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Washington Trust Bancorp, Inc. operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Banking and Wealth Management Services. The Banking segment offers deposit accounts, including noninterest-bearing demand deposits, interest-bearing demand deposits, now accounts, money market accounts, savings accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft. This segment also provides debit cards; automated teller machines (ATMs); telephone banking, internet banking, mobile banking, remote deposit capture, and other cash management services; and investment portfolio and wholesale funding services. The Wealth Management Services segment offers investment management; financial planning; personal trust and estate services, such as trustee, personal representative, custodian, and guardian; and settlement of decedents' estates, as well as institutional trust services comprising custody and fiduciary services for personal and institutional clients. Washington Trust Bancorp, Inc. was founded in 1800 and is headquartered in Westerly, Rhode Island.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $222M | - | $52M | $76M | 9.6% | 127.6% | - |
| 2024 | $98M | - | $-28M | $54M | -5.6% | -49.5% | -158.2% |
| 2023 | $193M | - | $48M | $27M | 10.2% | -11.6% | -32.8% |
| 2022 | $219M | - | $72M | $107M | 15.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 218.59 | 193.24 | 97.56 | 222.05 |
| Pretax Income | 91.17 | 56.48 | -38.82 | 67.41 |
| Tax Provision | 19.49 | 8.30 | -10.76 | 15.17 |
| Net Income | 71.68 | 48.18 | -28.06 | 52.24 |
| Net Income Common Stockholders | 71.48 | 48.09 | -28.04 | 52.24 |
| Interest Expense | 38.48 | 171.56 | 212.23 | 164.90 |
| Interest Income | 194.47 | 308.66 | 340.68 | 318.09 |
| Selling General And Administration | 88.08 | 89.69 | 94.40 | 99.27 |
| Normalized Income | 71.68 | 48.18 | -30.29 | 51.81 |
| Basic EPS | 4.14 | 2.82 | -1.63 | 0 |
| Diluted EPS | 4.11 | 2.82 | -1.63 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0.86 | 0.13 |
| Tax Rate For Calcs | 0.21 | 0.15 | 0.28 | 0.23 |
| Total Unusual Items | 0 | 0 | 3.09 | 0.56 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 3.09 | 0.56 |
| Net Income From Continuing Operation Net Minority Interest | 71.68 | 48.18 | -28.06 | 52.24 |
| Reconciled Depreciation | 4.33 | 4.85 | 4.76 | 4.22 |
| Net Interest Income | 155.99 | 137.10 | 128.45 | 153.19 |
| Net Income From Continuing And Discontinued Operation | 71.68 | 48.18 | -28.06 | 52.24 |
| Diluted Average Shares | 17.38 | 17.06 | 17.22 | 0 |
| Basic Average Shares | 17.25 | 17.03 | 17.15 | 0 |
| Diluted NI Availto Com Stockholders | 71.48 | 48.09 | -28.04 | 52.24 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 0.20 | 0.09 | -0.02 | 0 |
| Net Income Including Noncontrolling Interests | 71.68 | 48.18 | -28.06 | 52.24 |
| Net Income Continuous Operations | 71.68 | 48.18 | -28.06 | 52.24 |
| Special Income Charges | 0 | 0 | 3.09 | 0.56 |
| Other Special Charges | 0 | 0 | -3.09 | -0.56 |
| Gain On Sale Of Security | 2.76 | 1.39 | -30.58 | 2.13 |
| Depreciation Amortization Depletion Income Statement | 0.86 | 0.84 | 0.83 | 0.76 |
| Depreciation And Amortization In Income Statement | 0.86 | 0.84 | 0.83 | 0.76 |
| Amortization | 0.86 | 0.84 | 0.83 | 0.76 |
| Amortization Of Intangibles Income Statement | 0.86 | 0.84 | 0.83 | 0.76 |
| Selling And Marketing Expense | 2.59 | 2.56 | 2.63 | 2.92 |
| General And Administrative Expense | 85.49 | 87.12 | 91.77 | 96.35 |
| Insurance And Claims | 1.69 | 4.67 | 5.51 | 4.58 |
| Salaries And Wages | 83.80 | 82.46 | 86.26 | 91.77 |
| Operating Revenue | 218.59 | 193.24 | 97.56 | 222.05 |
| Occupancy And Equipment | 12.92 | 13.95 | 13.62 | 14.33 |
| Professional Expense And Contract Services Expense | 3.13 | 3.89 | 3.13 | 2.86 |
| Other Non Interest Expense | 23.73 | 25.18 | 25.09 | 28.78 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Washington Trust Bancorp, Inc.this co. | WASH | $591M | 11.32 | 1.09 | 9.6% | - |
| Greenlight Capital Re, Ltd. | GLRE | $609M | 8.38 | 0.87 | 10.6% | 6.88 |
| Northpointe Bancshares, Inc. | NPB | $600M | 7.76 | 1.05 | 14.7% | - |
| California BanCorp | BCAL | $598M | 10.16 | 1.05 | 10.9% | - |
| Arrow Financial Corporation | AROW |
| $596M |
| 13.61 |
| 1.37 |
| 10.2% |
| - |
| Northfield Bancorp, Inc. | NFBK | $582M | 107.23 | 0.84 | 0.1% | - |
| AMERISAFE, Inc. | AMSF | $577M | 12.04 | 2.26 | 18.7% | - |
| Bar Harbor Bankshares | BHB | $577M | 14.00 | 1.07 | 6.9% | - |
| American Coastal Insurance Corporation | ACIC | $573M | 5.51 | 1.80 | 33.6% | 3.29 |
| Peer Median | - | 11.10 | 1.06 | 10.8% | 5.08 | |