Westerly, Rhode Island... Washington Trust Bancorp, Inc., the parent company of The Washington Trust Company, announced today its inclusion in the prestigious Sandler O’Neill + Partners “2011 Bank and Thrift Sm-All-Stars” report as one of the top 25 small-cap institutions in the United States.
Four hundred eighty-six publicly traded banks and thrifts with a market cap of less than $2 billion were evaluated to identify the small-cap banks that stand out from the pack and are excelling among their peers. Washington Trust Bancorp, Inc. is the only Rhode Island institution to receive this honor.
"The objective of Sandler O’Neill’s 2011 Sm-All Stars is to identify the top performing small-cap banks and thrifts in the nation,” stated Mark Fitzgibbon, CFA, Principal and Director of Research for Sandler O’Neill + Partners. “We believe that Washington Trust's selection as one of 25 banks demonstrates the company's outstanding record of achievement with respect to asset quality, capital adequacy, and profitability."
Sandler O’Neill’s evaluation focuses primarily on growth, profitability, credit quality, and capital strength based on absolute performance in each of eight financial variables. These variables include growth trends in earnings per share; loans and deposits; return on average equity; nonperforming assets to loans; net charge-off ratio; reserve to nonperforming assets ratio; and Tier 1 risk-based capital ratio. With the exception of the Tier 1 ratio, Sandler used the peer median for all banks and thrifts over the last twelve months as of June 30, 2011.
To earn the Sm-All Star status, banks and thrifts need to be at or above the peer median for the first seven metrics surveyed plus be considered "Well Capitalized" per the Tier 1 risk-based capital ratio.
“Washington Trust is a quality organization with a strong track record and we are proud to be recognized by Sandler O’Neill for our performance,” said Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Officer. “The fact that we were recognized for our continued growth, profitability, and asset quality during challenging economic times is a testament to Washington Trust’s strength and stability.”
Washington Trust was also recently ranked #40 on the Bank Director magazine’s annual Bank Performance Scorecard list of the top 150 publicly-listed banks in America. Once again, Washington Trust was the only Rhode Island bank recognized. The report, based on 2010 results, cited consistency, strong management, and a deep understanding of one’s core market as qualities shared by top banks. Sandler O’Neill + Partners also provided analysis for the Bank Performance Scorecard.
Sandler O’Neill + Partners, L.P. is a full-service investment banking firm and broker-dealer focused on the financial services sector. The firm provides financial advisory, balance sheet management, brokerage, and research services. Additionally, it provides equity research, business planning, and interest rate risk management. Sandler O'Neill was founded in 1988 and is headquartered in New York with additional offices in Atlanta, Boston, Chicago, Memphis, and San Francisco.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.9 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Southeastern Connecticut and Massachusetts. The Corporation's common stock trades on The NASDAQ Global Select® Stock Market under the symbol WASH. Web site address: www.washtrust.com.