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WASHINGTON TRUST BANCORP INC
CIK:0000737468|SEC Filings
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Interest income: | ||||||
| Interest and fees on loans | $ 64,711 | $ 67,345 | $ 129,049 | $ 134,001 | ||
| Interest on mortgage loans held for sale | 478 | 442 | 853 | 1,400 | ||
| Taxable interest on debt securities | 8,468 | 9,230 | 17,236 | 18,057 | ||
| Nontaxable interest on debt securities | 8 | 8 | 15 | 15 | ||
| Dividends on Federal Home Loan Bank stock | 506 | 792 | 1,091 | 1,814 | ||
| Other interest income | 998 | 1,029 | 1,907 | 3,022 | ||
| Total interest and dividend income | 75,169 | 78,846 | 150,151 | 158,309 | ||
| Interest expense: | ||||||
| Deposits | 27,567 | 30,864 | 54,937 | 62,612 | ||
| Federal Home Loan Bank advances | 5,491 | 10,451 | 12,268 | 21,397 | ||
| Junior subordinated debentures | 308 | 346 | 618 | 693 | ||
| Total interest expense | 33,366 | 41,661 | 67,823 | 84,702 | ||
| Net interest income | [1] | 41,803 | 37,185 | 82,328 | 73,607 | |
| Provision for credit losses | 1,600 | 600 | 5,600 | 1,800 | ||
| Net interest income after provision for credit losses | 40,203 | 36,585 | 76,728 | 71,807 | ||
| Noninterest income: | ||||||
| Wealth management revenues | [1] | 11,201 | 10,120 | 21,848 | 20,011 | |
| Mortgage banking revenues | [1] | 3,473 | 3,034 | 6,518 | 5,338 | |
| Card interchange fees | [1] | 1,305 | 1,247 | 2,690 | 2,756 | |
| Service charges on deposit accounts | [1] | 842 | 808 | 1,627 | 1,552 | |
| Loan related derivative income | [1] | 583 | 676 | 810 | 777 | |
| Income from bank-owned life insurance | [1] | 904 | 826 | 1,789 | 1,595 | |
| Gain on sale of bank-owned properties, net | [1] | 0 | 0 | 0 | 6,994 | |
| Other income | [1] | 354 | 367 | 683 | 698 | |
| Total noninterest income | [1] | 18,662 | 17,078 | 35,965 | 39,721 | |
| Noninterest expense: | ||||||
| Salaries and employee benefits | 25,312 | 23,025 | 49,652 | 45,447 | ||
| Outsourced services | 4,266 | 4,404 | 8,649 | 8,750 | ||
| Net occupancy | 2,735 | 2,662 | 5,625 | 5,403 | ||
| Equipment | 887 | 930 | 1,790 | 1,821 | ||
| Legal, audit and professional fees | 824 | 726 | 1,760 | 1,476 | ||
| FDIC deposit insurance costs | 952 | 1,235 | 1,887 | 2,497 | ||
| Advertising and promotion | 771 | 717 | 1,318 | 1,127 | ||
| Amortization of intangibles | 156 | 203 | 311 | 407 | ||
| Pension plan settlement charge | 0 | 0 | 0 | 6,436 | ||
| Other expenses | 2,694 | 2,628 | 5,370 | 5,362 | ||
| Total noninterest expense | 38,597 | 36,530 | 76,362 | 78,726 | ||
| Income before income taxes | 20,268 | 17,133 | 36,331 | 32,802 | ||
| Income tax expense | 4,287 | 3,888 | 7,750 | 7,378 | ||
| Net income | $ 15,981 | $ 13,245 | $ 28,581 | $ 25,424 | ||
| Weighted average common shares outstanding - basic | 19,064 | 19,285 | 19,051 | 19,280 | ||
| Weighted average common shares outstanding - diluted | 19,204 | 19,374 | 19,189 | 19,372 | ||
| Per share information: | ||||||
| Basic earnings per common share | $ 0.84 | $ 0.69 | $ 1.50 | $ 1.32 | ||
| Diluted earnings per common share | $ 0.83 | $ 0.68 | $ 1.49 | $ 1.31 | ||
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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
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|---|---|---|---|---|
| Assets: | ||||
| Cash and due from banks | $ 26,443 | $ 29,481 | ||
| Interest-earning deposits with correspondent banks | 89,069 | 61,375 | ||
| Short-term investments | 11,883 | 12,878 | ||
| Mortgage loans held for sale, measured at fair value | 33,608 | 35,833 | ||
| Available for sale debt securities, fair value | 885,321 | 940,342 | ||
| Federal Home Loan Bank stock, at cost | 23,809 | 29,473 | ||
| Loans: | ||||
| Total loans | [1] | 5,103,069 | 5,134,388 | |
| Less: allowance for credit losses on loans | 42,571 | 37,236 | ||
| Net loans | 5,060,498 | 5,097,152 | ||
| Premises and equipment, net | 26,171 | 25,402 | ||
| Operating lease right-of-use assets | 35,029 | 35,904 | ||
| Investment in bank-owned life insurance | 116,914 | 115,126 | ||
| Goodwill | 63,909 | 63,909 | ||
| Identifiable intangible assets, net | 3,992 | 4,303 | ||
| Other assets | 171,258 | 170,516 | ||
| Total assets | 6,547,904 | 6,621,694 | ||
| Liabilities: | ||||
| Noninterest-bearing deposits | 644,011 | 595,092 | ||
| Interest-bearing deposits | 4,714,862 | 4,674,898 | ||
| Total deposits | 5,358,873 | 5,269,990 | ||
| Federal Home Loan Bank advances | 456,000 | 626,000 | ||
| Junior subordinated debentures | 22,681 | 22,681 | ||
| Operating lease liabilities | 37,935 | 38,726 | ||
| Other liabilities | 118,892 | 120,713 | ||
| Total liabilities | 5,994,381 | 6,078,110 | ||
| Commitments and contingencies (Note 15) | ||||
| Shareholders' Equity: | ||||
| Common stock | 1,223 | 1,223 | ||
| Paid-in capital | 198,088 | 198,323 | ||
| Retained earnings | 449,650 | 442,741 | ||
| Accumulated other comprehensive income (loss) | (77,360) | (79,309) | ||
| Treasury stock, at cost | (18,078) | (19,394) | ||
| Total shareholders' equity | 553,523 | 543,584 | ||
| Total liabilities and shareholders’ equity | $ 6,547,904 | $ 6,621,694 | ||
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