The Washington Trust Company of Westerly in Westerly, Rhode Island (RI), CT
Overview, Financial Summary, Detailed Financial Reports, Branches

  • The Washington Trust Company of Westerly in Westerly, Rhode Island (RI), CT
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The Washington Trust Company of Westerly - Overview

  • General
  • FDIC Certificate #: 23623
    Status: Active
    Federal Reserve ID: 816603
    Bank Holding Company (Regulatory Top Holder): Washington Trust Bancorp, Inc. (RSSDID: 1115349, Location: Westerly, RI)
    Date Established: January 01, 1800
    Trust Powers Granted: Yes
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 19 (Domestic: 19, Interstate: Yes)
    OTS Docket #: 9487
    FDIC's unique #: 16538
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: January 02, 1982
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 23 Broad Street, Westerly, RI 2891
    County: Washington
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: South Boston
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): New London-Norwich, CT-RI (#5520)
    Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148)
    Core Based Statistical Area (CBSA): Providence-New Bedford-Fall River, RI-MA (#39300)
    CBSA Metro Statistical Area: Providence-New Bedford-Fall River, RI-MA (#39300)
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $3,059.8 mil
    Equity capital: $309.8 mil
    Deposits held in domestic offices: $2,127.5 mil
    Return on assets (ROA): 1.04% ($31.8 mil)
    Quarterly return on assets: 1.06% ($32.4 mil)
    Return on Equity (ROE): 10.01% ($31.0 mil)
    Quarterly return on equity: 10.24% ($31.7 mil)
    Net income: $30.7 mil
    Quarterly Net income: $8.0 mil
    Pretax return on assets: 1.50% ($45,896.4 mil)
    Quarterly Pretax return on assets: 1.51% ($46,202.3 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 530Total employees (full-time equivalent)
  • $3,059,757Total assets
  • $80,192Cash and due from depository institutions
  • $39,679Interest-bearing balances
  • $598,038Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $2,137,697Net loans & leases
  • $29,802Loan loss allowance
  • $4,513Trading account assets
  • $26,028Bank premises and fixed assets
  • $2,400Other real estate owned
  • $65,629Goodwill and other intangibles
  • $3,059,757Life insurance assets
  • $145,260All other assets
  • $2,749,964Total liabilities and capital
  • $2,127,518Total liabilities
  • $1,786,506Total deposits
  • $2,127,518Interest-bearing deposits
  • $90Deposits held in domestic offices
  • 19500.00%% insured (estimated)
  • $4,669Federal funds purchased & repurchase agreements
  • $540,707Trading liabilities
  • $0Other borrowed funds
  • $57,570Subordinated debt
  • $309,793All other liabilities
  • $309,793Total equity capital
  • $309,793Total bank equity capital
  • $0Perpetual preferred stock
  • $3,000Common stock
  • $170,542Surplus
  • $136,251Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $20,340Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $21,237Income earned, not collected on loans
  • $374Earning assets
  • $8,841Long-term assets (5+ years)
  • $2,775,414Average Assets, year-to-date
  • $1,382,471Average Assets, quarterly
  • $2,950,441Volatile liabilities
  • $3,012,541Insider loans
  • $2,173,065FHLB advances
  • $2,899,030Loans and leases held for sale
  • $53,783Unused loan commitments
  • $53,783Tier 1 (core) risk-based capital
  • $247,983Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $442,965Restructured Loans and leases
  • $5,319Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $121,344Total interest income
  • $34,823Total interest expense
  • $86,521Net interest income
  • $4,700Provision for loan and lease losses
  • $51,166Total noninterest income
  • $17,260Fiduciary activities
  • $3,455Service charges on deposit accounts
  • $6Trading account gains & fees
  • $30,445Additional noninterest income
  • $89,337Total noninterest expense
  • $51,095Salaries and employee benefits
  • $9,620Premises and equipment expense
  • $28,622Additional noninterest expense
  • $43,650Pre-tax net operating income
  • $508Securities gains (losses)
  • $13,441Applicable income taxes
  • $30,717Income before extraordinary items
  • $0Extraordinary gains - net
  • $30,717Net income attributable to bank
  • $0Net charge-offs
  • $30,717Cash dividends
  • $3,481Sale, conversion, retirement of capital stock, net
  • $14,340Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.54%Yield on earning assets
  • 1.30%Cost of funding earning assets
  • 3.24%Net interest margin
  • 1.91%Noninterest income to earning assets
  • 3.34%Noninterest expense to earning assets
  • 1.03%Net operating income to assets
  • 1.04%Return on assets (ROA)
  • 1.50%Pretax return on assets
  • 10.01%Return on equity (ROE)
  • 5.34%Retained earnings to average equity (YTD only)
  • 0.17%Net charge-offs to loans
  • 135.02%Credit loss provision to net charge-offs
  • 13.89%Efficiency ratio
  • 64,193Assets per employee
  • 5.77%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 46.68%Loss allowance to loans
  • 1.37%Loss allowance to noncurrent loans
  • 140.33%Noncurrent assets plus other real estate owned to assets
  • 0.80%Noncurrent loans to loans
  • 0.98%Net loans and leases to deposits
  • 100.48%Net loans and leases to core deposits
  • 122.49%Equity capital to assets
  • 10.12%Core capital (leverage) ratio
  • 8.55%Tier 1 risk-based capital ratio
  • 11.41%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $2,950,441Average earning assets
  • $306,789Average equity
  • $2,672,206Average loans

Total Fiduciary and Related Assets (December 31, 2011)

  • Dollar figures in thousands
  • $1Total fiduciary and related assets
  • 1Number of Fiduciary Accounts and Related Asset Accounts
  • YesFiduciary powers granted
  • YesFiduciary or related activity
  • $2,304,469Managed Assets
  • 1Number of Accounts
  • $2,280,821Personal trust and agency accounts
  • $498,032Employee benefit-defined contribution accounts
  • $95,681Employee benefit-defined benefit accounts
  • $109,211Other retirement accounts
  • $329,896Corporate trust and agency accounts
  • $0Investment management agency accounts
  • $1,014,093Other fiduciary accounts
  • $183,202Fiduciary accounts held in foreign offices
  • $50,706Non-managed Assets
  • 3654Number of Accounts
  • $0Personal trust and agency accounts
  • $307,171Employee benefit-defined contribution accounts
  • $648Employee benefit-defined benefit accounts
  • $23,648Other retirement accounts
  • $20,742Corporate trust and agency accounts
  • $2,906Other fiduciary accounts
  • $0Fiduciary accounts held in foreign offices

List of branches

  • 2 Connecticut Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    6219733Olde Mistick Village BranchRoute 27 And I-95, Old Mystic, CT 6372September 10, 1973Full Service Brick and Mortar
    8256577Mcquade's Mystic Branch14 Clara Drive, Mystic, CT 6355April 09, 1997Full Service Retail
  • 17 Rhode Island Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    016538The Washington Trust Company Of West23 Broad Street, Westerly, RI 2891January 01, 1800Full Service Brick and Mortar
    1291648Richmond Branch1200 Main Street, Wyoming, RI 2898January 01, 1914Full Service Brick and Mortar
    2291649Franklin Street Branch126 Franklin Street, Westerly, RI 2891August 12, 1980Full Service Brick and Mortar
    3190908Block Island BranchOcean Avenue And Corn Neck Road, Block Island, RI 2807July 05, 1967Full Service Brick and Mortar
    4256574Charlestown Branch4137 Old Post Road, Charlestown, RI 2813August 29, 1988Full Service Brick and Mortar
    5256575Sweet Meadows Branch20 Point Judith Road, Narragansett, RI 2882June 26, 1989Full Service Brick and Mortar
    7256576North Kingstown Branch7625 Post Road, North Kingstown, RI 2852Febuary 03, 1997Full Service Brick and Mortar
    9256578Mcquade's Westerly Branch106 Main Street, Westerly, RI 2891May 14, 1997Full Service Retail
    1140442Bonnet Shores Branch885 Boston Neck Road, Narragansett, RI 2882April 24, 1989Full Service Brick and Mortar
    12262344Wakefield Branch730 Kingstown Road, South Kingstown, RI 2879October 23, 1995Full Service Brick and Mortar
    14357053Providence Trust Office66 South Main Street, Providence, RI 2903Febuary 01, 2000Limited Service Trust
    1514226Westminster Street Branch156 Westminster Street, Providence, RI 2903Febuary 14, 1972Full Service Brick and Mortar
    16251400Reservoir Avenue Branch645 Reservoir Avenue, Cranston, RI 2910May 26, 1981Full Service Brick and Mortar
    19419623Centerville Road Branch236 Centerville Road (Rt. 117), Warwick, RI 2886April 25, 2003Full Service Brick and Mortar
    20465872Oaklawn Branch1203 Oaklawn Avenue, Cranston, RI 2920June 11, 2007Full Service Brick and Mortar
    21496000Governor Francis Branch1473 Warwick Avenue, Warwick, RI 2888October 26, 2009Full Service Brick and Mortar
    22522321East Providence Branch587 Taunton Avenue, East Providence, RI 2914September 26, 2011Full Service Brick and Mortar

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