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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% | -286.2% |
| 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% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 218.59 | 193.24 | 97.56 | 222.05 |
| Operating Revenue | - | 218.59 | 193.24 | 97.56 | 222.05 |
| Selling General And Administration | - | 88.08 | 89.69 | 94.40 | 99.27 |
| Interest Income | - | 194.46 | 308.66 | 340.68 | 318.09 |
| Interest Expense | - | 38.48 | 171.56 | 212.23 | 164.90 |
| Net Interest Income | - | 155.99 | 137.10 | 128.45 | 153.19 |
| Pretax Income | - | 91.17 | 56.48 | -38.82 | 67.41 |
| Tax Provision | - | 19.49 | 8.30 | -10.76 | 15.17 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0.86 | 0.13 |
| Net Income Continuous Operations | - | 71.68 | 48.18 | -28.06 | 52.24 |
| Net Income From Continuing And Discontinued Operation | - | 71.68 | 48.18 | -28.06 | 52.24 |
| Net Income From Continuing Operation Net Minority Interest | - | 71.68 | 48.18 | -28.06 | 52.24 |
| Net Income | - | 71.68 | 48.18 | -28.06 | 52.24 |
| Net Income Common Stockholders | - | 71.48 | 48.09 | -28.04 | 52.24 |
| Net Income Including Noncontrolling Interests | - | 71.68 | 48.18 | -28.06 | 52.24 |
| Normalized Income | - | 71.68 | 48.18 | -30.29 | 51.81 |
| Diluted NI Availto Com Stockholders | - | 71.48 | 48.09 | -28.04 | 52.24 |
| Basic Average Shares | - | 17.25 | 17.03 | 17.15 | 19.18 |
| Diluted Average Shares | - | 17.38 | 17.06 | 17.22 | 19.28 |
| Reconciled Depreciation | - | 4.32 | 4.85 | 4.76 | 4.22 |
| Total Unusual Items | - | 0 | 0 | 3.09 | 0.56 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | 3.09 | 0.56 |
| Special Income Charges | - | 0 | 0 | 3.09 | 0.56 |
| Other Special Charges | -1 | - | - | -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 |
| General And Administrative Expense | - | 85.49 | 87.12 | 91.77 | 96.35 |
| Salaries And Wages | - | 83.80 | 82.46 | 86.26 | 91.77 |
| Insurance And Claims | - | 1.69 | 4.67 | 5.51 | 4.58 |
| Selling And Marketing Expense | - | 2.59 | 2.56 | 2.63 | 2.92 |
| Otherunder Preferred Stock Dividend | 0.22 | 0.20 | 0.08 | -0.02 | - |
| Average Dilution Earnings | 0 | 0 | - | - | - |
| Amortization | - | 0.86 | 0.84 | 0.83 | 0.76 |
| Amortization Of Intangibles Income Statement | - | 0.86 | 0.84 | 0.83 | 0.76 |
| 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 | $633M | 12.12↑ premium | 1.17 | 9.6% | - |
| Bit Digital, Inc. | BTBT | $646M | -8.04 | 0.90 | -11.2% | -14.07 |
| GCM Grosvenor Inc. | GCMG | $644M | 14.19 | 23.85 | 168.1% | 4.84 |
| Heritage Insurance Holdings, Inc. | HRTG | $642M | 3.28 | 1.27 | 38.7% | - |
| Hippo Holdings Inc. | HIPO |
| - |
| - |
| - |
| - |
| - |
| - |
| $635M |
| 11.01 |
| 1.46 |
| 13.2% |
| - |
| Hingham Institution for Savings | HIFS | $634M | 11.62 | 1.32 | 11.4% | - |
| Carter Bankshares, Inc. | CARE | $631M | 20.12 | 1.50 | 7.5% | - |
| California BanCorp | BCAL | $621M | 9.84 | 1.08 | 10.9% | - |
| Donegal Group Inc. | DGICA | $619M | 7.81 | 0.97 | 12.4% | - |
| Peer Median | - | 10.43 | 1.30 | 11.9% | -4.62 | |