Washington Trust Bancorp Inc. Files Definitive Proxy Statement

Ticker: WASH · Form: DEF 14A · Filed: Mar 12, 2024 · CIK: 737468

Washington Trust Bancorp Inc DEF 14A Filing Summary
FieldDetail
CompanyWashington Trust Bancorp Inc (WASH)
Form TypeDEF 14A
Filed DateMar 12, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.0625
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Executive Compensation, Corporate Governance, Washington Trust Bancorp

TL;DR

<b>Washington Trust Bancorp Inc. has filed its Definitive Proxy Statement for the period ending April 23, 2024, detailing executive compensation and corporate governance matters.</b>

AI Summary

WASHINGTON TRUST BANCORP INC (WASH) filed a Proxy Statement (DEF 14A) with the SEC on March 12, 2024. Washington Trust Bancorp Inc. filed a Definitive Proxy Statement (DEF 14A) on March 12, 2024. The filing covers the period ending April 23, 2024. The company's principal executive offices are located at 23 Broad St, Westerly, RI. The filing includes data related to equity awards and pension benefits for the fiscal years 2020-2023. Washington Trust Bancorp Inc. is classified under Standard Industrial Classification code 6022 for Commercial Banks.

Why It Matters

For investors and stakeholders tracking WASHINGTON TRUST BANCORP INC, this filing contains several important signals. This DEF 14A filing is crucial for shareholders to understand executive compensation structures and make informed voting decisions at the upcoming annual meeting. The detailed breakdown of equity awards and pension benefits provides transparency into how the company incentivizes and rewards its key personnel.

Risk Assessment

Risk Level: low — WASHINGTON TRUST BANCORP INC shows low risk based on this filing. The filing is a routine proxy statement and does not contain new financial performance data or significant strategic shifts, indicating a low level of immediate risk.

Analyst Insight

Shareholders should review the executive compensation details and any proposed governance changes to prepare for the upcoming shareholder meeting.

Key Numbers

  • 2024-03-12 — Filing Date (20240312)
  • 2024-04-23 — Period of Report (20240423)
  • 2023-12-31 — Fiscal Year End (1231)
  • 001-32991 — SEC File Number (001-32991)

Key Players & Entities

  • WASHINGTON TRUST BANCORP INC (company) — FILER
  • 0000737468 (company) — CENTRAL INDEX KEY
  • 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
  • RI (company) — STATE OF INCORPORATION
  • 23 BROAD ST (company) — BUSINESS ADDRESS STREET 1
  • WESTERLY (company) — BUSINESS ADDRESS CITY
  • RI (company) — BUSINESS ADDRESS STATE
  • 02891 (company) — BUSINESS ADDRESS ZIP

FAQ

When did WASHINGTON TRUST BANCORP INC file this DEF 14A?

WASHINGTON TRUST BANCORP INC filed this Proxy Statement (DEF 14A) with the SEC on March 12, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by WASHINGTON TRUST BANCORP INC (WASH).

Where can I read the original DEF 14A filing from WASHINGTON TRUST BANCORP INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WASHINGTON TRUST BANCORP INC.

What are the key takeaways from WASHINGTON TRUST BANCORP INC's DEF 14A?

WASHINGTON TRUST BANCORP INC filed this DEF 14A on March 12, 2024. Key takeaways: Washington Trust Bancorp Inc. filed a Definitive Proxy Statement (DEF 14A) on March 12, 2024.. The filing covers the period ending April 23, 2024.. The company's principal executive offices are located at 23 Broad St, Westerly, RI..

Is WASHINGTON TRUST BANCORP INC a risky investment based on this filing?

Based on this DEF 14A, WASHINGTON TRUST BANCORP INC presents a relatively low-risk profile. The filing is a routine proxy statement and does not contain new financial performance data or significant strategic shifts, indicating a low level of immediate risk.

What should investors do after reading WASHINGTON TRUST BANCORP INC's DEF 14A?

Shareholders should review the executive compensation details and any proposed governance changes to prepare for the upcoming shareholder meeting. The overall sentiment from this filing is neutral.

How does WASHINGTON TRUST BANCORP INC compare to its industry peers?

Washington Trust Bancorp Inc. operates within the commercial banking sector.

Are there regulatory concerns for WASHINGTON TRUST BANCORP INC?

The filing is made under the Securities Exchange Act of 1934, specifically as a Definitive Proxy Statement (DEF 14A).

Industry Context

Washington Trust Bancorp Inc. operates within the commercial banking sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically as a Definitive Proxy Statement (DEF 14A).

What Investors Should Do

  1. Review the detailed executive compensation tables for fiscal years 2020-2023.
  2. Analyze any proposed amendments to the company's charter or bylaws.
  3. Prepare to vote on director nominations and other shareholder proposals at the annual meeting.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure for annual meetings and does not represent a change from previous filings of the same type.

Filing Stats: 4,587 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-03-12 11:13:32

Key Financial Figures

  • $0.0625 — 17,033,174 shares of our common stock, $0.0625 par value, outstanding. Each share of c

Filing Documents

Executive Compensation

Executive Compensation 36 Summary Compensation Table 36 Grants of Plan-Based Awards 38 Outstanding Equity Awards at Fiscal Year-End 39 Option Exercises and Stock Vested 40 Pension Benefits 40 Nonqualified Deferred Compensation Plan 41 Potential Post-Employment Payments 42 CEO Pay Ratio 45 Pay Versus Performance 46 Director Compensation 51 Compensation Committee Interlocks and Insider Participation 53 Audit Committee Report 53 Independent Registered Public Accounting Firm 54 Indebtedness and Other Transactions 55 Policies and Procedures for Related Party Transactions 55 Section 16(a) Reports 55 Proposal 2 : Ratification of Selection of Independent Registered Public Accounting Firm Public Accounting Firm 56 Proposal 3 : Non-Binding Advisory Resolution to Approve the Compensation of the Corporation's Named Executive Officers Proposal 57 Other Information 58 Other Business 58 Expense of Solicitation of Proxies 58 Proxy Statement The accompanying proxy is solicited by and on behalf of the Board of Directors of Washington Trust Bancorp, Inc. (the "Corporation" or "Washington Trust") for use at the Annual Meeting of Shareholders to be held by remote communication via live webcast on Tuesday, the 23rd of April, 2024 at 11:00 a.m. ET, and any postponement or adjournment thereof. As of February 27, 2024, the record date for determining shareholders entitled to notice of and to vote at the Annual Meeting, there were 17,033,174 shares of our common stock, $0.0625 par value, outstanding. Each share of common stock is entitled to one vote per share on all matters to be voted upon at the Annual Meeting, with all holders of common stock voting as one class. On or about March 12, 2024, we mailed a Notice of Internet Availability of Proxy Materials (the "Notice") to all shareholders of record as of February 27, 2024. The Notice included instructions on how to access this Proxy Statement and our Annual Report on Form

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