what
Over the past two years, the Federal Reserve has
has set Washington Trust
implemented twelve rate increases, leading to
apart from the competition is
heightened competition for deposits and rapidly
the personalized approach
rising deposit costs for our industry. Over the
that spans our financial
long term, we do not believe it is sustainable,
offerings. Today, our growth
profitable, or prudent balance sheet
and success are rooted in the
management to compete on rates alone to
same principles — a thoughtful
attract deposits. Instead, our strategy centers
approach to business operations,
on attracting and building deep customer
outstanding service, and exceptional customer
relationships through exceptional personal
experiences — that have made us a trusted financial
service, local branch locations, and
partner to generations of New Englanders.
technological tools that offer the speed
and convenience our customers value.
Although the banking industry faced significant
challenges in 2023, our company remained resilient.
Technology plays a vital role in our
Our ability to persevere is the result of our dedicated
industry as it continues to redefine the
team and the lasting relationships we have with our
way financial institutions engage with
loyal customers.
customers. In 2023, we committed
to technological investments that
All banks utilize deposits as a key source of low-cost
will provide customers with a
funding for loan growth, which in turn fuels revenue.
seamless, efficient, and
Customers
“
In addition to our focus
on digital features and
branch expansion,
our commitment to
accessibility remains
a priority.”
user-friendly experience. In 2024, we will
introduce an omnichannel digital solution that
will enable customers to quickly and easily open
deposit accounts through their preferred delivery
channel — online, mobile, in-branch, or call center.
We will also introduce a “quick switch” digital tool
that will allow customers to easily transfer their
direct deposits and automatic payments from
another financial institution to Washington Trust.
Not only does this enhance the efficiency of deposit
account opening, but it helps to expand our
presence outside of our branch footprint. In addition,
we are gearing up to launch our "Refer a Friend"
program. Rooted in our high net promoter scores,
this initiative will enable us to tap into the support
of our existing customers, leverage their positive
experiences and expressed willingness to
recommend us to friends and family, and drive
new customer acquisitions.
While our digital solutions make life easier for our
customers, we also understand the importance
physical branch locations play in providing the
personal element of banking. In addition to
providing increased accessibility to in-person
consultations, brick-and-mortar branches
demonstrate our commitment to the communities
we serve, bolster our visibility, and attract new
customers. Our dual approach — focusing on
expanding our physical footprint while enhancing our
digital capabilities — ensures that we meet our
customers where they are and provide a
personalized banking experience.
In addition to our focus on digital features and
branch expansion, our commitment to accessibility
remains a priority. We recognize the diversity within
our communities and strive to create an environment
that is inclusive and accessible for all. For example,
as part of our outreach initiatives, in 2023 we
translated even more of our marketing materials as
well as our radio, TV and print advertisements into
Spanish and expanded our advertising reach into
Spanish media outlets. In 2024, we plan to introduce
a website plug-in, enabling users to select Spanish
as their preferred language upon logging in. Efforts
like these enhance the accessibility of our products
and services to meet the needs of the diverse
communities we serve.
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 07
Through the combination of personal banking,
service. In fact, the macro-economic and industry
products, and solutions, combined with digital
commercial banking, and trust and wealth
challenges of 2023 demonstrated the importance of
conveniences, to ensure an exceptional customer
management services, we guide customers through
our operational agility and the innovative spirit of our
experience. And, we have a strong corporate culture
all stages of life, ensuring access to a dedicated
team. We actively foster a culture of development
built on driving innovation, further enhancing our
team of advisors tailored to meet their unique needs.
and innovation for our team members. To make our
operations, and increasing value to our shareholders.
In an industry characterized by fragmentation,
processes as easy and customer friendly as possible,
Thank you for your continued trust and confidence.
consumers at other financial institutions are often
we encourage our team to view experiences through
forced to interact with different entities for various
the customers' eyes. This approach enables us to
Sincerely,
services. At Washington Trust, we take the time to
strengthen our internal processes to make a
get to know our customers and their families
difference where it matters most, which is a great
personally and understand their financial situations
customer experience. Our company also benefits by
and aspirations. Our integrated approach enables us
increasing overall productivity while providing team
Mary E. Noons
to create a supportive financial environment and
members with valuable opportunities to broaden
President and Chief Operating Officer
deliver customized solutions that extend beyond
their skills and advance in their careers.
mere transactions, fostering lasting relationships and
building loyalty across our offerings.
Looking ahead, we will continue to successfully
navigate the dynamic industry landscape. Our
Strengthening our knowledge base, connection, and
customer-centric philosophy has enabled us to
agility through the implementation of technology
weather many economic storms during the past 223
empowers our people to look for more ways to
years. We have an incredible team that cares deeply
provide our customers with exceptional levels of
about all our communities. We offer advice,
For more than 223 years, what
Over the past two years, the Federal Reserve has
has set Washington Trust
implemented twelve rate increases, leading to
apart from the competition is
heightened competition for deposits and rapidly
the personalized approach
rising deposit costs for our industry. Over the
that spans our financial
long term, we do not believe it is sustainable,
offerings. Today, our growth
profitable, or prudent balance sheet
and success are rooted in the
management to compete on rates alone to
same principles — a thoughtful
attract deposits. Instead, our strategy centers
approach to business operations,
on attracting and building deep customer
outstanding service, and exceptional customer
relationships through exceptional personal
experiences — that have made us a trusted financial
service, local branch locations, and
partner to generations of New Englanders.
technological tools that offer the speed
and convenience our customers value.
Although the banking industry faced significant
challenges in 2023, our company remained resilient.
Technology plays a vital role in our
Our ability to persevere is the result of our dedicated
industry as it continues to redefine the
team and the lasting relationships we have with our
way financial institutions engage with
loyal customers.
customers. In 2023, we committed
to technological investments that
All banks utilize deposits as a key source of low-cost
will provide customers with a
funding for loan growth, which in turn fuels revenue.
seamless, efficient, and
user-friendly experience. In 2024, we will
expanding our physical footprint while enhancing our
introduce an omnichannel digital solution that
digital capabilities — ensures that we meet our
will enable customers to quickly and easily open
customers where they are and provide a
deposit accounts through their preferred delivery
personalized banking experience.
channel — online, mobile, in-branch, or call center.
We will also introduce a “quick switch” digital tool
In addition to our focus on digital features and
that will allow customers to easily transfer their
branch expansion, our commitment to accessibility
direct deposits and automatic payments from
remains a priority. We recognize the diversity within
another financial institution to Washington Trust.
our communities and strive to create an environment
Not only does this enhance the efficiency of deposit
that is inclusive and accessible for all. For example,
account opening, but it helps to expand our
as part of our outreach initiatives, in 2023 we
presence outside of our branch footprint. In addition,
translated even more of our marketing materials as
we are gearing up to launch our "Refer a Friend"
well as our radio, TV and print advertisements into
program. Rooted in our high net promoter scores,
Spanish and expanded our advertising reach into
this initiative will enable us to tap into the support
Spanish media outlets. In 2024, we plan to introduce
of our existing customers, leverage their positive
a website plug-in, enabling users to select Spanish
experiences and expressed willingness to
recommend us to friends and family, and drive
new customer acquisitions.
While our digital solutions make life easier for our
customers, we also understand the importance
physical branch locations play in providing the
personal element of banking. In addition to
providing increased accessibility to in-person
consultations, brick-and-mortar branches
as their preferred language upon logging in. Efforts
demonstrate our commitment to the communities
like these enhance the accessibility of our products
we serve, bolster our visibility, and attract new
and services to meet the needs of the diverse
customers. Our dual approach — focusing on
communities we serve.
To make our processes as easy and customer friendly as possible, we encourage our team to view
experiences through the customers' eyes.
Through the combination of personal banking,
commercial banking, and trust and wealth
management services, we guide customers through
all stages of life, ensuring access to a dedicated
team of advisors tailored to meet their unique needs.
In an industry characterized by fragmentation,
consumers at other financial institutions are often
forced to interact with different entities for various
services. At Washington Trust, we take the time to
get to know our customers and their families
personally and understand their financial situations
and aspirations. Our integrated approach enables us
to create a supportive financial environment and
deliver customized solutions that extend beyond
mere transactions, fostering lasting relationships and
building loyalty across our offerings.
Strengthening our knowledge base, connection, and
agility through the implementation of technology
empowers our people to look for more ways to
provide our customers with exceptional levels of
service. In fact, the macro-economic and industry
challenges of 2023 demonstrated the importance of
our operational agility and the innovative spirit of our
team. We actively foster a culture of development
and innovation for our team members. To make our
processes as easy and customer friendly as possible,
we encourage our team to view experiences through
the customers' eyes. This approach enables us to
strengthen our internal processes to make a
difference where it matters most, which is a great
customer experience. Our company also benefits by
increasing overall productivity while providing team
members with valuable opportunities to broaden
their skills and advance in their careers.
Looking ahead, we will continue to successfully
navigate the dynamic industry landscape. Our
customer-centric philosophy has enabled us to
weather many economic storms during the past 223
years. We have an incredible team that cares deeply
about all our communities. We offer advice,
products, and solutions, combined with digital
conveniences, to ensure an exceptional customer
experience. And, we have a strong corporate culture
built on driving innovation, further enhancing our
operations, and increasing value to our shareholders.
Thank you for your continued trust and confidence.
Sincerely,
Mary E. Noons
President and Chief Operating Officer
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 08
Community
$1.1M
.
TOTAL GIVING
Corporate
Support
8,169
HOURS
Employee Volunteerism
.
442
ORGANIZATIONS
Community Partnerships
Safe & Affordable
Housing
Financial Wellness &
Economic Empowerment
Basic Needs &
Family Services
Community is one of our core values. Our success is intertwined with the communities we serve, so we have
a vested interest in helping them grow and prosper.
Washington Trust provides support for many local nonprofits through volunteerism, board leadership, and corporate giving.
Our employees donate their time to support causes and organizations that make our communities special. Whether it's guiding
our neighbors to first-time home ownership, teaching financial responsibility to high school students, or collecting peanut butter
for local food pantries, they are making a difference every day.
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 09
8,169$1.1M442 Shareholders
Net Income
Diluted EPS (Per Common Share)
2023
2022
2021
$48.2M
$71.7M
$76.9M
2023
2022
2021
$2.82
$4.11
$4.39
“
We have weathered many
storms throughout our 223-year
history, and we will continue
to do what is best, regardless
of the economic environment,
by managing our balance
sheet, maintaining credit
quality, and prudently
overseeing expenses.”
— Edward O. “Ned” Handy III
Chairman and Chief Executive Officer
Cash Dividends Declared (Per Share)
Revenues
Net Interest Income
Wealth Management Revenues
Mortgage Baning Revenues Other
2023
2022
2021
$2.24
$2.18
$2.10
2023
2022
2021
$193M
$219M
$229M
Total Loans (Year-end)
Commercial Residential Consumer
Total Deposits (Year-end)
Demand & NOW
Money Market & Savings
Time Deposits
2023
2022
2021
$5.6B
$5.1B
$4.3B
2023
2022
2021
$5.3B
$5.0B
$5.0B
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 10
Financial Highlights
(At or for the years ended December 31; in thousands, except per share and ratio data)
FINANCIAL CONDITION
Total assets
2023
2022
2021
$7,202,847
$6,660,051
$5,851,127
OPERATING RESULTS
Net interest income
2023
2022
2021
$137,098
$155,990
$141,435
Total securities
Total loans
Allowance for credit losses on loans
Total deposits
Total shareholders’ equity
Book value per share
Total risk-based capital ratio
Equity to assets
1,000,380
5,647,706
41,057
5,348,160
472,686
27.75
11.58%
6.56%
993,928
5,110,139
38,027
5,018,962
453,669
26.40
12.37%
6.81%
1,042,859
4,272,925
39,088
4,980,051
564,808
32.59
14.01%
9.65%
ASSET QUALITY
Nonperforming assets to total assets
Total past due loans to total loans
Allowance for credit losses
on loans to total loans
Net loan charge-offs (recoveries)
to average loans
2023
0.63%
0.20%
2022
0.19%
0.23%
0.73%
0.74%
0.01%
(0.01%)
2021
0.24%
0.24%
0.91%
0.01%
Provision for credit losses
Wealth management revenues
Mortgage banking revenues
Other noninterest income
Total noninterest expenses
Income before income taxes
Income tax expense
Net income
Earnings per common share – diluted
Cash dividends declared per share
Return on average assets
Return on average equity
Net interest margin (taxable equivalent basis)
3,200
35,540
6,660
13,940
(1,300)
(4,822)
38,746
8,733
15,123
41,282
28,626
17,486
133,557
128,722
135,464
56,481
8,305
48,176
2.82
2.24
0.69%
10.57%
2.05%
91,170
19,489
71,681
4.11
2.18
1.17%
14.49%
2.69%
98,187
21,317
76,870
4.39
2.10
1.32%
14.03%
2.59%
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, 2023, as filed with the Securities and Exchange Commission (“SEC”) and updated by our Quarterly Reports on Form 10-Q and other filings with the SEC. 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 BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 11
Executive Leadership
The Washington Trust Company
(As of publication date)
EDWARD O. HAN DY III
Chairman and Chief Executive Officer
MARY E. NOO NS
President and Chief Operating Officer
KRI STEN L. DISA NTO
Senior Executive Vice President,
Chief Human Resources Officer
and Corporate Secretary
RONALD S. OHSBERG, CPA
Senior Executive Vice President,
Chief Financial Officer and Treasurer
WI LLIAM K. WR AY, S R.
Senior Executive Vice President
and Chief Risk Officer
D EN NIS L . AL GIE RE
Executive Vice President,
Chief Compliance Officer and
Director of Community Affairs
RO LANDO A. LORA
Executive Vice President,
Chief Retail Lending Officer and
Director of Community Lending
AN TH ON Y A. BOTE LH O
Executive Vice President and
Chief Commercial Lending Officer
J AMES A. MIGNONE
Executive Vice President and
Chief Information Officer
EL IZABET H B. ECKEL
Executive Vice President,
Chief Marketing & Corporate
Communications Officer
D EBRA A. GORML EY
Executive Vice President and
Chief Retail Banking Officer
Total Deposits
KATHLEEN A. RYAN, ESQ.
Executive Vice President and
Chief Wealth Management Officer
J ULIA ANNE M. SLOM
Executive Vice President and
Chief Commercial Real Estate
Lending Officer
MARIA N. J AN ES , CPA
Executive Vice President, Chief
Accounting Officer and Controller
C. SCOT T OSTROWSKI
Senior Vice President and
Chief Audit Executive
The Washington Trust Company
Directors’ Advisory Council:
• Alcino G. Almeida
• Gary P. Bennett
•
Larry J. Hirsch
• Barry G. Hittner
• Katherine W. Hoxsie
• Edward M. Mazze
• Kathleen E. McKeough
• Victor J. Orsinger II, Esq.
•
Joseph H. Potter
• H. Douglas Randall III
•
Joyce Olson Resnikoff
• Patrick J. Shanahan, Jr.
•
•
John F. Treanor
John C. Warren
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 12
Board of Directors
Washington Trust Bancorp, Inc.
(As of publication date)
JOHN J. BOWE N
Chancellor Emeritus,
Johnson & Wales University
ED WARD O. H AN DY III
Chairman and Chief Executive Officer,
Washington Trust Bancorp, Inc.
STE VEN J. CRAN DA L L
Vice President,
Ashaway Line & Twine Mfg. Co.
ROBERT A. DIM UCCIO , CPA
Retired Chairman, President
and Chief Executive Officer,
Amica Mutual Insurance Company
JOSEPH P. G EN CA RE LL A , CPA
Retired Audit Partner, KPMG LLP
MARK K. W. G IM
Retired President and
Chief Operating Officer,
Washington Trust Bancorp, Inc.
CONSTA NCE A. HOWES , ES Q.
Retired Healthcare Executive
J OS EPH J . M ARCAU RELE
Retired Chairman and Chief
Executive Officer, Washington
Trust Bancorp, Inc.
SAN DRA GL ASER PARRIL LO
Retired President and Chief Executive
Officer, Providence Mutual Fire
Insurance Company
Total Deposits
D EBRA M . PAUL
Retired Chief Executive Officer,
Fellowship Health Resources, Inc.
J OHN T. RUGGIERI
Retired Senior Vice President
and Chief Financial Officer,
Gilbane Building Company, and
Vice President and Chief Financial
Officer, Gilbane, Inc.
EDWIN J. SANTOS
Retired Financial Services Executive
L ISA M. STANTON
Retired General Manager,
Enterprise Strategy,
American Express
ANGEL TAVERAS, ESQ.
Senior Counsel,
Adler Pollock & Sheehan P.C.
Officers of the Corporation:
EDWARD O. HANDY III
Chairman and Chief Executive Officer
MARY E. NOONS
President and Chief Operating Officer
KRISTEN L. DISANTO
Senior Executive Vice President,
Chief Human Resources Officer and
Corporate Secretary
RONALD S. OHSBERG, CPA
Senior Executive Vice President,
Chief Financial Officer and Treasurer
MARIA N. JANES, CPA
Executive Vice President, Chief
Accounting Officer and Controller
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 13
MASSACHUSETTS
RHODE ISLAND
Olneyville, RI
Opening in 2024
CONNECTICUT
Headquarters:
Westerly, RI
27
Branch
Offices
5
Wealth
Management
Offices
4
Commercial
Lending
Offices
7
Residential
Mortgage
Loan Offices *
Operating as Washington
Trust Mortgage Company
WEBSITES
• ir.washtrust.com
• washtrust.com
• washtrustmortgage.com
• washtrustwealth.com
TICKER SYMBOL
• NASDAQ: WASH
Stock Transfer and Dividend Disbursing Agent:
Equiniti Trust Company, LLC
6201 15th Avenue, Brooklyn, NY 11219
800-852-0354
https://equiniti.com/us/ast-access/
Auditors: Crowe LLP, Grand Rapids, Michigan
Counsel: Goodwin Procter LLP, Boston, Massachusetts
The Corporation’s 2024 Proxy Statement and Annual Report
on Form 10-K for the year ended December 31, 2023
are available online by visiting the Corporation’s website
ir.washtrust.com/proxy, by calling the Corporation’s toll-free
number at 800-475-2265 extension 1566, or by email at
investor.relations@washtrust.com.
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.
(As of publication date)
WASHINGTON TRUST BANCORP, INC. | ANNUAL REPORT 2023 | PAGE 14