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.
"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: |
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|
|
Deposits: |
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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: |
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|
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: |
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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: |
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|
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): |
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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: |
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|
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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 |
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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: |
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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) |
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| Sep 30,
2025 | Jun 30,
2025 | Mar 31,
2025 | Dec 31,
2024 | Sep 30,
2024 |
Share and Equity Related Data: |
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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 |
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Capital Ratios (2): |
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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 % |
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Balance Sheet Ratios: |
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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): |
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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) |
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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: |
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|
Total shareholders' equity, as reported | $533,021 | $527,519 | $521,680 | $499,728 | $502,229 |
Less end of period balances of: |
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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 |
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Shares outstanding, as reported | 19,050 | 19,283 | 19,276 | 19,274 | 17,058 |
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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 |
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Tangible Equity to Tangible Assets: |
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|
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Total tangible shareholders' equity | $464,654 | $461,132 | $455,089 | $432,934 | $435,231 |
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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: |
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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 |
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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
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SOURCE Washington Trust Bancorp, Inc.
Media Contact: Sharon M. Walsh, SVP, Director of Marketing and Corporate Communications, Telephone: (401) 348-1286, E-mail: smwalsh@washtrust.com