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    Washington Trust Reports Third Quarter 2025 Results

    10/20/25 4:05:00 PM ET
    $WASH
    Major Banks
    Finance
    Get the next $WASH alert in real time by email

    WESTERLY, R.I., Oct. 20, 2025 /PRNewswire/ -- Washington Trust Bancorp, Inc. (the "Corporation") (NASDAQ:WASH), parent company of The Washington Trust Company (the "Bank"), today reported third quarter 2025 net income of $10.8 million, or $0.56 per diluted share, down from $13.2 million, or $0.68 per diluted share, reported for the second quarter of 2025.

    (PRNewsfoto/Washington Trust Bancorp, Inc.)

    "In the third quarter we expanded our net interest income and margin, grew our wealth management and mortgage banking revenues, delivered strong in-market deposit growth, and prudently managed expenses," said Washington Trust Chairman and Chief Executive Officer Edward O. "Ned" Handy III.  "We made several significant investments to drive future growth, including hiring a new senior executive with an extensive network and proven track record to lead our commercial banking division, and purchasing the client accounts of Lighthouse Financial Management, LLC, which added approximately $195 million of managed assets.  In addition, while we resolved two significant credit exposures this quarter, we are confident in our current portfolio quality and that we will continue our long track record of strong credit performance."

    "Our long-standing reputation as a trusted financial partner in New England is built on a deep commitment to customer relationships," said Handy.  "We take pride in delivering personalized, convenient service — the foundation of relationship banking — through life's most important financial moments.  This approach not only strengthens our community ties but also drives long-term value for our shareholders."

    Selected financial highlights for the third quarter of 2025 include:

    • The net interest margin was 2.40% in the third quarter, up by 4 basis points compared to the second quarter and up by 55 basis points compared to the same quarter a year ago.
    • A provision for credit losses on loans of $7.0 million was recognized for the third quarter, compared to $650 thousand in the second quarter.
    • Wealth management asset-based revenues in the third quarter increased by 6% from the preceding quarter. Assets under administration ("AUA") were up 7% from the end of the second quarter.
    • Mortgage banking revenues in the third quarter increased by 15% from the preceding quarter and 22% compared to the same quarter a year ago.
    • Total loans amounted to $5.1 billion, essentially unchanged from June 30, 2025.
    • In-market deposits (total deposits less wholesale brokered deposits) amounted to $5.2 billion, up by 4% from June 30, 2025 and up by 9% from September 30, 2024.
    • Nonaccrual commercial loans totaled $1.0 million, down from $14.0 million at June 30, 2025 and $18.9 million at September 30, 2024.

    Net Interest Income

    Net interest income was $38.8 million for the third quarter of 2025, up by $1.6 million, or 4%, from the second quarter of 2025.  The net interest margin was 2.40% for the third quarter, an increase of 4 basis points from the preceding quarter.  Linked quarter changes included:

    • Average interest-earning assets increased by $96 million, largely reflecting increases in the average balances of deposits at correspondent banks and commercial loans. The yield on interest-earning assets for the third quarter was 4.99%, unchanged from the preceding quarter.
    • Average interest-bearing liabilities increased by $61 million, due to growth in average in-market deposit balances. The cost of interest-bearing liabilities for the third quarter of 2025 was 3.08%, decreased by 4 basis points from the preceding quarter.

    Noninterest Income

    Noninterest income was $17.6 million for the third quarter of 2025, up by $558 thousand, or 3%, from the second quarter of 2025.  Linked quarter changes included:

    • Wealth management revenues amounted to $10.4 million in the third quarter of 2025, up by $253 thousand, or 3%, from the preceding quarter. This included an increase of asset-based revenues of $562 thousand, or 6%, which was partially offset by a decrease in transaction-based revenues of $309 thousand, or 82%. The decline in transaction-based revenues was largely due to seasonal tax servicing fee income concentrated in the second quarter.



      The end of period AUA balance at September 30, 2025 amounted to $7.7 billion, up by $501 million, or 7%, from June 30, 2025, reflecting net investment appreciation and assets acquired.



    • Mortgage banking revenues totaled $3.5 million for the third quarter of 2025, up by $467 thousand, or 15%, from the preceding quarter. Loans sold amounted to $126.5 million in the third quarter of 2025, up by $9.7 million, or 8%, from the second quarter of 2025.
    • Loan related derivative income from interest rate swap transactions with commercial borrowers totaled $271 thousand in the third quarter of 2025, down by $405 thousand, or 60%, from the preceding quarter.

    Noninterest Expense

    Noninterest expense totaled $35.7 million for the third quarter of 2025, down by $804 thousand, or 2%, from the second quarter of 2025.  Linked quarter changes included:

    • Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $22.7 million, down by $351 thousand, or 2%, from the preceding quarter, reflecting lower levels of performance-based compensation.
    • Outsourced services amounted to $4.1 million, down by $284 thousand, or 6%, from the preceding quarter, reflecting lower third-party software costs and volume-related changes.

    Income Tax

    For the third quarter of 2025, income tax expense of $3.1 million was recognized, reflecting an effective tax rate of 22.2%.  This compares to income tax expense of $3.9 million and an effective tax rate of 22.7% in the second quarter of 2025.  Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2025 effective tax rate to be approximately 22.5%.

    Investment Securities

    The securities portfolio totaled $962 million at September 30, 2025, down by $9 million, or 1%, from June 30, 2025.  The securities portfolio represented 14% of total assets at both September 30, 2025 and June 30, 2025.

    Loans

    Total loans amounted to $5.1 billion at September 30, 2025, down by $18 million from the end of the preceding quarter.  These changes included:

    • Commercial loans decreased by $1 million from June 30, 2025.
    • Residential real estate loans decreased by $23 million, or 1%, from June 30, 2025.
    • Consumer loans increased by $6 million, or 2%, from June 30, 2025.

    Deposits and Borrowings

    Total deposits amounted to $5.2 billion at September 30, 2025, up by $178 million, or 4%, from the end of the preceding quarter, reflecting growth across all in-market deposit categories.

    There were no wholesale brokered deposits at September 30, 2025, compared to $2 million at June 30, 2025.  FHLB advances totaled $791 million at September 30, 2025, down by $210 million, or 21%, from June 30, 2025.

    As of September 30, 2025, contingent liquidity amounted to $1.8 billion and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

    Asset Quality

    The allowance for credit losses ("ACL") on loans amounted to $36.6 million, or 0.71% of total loans, at September 30, 2025, compared to $41.1 million, or 0.80% of total loans, at June 30, 2025.

    The provision for credit losses on loans totaled $7.0 million in the third quarter of 2025, compared to $650 thousand in the preceding quarter. The increase in the provision was primarily due to charge-offs of $11.3 million on two commercial loan relationships.

    • The first loan relationship is a participation in a shared national credit to a telecom infrastructure construction contractor. The contractor filed for Chapter 11 bankruptcy in the second quarter of 2025 and, at that time, the Corporation placed the loan relationship on nonaccrual status. As of June 30, 2025, this relationship had a carrying value of $9.3 million and a specific reserve of $2.3 million. Based on ensuing developments in the bankruptcy proceedings in the third quarter, the Corporation recognized a charge-off of $8.3 million on this relationship. The remaining carrying value of $1.0 million as of September 30, 2025 is expected to be collected in the fourth quarter of 2025.
    • The second loan is a nonaccrual commercial real estate loan secured by a Class B office property. Late in the third quarter of 2025, the Corporation decided to sell this loan, which had a carrying value of $4.3 million on June 30, 2025. The sale was completed at the end of September and a charge-off of $3.0 million was recognized.

    Net charge-offs totaled  $11.4 million in the third quarter of 2025, compared to $647 thousand in the preceding quarter.

    Nonaccrual loans amounted to $14.0 million, or 0.27% of total loans, at September 30, 2025, compared to $26.1 million, or 0.51% of total loans, at June 30, 2025.  The composition of nonaccrual loans at September 30, 2025 was $1.0 million, or 7%, commercial and $13.0 million, or 93%, residential and consumer.

    Past due loans were $8.1 million, or 0.16% of total loans, at September 30, 2025, compared to $14.0 million, or 0.27% of total loans, at June 30, 2025.  The composition of past due loans at September 30, 2025 was essentially all residential and consumer.

    Capital and Dividends

    Total shareholders' equity was $533.0 million at September 30, 2025, up by $5.5 million, or 1%, from June 30, 2025.  Net income of $10.8 million and improvement of $11.1 million in the accumulated other comprehensive loss component of shareholders' equity were partially offset by quarterly dividend declarations of $10.8 million and a net increase in treasury stock of $6.3 million.  In the third quarter of 2025, the Corporation repurchased 236,803 shares, at an average price of $27.18 and a total cost of $6.4 million, under its stock repurchase program.

    The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended September 30, 2025.  The dividend was paid on October 10, 2025 to shareholders of record on October 1, 2025.

    Capital levels at September 30, 2025 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.90% at September 30, 2025, compared to 13.06% at June 30, 2025.  Book value per share was $27.98 at September 30, 2025, compared to $27.36 at June 30, 2025.

    Conference Call

    Washington Trust will host a conference call to discuss its third quarter results, business highlights, and outlook on Tuesday, October 21, 2025 at 8:30 a.m. (Eastern Time).  Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 906379.  An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 706807.  The audio replay will be available through November 4, 2025.  Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through December 31, 2025.

    Background

    Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company.  Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies.  Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Connecticut, and Massachusetts.  The Corporation's common stock trades on NASDAQ under the symbol WASH.  Investor information is available on the Corporation's website at https://ir.washtrust.com. 

    Forward-Looking Statements

    This press release contains statements that are "forward-looking statements."  We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees.  You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters.  You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control.  These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements.

    Some of the factors that might cause these differences include the following:

    • changes in general business and economic conditions (including the impact of tariffs, inflation and concerns about liquidity) on a national basis and in the local markets in which we operate;
    • interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
    • changes in customer behavior due to political, business and economic conditions;
    • changes in loan demand and collectability;
    • the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
    • ongoing volatility in national and international financial markets;
    • reductions in the market value or outflows of wealth management AUA;
    • decreases in the value of securities and other assets;
    • increases in defaults and charge-off rates;
    • changes in the size and nature of our competition;
    • changes in, and evolving interpretations of, existing and future laws, rules and regulations;
    • changes in accounting principles, policies and guidelines;
    • operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
    • regulatory, litigation and reputational risks; and
    • changes in the assumptions used in making such forward-looking statements.

    In addition, the factors described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

    Supplemental Information - Explanation of Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures.  Washington Trust's management believes that the supplemental non-GAAP information, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well as measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors.  These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies.  Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited; Dollars in thousands)















    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024

    Assets:











    Cash and due from banks

    $35,604

    $43,997

    $33,394

    $21,534

    $33,694

    Interest-earning deposits with correspondent banks

    143,886

    119,582

    82,804

    88,368

    173,277

    Short-term investments

    12,841

    4,145

    4,041

    3,987

    3,772

    Mortgage loans held for sale, at fair value

    31,318

    35,681

    21,953

    21,708

    20,864

    Mortgage loans held for sale, at lower of cost or market

    —

    —

    —

    281,706

    —

    Premises and equipment held for sale, lower of cost or market

    —

    —

    —

    4,788

    —

    Available for sale debt securities, at fair value

    962,466

    971,341

    917,545

    916,305

    973,266

    Federal Home Loan Bank stock, at cost

    36,331

    45,273

    38,899

    49,817

    57,439

    Loans:











    Total loans

    5,122,582

    5,140,260

    5,096,210

    5,137,838

    5,514,870

    Less: allowance for credit losses on loans

    36,576

    41,059

    41,056

    41,960

    42,630

    Net loans

    5,086,006

    5,099,201

    5,055,154

    5,095,878

    5,472,240

    Premises and equipment, net

    25,065

    25,574

    26,068

    26,873

    32,145

    Operating lease right-of-use assets

    35,968

    35,578

    36,048

    26,943

    27,612

    Investment in bank-owned life insurance

    114,240

    113,372

    107,546

    106,777

    105,998

    Goodwill

    63,909

    63,909

    63,909

    63,909

    63,909

    Identifiable intangible assets, net

    4,458

    2,478

    2,682

    2,885

    3,089

    Other assets

    165,829

    185,036

    195,972

    219,169

    174,266

    Total assets

    $6,717,921

    $6,745,167

    $6,586,015

    $6,930,647

    $7,141,571

    Liabilities:











    Deposits:











    Noninterest-bearing deposits

    $671,309

    $646,584

    $625,590

    $661,776

    $665,706

    Interest-bearing deposits

    4,551,527

    4,398,664

    4,414,991

    4,454,024

    4,506,184

    Total deposits

    5,222,836

    5,045,248

    5,040,581

    5,115,800

    5,171,890

    Federal Home Loan Bank advances

    791,000

    1,001,000

    850,000

    1,125,000

    1,300,000

    Junior subordinated debentures

    22,681

    22,681

    22,681

    22,681

    22,681

    Operating lease liabilities

    38,741

    38,299

    38,716

    29,578

    30,237

    Other liabilities

    109,642

    110,420

    112,357

    137,860

    114,534

    Total liabilities

    6,184,900

    6,217,648

    6,064,335

    6,430,919

    6,639,342

    Shareholders' Equity:











    Common stock

    1,223

    1,223

    1,223

    1,223

    1,085

    Paid-in capital

    198,058

    197,392

    197,570

    196,947

    126,698

    Retained earnings

    437,545

    437,520

    435,233

    434,014

    505,654

    Accumulated other comprehensive loss

    (84,828)

    (95,949)

    (99,179)

    (119,171)

    (117,158)

    Treasury stock, at cost

    (18,977)

    (12,667)

    (13,167)

    (13,285)

    (14,050)

    Total shareholders' equity

    533,021

    527,519

    521,680

    499,728

    502,229

    Total liabilities and shareholders' equity

    $6,717,921

    $6,745,167

    $6,586,015

    $6,930,647

    $7,141,571

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (Unaudited; Dollars and shares in thousands, except per share amounts)

     





    For the Three Months Ended



    For the Nine Months Ended





    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Interest income:

















    Interest and fees on loans

    $68,785

    $67,345

    $66,656

    $71,432

    $75,989



    $202,786

    $227,865

    Interest on mortgage loans held for sale

    542

    442

    958

    762

    366



    1,942

    1,013

    Taxable interest on debt securities

    9,372

    9,230

    8,827

    7,015

    6,795



    27,429

    20,835

    Nontaxable interest on debt securities

    7

    8

    7

    8

    —



    22

    —

    Dividends on Federal Home Loan Bank stock

    764

    792

    1,022

    1,312

    1,262



    2,578

    3,459

    Other interest income

    1,475

    1,029

    1,993

    1,310

    3,174



    4,497

    5,667

    Total interest and dividend income

    80,945

    78,846

    79,463

    81,839

    87,586



    239,254

    258,839

    Interest expense:

















    Deposits

    31,223

    30,864

    31,748

    34,135

    37,203



    93,835

    111,963

    Federal Home Loan Bank advances

    10,542

    10,451

    10,946

    14,388

    17,717



    31,939

    50,151

    Junior subordinated debentures

    347

    346

    347

    380

    404



    1,040

    1,213

    Total interest expense

    42,112

    41,661

    43,041

    48,903

    55,324



    126,814

    163,327

    Net interest income

    38,833

    37,185

    36,422

    32,936

    32,262



    112,440

    95,512

    Provision for credit losses

    6,800

    600

    1,200

    1,000

    200



    8,600

    1,400

    Net interest income after provision for credit losses

    32,033

    36,585

    35,222

    31,936

    32,062



    103,840

    94,112

    Noninterest income (loss):

















    Wealth management revenues

    10,373

    10,120

    9,891

    10,049

    9,989



    30,384

    29,005

    Mortgage banking revenues

    3,501

    3,034

    2,304

    2,848

    2,866



    8,839

    8,133

    Card interchange fees

    1,163

    1,247

    1,509

    1,255

    1,321



    3,919

    3,741

    Service charges on deposit accounts

    841

    808

    744

    794

    784



    2,393

    2,238

    Loan related derivative income

    271

    676

    101

    8

    126



    1,048

    459

    Income from bank-owned life insurance

    868

    826

    769

    779

    770



    2,463

    2,262

    Realized losses on securities, net

    —

    —

    —

    (31,047)

    —



    —

    —

    Losses on sale of portfolio loans, net

    —

    —

    —

    (62,888)

    —



    —

    —

    Gain on sale of bank-owned properties, net

    —

    —

    6,994

    —

    —



    6,994

    988

    Other income

    619

    367

    331

    310

    416



    1,317

    3,269

    Total noninterest income (loss)

    17,636

    17,078

    22,643

    (77,892)

    16,272



    57,357

    50,095

    Noninterest expense:

















    Salaries and employee benefits

    22,674

    23,025

    22,422

    21,875

    21,350



    68,121

    64,385

    Outsourced services

    4,120

    4,404

    4,346

    4,197

    4,185



    12,870

    12,061

    Net occupancy

    2,691

    2,662

    2,741

    2,428

    2,399



    8,094

    7,357

    Equipment

    917

    930

    891

    936

    924



    2,738

    2,902

    Legal, audit, and professional fees

    719

    726

    750

    845

    836



    2,195

    2,283

    FDIC deposit insurance costs

    1,055

    1,235

    1,262

    1,266

    1,402



    3,552

    4,247

    Advertising and promotion

    763

    717

    410

    560

    857



    1,890

    2,066

    Amortization of intangibles

    200

    203

    204

    204

    206



    607

    622

    Pension plan settlement charge

    —

    —

    6,436

    —

    —



    6,436

    —

    Other expenses

    2,587

    2,628

    2,734

    1,981

    2,345



    7,949

    6,854

    Total noninterest expense

    35,726

    36,530

    42,196

    34,292

    34,504



    114,452

    102,777

    Income (loss) before income taxes

    13,943

    17,133

    15,669

    (80,248)

    13,830



    46,745

    41,430

    Income tax expense (benefit)

    3,097

    3,888

    3,490

    (19,457)

    2,849



    10,475

    8,698

    Net income (loss)

    $10,846

    $13,245

    $12,179

    ($60,791)

    $10,981



    $36,270

    $32,732





















    Net income (loss) available to common shareholders

    $10,846

    $13,245

    $12,179

    ($60,776)

    $10,973



    $36,270

    $32,732

    Weighted average common shares outstanding - basic

    19,128

    19,285

    19,276

    17,452

    17,058



    19,229

    17,048

    Weighted average common shares outstanding - diluted

    19,243

    19,374

    19,370

    17,565

    17,140



    19,329

    17,115

    Per share information:

















    Basic earnings per common share

    $0.57

    $0.69

    $0.63

    ($3.48)

    $0.64



    $1.89

    $1.92

    Diluted earnings per common share

    $0.56

    $0.68

    $0.63

    ($3.46)

    $0.64



    $1.88

    $1.91

    Cash dividends declared

    $0.56

    $0.56

    $0.56

    $0.56

    $0.56



    $1.68

    $1.68

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    SELECTED FINANCIAL HIGHLIGHTS

    (Unaudited; Dollars and shares in thousands, except per share amounts)







    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024

    Share and Equity Related Data:











    Book value per share

    $27.98

    $27.36

    $27.06

    $25.93

    $29.44

    Tangible book value per share (non-GAAP) (1)

    $24.39

    $23.91

    $23.61

    $22.46

    $25.51

    Market value per share

    $28.90

    $28.28

    $30.86

    $31.35

    $32.21

    Shares issued at end of period

    19,562

    19,562

    19,562

    19,562

    17,363

    Shares outstanding at end of period

    19,050

    19,283

    19,276

    19,274

    17,058













    Capital Ratios (2):











    Tier 1 risk-based capital

    12.11 %

    12.17 %

    12.23 %

    11.64 %

    11.39 %

    Total risk-based capital

    12.90 %

    13.06 %

    13.13 %

    12.47 %

    12.21 %

    Tier 1 leverage ratio

    8.43 %

    8.66 %

    8.45 %

    8.13 %

    7.85 %

    Common equity tier 1

    11.64 %

    11.71 %

    11.76 %

    11.20 %

    10.95 %













    Balance Sheet Ratios:











    Equity to assets

    7.93 %

    7.82 %

    7.92 %

    7.21 %

    7.03 %

    Tangible equity to tangible assets (non-GAAP) (1)

    6.99 %

    6.90 %

    6.98 %

    6.31 %

    6.15 %

    Loans to deposits (3)

    98.0 %

    101.8 %

    100.7 %

    105.5 %

    106.2 %

     



    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Performance Ratios (4):

















    Net interest margin (5)

    2.40 %

    2.36 %

    2.29 %

    1.95 %

    1.85 %



    2.35 %

    1.84 %

    Return on average assets (6)

    0.64 %

    0.80 %

    0.73 %

    (3.45 %)

    0.60 %



    0.72 %

    0.60 %

    Adjusted return on average assets (non-GAAP) (1)

    0.64 %

    0.80 %

    0.71 %

    0.59 %

    0.60 %



    0.71 %

    0.56 %

    Return on average tangible assets (non-GAAP) (1)

    0.65 %

    0.81 %

    0.71 %

    0.60 %

    0.61 %



    0.72 %

    0.57 %

    Return on average equity (7)

    8.14 %

    10.14 %

    9.63 %

    (48.25 %)

    8.99 %



    9.29 %

    9.25 %

    Adjusted return on average equity (non-GAAP) (1)

    8.14 %

    10.14 %

    9.30 %

    8.29 %

    8.99 %



    9.19 %

    8.60 %

    Return on average tangible equity (non-GAAP) (1)

    9.34 %

    11.62 %

    10.69 %

    9.57 %

    10.43 %



    10.54 %

    10.03 %

    Efficiency ratio (8)

    63.3 %

    67.3 %

    71.4 %

    (76.3 %)

    71.1 %



    67.4 %

    70.6 %

    Adjusted efficiency ratio (non-GAAP) (1)

    63.3 %

    67.3 %

    68.7 %

    70.0 %

    71.1 %



    66.3 %

    72.1 %



    (1)     See the section labeled "Supplemental Information - Calculation of Non-GAAP Financial Measures" at the end of this document.

    (2)     Estimated for September 30, 2025 and actuals for prior periods.

    (3)     Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.

    (4)     Annualized based on the actual number of days in the period.

    (5)     Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.

    (6)     Net income divided by average assets.

    (7)     Net income available for common shareholders divided by average equity.

    (8)     Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    SELECTED FINANCIAL HIGHLIGHTS

    (Unaudited; Dollars in thousands)













    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Wealth Management Results

















    Wealth Management Revenues:

















    Asset-based revenues

    $10,307

    $9,745

    $9,769

    $9,910

    $9,770



    $29,821

    $28,098

    Transaction-based revenues

    66

    375

    122

    139

    219



    563

    907

    Total wealth management revenues

    $10,373

    $10,120

    $9,891

    $10,049

    $9,989



    $30,384

    $29,005



















    Assets Under Administration (AUA):

















    Balance at end of period (1)

    $7,682,440

    $7,181,715

    $6,818,390

    $7,077,802

    $7,052,408



    $7,682,440

    $7,052,408



















    Percentage of AUA that are managed assets

    91 %

    91 %

    91 %

    91 %

    91 %



    91 %

    91 %



















    Mortgage Banking Results

















    Mortgage Banking Revenues:

















    Realized gains on loan sales, net (2)

    $2,450

    $2,460

    $1,575

    $2,493

    $2,492



    $6,485

    $6,283

    Changes in fair value, net (3)

    530

    19

    133

    (317)

    (28)



    682

    316

    Loan servicing fee income, net (4)

    521

    555

    596

    672

    402



    1,672

    1,534

    Total mortgage banking revenues

    $3,501

    $3,034

    $2,304

    $2,848

    $2,866



    $8,839

    $8,133



















    Residential Mortgage Loan Originations:

















    Originations for retention in portfolio (5)

    $50,852

    $51,331

    $27,662

    $15,155

    $26,317



    $129,845

    $77,311

    Originations for sale to secondary market (6)

    122,300

    130,212

    75,519

    114,137

    115,117



    328,031

    303,943

    Total mortgage loan originations

    $173,152

    $181,543

    $103,181

    $129,292

    $141,434



    $457,876

    $381,254



















    Percentage of originations for sale to total mortgage loan originations

    71 %

    72 %

    73 %

    88 %

    81 %



    72 %

    80 %



















    Residential Mortgage Loans Sold:

















    Sold with servicing rights retained

    $9,774

    $7,762

    $16,819

    $62,410

    $17,881



    $34,355

    $66,508

    Sold with servicing rights released (6)

    116,713

    109,013

    58,680

    50,697

    102,457



    284,406

    236,526

    Total mortgage loans sold

    $126,487

    $116,775

    $75,499

    $113,107

    $120,338



    $318,761

    $303,034





    (1)

    Includes the impact of $195 million of managed assets acquired from Lighthouse Financial Management, LLC on July 31, 2025.

    (2)

    Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.

    (3)

    Represents fair value changes on mortgage loans held for sale and forward loan commitments.

    (4)

    Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

    (5)

    Includes the full commitment amount of homeowner construction loans.

    (6)

    Includes brokered loans (loans originated for others).

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    END OF PERIOD LOAN COMPOSITION

    (Unaudited; Dollars in thousands)







    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024

    Loans:











    Commercial real estate (1)

    $2,156,750

    $2,178,925

    $2,134,107

    $2,154,504

    $2,102,091

    Commercial & industrial

    568,317

    547,318

    535,030

    542,474

    566,279

    Total commercial

    2,725,067

    2,726,243

    2,669,137

    2,696,978

    2,668,370













    Residential real estate (2)

    2,073,740

    2,096,250

    2,113,307

    2,126,171

    2,529,397













    Home equity

    307,371

    300,917

    296,563

    297,119

    299,379

    Other

    16,404

    16,850

    17,203

    17,570

    17,724

    Total consumer

    323,775

    317,767

    313,766

    314,689

    317,103

    Total loans

    $5,122,582

    $5,140,260

    $5,096,210

    $5,137,838

    $5,514,870





    (1)

    Commercial real estate loans consist of commercial mortgages and construction and development loans.  Commercial mortgages are loans secured by income producing property.

    (2)

    Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

     



    September 30, 2025



    December 31, 2024



    Balance

    % of Total



    Balance

    % of Total

    Commercial Real Estate Loans by Property Location:











    Connecticut

    $833,352

    39 %



    $839,079

    39 %

    Massachusetts

    671,406

    31



    663,026

    31

    Rhode Island

    381,363

    17



    434,244

    20

    Subtotal

    1,886,121

    87



    1,936,349

    90

    All other states

    270,629

    13



    218,155

    10

    Total commercial real estate loans

    $2,156,750

    100 %



    $2,154,504

    100 %













    Residential Real Estate Loans by Property Location:











    Massachusetts

    $1,460,357

    70 %



    $1,530,847

    72 %

    Rhode Island

    466,056

    23



    443,237

    21

    Connecticut

    124,805

    6



    128,933

    6

    Subtotal

    2,051,218

    99



    2,103,017

    99

    All other states

    22,522

    1



    23,154

    1

    Total residential real estate loans

    $2,073,740

    100 %



    $2,126,171

    100 %

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    END OF PERIOD LOAN COMPOSITION

    (Unaudited; Dollars in thousands)















    September 30, 2025



    December 31, 2024



    Balance

    % of Total



    Balance

    % of Total

    Commercial Real Estate Portfolio Segmentation:











    Multi-family

    $635,773

    29 %



    $567,243

    26 %

    Retail

    432,695

    20



    433,146

    20

    Industrial and warehouse

    381,435

    18



    358,425

    17

    Office

    242,165

    11



    289,853

    13

    Hospitality

    228,047

    11



    213,585

    10

    Healthcare Facility

    160,410

    7



    205,858

    10

    Mixed-use

    26,309

    1



    29,023

    1

    Other

    49,916

    3



    57,371

    3

    Total commercial real estate loans

    $2,156,750

    100 %



    $2,154,504

    100 %













    Commercial & Industrial Portfolio Segmentation:











    Healthcare and social assistance

    $148,760

    26 %



    $126,547

    23 %

    Real estate rental and leasing

    56,402

    10



    63,992

    12

    Educational services

    54,754

    10



    47,092

    9

    Transportation and warehousing

    52,204

    9



    55,784

    10

    Retail trade

    49,234

    9



    41,132

    8

    Accommodation and food services

    26,161

    5



    12,368

    2

    Finance and insurance

    25,561

    4



    26,557

    5

    Information

    21,626

    4



    22,265

    4

    Manufacturing

    20,903

    4



    32,140

    6

    Arts, entertainment, and recreation

    18,646

    3



    19,861

    4

    Professional, scientific, and technical services

    12,242

    2



    10,845

    2

    Public administration

    1,789

    —



    2,186

    —

    Other

    80,035

    14



    81,705

    15

    Total commercial & industrial loans

    $568,317

    100 %



    $542,474

    100 %













     







    Weighted Average



    Asset Quality



    Balance

    (2) (3)

    Average

     Loan

    Size (4)

    Loan to

    Value

    Debt

     Service

    Coverage



    Pass

    Special

    Mention

    Classified



    Nonaccrual

    (included in

    Classified)

    Non-Owner Occupied Commercial Real

    Estate Office (inclusive of Construction):





















    Class A

    $85,633

    $10,771

    57 %

    1.52x



    $57,206

    $22,240

    $6,187



    $—

    Class B

    72,038

    3,430

    54 %

    1.55x



    72,038

    —

    —



    —

    Class C

    14,643

    1,830

    54 %

    1.27x



    12,466

    2,177

    —



    —

    Medical Office

    37,517

    6,253

    58 %

    1.49x



    37,517

    —

    —



    —

    Lab Space

    32,334

    18,273

    86 %

    0.48x



    —

    6,579

    25,755



    —

    Total office at September 30, 2025 (1)

    $242,165

    $5,487

    60 %

    1.36x



    $179,227

    $30,996

    $31,942



    $—

    Total office at June 30, 2025

    $274,657

    $5,864

    64 %

    1.34x



    $232,632

    $8,706

    $33,319



    $4,276

    Total office linked quarter change

    ($32,492)

    ($377)

    (4 %)

    0.02x



    ($53,405)

    $22,290

    ($1,377)



    ($4,276)





    (1)

    Approximately 66% of the total commercial real estate office balance of $242 million is secured by income producing properties located in suburban areas.  Additionally, approximately 46% of the total commercial real estate office balance is scheduled to mature before September 30, 2027.

    (2)

    Balance of commercial real estate office consists of 45 loans as of September 30, 2025.

    (3)

    Does not include $4.7 million of unfunded commitments as of September 30, 2025.

    (4)

    Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY

    (Unaudited; Dollars in thousands)















    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024

    Deposits:











    Noninterest-bearing demand deposits

    $671,309

    $646,584

    $625,590

    $661,776

    $665,706

    Interest-bearing demand deposits (in-market)

    703,848

    668,483

    654,599

    592,904

    596,319

    NOW accounts

    684,689

    680,246

    686,666

    692,812

    685,531

    Money market accounts

    1,195,463

    1,147,792

    1,202,703

    1,154,745

    1,146,426

    Savings accounts

    733,529

    693,055

    630,413

    523,915

    490,285

    Time deposits (in-market) 

    1,233,998

    1,207,255

    1,213,382

    1,192,110

    1,207,626

    In-market deposits (1)

    5,222,836

    5,043,415

    5,013,353

    4,818,262

    4,791,893

    Wholesale brokered time deposits

    —

    1,833

    27,228

    297,538

    379,997

    Total deposits

    $5,222,836

    $5,045,248

    $5,040,581

    $5,115,800

    $5,171,890





    (1)

    As of September 30, 2025, in-market deposits were approximately 59% retail and 41% commercial and the average size was approximately $39 thousand.

     



    September 30, 2025



    December 31, 2024



    Balance

    % of Total

    Deposits



    Balance

    % of Total

    Deposits

    Uninsured Deposits:











    Uninsured deposits (1)

    $1,449,863

    28 %



    $1,363,689

    27 %

    Less: affiliate deposits (2)

    90,198

    2



    94,740

    2

    Uninsured deposits, excluding affiliate deposits

    1,359,665

    26



    1,268,949

    25

    Less: fully-collateralized preferred deposits (3)

    228,992

    4



    197,638

    4

    Uninsured deposits, after exclusions

    $1,130,673

    22 %



    $1,071,311

    21 %





    (1)

    Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits.

    (2)

    Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation.

    (3)

    Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law.

     



    Sep 30,

    2025

    Dec 31,

    2024

    Contingent Liquidity:





    Federal Home Loan Bank of Boston

    $1,074,797

    $752,951

    Federal Reserve Bank of Boston

    105,793

    70,286

    Available cash liquidity (1)

    107,291

    36,647

    Unencumbered securities

    555,383

    597,771

    Total

    $1,843,264

    $1,457,655







    Percentage of total contingent liquidity to uninsured deposits

    127.1 %

    106.9 %

    Percentage of total contingent liquidity to uninsured deposits, after exclusions

    163.0 %

    136.1 %



    (1)   Available cash liquidity excludes amounts restricted for collateral purposes and designated for operating needs.

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    CREDIT & ASSET QUALITY DATA

    (Unaudited; Dollars in thousands)







    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024

    Asset Quality Ratios:











    Nonperforming assets to total assets

    0.21 %

    0.39 %

    0.33 %

    0.34 %

    0.44 %

    Nonaccrual loans to total loans

    0.27 %

    0.51 %

    0.42 %

    0.45 %

    0.56 %

    Total past due loans to total loans

    0.16 %

    0.27 %

    0.20 %

    0.23 %

    0.37 %

    Allowance for credit losses on loans to nonaccrual loans

    260.96 %

    157.27 %

    189.85 %

    180.03 %

    136.89 %

    Allowance for credit losses on loans to total loans

    0.71 %

    0.80 %

    0.81 %

    0.82 %

    0.77 %













    Nonperforming Assets:











    Commercial real estate

    $—

    $4,276

    $7,605

    $10,053

    $18,259

    Commercial & industrial

    1,010

    9,711

    1,140

    515

    616

    Total commercial

    1,010

    13,987

    8,745

    10,568

    18,875

    Residential real estate

    11,129

    10,614

    11,102

    10,767

    10,517

    Home equity

    1,877

    1,507

    1,779

    1,972

    1,750

    Other consumer

    —

    —

    —

    —

    —

    Total consumer

    1,877

    1,507

    1,779

    1,972

    1,750

    Total nonaccrual loans

    14,016

    26,108

    21,626

    23,307

    31,142

    Other real estate owned

    —

    —

    —

    —

    —

    Total nonperforming assets

    $14,016

    $26,108

    $21,626

    $23,307

    $31,142













    Past Due Loans (30 days or more past due):











    Commercial real estate

    $—

    $—

    $—

    $—

    $10,476

    Commercial & industrial

    8

    1,799

    1,146

    900

    3

    Total commercial

    8

    1,799

    1,146

    900

    10,479

    Residential real estate

    6,470

    9,772

    6,439

    7,741

    6,947

    Home equity

    1,583

    2,430

    2,578

    2,947

    2,800

    Other consumer

    51

    34

    32

    394

    75

    Total consumer

    1,634

    2,464

    2,610

    3,341

    2,875

    Total past due loans

    $8,112

    $14,035

    $10,195

    $11,982

    $20,301













    Accruing loans 90 days or more past due

    $—

    $—

    $—

    $—

    $—

    Nonaccrual loans included in past due loans

    $5,925

    $8,186

    $7,354

    $6,447

    $18,119

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    CREDIT & ASSET QUALITY DATA

    (Unaudited; Dollars in thousands)

     



    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Nonaccrual Loan Activity:

















    Balance at beginning of period

    $26,108

    $21,626

    $23,307

    $31,142

    $30,479



    $23,307

    $44,618

    Additions to nonaccrual status

    1,068

    10,454

    2,142

    5,417

    1,880



    13,664

    2,867

    Loans returned to accruing status

    —

    (1,493)

    (4)

    (9)

    (268)



    (1,497)

    (14,401)

    Loans charged-off

    (11,459)

    (667)

    (2,522)

    (2,231)

    (59)



    (14,648)

    (182)

    Loans transferred to other real estate owned

    —

    —

    —

    —

    —



    —

    —

    Payments, payoffs, and other changes

    (1,701)

    (3,812)

    (1,297)

    (11,012)

    (890)



    (6,810)

    (1,760)

    Balance at end of period

    $14,016

    $26,108

    $21,626

    $23,307

    $31,142



    $14,016

    $31,142



















    Allowance for Credit Losses on Loans:

















    Balance at beginning of period

    $41,059

    $41,056

    $41,960

    $42,630

    $42,378



    $41,960

    $41,057

    Provision for credit losses on loans (1)

    6,950

    650

    1,400

    1,200

    300



    9,000

    1,700

    Charge-offs

    (11,459)

    (667)

    (2,522)

    (2,231)

    (59)



    (14,648)

    (182)

    Recoveries

    26

    20

    218

    361

    11



    264

    55

    Balance at end of period

    $36,576

    $41,059

    $41,056

    $41,960

    $42,630



    $36,576

    $42,630



















    Allowance for Credit Losses on Unfunded Commitments:















    Balance at beginning of period

    $1,190

    $1,240

    $1,440

    $1,640

    $1,740



    $1,440

    $1,940

    Provision for credit losses on unfunded commitments (1)

    (150)

    (50)

    (200)

    (200)

    (100)



    (400)

    (300)

    Balance at end of period (2)

    $1,040

    $1,190

    $1,240

    $1,440

    $1,640



    $1,040

    $1,640



    (1)   Included in provision for credit losses in the Consolidated Statements of Income.

    (2)   Included in other liabilities in the Consolidated Balance Sheets.

     



    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Provision for Credit Losses:

















    Provision for credit losses on loans

    $6,950

    $650

    $1,400

    $1,200

    $300



    $9,000

    $1,700

    Provision for credit losses on unfunded commitments

    (150)

    (50)

    (200)

    (200)

    (100)



    (400)

    (300)

    Provision for credit losses

    $6,800

    $600

    $1,200

    $1,000

    $200



    $8,600

    $1,400



















    Net Loan Charge-Offs (Recoveries):

















    Commercial real estate

    $2,991

    $274

    $2,250

    $1,961

    $—



    $5,515

    $—

    Commercial & industrial

    8,355

    307

    3

    181

    2



    8,665

    5

    Total commercial

    11,346

    581

    2,253

    2,142

    2



    14,180

    5

    Residential real estate

    —

    —

    —

    (160)

    —



    —

    —

    Home equity

    (15)

    (1)

    (1)

    (189)

    (1)



    (17)

    (8)

    Other consumer

    102

    67

    52

    77

    47



    221

    130

    Total consumer

    87

    66

    51

    (112)

    46



    204

    122

    Total

    $11,433

    $647

    $2,304

    $1,870

    $48



    $14,384

    $127

    The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis.  Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit.  Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations.  Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

    Washington Trust Bancorp, Inc. and Subsidiaries

    CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

    (Unaudited; Dollars in thousands)

     

    For the Three Months Ended

    September 30, 2025



    June 30, 2025



    Change



    Average

    Balance

    Interest

    Yield/

    Rate



    Average

    Balance

    Interest

    Yield/

    Rate



    Average

    Balance

    Interest

    Yield/

    Rate



    Assets:























    Cash, federal funds sold, and short-term investments

    $137,021

    $1,475

    4.27 %



    $92,692

    $1,029

    4.45 %



    $44,329

    $446

    (0.18 %)

    Mortgage loans held for sale

    31,957

    542

    6.73



    27,466

    442

    6.45



    4,491

    100

    0.28

    Taxable debt securities

    1,075,119

    9,372

    3.46



    1,067,394

    9,230

    3.47



    7,725

    142

    (0.01)

    Nontaxable debt securities

    650

    8

    4.88



    650

    8

    4.94



    —

    —

    (0.06)

    Total securities

    1,075,769

    9,380

    3.46



    1,068,044

    9,238

    3.47



    7,725

    142

    (0.01)

    FHLB stock

    42,549

    764

    7.12



    41,484

    792

    7.66



    1,065

    (28)

    (0.54)

    Commercial real estate

    2,201,220

    32,293

    5.82



    2,161,987

    31,225

    5.79



    39,233

    1,068

    0.03

    Commercial & industrial

    553,867

    8,203

    5.88



    550,550

    7,967

    5.80



    3,317

    236

    0.08

    Total commercial

    2,755,087

    40,496

    5.83



    2,712,537

    39,192

    5.80



    42,550

    1,304

    0.03

    Residential real estate

    2,088,066

    23,032

    4.38



    2,096,538

    22,996

    4.40



    (8,472)

    36

    (0.02)

    Home equity

    303,480

    5,270

    6.89



    298,645

    5,167

    6.94



    4,835

    103

    (0.05)

    Other

    16,292

    205

    4.99



    17,001

    207

    4.88



    (709)

    (2)

    0.11

    Total consumer

    319,772

    5,475

    6.79



    315,646

    5,374

    6.83



    4,126

    101

    (0.04)

    Total loans

    5,162,925

    69,003

    5.30



    5,124,721

    67,562

    5.29



    38,204

    1,441

    0.01

    Total interest-earning assets

    6,450,221

    81,164

    4.99



    6,354,407

    79,063

    4.99



    95,814

    2,101

    —

    Noninterest-earning assets

    288,575







    288,963







    (388)





    Total assets

    $6,738,796







    $6,643,370







    $95,426





    Liabilities and Shareholders' Equity:























    Interest-bearing demand deposits (in-market)

    $685,422

    $6,503

    3.76 %



    $664,290

    $6,251

    3.77 %



    $21,132

    $252

    (0.01 %)

    NOW accounts

    669,493

    390

    0.23



    670,878

    341

    0.20



    (1,385)

    49

    0.03

    Money market accounts

    1,174,584

    9,620

    3.25



    1,182,377

    9,779

    3.32



    (7,793)

    (159)

    (0.07)

    Savings accounts

    719,229

    3,624

    2.00



    664,590

    3,080

    1.86



    54,639

    544

    0.14

    Time deposits (in-market)

    1,209,011

    11,080

    3.64



    1,215,018

    11,308

    3.73



    (6,007)

    (228)

    (0.09)

    Interest-bearing in-market deposits

    4,457,739

    31,217

    2.78



    4,397,153

    30,759

    2.81



    60,586

    458

    (0.03)

    Wholesale brokered time deposits

    539

    6

    4.42



    8,485

    105

    4.96



    (7,946)

    (99)

    (0.54)

    Total interest-bearing deposits

    4,458,278

    31,223

    2.78



    4,405,638

    30,864

    2.81



    52,640

    359

    (0.03)

    FHLB advances

    942,685

    10,542

    4.44



    934,066

    10,451

    4.49



    8,619

    91

    (0.05)

    Junior subordinated debentures

    22,681

    347

    6.07



    22,681

    346

    6.12



    —

    1

    (0.05)

    Total interest-bearing liabilities

    5,423,644

    42,112

    3.08



    5,362,385

    41,661

    3.12



    61,259

    451

    (0.04)

    Noninterest-bearing demand deposits

    648,268







    615,926







    32,342





    Other liabilities

    138,569







    141,350







    (2,781)





    Shareholders' equity

    528,315







    523,709







    4,606





    Total liabilities and shareholders' equity

    $6,738,796







    $6,643,370







    $95,426





    Net interest income (FTE)



    $39,052







    $37,402







    $1,650



    Interest rate spread





    1.91 %







    1.87 %







    0.04 %

    Net interest margin





    2.40 %







    2.36 %







    0.04 %

     

    Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

    For the Three Months Ended

    Sep 30, 2025

    Jun 30, 2025

    Change

    Commercial loans

    $218

    $219

    ($1)

    Nontaxable debt securities

    1

    —

    1

    Total

    $219

    $219

    $—

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

    (Unaudited; Dollars in thousands)

     

    For the Nine Months Ended

    September 30, 2025

    September 30, 2024

    Change



    Average

    Balance

    Interest

    Yield/

    Rate

    Average

    Balance

    Interest

    Yield/

     Rate

    Average

    Balance

    Interest

    Yield/

     Rate



    Assets:



















    Cash, federal funds sold and short-term investments

    $138,301

    $4,497

    4.35 %

    $135,428

    $5,667

    5.59 %

    $2,873

    ($1,170)

    (1.24 %)

    Mortgage loans for sale

    54,624

    1,942

    4.75

    20,042

    1,013

    6.75

    34,582

    929

    (2.00)

    Taxable debt securities

    1,061,852

    27,429

    3.45

    1,128,507

    20,834

    2.47

    (66,655)

    6,595

    0.98

    Nontaxable debt securities

    650

    24

    4.94

    28

    1

    4.77

    622

    23

    0.17

    Total securities

    1,062,502

    27,453

    3.45

    1,128,535

    20,835

    2.47

    (66,033)

    6,618

    0.98

    FHLB stock

    42,504

    2,578

    8.11

    58,890

    3,459

    7.85

    (16,386)

    (881)

    0.26

    Commercial real estate

    2,167,400

    93,873

    5.79

    2,150,686

    103,445

    6.42

    16,714

    (9,572)

    (0.63)

    Commercial & industrial

    547,558

    24,044

    5.87

    595,564

    29,096

    6.53

    (48,006)

    (5,052)

    (0.66)

    Total commercial

    2,714,958

    117,917

    5.81

    2,746,250

    132,541

    6.45

    (31,292)

    (14,624)

    (0.64)

    Residential real estate

    2,101,567

    69,382

    4.41

    2,568,457

    79,572

    4.14

    (466,890)

    (10,190)

    0.27

    Home equity

    299,645

    15,499

    6.92

    305,364

    15,769

    6.90

    (5,719)

    (270)

    0.02

    Other

    16,876

    628

    4.98

    18,527

    666

    4.80

    (1,651)

    (38)

    0.18

    Total consumer

    316,521

    16,127

    6.81

    323,891

    16,435

    6.78

    (7,370)

    (308)

    0.03

    Total loans

    5,133,046

    203,426

    5.30

    5,638,598

    228,548

    5.41

    (505,552)

    (25,122)

    (0.11)

    Total interest-earning assets

    6,430,977

    239,896

    4.99

    6,981,493

    259,522

    4.97

    (550,516)

    (19,626)

    0.02

    Noninterest-earning assets

    284,668





    256,527





    28,141





    Total assets

    $6,715,645





    $7,238,020





    ($522,375)





    Liabilities and Shareholders' Equity:



















    Interest-bearing demand deposits (in-market)

    $659,609

    $18,630

    3.78 %

    $533,163

    $18,058

    4.52 %

    $126,446

    $572

    (0.74 %)

    NOW accounts

    673,135

    1,075

    0.21

    709,115

    1,168

    0.22

    (35,980)

    (93)

    (0.01)

    Money market accounts

    1,196,124

    29,426

    3.29

    1,116,879

    32,571

    3.90

    79,245

    (3,145)

    (0.61)

    Savings accounts

    649,841

    8,555

    1.76

    485,665

    2,540

    0.70

    164,176

    6,015

    1.06

    Time deposits (in-market)

    1,209,618

    33,692

    3.72

    1,165,370

    35,756

    4.10

    44,248

    (2,064)

    (0.38)

    Interest-bearing in-market deposits

    4,388,327

    91,378

    2.78

    4,010,192

    90,093

    3.00

    378,135

    1,285

    (0.22)

    Wholesale brokered time deposits

    65,115

    2,457

    5.04

    558,015

    21,870

    5.24

    (492,900)

    (19,413)

    (0.20)

    Total interest-bearing deposits

    4,453,442

    93,835

    2.82

    4,568,207

    111,963

    3.27

    (114,765)

    (18,128)

    (0.45)

    FHLB advances

    945,484

    31,939

    4.52

    1,353,887

    50,151

    4.95

    (408,403)

    (18,212)

    (0.43)

    Junior subordinated debentures

    22,681

    1,040

    6.13

    22,681

    1,213

    7.14

    —

    (173)

    (1.01)

    Total interest-bearing liabilities

    5,421,607

    126,814

    3.13

    5,944,775

    163,327

    3.67

    (523,168)

    (36,513)

    (0.54)

    Noninterest-bearing demand deposits

    628,448





    663,355





    (34,907)





    Other liabilities

    143,843





    157,268





    (13,425)





    Shareholders' equity

    521,747





    472,617





    49,130





    Total liabilities and shareholders' equity

    $6,715,645





    $7,238,015





    ($522,370)





    Net interest income (FTE)



    $113,082





    $96,195





    $16,887



    Interest rate spread





    1.86 %





    1.30 %





    0.56 %

    Net interest margin





    2.35 %





    1.84 %





    0.51 %

    Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:









    For the Nine Months Ended

    Sep 30, 2025

    Sep 30, 2024

    Change

    Commercial loans

    $644

    $683

    ($39)

    Nontaxable debt securities

    2

    —

    2

    Total

    $646

    $683

    ($37)

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures

    (Unaudited; Dollars in thousands, except per share amounts)











    The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense,

    adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders:

     



    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Adjusted Noninterest Income:

















    Noninterest income (loss), as reported

    $17,636

    $17,078

    $22,643

    ($77,892)

    $16,272



    $57,357

    $50,095

    Less adjustments:

















    Realized losses on securities, net

    —

    —

    —

    (31,047)

    —



    —

    —

    Losses on sale of portfolio loans, net

    —

    —

    —

    (62,888)

    —



    —

    —

    Gain on sale of bank-owned properties, net

    —

    —

    6,994

    —

    —



    6,994

    988

    Litigation settlement income

    —

    —

    —

    —

    —



    —

    2,100

    Total adjustments, pre-tax

    —

    —

    6,994

    (93,935)

    —



    6,994

    3,088

    Adjusted noninterest income (non-GAAP)

    $17,636

    $17,078

    $15,649

    $16,043

    $16,272



    $50,363

    $47,007



















    Adjusted Noninterest Expense:

















    Noninterest expense, as reported

    $35,726

    $36,530

    $42,196

    $34,292

    $34,504



    $114,452

    $102,777

    Less adjustments:

















    Pension plan settlement charge

    —

    —

    6,436

    —

    —



    6,436

    —

    Total adjustments, pre-tax

    —

    —

    6,436

    —

    —



    6,436

    —

    Adjusted noninterest expense (non-GAAP)

    $35,726

    $36,530

    $35,760

    $34,292

    $34,504



    $108,016

    $102,777



















    Adjusted Income Before Income Taxes:

















    Income (loss) before income taxes

    $13,943

    $17,133

    $15,669

    ($80,248)

    $13,830



    $46,745

    $41,430

    Less: total adjustments, pre-tax

    —

    —

    558

    (93,935)

    —



    558

    3,088

    Adjusted income before income taxes (non-GAAP)

    $13,943

    $17,133

    $15,111

    $13,687

    $13,830



    $46,187

    $38,342



















    Adjusted Income Tax Expense:

















    Income tax expense (benefit), as reported

    $3,097

    $3,888

    $3,490

    ($19,457)

    $2,849



    $10,475

    $8,698

    Less: tax on total adjustments

    —

    —

    141

    (22,699)

    —



    141

    779

    Adjusted income tax expense (non-GAAP)

    $3,097

    $3,888

    $3,349

    $3,242

    $2,849



    $10,334

    $7,919



















    Adjusted Effective Tax Rate:

















    Effective tax rate (1)

    22.2 %

    22.7 %

    22.3 %

    24.2 %

    20.6 %



    22.4 %

    21.0 %

    Less: impact of total adjustments

    —

    —

    0.1

    0.5

    —



    —

    0.3

    Adjusted effective tax rate (non-GAAP) (2)

    22.2 %

    22.7 %

    22.2 %

    23.7 %

    20.6 %



    22.4 %

    20.7 %



















    Adjusted Net Income:

















    Net income (loss), as reported

    $10,846

    $13,245

    $12,179

    ($60,791)

    $10,981



    $36,270

    $32,732

    Less: total adjustments, after-tax

    —

    —

    417

    (71,236)

    —



    417

    2,309

    Adjusted net income (non-GAAP)

    $10,846

    $13,245

    $11,762

    $10,445

    $10,981



    $35,853

    $30,423



















    Adjusted Net Income Available to Common Shareholders:















    Net income (loss) available to common shareholders, as reported

    $10,846

    $13,245

    $12,179

    ($60,776)

    $10,973



    $36,270

    $32,732

    Less: total adjustments available to common shareholders, after-tax

    —

    —

    417

    (71,221)

    —



    417

    2,308

    Adjusted net income available to common shareholders (non-GAAP)

    $10,846

    $13,245

    $11,762

    $10,445

    $10,973



    $35,853

    $30,424





    (1)

    Calculated as income tax expense (benefit) divided by income (loss) before income taxes.

    (2)

    Calculated as income tax expense (benefit), adjusted for the tax impact of the adjustments as outlined in the table above, divided by income (loss) before income taxes, adjusted for the pre-tax impact of the adjustments as outlined in the table above.

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)

    (Unaudited; Dollars in thousands, except per share amounts)











    The following table presents adjusted diluted earnings per common share and adjusted efficiency ratio:

     



    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Adjusted Diluted Earnings per Common Share:















    Diluted earnings (loss) per common share, as reported (1)

    $0.56

    $0.68

    $0.63

    ($3.46)

    $0.64



    $1.88

    $1.91

    Less: impact of total adjustments

    —

    —

    0.02

    (4.05)

    —



    0.03

    0.13

    Adjusted diluted earnings per common share (non-GAAP) (2)

    $0.56

    $0.68

    $0.61

    $0.59

    $0.64



    $1.85

    $1.78



















    Adjusted Efficiency Ratio:

















    Efficiency ratio, as reported (3)

    63.3 %

    67.3 %

    71.4 %

    (76.3 %)

    71.1 %



    67.4 %

    70.6 %

    Less: impact of total adjustments

    —

    —

    2.7

    (146.3)

    —



    1.1

    (1.5)

    Adjusted efficiency ratio (non-GAAP) (4)

    63.3 %

    67.3 %

    68.7 %

    70.0 %

    71.1 %



    66.3 %

    72.1 %





    (1)

    Net income (loss) available to common shareholders divided by weighted average diluted common and potential shares outstanding.

    (2)

    Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding.

    (3)

    Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

    (4)

    Total noninterest expense as percentage of total revenues (net interest income and noninterest income), each adjusted for the pre-tax impact of adjustments as outlined in the table above.

     

    The following table presents adjusted return on average assets and return on average tangible assets:

     









    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Adjusted Return on Average Assets:

















    Net income (loss), as reported

    $10,846

    $13,245

    $12,179

    ($60,791)

    $10,981



    $36,270

    $32,732

    Less: total adjustments, after-tax

    —

    —

    417

    (71,236)

    —



    417

    2,309

    Adjusted net income (non-GAAP)

    10,846

    13,245

    11,762

    10,445

    10,981



    35,853

    30,423



















    Total average assets, as reported

    6,738,796

    6,643,370

    6,765,057

    7,011,839

    7,254,566



    6,715,645

    7,238,020



















    Return on average assets (1)

    0.64 %

    0.80 %

    0.73 %

    (3.45 %)

    0.60 %



    0.72 %

    0.60 %

    Adjusted return on average assets (non-GAAP) (2)

    0.64 %

    0.80 %

    0.71 %

    0.59 %

    0.60 %



    0.71 %

    0.56 %



















    Return on Average Tangible Assets:

















    Adjusted net income (non-GAAP)

    $10,846

    $13,245

    $11,762

    $10,445

    $10,981



    $35,853

    $30,423



















    Total average assets, as reported

    6,738,796

    6,643,370

    6,765,057

    7,011,839

    7,254,566



    6,715,645

    7,238,020

    Less average balances of:

















    Goodwill

    63,909

    63,909

    63,909

    63,909

    63,909



    63,909

    63,909

    Identifiable intangible assets, net

    3,821

    2,577

    2,781

    2,984

    3,189



    3,064

    3,396

    Total average tangible assets

    6,671,066

    6,576,884

    6,698,367

    6,944,946

    7,187,468



    6,648,672

    7,170,715



















    Return on average assets (1)

    0.64 %

    0.80 %

    0.73 %

    (3.45 %)

    0.60 %



    0.72 %

    0.60 %

    Return on average tangible assets (non-GAAP) (3)

    0.65 %

    0.81 %

    0.71 %

    0.60 %

    0.61 %



    0.72 %

    0.57 %





    (1)

    Net income (income) loss divided by total average assets.

    (2)

    Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average assets.

    (3)

    Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible assets.

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)

    (Unaudited; Dollars in thousands, except per share amounts)











    The following table presents adjusted return on average equity and return on average tangible equity:

     









    For the Three Months Ended



    For the Nine Months Ended



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024



    Sep 30,

    2025

    Sep 30,

    2024

    Adjusted Return on Average Equity:

















    Net income (loss) available to common shareholders, as reported

    $10,846

    $13,245

    $12,179

    ($60,776)

    $10,973



    $36,270

    $32,732

    Less: total adjustments, after-tax

    —

    —

    417

    (71,221)

    —



    417

    2,308

    Adjusted net income available to common shareholders (non-GAAP)

    10,846

    13,245

    11,762

    10,445

    10,973



    35,853

    30,424



















    Total average equity, as reported

    528,315

    523,709

    513,048

    501,099

    485,654



    521,747

    472,617



















    Return on average equity (1)

    8.14 %

    10.14 %

    9.63 %

    (48.25 %)

    8.99 %



    9.29 %

    9.25 %

    Adjusted return on average equity (non-GAAP) (2)

    8.14 %

    10.14 %

    9.30 %

    8.29 %

    8.99 %



    9.19 %

    8.60 %



















    Return on Average Tangible Equity:

















    Adjusted net income available to common shareholders (non-GAAP)

    $10,846

    $13,245

    $11,762

    $10,445

    $10,973



    $35,853

    $30,424



















    Total average equity, as reported

    528,315

    523,709

    513,048

    501,099

    485,654



    521,747

    472,617

    Less average balances of:

















    Goodwill

    63,909

    63,909

    63,909

    63,909

    63,909



    63,909

    63,909

    Identifiable intangible assets, net

    3,821

    2,577

    2,781

    2,984

    3,189



    3,064

    3,396

    Total average tangible equity (non-GAAP)

    460,585

    457,223

    446,358

    434,206

    418,556



    454,774

    405,312



















    Return on average equity (1)

    8.14 %

    10.14 %

    9.63 %

    (48.25 %)

    8.99 %



    9.29 %

    9.25 %

    Return on average tangible equity (non-GAAP) (3)

    9.34 %

    11.62 %

    10.69 %

    9.57 %

    10.43 %



    10.54 %

    10.03 %





    (1)

    Net income (loss) available to common shareholders divided by total average equity.

    (2)

    Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average equity.

    (3)

    Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible equity.

     

    Washington Trust Bancorp, Inc. and Subsidiaries

    SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)

    (Unaudited; Dollars in thousands, except per share amounts)





    The following table presents tangible book value per share and the ratio of tangible equity to tangible assets:

     



    Sep 30,

    2025

    Jun 30,

    2025

    Mar 31,

    2025

    Dec 31,

    2024

    Sep 30,

    2024

    Tangible Book Value per Share:











    Total shareholders' equity, as reported

    $533,021

    $527,519

    $521,680

    $499,728

    $502,229

    Less end of period balances of:











    Goodwill

    63,909

    63,909

    63,909

    63,909

    63,909

    Identifiable intangible assets, net

    4,458

    2,478

    2,682

    2,885

    3,089

    Total tangible shareholders' equity (non-GAAP)

    464,654

    461,132

    455,089

    432,934

    435,231













    Shares outstanding, as reported

    19,050

    19,283

    19,276

    19,274

    17,058













    Book value per share

    $27.98

    $27.36

    $27.06

    $25.93

    $29.44

    Tangible book value per share (non-GAAP)

    $24.39

    $23.91

    $23.61

    $22.46

    $25.51













    Tangible Equity to Tangible Assets:











    Total tangible shareholders' equity

    $464,654

    $461,132

    $455,089

    $432,934

    $435,231













    Total assets, as reported

    6,717,921

    6,745,167

    6,586,015

    6,930,647

    7,141,571

    Less end of period balances of:











    Goodwill

    63,909

    63,909

    63,909

    63,909

    63,909

    Identifiable intangible assets, net

    4,458

    2,478

    2,682

    2,885

    3,089

    Total tangible assets (non-GAAP)

    6,649,554

    6,678,780

    6,519,424

    6,863,853

    7,074,573













    Equity to assets

    7.93 %

    7.82 %

    7.92 %

    7.21 %

    7.03 %

    Tangible equity to tangible assets (non-GAAP)

    6.99 %

    6.90 %

    6.98 %

    6.31 %

    6.15 %

     

    Category: Earnings

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/washington-trust-reports-third-quarter-2025-results-302589281.html

    SOURCE Washington Trust Bancorp, Inc.

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