Washington Trust Welcomes Two New Executives to Commercial Banking Team
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Should l Buy WASH?
Source: PRnewswire
- Executive Appointments: Washington Trust has appointed Daniel Hagerty as Vice President of Commercial Banking, focusing on tailored financing solutions for commercial and industrial clients, bringing over 35 years of banking experience, including managing complex loan portfolios at a Massachusetts bank, showcasing strong market leadership.
- Support for Small Businesses: Thomas Quinlan has also been appointed as Vice President of Commercial Banking, concentrating on providing lending, deposit, and cash management solutions for small and mid-sized businesses, with over two decades of experience in commercial banking, emphasizing assistance in navigating financing needs for long-term success.
- Strengthening the Team: Jim Brown, Senior Executive Vice President at Washington Trust, stated that the addition of Hagerty and Quinlan will enhance the commercial banking team's capabilities, as their industry knowledge and commitment to exceptional client service will support the growth and financing needs of businesses in the region.
- Historic Bank: Founded in 1800, Washington Trust is recognized as the oldest community bank in the U.S., celebrating its 225th anniversary in 2025, dedicated to improving the financial lives of people and businesses in New England, offering a full range of commercial banking and wealth management services.
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Analyst Views on WASH
Wall Street analysts forecast WASH stock price to rise
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 31.430
Low
28.00
Averages
31.67
High
36.00
Current: 31.430
Low
28.00
Averages
31.67
High
36.00
About WASH
Washington Trust Bancorp, Inc. is a holding company of The Washington Trust Company (the Bank). The Bank is a state-chartered bank and financial services company. The Company operates through two segments: Commercial Banking and Wealth Management Services. The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities, deposit generation, cash management activities, banking activities, including customer support and the operation of automated teller machines (ATMs), telephone banking, Internet banking and mobile banking services; as well as investment portfolio and wholesale funding activities. The Wealth Management Services segment includes investment management, holistic financial planning services, personal trust and estate services, including services as trustee, personal representative and custodian; settlement of decedents’ estates, and institutional trust services, including custody and fiduciary services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Washington Trust Welcomes Two New Executives to Commercial Banking Team
- Executive Appointments: Washington Trust has appointed Daniel Hagerty as Vice President of Commercial Banking, focusing on tailored financing solutions for commercial and industrial clients, bringing over 35 years of banking experience, including managing complex loan portfolios at a Massachusetts bank, showcasing strong market leadership.
- Support for Small Businesses: Thomas Quinlan has also been appointed as Vice President of Commercial Banking, concentrating on providing lending, deposit, and cash management solutions for small and mid-sized businesses, with over two decades of experience in commercial banking, emphasizing assistance in navigating financing needs for long-term success.
- Strengthening the Team: Jim Brown, Senior Executive Vice President at Washington Trust, stated that the addition of Hagerty and Quinlan will enhance the commercial banking team's capabilities, as their industry knowledge and commitment to exceptional client service will support the growth and financing needs of businesses in the region.
- Historic Bank: Founded in 1800, Washington Trust is recognized as the oldest community bank in the U.S., celebrating its 225th anniversary in 2025, dedicated to improving the financial lives of people and businesses in New England, offering a full range of commercial banking and wealth management services.
See More
Washington Trust Welcomes Two Seasoned Commercial Bankers
- Team Expansion: Washington Trust recently welcomed two seasoned commercial bankers, Daniel Hagerty and Thomas Quinlan, as vice presidents of commercial banking, focusing on providing tailored financing solutions for businesses in the region, thereby enhancing the company's commercial banking team.
- Rich Experience: Hagerty brings over 35 years of banking experience, having managed complex loan portfolios at a Massachusetts-based bank, focusing on commercial and industrial loans, showcasing strong market leadership and credit quality maintenance capabilities.
- Support for Small Businesses: Quinlan has over 20 years of experience in commercial banking, focusing on providing lending, deposit, and cash management solutions for small and mid-sized businesses, emphasizing the importance of helping businesses navigate financing needs to achieve long-term success.
- Commitment to Client Service: Jim Brown, senior executive vice president at Washington Trust, stated that the industry knowledge and commitment to exceptional client service from the new members will provide crucial support for the company's efforts to meet the growth and financing needs of businesses in the region.
See More
Washington Trust Under Investigation Amid Stock Price Plunge
- Poor Financial Performance: Washington Trust's Q1 2026 financial results revealed earnings per share and revenue that fell short of consensus estimates, primarily due to a sharp increase in non-accrual commercial loans, undermining investor confidence.
- Stock Price Plunge: Following the earnings report, Washington Trust's stock price dropped by $6.10, or 16.9%, closing at $30.00 per share on April 21, 2026, reflecting market concerns about the company's future performance.
- Securities Fraud Investigation: Pomerantz LLP is investigating whether Washington Trust and its executives engaged in securities fraud or other unlawful business practices, advising investors to contact them for information on joining the class action.
- Law Firm Background: Pomerantz LLP is a prominent law firm specializing in corporate, securities, and antitrust class litigation, founded over 85 years ago, and has a history of recovering multimillion-dollar damages for victims of securities fraud and corporate misconduct.
See More
Debate Over Wealth Tax Policies Intensifies
- Tax Policy Changes: In 2022, Massachusetts voters approved a 4% tax on annual income above $1 million, while Washington enacted a 9.9% millionaire tax in late March, aiming to increase revenue from high earners, although experts warn of potential future revenue issues.
- Public Support Survey: According to a Pew Research Center survey, about 60% of U.S. adults believe the wealthy do not pay their fair share of federal income taxes, indicating a significant rise in public support for taxing the rich, particularly among Democrats and independents in the current political climate.
- Diverging Policies: Since 2021, over 20 states have reduced top marginal tax rates, while a few states have raised them, reflecting differing fiscal priorities and strategies for economic growth, which may lead to instability in tax revenue.
- Challenges of Wealth Taxation: Despite widespread support for higher taxes on the ultra-rich, federal proposals are unlikely to advance due to Republican control of Congress and the White House, with policy analysts noting that wealth taxes may not provide a stable revenue source due to the volatility of high earners' incomes.
See More
Washington Trust Bancorp Q1 2026 Earnings Call Insights
- Net Interest Income Growth: Washington Trust reported net interest income of $40.5 million in Q1, with a net interest margin of 2.63%, up 7 basis points from the previous quarter, indicating ongoing potential for revenue growth despite credit risks.
- Loan Growth Outlook: CEO Handy reaffirmed a mid-single-digit loan growth target for the year, expecting over $50 million in fundings from core commercial and institutional banking despite Q1 payoffs, reflecting confidence in future growth.
- Increased Credit Loss Reserves: CFO Ohsberg noted a $4 million provision for credit losses in Q1 due to two commercial real estate loans moving to nonaccrual, highlighting the company's cautious stance on credit quality, particularly in the office sector.
- Digital Banking Transformation: The company completed a digital banking conversion for personal accounts and plans to continue the conversion for business accounts in the coming quarters, demonstrating strategic decisions aimed at enhancing customer experience and competitiveness.
See More
Washington Trust Bancorp Q1 Earnings Miss Expectations
- Earnings Shortfall: Washington Trust Bancorp reported a Q1 non-GAAP EPS of $0.66, missing expectations by $0.10, indicating pressure on profitability that could undermine investor confidence.
- Revenue Decline: The company generated $57.83 million in revenue for Q1, a 2.1% year-over-year decrease that fell short of expectations, reflecting challenges from intensified market competition and weak customer demand.
- Loan and Deposit Trends: Loan balances decreased by 2% from both December 31, 2025, and March 31, 2025, while in-market deposits fell by 2% from December 31, 2025, but rose by 3% from March 31, 2025, highlighting complexities in liquidity management.
- Strong Capital Ratios: As of March 31, 2026, the total risk-based capital ratio stood at 13.38%, indicating robust capital structure despite profitability pressures, showcasing the company's resilience in risk management.
See More
Washington Trust Welcomes Two New Executives to Commercial Banking Team
- Executive Appointments: Washington Trust has appointed Daniel Hagerty as Vice President of Commercial Banking, focusing on tailored financing solutions for commercial and industrial clients, bringing over 35 years of banking experience, including managing complex loan portfolios at a Massachusetts bank, showcasing strong market leadership.
- Support for Small Businesses: Thomas Quinlan has also been appointed as Vice President of Commercial Banking, concentrating on providing lending, deposit, and cash management solutions for small and mid-sized businesses, with over two decades of experience in commercial banking, emphasizing assistance in navigating financing needs for long-term success.
- Strengthening the Team: Jim Brown, Senior Executive Vice President at Washington Trust, stated that the addition of Hagerty and Quinlan will enhance the commercial banking team's capabilities, as their industry knowledge and commitment to exceptional client service will support the growth and financing needs of businesses in the region.
- Historic Bank: Founded in 1800, Washington Trust is recognized as the oldest community bank in the U.S., celebrating its 225th anniversary in 2025, dedicated to improving the financial lives of people and businesses in New England, offering a full range of commercial banking and wealth management services.
See More
Washington Trust Welcomes Two Seasoned Commercial Bankers
- Team Expansion: Washington Trust recently welcomed two seasoned commercial bankers, Daniel Hagerty and Thomas Quinlan, as vice presidents of commercial banking, focusing on providing tailored financing solutions for businesses in the region, thereby enhancing the company's commercial banking team.
- Rich Experience: Hagerty brings over 35 years of banking experience, having managed complex loan portfolios at a Massachusetts-based bank, focusing on commercial and industrial loans, showcasing strong market leadership and credit quality maintenance capabilities.
- Support for Small Businesses: Quinlan has over 20 years of experience in commercial banking, focusing on providing lending, deposit, and cash management solutions for small and mid-sized businesses, emphasizing the importance of helping businesses navigate financing needs to achieve long-term success.
- Commitment to Client Service: Jim Brown, senior executive vice president at Washington Trust, stated that the industry knowledge and commitment to exceptional client service from the new members will provide crucial support for the company's efforts to meet the growth and financing needs of businesses in the region.
See More
Washington Trust Under Investigation Amid Stock Price Plunge
- Poor Financial Performance: Washington Trust's Q1 2026 financial results revealed earnings per share and revenue that fell short of consensus estimates, primarily due to a sharp increase in non-accrual commercial loans, undermining investor confidence.
- Stock Price Plunge: Following the earnings report, Washington Trust's stock price dropped by $6.10, or 16.9%, closing at $30.00 per share on April 21, 2026, reflecting market concerns about the company's future performance.
- Securities Fraud Investigation: Pomerantz LLP is investigating whether Washington Trust and its executives engaged in securities fraud or other unlawful business practices, advising investors to contact them for information on joining the class action.
- Law Firm Background: Pomerantz LLP is a prominent law firm specializing in corporate, securities, and antitrust class litigation, founded over 85 years ago, and has a history of recovering multimillion-dollar damages for victims of securities fraud and corporate misconduct.
See More
Debate Over Wealth Tax Policies Intensifies
- Tax Policy Changes: In 2022, Massachusetts voters approved a 4% tax on annual income above $1 million, while Washington enacted a 9.9% millionaire tax in late March, aiming to increase revenue from high earners, although experts warn of potential future revenue issues.
- Public Support Survey: According to a Pew Research Center survey, about 60% of U.S. adults believe the wealthy do not pay their fair share of federal income taxes, indicating a significant rise in public support for taxing the rich, particularly among Democrats and independents in the current political climate.
- Diverging Policies: Since 2021, over 20 states have reduced top marginal tax rates, while a few states have raised them, reflecting differing fiscal priorities and strategies for economic growth, which may lead to instability in tax revenue.
- Challenges of Wealth Taxation: Despite widespread support for higher taxes on the ultra-rich, federal proposals are unlikely to advance due to Republican control of Congress and the White House, with policy analysts noting that wealth taxes may not provide a stable revenue source due to the volatility of high earners' incomes.
See More
Washington Trust Bancorp Q1 2026 Earnings Call Insights
- Net Interest Income Growth: Washington Trust reported net interest income of $40.5 million in Q1, with a net interest margin of 2.63%, up 7 basis points from the previous quarter, indicating ongoing potential for revenue growth despite credit risks.
- Loan Growth Outlook: CEO Handy reaffirmed a mid-single-digit loan growth target for the year, expecting over $50 million in fundings from core commercial and institutional banking despite Q1 payoffs, reflecting confidence in future growth.
- Increased Credit Loss Reserves: CFO Ohsberg noted a $4 million provision for credit losses in Q1 due to two commercial real estate loans moving to nonaccrual, highlighting the company's cautious stance on credit quality, particularly in the office sector.
- Digital Banking Transformation: The company completed a digital banking conversion for personal accounts and plans to continue the conversion for business accounts in the coming quarters, demonstrating strategic decisions aimed at enhancing customer experience and competitiveness.
See More
Washington Trust Bancorp Q1 Earnings Miss Expectations
- Earnings Shortfall: Washington Trust Bancorp reported a Q1 non-GAAP EPS of $0.66, missing expectations by $0.10, indicating pressure on profitability that could undermine investor confidence.
- Revenue Decline: The company generated $57.83 million in revenue for Q1, a 2.1% year-over-year decrease that fell short of expectations, reflecting challenges from intensified market competition and weak customer demand.
- Loan and Deposit Trends: Loan balances decreased by 2% from both December 31, 2025, and March 31, 2025, while in-market deposits fell by 2% from December 31, 2025, but rose by 3% from March 31, 2025, highlighting complexities in liquidity management.
- Strong Capital Ratios: As of March 31, 2026, the total risk-based capital ratio stood at 13.38%, indicating robust capital structure despite profitability pressures, showcasing the company's resilience in risk management.
See More
