Company Description
Washington Trust Bancorp, Inc. (Nasdaq: WASH) is the publicly-owned holding company 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.
Current Stock Price:
$33.57
Results Overview:
Fourth quarter net income of $16.0 million, or $0.83 per diluted share. This represented a significant jump from the $10.8million, or $0.56 per share, recorded in the third quarter of 2025. For the full year 2025, the corporation returned to profitability with a net income of $52.2 million, rebounding from a net loss of $28.1 million in 2024. CEO attributed the performance to “margin expansion, strong in-market deposit growth, and increases in wealth management and mortgage banking revenues”.
The Bank’s net interest margin (NIM) rose to 2.56% in the fourth quarter, a 16 basis point increase from the previous three months. This was supported by lower funding costs and an increase in loan prepayment income.
ASSET QUALITY AND DEPOSITS STABILIZE
Washington Trust saw a marked improvement in its credit profile during the final months of the year. The provision for credit losses normalized to $600,000, down sharply from the $6.8 million provision required in the third quarter. Net recoveries for the quarter totaled $160,000, a reversal from the $11.4 million in net charge-offs seen in the preceding period.
Other key operational highlights for the quarter included:
• Wealth Management: Revenues climbed 5% to $10.9 million, while assets under administration reached $7.78 billion.
• Mortgage Banking: Residential mortgage loan originations increased 21% to $209.3 million, and total loans sold rose $25,158 million.
• Deposits: In-market deposits (total deposits excluding wholesale brokered deposits) grew 1% from September to $5.27 billion, representing a 9% increase over the full year.
OUTLOOK AND CAPITAL
Washington Trust maintained a strong capital position as it entered 2026, with a total risk-based capital ratio of 12.95%. The firm’s board declared a quarterly dividend of $0.56 per share