Exhibit 99.1
Washington Trust Announces Earnings
WESTERLY, R.I.--(BUSINESS WIRE)--Oct. 16, 2003--Washington Trust
Bancorp, Inc. (NASDAQ: WASH), parent company of The Washington Trust
Company, today reported net income of $4.7 million for the three
months ended September 30, 2003, up 5 percent from the $4.5 million
reported for the third quarter of 2002. The Corporation earned 35
cents per share on a diluted basis for the three months ended
September 30, 2003, compared to 34 cents per diluted share for the
third quarter of 2002. The return on average assets and return on
average equity for the three months ended September 30, 2003 were
1.02% and 14.30%, compared to 1.09% and 14.47%, respectively, for the
three months ended September 30, 2002.
"Our third quarter earnings reflect the strength of our balance
sheet," stated John C. Warren, Washington Trust's Chairman and Chief
Executive Officer. "We continue to grow our core deposit base and
build a diversified loan portfolio, while maintaining excellent asset
quality. We refinanced a record number of mortgages year-to-date,
however, recent interest rate increases have slowed refinancing
activity significantly. Demand for our home equity line of credit
remains strong."
Warren also announced that two new directors have joined the
boards of Washington Trust Bancorp, Inc. and The Washington Trust
Company: Barry G. Hittner, of Counsel with the Providence, RI law firm
of Cameron & Mittleman LLP; and Kathleen McKeough, Senior Vice
President of Human Resources with GTECH Holdings Corporation. Warren
commented, "Both Barry and Kathleen bring a wealth of talent and
professional experience to Washington Trust and we're proud to have
them as part of our team."
Net income for the nine months ended September 30, 2003 amounted
to $14.1 million, up 15 percent from the $12.3 million reported for
the same period in 2002. On a diluted earnings per share basis, the
Corporation earned $1.05 for the nine months ended September 30, 2003,
up 9 percent from the 96 cents earned for the same period in 2002.
Excluding the 2003 debt prepayment penalties of $649 thousand after
tax (5 cents per diluted share) and the 2002 acquisition related
charges of $417 thousand after tax (3 cents per diluted share)
reported previously, earnings for the nine months ended September 30,
2003 were $14.7 million, or $1.10 per diluted share, as compared to
$12.7 million, or 99 cents per diluted share, for the corresponding
period in 2002.
The Corporation's rates of return on average assets and equity for
the nine months ended September 30, 2003 were 1.03% and 14.14%,
respectively. Comparable amounts for 2002 were 1.08% and 14.33%.
Net interest income for the third quarter of 2003 amounted to
$11.7 million, compared to the $11.9 million earned in the third
quarter of 2002. The decrease is attributable to a narrowed net
interest margin, which declined from 3.16% in the third quarter of
2002 to 2.75% in the same period of 2003. The most significant reason
for the net interest margin decline is the low level of market
interest rates experienced in 2003, which has resulted in a high level
of refinancing activity in mortgage loans and commercial loans as well
as prepayments of mortgage-backed securities. Net interest income for
the nine months ended September 30, 2003 amounted to $35.9 million, up
9 percent from the $32.9 million reported for the corresponding 2002
period. The year to date increase in net interest income was due to
earning asset growth including assets acquired through the April 2002
acquisition of First Financial Corp. The net interest margin for the
nine months ended September 30, 2003 amounted to 2.89%, down 29 basis
points from the 3.18% reported for the same period a year ago. The net
interest margin reflects a decline in yields on loans and securities
offset somewhat by lower funding costs of interest-bearing deposits
and Federal Home Loan Bank advances.
Noninterest income, excluding net realized gains on securities,
totaled $7.4 million for the quarter ended September 30, 2003, up 22
percent from the $6.1 million reported for the third quarter of 2002.
For the nine months ended September 30, 2003, noninterest income
amounted to $20.2 million, an increase of 23 percent from the
comparable 2002 amount of $16.4 million.
The growth in noninterest income was attributable to increases in
gains on loan sales and service charges on deposits. For the first
nine months of 2003, gains on loan sales amounted to $4.1 million, an
increase of $2.5 million, or 167 percent, from the same period in
2002. As a result of the decline in interest rates during most of
2003, the Corporation experienced heavy residential mortgage activity,
predominantly refinancing, which increased the amount of loans sold
into the secondary market. The Corporation has recently experienced a
decline in the level of residential mortgage origination activity and
expects to realize a lower level of gains on loan sales in the fourth
quarter of 2003. For the nine months ended September 30, 2003, service
charges on deposit accounts amounted to $3.7 million, up $902
thousand, or 32 percent, from the corresponding period in 2002.
Revenue from trust and investment management services continues to be
the largest component of noninterest income. Trust and investment
management income, which is closely tied to the performance of the
financial markets, totaled $8.0 million for the nine months ended
September 30, 2003, up $269 thousand, or 3 percent, from the
corresponding period in 2002. Trust and investment assets under
administration amounted to $1.618 billion at September 30, 2003,
compared to $1.524 billion at December 31, 2002.
For the third quarter of 2003, noninterest expenses totaled $12.2
million, up $861 thousand from the amount of noninterest expenses
reported for third quarter of 2002. For the nine months ended
September 30, 2003, noninterest expenses amounted to $35.1 million, up
$3.7 million from the comparable 2002 amount (excluding the 2003 debt
prepayment penalties and 2002 acquisition related charges) primarily
due to normal growth and higher operating costs resulting from the
acquisition of First Financial Corp. Salaries and benefits, the
largest component of total noninterest expense, amounted to $20.1
million for the nine months ended September 30, 2003, compared to the
$17.6 million reported for the first nine months of 2002.
In the first nine months of 2003, total loans increased $123.2
million to $918.4 million at September 30, 2003. Total residential
real estate loans amounted to $372.1 million at September 30, 2003, up
$91.2 million, or 32 percent, from the balance at December 31, 2002.
The Corporation purchased a total of $104.5 million of mainly fixed
rate residential mortgages from other financial institutions. The
purchases of loans were funded with Federal Home Loan advances and
brokered certificates of deposit. Consumer loans increased $18.7
million, or 14 percent, from the balance at December 31, 2002,
primarily due to growth in home equity lines. Commercial loans
increased $13.3 million, or 3 percent, to $395.5 million at September
30, 2003.
Total securities were $844.5 million at September 30, 2003, up
$48.7 million from the December 31, 2002 balance. The increase in
securities was primarily due to purchases of mortgage-backed
securities, U.S. government agency securities and corporate bonds.
Total deposits at September 30, 2003 amounted to $1.185 billion,
up $74.4 million, or 7 percent, from the December 31, 2002 balance of
$1.110 billion. Demand deposits rose $39.4 million, or 25 percent, in
the first nine months of 2003 and totaled $197.0 million at September
30, 2003. Savings deposits increased $21.0 million from December 31,
2002 and amounted to $492.3 million at September 30, 2003. Time
deposits amounted to $495.6 million at September 30, 2003, up $14.0
million from the December 31, 2002 balance of $481.6 million primarily
due to increases in brokered certificates of deposit. Total brokered
certificates of deposit amounted to $106.7 million at September 30,
2003, compared to $56.5 million at December 31, 2002. In the nine
months ended September 30, 2003, Federal Home Loan Bank advances
increased $110.6 million to $590.7 million at September 30, 2003.
Asset quality continues to be strong, as measured by the level of
nonperforming assets. Nonaccrual loans as a percentage of total loans
at September 30, 2003 were .36%, compared to .53% at December 31,
2002. Similarly, nonperforming assets (nonaccrual loans and property
acquired through foreclosure) as a percent of total assets at
September 30, 2003 amounted to .17%, as compared to .24% at December
31, 2002. The Corporation's allowance for loan losses amounted to
$15.8 million at September 30, 2003, compared to $15.5 million at
December 31, 2002.
Total shareholders' equity amounted to $136.0 million at September
30, 2003, up from $128.7 million at December 31, 2002. Book value per
share as of September 30, 2003 and December 31, 2002 amounted to
$10.34 and $9.87, respectively.
Washington Trust Bancorp, Inc. Chairman and Chief Executive
Officer, John C. Warren, and David V. Devault, Executive Vice
President, Treasurer, and Chief Financial Officer will host a
conference call on Friday, October 17, at 8:30 a.m. (Eastern Daylight
Time) to discuss the Corporation's third quarter earnings. Access to
the call is available in a listen-only mode on Washington Trust's web
site, http://investorrelations.washtrust.com. A replay of the call
will be posted in this same section of the web site shortly after
conclusion of the call.
Washington Trust Bancorp, Inc. is the parent of The Washington
Trust Company, a Rhode Island state-chartered bank founded in 1800.
The Bank offers a full range of financial services, including trust
and investment management, through its offices in Rhode Island and
southeastern Connecticut. Washington Trust Bancorp, Inc.'s common
stock trades on The Nasdaq Stock Market(R) under the symbol WASH.
Investor information is available on the Corporation's web site:
www.washtrust.com.
Note: This press release contains financial information determined
by methods other than in accordance with accounting principles
generally accepted in the United States of America ("GAAP"). The
Corporation's management uses these non-GAAP measures in its analysis
of the Corporation's performance. These measures typically adjust GAAP
performance measures to exclude the effects of charges and expenses
related to the consummation of acquisitions and costs related to the
integration of merged entities. These non-GAAP measures also may
exclude other significant gains or losses that are unusual in nature.
Because these items and their impact on the Corporation's performance
are difficult to predict, management believes that presentations of
financial measures excluding the impact of these items provide useful
supplemental information that is essential to a proper understanding
of the operating results of the Corporation's core businesses. These
disclosures should not be viewed as a substitute for operating results
determined in accordance with GAAP, nor are they necessarily
comparable to non-GAAP performance measures that may be presented by
other Corporations. A quantitative reconciliation of the differences
between the non-GAAP financial information discussed herein and the
most directly comparable financial information calculated and
presented in accordance with GAAP is contained in the Financial
Summary statements attached to this press release.
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. The Corporation's actual results,
performance or achievements could differ materially from those
projected in the forward-looking statements as a result, among other
factors, of changes in general national or regional economic
conditions, changes in interest rates, reductions in the market value
of trust and investment assets under management, reductions in deposit
levels necessitating increased borrowing to fund loans and
investments, changes in the size and nature of the Corporation's
competition, changes in loan default and charge-off rates and changes
in the assumptions used in making such forward-looking statements.
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
THREE MONTHS ENDED
(Dollars and shares in thousands, SEP. 30, SEP. 30, JUN. 30,
except per share amounts) 2003 2002 2003
OPERATING RESULTS
Net interest income $11,727 $11,938 $12,282
Provision for loan losses 100 100 160
Net realized (losses) gains
on securities - (52) 400
Other noninterest income 7,447 6,081 6,955
Noninterest expenses 12,190 11,329 12,848
Income tax expense 2,144 2,027 2,055
Net income 4,740 4,511 4,574
PER SHARE
Basic earnings $0.36 $0.35 $0.35
Diluted earnings $0.35 $0.34 $0.34
Dividends declared $0.16 $0.14 $0.15
SHARES OUTSTANDING
Weighted Average: Basic 13,133.8 13,032.9 13,089.4
Diluted 13,486.8 13,254.3 13,304.9
AVERAGE BALANCE SHEET
Federal funds sold and other
short-term investments $18,451 $16,065 $15,447
Taxable debt securities 787,056 705,165 784,166
Nontaxable debt securities 15,964 19,557 16,137
Corporate stocks and Federal Home
Loan Bank stock 51,859 43,888 51,795
Loans: Commercial 393,224 375,379 395,967
Residential 315,193 247,364 296,484
Consumer 146,834 124,951 137,929
Total loans 855,251 747,694 830,380
Earning assets 1,728,581 1,532,369 1,697,925
Total assets 1,850,939 1,649,761 1,819,463
Deposits: Demand 193,908 168,209 166,156
Savings 491,690 446,075 472,358
Time 477,485 479,570 479,266
Total deposits 1,163,083 1,093,854 1,117,780
Federal Home Loan Bank advances 537,486 412,367 549,161
Shareholders' equity 132,559 124,741 134,814
KEY RATIOS
Return on average assets 1.02% 1.09% 1.01%
Return on average equity 14.30% 14.47% 13.57%
Interest rate spread (taxable equivalent
basis) 2.45% 2.76% 2.67%
Net interest margin (taxable equivalent
basis) 2.75% 3.16% 2.96%
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $15,742 $15,466 $15,495
Allowance on acquired loans - - -
Provision charged to earnings 100 100 160
Net (charge-offs) recoveries (29) 94 87
Balance at end of period $15,813 $15,660 $15,742
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
THREE MONTHS ENDED
(Dollars and shares in thousands, SEP. 30, SEP. 30, JUN. 30,
except per share amounts) 2003 2002 2003
EARNINGS AND RATIOS EXCLUDING SPECIAL ITEMS
(Non GAAP Financial Information):
Noninterest expenses (1) $12,190 $11,329 $11,907
Return on average assets (2) 1.02% 1.09% 1.15%
Return on average equity (2) 14.30% 14.47% 15.50%
Reconciliation Table -
Non GAAP Financial Information
Net income, including special items $4,740 $4,511 $4,574
Add back special items, net of tax:
Debt prepayment penalties - - 649
Acquisition costs - - -
Net income, excluding special items $4,740 $4,511 $5,223
Basic earnings per share $0.36 $0.35 $0.35
Effects of special items, net of tax - - 0.05
Basic earnings per share, excluding special
items $0.36 $0.35 $0.40
Diluted earnings per share $0.35 $0.34 $0.34
Effects of special items, net of tax - - 0.05
Diluted earnings per share, excluding special
items $0.35 $0.34 $0.39
Return on average assets 1.02% 1.09% 1.01%
Effects of special items, net of tax - - 0.14%
Return on average assets, excluding special
items 1.02% 1.09% 1.15%
Return on average equity 14.30% 14.47% 13.57%
Effects of special items, net of tax - - 1.93%
Return on average equity, excluding special
items 14.30% 14.47% 15.50%
(1) Excludes second quarter 2003 Federal Home Loan Bank debt
prepayment penalties of $941 thousand (pretax) and second quarter
2002 First Financial Corp. acquisition costs of $605 thousand
(pretax).
(2) Excludes second quarter 2003 Federal Home Loan Bank debt
prepayment penalties of $649 thousand after income taxes and
second quarter 2002 First Financial Corp. acquisition costs of
$417 thousand after income taxes.
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
NINE MONTHS ENDED
(Dollars and shares in thousands, SEP. 30, SEP. 30,
except per share amounts) 2003 2002
OPERATING RESULTS
Net interest income $35,938 $32,943
Provision for loan losses 360 300
Net realized gains on securities 630 620
Other noninterest income 20,205 16,422
Noninterest expenses 36,016 31,967
Income tax expense 6,333 5,439
Net income 14,064 12,279
PER SHARE
Basic earnings $1.07 $0.97
Diluted earnings $1.05 $0.96
Dividends declared $0.46 $0.42
SHARES OUTSTANDING
Weighted Average: Basic 13,094.5 12,635.9
Diluted 13,341.8 12,833.7
AVERAGE BALANCE SHEET
Federal funds sold and other short-term
investments $16,293 $14,188
Taxable debt securities 778,815 654,018
Nontaxable debt securities 16,515 19,790
Corporate stocks and Federal Home Loan Bank stock 50,573 43,214
Loans: Commercial 392,926 328,408
Residential 301,402 240,858
Consumer 139,321 117,905
Total loans 833,649 687,171
Earning assets 1,695,845 1,418,381
Total assets 1,816,512 1,521,242
Deposits: Demand 172,141 144,965
Savings 474,725 377,464
Time 479,490 443,690
Total deposits 1,126,356 966,119
Federal Home Loan Bank advances 539,799 424,828
Shareholders' equity 132,634 114,216
KEY RATIOS
Return on average assets 1.03% 1.08%
Return on average equity 14.14% 14.33%
Interest rate spread (taxable equivalent basis) 2.59% 2.76%
Net interest margin (taxable equivalent basis) 2.89% 3.18%
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $15,487 $13,593
Allowance on acquired loans - 1,829
Provision charged to earnings 360 300
Net (charge-offs) recoveries (34) (62)
Balance at end of period $15,813 $15,660
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
NINE MONTHS ENDED
(Dollars and shares in thousands, SEP. 30, SEP. 30,
except per share amounts) 2003 2002
EARNINGS AND RATIOS EXCLUDING SPECIAL ITEMS
(Non GAAP Financial Information):
Noninterest expenses (1) $35,075 $31,362
Return on average assets (2) 1.08% 1.11%
Return on average equity (2) 14.79% 14.82%
Reconciliation Table -
Non GAAP Financial Information
Net income, including special items $14,064 $12,279
Add back special items, net of tax:
Debt prepayment penalties 649 -
Acquisition costs - 417
Net income, excluding special items $14,713 $12,696
Basic earnings per share $1.07 $0.97
Effects of special items, net of tax 0.05 0.03
Basic earnings per share, excluding special items $1.12 $1.00
Diluted earnings per share $1.05 $0.96
Effects of special items, net of tax 0.05 0.03
Diluted earnings per share, excluding special items $1.10 $0.99
Return on average assets 1.03% 1.08%
Effects of special items, net of tax 0.05% 0.03%
Return on average assets, excluding special items 1.08% 1.11%
Return on average equity 14.14% 14.33%
Effects of special items, net of tax 0.65% 0.49%
Return on average equity, excluding special items 14.79% 14.82%
(1) Excludes second quarter 2003 Federal Home Loan Bank debt
prepayment penalties of $941 thousand (pretax) and second quarter
2002 First Financial Corp. acquisition costs of $605 thousand
(pretax).
(2) Excludes second quarter 2003 Federal Home Loan Bank debt
prepayment penalties of $649 thousand after income taxes and
second quarter 2002 First Financial Corp. acquisition costs of
$417 thousand after income taxes.
Washington Trust Bancorp, Inc. and Subsidiary
FINANCIAL SUMMARY
(Dollars and shares in thousands, SEP. 30, SEP. 30, DEC. 31,
except per share amounts) 2003 2002 2002
PERIOD END BALANCE SHEET
Assets $1,931,190 $1,684,582 $1,745,661
Total securities 844,490 775,255 795,833
Loans: Commercial 395,511 379,061 382,169
Residential 372,105 248,178 280,886
Consumer 150,739 129,739 132,071
Total loans 918,355 756,978 795,126
Deposits: Demand 196,952 175,245 157,539
Savings 492,322 454,437 471,354
Time 495,594 479,743 481,600
Total
deposits 1,184,868 1,109,425 1,110,493
Federal Home Loan Bank advances 590,675 425,725 480,080
Shareholders' equity 136,006 125,335 128,721
CAPITAL RATIOS
Tier 1 risk-based capital 10.00% 10.20% 10.13%
Total risk-based capital 11.49% 11.58% 11.55%
Tier 1 leverage ratio 5.72% 5.68% 5.63%
SHARE INFORMATION
Shares outstanding at end of period 13,153.7 13,035.0 13,042.4
Book value per share $10.34 $9.62 $9.87
Tangible book value per share $8.46 $7.64 $7.93
Market value per share $24.01 $19.74 $19.53
CREDIT QUALITY
Nonaccrual loans $3,345 $4,292 $4,177
Other real estate owned, net 23 12 86
Nonperforming assets to total assets 0.17% 0.26% 0.24%
Nonaccrual loans to total loans 0.36% 0.57% 0.53%
Allowance for loan losses to
nonaccrual loans 472.74% 364.86% 370.78%
Allowance for loan losses to
total loans 1.72% 2.07% 1.95%
ASSETS UNDER MANAGEMENT
Market value $1,618,239 $1,548,975 $1,524,126
Washington Trust Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
Sept. 30, Dec. 31,
2003 2002
Assets:
Cash and due from banks $42,858 $39,298
Federal funds sold and other short-term
investments 12,600 11,750
Mortgage loans held for sale 5,740 4,566
Securities:
Available for sale, at fair value 658,732 553,556
Held to maturity, at cost; fair value $190,429
in 2003 and $250,446 in 2002 185,758 242,277
Total securities 844,490 795,833
Federal Home Loan Bank stock, at cost 29,628 24,582
Loans 918,355 795,126
Less allowance for loan losses 15,813 15,487
Net loans 902,542 779,639
Premises and equipment, net 25,145 24,415
Accrued interest receivable 7,969 7,773
Goodwill and other intangibles 24,724 25,260
Other assets 35,494 32,545
Total assets $1,931,190 $1,745,661
Liabilities:
Deposits:
Demand $196,952 $157,539
Savings 492,322 471,354
Time 495,594 481,600
Total deposits 1,184,868 1,110,493
Dividends payable 2,105 1,825
Federal Home Loan Bank advances 590,675 480,080
Other borrowings 1,859 9,183
Accrued expenses and other liabilities 15,677 15,359
Total liabilities 1,795,184 1,616,940
Shareholders' Equity:
Common stock of $.0625 par value; authorized 30
million shares;
issued 13,159,959 shares in 2003 and 13,086,795
shares in 2002 822 818
Paid-in capital 29,495 28,767
Retained earnings 98,745 90,717
Unamortized employee restricted stock (28) (24)
Accumulated other comprehensive income 7,095 9,294
Treasury stock, at cost; 6,281 shares in 2003
and 44,361 in 2002 (123) (851)
Total shareholders' equity 136,006 128,721
Total liabilities and shareholders' equity $1,931,190 $1,745,661
Washington Trust Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands,
except per share amounts)
(Unaudited)
Three Months Nine Months
Periods ended September 30, 2003 2002 2003 2002
Interest income:
Interest and fees on loans $12,568 $12,958 $38,067 $36,762
Interest on securities 7,592 9,342 24,480 26,837
Dividends on corporate stock and
Federal Home Loan Bank stock 528 500 1,546 1,480
Interest on federal funds sold
and other short-term investments 35 63 111 171
Total interest income 20,723 22,863 64,204 65,250
Interest expense:
Savings deposits 724 1,773 2,554 3,926
Time deposits 3,740 4,161 11,473 12,624
Federal Home Loan Bank advances 4,514 4,963 14,184 15,692
Other 18 28 55 65
Total interest expense 8,996 10,925 28,266 32,307
Net interest income 11,727 11,938 35,938 32,943
Provision for loan losses 100 100 360 300
Net interest income after
provision for loan losses 11,627 11,838 35,578 32,643
Noninterest income:
Trust and investment management 2,692 2,468 7,969 7,700
Service charges on deposit
accounts 1,242 986 3,690 2,788
Net gains on loan sales 1,383 608 4,062 1,522
Merchant processing fees 1,412 1,221 2,731 2,443
Income from bank-owned life
insurance 298 291 845 864
Net realized (losses) gains on
securities - (52) 630 620
Other income 420 507 908 1,105
Total noninterest income 7,447 6,029 20,835 17,042
Noninterest expense:
Salaries and employee benefits 6,974 6,047 20,127 17,630
Net occupancy 671 675 2,169 1,970
Equipment 830 887 2,504 2,470
Merchant processing costs 1,139 965 2,184 1,936
Legal, audit and professional
fees 394 815 990 1,209
Advertising and promotion 261 271 1,073 947
Outsourced services 328 244 1,024 772
Debt prepayment penalties - - 941 -
Amortization of intangibles 180 220 539 441
Acquisition related expenses - - - 605
Other 1,413 1,205 4,465 3,987
Total noninterest expense 12,190 11,329 36,016 31,967
Income before income taxes 6,884 6,538 20,397 17,718
Income tax expense 2,144 2,027 6,333 5,439
Net income $4,740 $4,511 $14,064 $12,279
Weighted average shares
outstanding - basic 13,133.8 13,032.9 13,094.5 12,635.9
Weighted average shares
outstanding - diluted 13,486.8 13,254.3 13,341.8 12,833.7
Per share information:
Basic earnings per share $.36 $.35 $1.07 $.97
Diluted earnings per share $.35 $.34 $1.05 $.96
Cash dividends declared per share $.16 $.14 $.46 $.42
CONTACT: Washington Trust Bancorp, Inc.
Elizabeth B. Eckel, 401/348-1309
ebeckel@washtrust.com