WASHINGTON TRUST BANCORP INC

Listed Company

WASHCIK 0000737468NasdaqAcceleratedState Commercial BanksRhode IslandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$52.24M

Total Assets

$6.62B

Equity

$543.58M

Shares Out

19.04M

Op. Cash Flow

$80.31M

Business

WASHINGTON TRUST BANCORP INC is a bank holding company that provides a full range of financial services through its banking and non-bank subsidiaries. It offers commercial, residential and consumer lending; retail and commercial deposit products; mortgage origination and servicing; investment securities and wholesale funding; and wealth management, trust and fiduciary services. Its principal business units include the Washington Trust Company (bank), a registered investment adviser subsidiary (WTA), and a mortgage banking subsidiary (WTMC), plus special purpose financing trusts. Washington Trust operates primarily in southern New England—Rhode Island, Connecticut and Massachusetts—delivering services through branch offices, ATMs, digital channels and brokered/secondary-market arrangements.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	270	299	270	169	142
Interest on mortgage loans held for sale	3	2	980,000	1	2
Taxable interest on debt securities	37	28	29	22	14
Nontaxable interest on debt securities	30,000	8,000	0	0	0
Dividends on Federal Home Loan Bank stock	3	5	3	548,000	436,000
Other interest income	6	7	5	2	181,000
Interest and dividend income	318	341	309	194	158
Deposits	124	146	120	26	12
Federal Home Loan Bank advances	40	65	50	12	4
Junior subordinated debentures	1	2	2	739,000	370,000
Interest expense	165	212	172	38	—
Net interest income	153	128	137	156	141
Provision for credit losses	9	2	3	−1	—
Net interest income after provision for credit losses	144	126	134	157	146
Wealth management revenues	41	39	36	39	41
Mortgage banking revenues	12	11	7	9	29
Card interchange fees	5	5	5	5	5
Service charges on deposit accounts	3	3	3	3	3
Loan related derivative income	2	467,000	1	3	4
Income from bank-owned life insurance	3	3	3	3	3
Realized losses on securities, net	0	−31	0	0	0
Losses on sale of portfolio loans, net	0	−63	0	0	—
Gain on sale of bank-owned properties, net	7	988,000	0	—	—
Other income	2	4	1	2	3
Noninterest income	76	−28	56	63	87
Salaries and employee benefits	92	86	82	84	87
Outsourced services	17	16	15	14	13
Net occupancy	11	10	10	9	8
Equipment	4	4	4	4	4
Legal, audit and professional fees	3	3	4	3	3
FDIC deposit insurance costs	5	6	5	2	2
Advertising and promotion	3	3	3	3	2
Amortization of intangibles	762,000	826,000	843,000	860,000	890,000
Pension plan settlement charge	6	0	0	—	—
Other expenses	12	9	11	10	8
Noninterest expense	152	137	134	129	135
Income (loss) before income taxes	67	−39	56	91	98
Income tax expense (benefit)	15	−11	8	19	21
Net income (loss)	52	−28	48	72	77
Net income (loss) available to common shareholders	52	−28	48	71	77
Weighted average common shares outstanding - basic	19	17	17	17	17
Weighted average common shares outstanding - diluted	19	17	17	17	17
Basic earnings (loss) per common share (in dollars per share)	2.72	−1.63	2.82	4.14	4.43
Diluted earnings (loss) per common share (in dollars per share)	2.71	−1.63	2.82	4.11	4.39

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	29	22	55	115	175
Interest-earning deposits with correspondent banks	61	88	32	—	—
Short-term investments	13	4	3	3	3
Mortgage loans held for sale, at fair value	36	22	20	—	—
Mortgage loans held for sale, at lower of cost or market	0	282	0	—	—
Premises and equipment held for sale, at lower of cost or market	0	5	0	—	—
Available for sale debt securities, fair value	940	916	1,000	994	1,043
Federal Home Loan Bank stock, at cost	29	50	52	43	13
Total loans	5,134	5,138	5,648	—	—
Less: allowance for credit losses on loans	37	42	41	—	—
Net loans	5,097	5,096	5,607	—	—
Premises and equipment, net	25	27	32	32	29
Operating lease right-of-use assets	36	27	29	27	27
Investment in bank-owned life insurance	115	107	104	102	93
Goodwill	64	64	64	64	64
Identifiable intangible assets, net	4	3	4	5	5
Other assets	171	219	201	194	125
Total assets	6,622	6,931	7,203	6,660	5,851
Noninterest-bearing deposits	595	662	694	859	945
Interest-bearing deposits	4,675	4,454	4,654	4,160	4,035
Total deposits	5,270	5,116	5,348	5,019	4,980
Federal Home Loan Bank advances	626	1,125	1,190	980	145
Junior subordinated debentures	23	23	23	23	23
Operating lease liabilities	39	30	32	30	29
Other liabilities	121	138	137	155	110
Total liabilities	6,078	6,431	6,730	6,206	5,286
Commitments and contingencies (Note 21)	—	—	—	—	—
Common stock	1	1	1	1	1
Paid-in capital	198	197	126	127	127
Retained earnings	443	434	502	492	458
Accumulated other comprehensive loss	−79	−119	−141	−158	−20
Treasury stock, at cost	−19	−13	−15	−9	−1
Total shareholders equity	544	500	473	454	565
Total liabilities and shareholders equity	6,622	6,931	7,203	6,660	5,851

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net gain on sale of bank-owned property	−7	−988,000	0	0	—
Depreciation of premises and equipment	3	4	4	3	3
Net amortization of premiums and discounts on debt securities and loans	1	1	1	3	3
Amortization of terminated cash flow hedge loss	9	9	6	0	—
Share-based compensation	3	2	2	3	3
Tax (expense) benefit from stock option exercises and other equity awards	−210,000	−183,000	−34,000	78,000	182,000
Deferred income tax expense (benefit)	13	−17	−4	1	2
Net gains on loan sales, including changes in fair value	−10	−9	−5	−7	−28
Proceeds from sales of loans, net	465	409	220	310	935
Loans originated for sale	−470	−403	−222	−273	−887
(Increase) decrease in operating lease right-of-use assets	3	2	−2	−464,000	3
Increase (decrease) in operating lease liabilities	−3	−2	2	547,000	−3
(Increase) decrease in other assets	8	−11	−3	−31	39
Increase (decrease) in other liabilities	−939,000	7	−18	34	−40
Net cash provided by (used in) operating activities	80	58	32	113	101
Purchases of mortgage-backed available for sale debt securities	−75	−363	−40	−223	−348
Purchases of other available for sale debt securities	−986,000	−16	−20	−11	−251
Proceeds from sale of mortgage-backed available for sale debt securities	0	185	0	0	—
Proceeds from sale of other available for sale debt securities	0	193	0	0	0
Maturities and principal payments of mortgage-backed available for sale debt securities	85	71	72	116	338
Maturities and principal payments of other available for sale debt securities	4	900,000	750,000	0	83
Net redemptions (purchases) of Federal Home Loan Bank stock	20	2	−8	−30	17
Net (increase) decrease in loans	−11	166	−537	—	—
Net proceeds from sale of portfolio loans	283	0	0	—	—
Purchases of loans	−946,000	−1	−6	−3	−42
Proceeds from the sale of property acquired through foreclosure or repossession	0	680,000	0	0	0
Purchases of premises and equipment	−2	−4	−5	−6	−3
Net proceeds from the sale of bank-owned property	12	2	0	0	0
Purchases of bank-owned life insurance	−5	0	0	−7	−7
Proceeds from bank-owned life insurance	0	0	2	0	2
Purchase of intangible asset in asset acquisition	−2	0	0	—	—
Equity investment in real estate limited partnership	−1	−4	−8	−2	0
Purchases of other equity investments, net	−375,000	−338,000	−263,000	−375,000	−650,000
Net cash provided by (used in) investing activities	305	231	−551	−999	−241
Net increase (decrease) in deposits	154	−232	329	39	602
Proceeds from Federal Home Loan Bank advances	1,857	2,385	3,515	3,156	1,294
Repayment of Federal Home Loan Bank advances	−2,356	−2,450	−3,305	−2,321	−1,743
Treasury stock purchased	−7	0	−9	−9	0
Net proceeds from issuance of common stock in public offering	0	71	0	0	—
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered	−398,000	−31,000	−754,000	−821,000	—
Cash dividends paid	−43	−38	−39	−38	−36
Net cash provided by (used in) financing activities	−396	−265	491	826	116
Net increase (decrease) in cash and cash equivalents	−10	24	−28	−60	−24
Loans charged-off	15	2	577,000	184,000	663,000
Portfolio loans transferred to held for sale	0	345	0	0	—
Loans transferred to property acquired through foreclosure or repossession	0	0	683,000	0	0
Premises and equipment transferred to held for sale	0	5	0	0	—
Commitment for equity investments in real estate limited partnerships	15	6	3	8	0
Interest payments	174	217	157	32	18
Income taxes paid, net of refunds	−142,000	7	10	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro