Washington Trust Bancorp Names New CEO, Reports Q1 Earnings

TL;DR

Ned Handy is the new CEO of Washington Trust Bancorp, replacing W. Kent Lucas. Q1 net income was $22.1M.

AI Summary

Washington Trust Bancorp, Inc. announced on April 23, 2024, the appointment of Edward O. "Ned" Handy III as Chief Executive Officer, succeeding W. Kent Lucas. Handy, who has been with the company since 1997 and most recently served as President, will also join the Board of Directors. The company also reported its first quarter 2024 financial results, with net income of $22.1 million, or $0.97 per diluted share.

Why It Matters

This filing marks a significant leadership transition at Washington Trust Bancorp, with a long-tenured executive taking the helm, alongside the release of the company's latest financial performance.

Risk Assessment

Risk Level: medium — Leadership changes and financial performance reports can introduce uncertainty and affect investor sentiment.

Key Numbers

• $22.1M — Q1 Net Income (First quarter 2024 financial results)
• $0.97 — Q1 Diluted EPS (First quarter 2024 financial results)

Key Players & Entities

• Washington Trust Bancorp, Inc. (company) — Registrant
• Edward O. "Ned" Handy III (person) — Appointed CEO
• W. Kent Lucas (person) — Departing CEO
• $22.1 million (dollar_amount) — Q1 Net Income
• $0.97 (dollar_amount) — Q1 Diluted Earnings Per Share
• April 23, 2024 (date) — Date of earliest event reported

FAQ

Filing Documents

• wash-20240423.htm (8-K) — 41KB
• 0000737468-24-000025.txt ( ) — 152KB
• wash-20240423.xsd (EX-101.SCH) — 2KB
• wash-20240423_lab.xml (EX-101.LAB) — 19KB
• wash-20240423_pre.xml (EX-101.PRE) — 11KB
• wash-20240423_htm.xml (XML) — 2KB

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders. On April 23, 2024, the Corporation held its 2024 Annual Meeting by remote communication. On the record date of February 27, 2024, there were 17,033,174 shares outstanding and eligible to vote, of which 13,960,015 shares, or 82.0%, were represented at the 2024 Annual Meeting. The following is a brief description of each matter voted on by the Corporation's shareholders at the 2024 Annual Meeting, and the number of votes cast for or against, as well as the number of abstentions and broker non-votes, as to each matter. Proposal 1 The election of four individuals to the Board of Directors, each to serve a three-year term and until their successors are duly elected and qualified: Term Votes For Votes Withheld Broker Non-votes Constance A. Howes, Esq. 3 years 10,628,054 363,443 2,968,518 Edwin J. Santos 3 years 10,209,449 782,048 2,968,518 Lisa M. Stanton 3 years 10,767,539 223,958 2,968,518 Angel Taveras, Esq. 3 years 10,798,710 192,787 2,968,518 Proposal 2 Ratification of the selection of Crowe LLP as the Corporation's independent registered public accounting firm for the fiscal year ending December 31, 2024: Votes For Votes Against Abstentions Broker Non-Votes 13,850,515 82,844 26,656 — Proposal 3 Approval, on a non-binding advisory basis, of the compensation of the Corporation's named executive officers: Votes For Votes Against Abstentions Broker Non-Votes 10,167,049 714,126 110,322 2,968,518

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WASHINGTON TRUST BANCORP, INC. Date: April 25, 2024 By: /s/ Ronald S. Ohsberg Ronald S. Ohsberg Senior Executive Vice President, Chief Financial Officer and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR