NASDAQ : WASH
Washington Trust Bancorp, Inc. — Financial statements
Financials · Banks - Regional · United States
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 266.17M | 272.37M | 301.07M | 271.31M | 170.47M | 143.08M |
| Interest Income on Investments | 41.22M | 45.72M | 39.61M | 37.35M | 24.00M | 14.91M |
| Total Interest Income | 307.39M | 318.09M | 340.68M | 308.66M | 194.47M | 158.00M |
| Interest Paid on Deposits | 114.01M | 123.89M | 146.10M | 120.43M | 26.02M | 12.39M |
| Interest Paid on Borrowings | 25.62M | 41.01M | 66.13M | 51.13M | 12.45M | 4.17M |
| Total Interest Expense | 139.62M | 164.90M | 212.23M | 171.56M | 38.48M | 16.56M |
| Net Interest Income | 167.77M | 153.19M | 128.45M | 137.10M | 155.99M | 141.44M |
| Trust Income | 43.79M | 41.24M | 39.05M | 35.54M | 38.75M | 41.28M |
| Mortgage Banking Activities | 12.92M | 12.09M | 10.98M | 6.66M | 8.73M | 28.63M |
| Gain (Loss) on Sale of Investments | -31.05M | |||||
| Other Non-Interest Income | 14.60M | 12.30M | 12.08M | 11.13M | 11.93M | 14.80M |
| Total Non-Interest Income | 74.73M | 75.86M | -27.80M | 56.14M | 62.60M | 87.39M |
| Revenues Before Loan Losses | 242.50M | 229.05M | 100.65M | 193.24M | 218.59M | 228.83M |
| Provision for Loan Losses | 8.00M | 9.20M | 2.40M | 3.20M | -1.30M | -4.82M |
| Revenue | 234.50M | 219.85M | 98.25M | 190.04M | 219.89M | 233.65M |
| Salaries and Employee Benefits | 95.40M | 88.74M | 83.79M | 80.39M | 80.56M | 83.98M |
| Occupancy Expenses | 5.50M | 5.23M | 5.13M | 4.96M | 4.86M | 4.37M |
| Federal Deposit Insurance | 3.71M | 4.58M | 5.51M | 4.67M | 1.69M | 1.59M |
| Amortization of Goodwill & Intangibles | 621.00K | 762.00K | 826.00K | 843.00K | 860.00K | 890.00K |
| Selling, General & Administrative | 35.70M | 34.84M | 32.98M | 32.03M | 30.76M | 29.30M |
| Other Non-Interest Expense | 12.22M | 11.85M | 8.84M | 10.66M | 10.00M | 8.40M |
| Total Non-Interest Expense | 153.14M | 146.00M | 137.07M | 133.56M | 128.72M | 128.53M |
| EBT Excluding Unusual Items | 81.36M | 73.85M | -38.82M | 56.48M | 91.17M | 105.12M |
| Other Unusual Items | -6.44M | -6.93M | ||||
| Pretax Income | 81.36M | 67.41M | -38.82M | 56.48M | 91.17M | 98.19M |
| Income Tax Expense | 17.42M | 15.17M | -10.76M | 8.30M | 19.49M | 21.32M |
| Net Income | 63.94M | 52.24M | -28.06M | 48.18M | 71.68M | 76.87M |
| Preferred Dividends & Other Adjustments | -21.00K | 85.00K | 202.00K | 223.00K | ||
| Net Income to Common | 63.94M | 52.24M | -28.04M | 48.09M | 71.48M | 76.65M |
| Basic Shares Outstanding | 19.05M | 19.18M | 17.15M | 17.03M | 17.25M | 17.31M |
| Diluted Shares Outstanding | 19.19M | 19.28M | 17.15M | 17.06M | 17.38M | 17.45M |
| EPS (Basic) | 3.36 | 2.72 | -1.63 | 2.82 | 4.14 | 4.43 |
| EPS (Diluted) | 3.33 | 2.71 | -1.63 | 2.82 | 4.11 | 4.39 |
| Dividend Per Share | 2.24 | 2.24 | 2.24 | 2.24 | 2.18 | 2.10 |
| Effective Tax Rate | 21.41% | 22.50% | 14.70% | 21.38% | 21.71% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 21.68M | 103.73M | 113.89M | 90.18M | 118.42M | 178.49M |
| Investment Securities | 73.82M | 59.45M | 61.16M | 246.42M | 219.83M | 217.90M |
| Trading Asset Securities | 28.77M | 54.30M | 51.97M | 45.05M | 33.69M | |
| Mortgage-Backed Securities | 817.80M | 880.89M | 855.15M | 753.96M | 774.10M | 824.96M |
| Total Investments | 891.62M | 969.11M | 970.61M | 1.05B | 1.04B | 1.08B |
| Gross Loans | 5.16B | 5.13B | 5.14B | 5.65B | 5.11B | 4.27B |
| Allowance for Loan Losses | -40.49M | -37.24M | -41.96M | -41.06M | -38.03M | -39.09M |
| Other Adjustments to Gross Loans | -198.00K | -242.00K | -286.00K | -318.00K | -414.00K | |
| Net Loans | 5.12B | 5.10B | 5.10B | 5.61B | 5.07B | 4.23B |
| Property, Plant & Equipment | 62.12M | 61.31M | 53.82M | 61.66M | 58.71M | 55.60M |
| Goodwill | 63.91M | 63.91M | 63.91M | 63.91M | 63.91M | 63.91M |
| Other Intangible Assets | 3.84M | 4.30M | 2.88M | 3.71M | 4.55M | 5.41M |
| Loans Held for Sale | 31.53M | 35.83M | 303.41M | 20.08M | 8.99M | 40.20M |
| Accrued Interest Receivable | 20.70M | 12.60M | ||||
| Other Receivables | 7.00M | 6.00M | 5.50M | 5.10M | 6.60M | |
| Other Current Assets | 4.79M | |||||
| Long-Term Deferred Tax Assets | 36.85M | 63.02M | 53.81M | 56.37M | 14.01M | |
| Other Real Estate Owned & Foreclosed | 683.00K | |||||
| Other Long-Term Assets | 319.72M | 210.72M | 200.52M | 190.43M | 166.64M | 148.99M |
| Total Assets | 6.54B | 6.62B | 6.93B | 7.20B | 6.66B | 5.85B |
| Interest Bearing Deposits | 4.75B | 4.32B | 4.10B | 4.38B | 4.16B | 4.03B |
| Institutional Deposits | 355.90M | 353.90M | 271.20M | |||
| Non-Interest Bearing Deposits | 690.66M | 595.09M | 661.78M | 693.75M | 858.95M | 945.23M |
| Total Deposits | 5.44B | 5.27B | 5.12B | 5.35B | 5.02B | 4.98B |
| Short-Term Borrowings | 29.55M | 51.66M | 52.81M | 76.01M | 38.54M | |
| Current Portion of Long-Term Debt | 390.00M | |||||
| Current Portion of Leases | 3.00M | |||||
| Federal Home Loan Bank Debt, Long-Term | 376.00M | 236.00M | 1.12B | 1.19B | 980.00M | 145.00M |
| Long-Term Leases | 37.08M | 35.73M | 29.58M | 32.03M | 29.56M | 29.01M |
| Trust Preferred Securities | 22.68M | 22.68M | 22.68M | 22.68M | 22.68M | 22.68M |
| Pension & Post-Retirement Benefits | 35.21M | 34.22M | 33.80M | 32.26M | 38.92M | |
| Other Long-Term Liabilities | 135.94M | 55.96M | 51.98M | 50.68M | 46.91M | 32.12M |
| Total Liabilities | 6.01B | 6.08B | 6.43B | 6.73B | 6.21B | 5.29B |
| Common Stock | 1.22M | 1.22M | 1.22M | 1.08M | 1.08M | 1.08M |
| Additional Paid-In Capital | 198.85M | 198.32M | 196.95M | 126.15M | 127.06M | 126.51M |
| Retained Earnings | 458.17M | 442.74M | 434.01M | 501.92M | 492.04M | 458.31M |
| Treasury Stock | -17.69M | -19.39M | -13.29M | -15.31M | -8.71M | -1.12M |
| Comprehensive Income & Other | -109.80M | -79.31M | -119.17M | -141.15M | -157.80M | -19.98M |
| Shareholders' Equity | 530.77M | 543.58M | 499.73M | 472.69M | 453.67M | 564.81M |
| Total Liabilities & Equity | 6.54B | 6.62B | 6.93B | 7.20B | 6.66B | 5.85B |
| Total Debt | 435.76M | 716.95M | 1.23B | 1.30B | 1.11B | 235.23M |
| Net Cash (Debt) | -350.20M | -584.45M | -1.06B | -1.16B | -944.77M | -23.05M |
| Net Cash Per Share | -18.25 | -30.31 | -61.85 | -67.72 | -54.36 | -1.32 |
| Filing Date Shares Outstanding | 19.08M | 19.04M | 19.28M | 17.03M | 17.16M | 17.33M |
| Total Common Shares Outstanding | 19.08M | 19.03M | 19.27M | 17.03M | 17.18M | 17.33M |
| Book Value Per Share | 27.82 | 28.56 | 25.93 | 27.75 | 26.40 | 32.59 |
| Tangible Book Value | 463.02M | 475.37M | 432.93M | 405.07M | 385.21M | 495.49M |
| Tangible Book Value Per Share | 24.27 | 24.97 | 22.46 | 23.78 | 22.42 | 28.59 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 52.24M | -28.06M | 48.18M | 71.68M | 76.87M | |
| Depreciation & Amortization | 4.22M | 4.76M | 4.85M | 4.33M | 4.30M | |
| Gain (Loss) on Sale of Assets | -6.99M | -988.00K | ||||
| Gain (Loss) on Sale of Investments | 1.12M | 32.31M | 1.35M | 2.89M | 3.45M | |
| Provision for Credit Losses | 9.20M | 2.40M | 3.20M | -1.30M | -4.82M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | -4.33M | 68.91M | -2.07M | 36.89M | 47.17M | |
| Change in Other Net Operating Assets | 7.74M | -4.01M | -20.71M | 3.35M | -691.00K | |
| Other Operating Activities | 24.28M | -11.17M | -713.00K | -1.43M | -770.00K | |
| Operating Cash Flow | 80.31M | 57.67M | 31.60M | 113.01M | 100.81M | |
| Capital Expenditures | -2.00M | -4.00M | -5.05M | -6.14M | -3.49M | |
| Sale of Property, Plant and Equipment | 11.78M | 1.67M | ||||
| Investment in Securities | 11.48M | 66.46M | 3.92M | -120.25M | -179.41M | |
| Purchase / Sale of Intangibles | -2.18M | |||||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | 271.01M | 164.42M | -543.21M | -835.22M | -69.78M | |
| Other Investing Activities | 15.34M | 2.76M | -6.50M | -37.43M | 11.78M | |
| Investing Cash Flow | 305.43M | 231.30M | -550.84M | -999.04M | -240.90M | |
| Long-Term Debt Issued | 1.86B | 2.38B | 3.52B | 3.16B | 1.29B | |
| Total Debt Issued | 1.86B | 2.38B | 3.52B | 3.16B | 1.29B | |
| Long-Term Debt Repaid | -2.36B | -2.45B | -3.31B | -2.32B | -1.74B | |
| Total Debt Repaid | -2.36B | -2.45B | -3.31B | -2.32B | -1.74B | |
| Net Debt Issued (Repaid) | -499.00M | -65.00M | 210.00M | 835.00M | -448.86M | |
| Issuance of Common Stock | 70.52M | |||||
| Repurchase of Common Stock | -7.36M | -8.81M | -9.48M | |||
| Common Dividends Paid | -43.33M | -38.40M | -38.63M | -37.65M | -36.35M | |
| Net Increase (Decrease) in Deposit Accounts | 154.19M | -232.36M | 329.20M | 38.91M | 601.70M | |
| Other Financing Activities | -398.00K | -31.00K | -754.00K | -821.00K | -177.00K | |
| Financing Cash Flow | -395.89M | -265.27M | 491.00M | 825.96M | 116.31M | |
| Net Cash Flow | -10.15M | 23.70M | -28.24M | -60.07M | -23.77M | |
| Free Cash Flow | 78.31M | 53.67M | 26.55M | 106.87M | 97.32M | |
| Free Cash Flow Margin | 35.62% | 54.62% | 13.97% | 48.60% | 41.65% | |
| Free Cash Flow Per Share | 4.06 | 3.13 | 1.56 | 6.15 | 5.58 | |
| Cash Interest Paid | 173.92M | 217.15M | 156.65M | 32.10M | 18.31M | |
| Cash Income Tax Paid | -142.00K | 7.24M | 9.93M | 17.71M | 19.64M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 761.33M | 562.48M | 603.91M | 551.46M | 810.60M | 976.76M |
| Last Close Price | 39.90 | 27.65 | 27.19 | 26.48 | 35.83 | 40.95 |
| PE Ratio | 11.98 | 10.77 | 11.47 | 11.34 | 12.74 | |
| PS Ratio | 3.25 | 2.56 | 6.15 | 2.90 | 3.69 | 4.18 |
| PB Ratio | 1.43 | 1.03 | 1.21 | 1.17 | 1.79 | 1.73 |
| P/FCF Ratio | 7.94 | 7.18 | 11.25 | 20.77 | 7.58 | 10.04 |
| P/OCF Ratio | 7.63 | 7.00 | 10.47 | 17.45 | 7.17 | 9.69 |
| Debt / Equity Ratio | 0.82 | 1.32 | 2.46 | 2.75 | 2.44 | 0.42 |
| Debt / FCF Ratio | 9.16 | 22.90 | 48.86 | 10.37 | 2.42 | |
| Net Debt / Equity Ratio | 0.66 | 1.07 | 2.12 | 2.44 | 2.08 | 0.04 |
| Net Debt / FCF Ratio | 7.46 | 19.77 | 43.51 | 8.84 | 0.24 | |
| Return on Equity (ROE) | 12.02% | 10.02% | -5.77% | 10.40% | 14.08% | 13.99% |
| Return on Assets (ROA) | 0.97% | 0.77% | -0.40% | 0.69% | 1.15% | 1.33% |
| Earnings Yield | 8.35% | 9.29% | -4.65% | 8.74% | 8.84% | 7.87% |
| FCF Yield | 12.59% | 13.92% | 8.89% | 4.81% | 13.18% | 9.96% |
| Dividend Yield | 5.61% | 7.58% | 7.15% | 6.92% | 4.62% | 3.73% |
| Payout Ratio | 67.24% | 82.93% | 80.19% | 52.52% | 47.29% | |
| Buyback Yield / Dilution | -2.18% | -12.43% | -0.51% | 1.84% | 0.42% | -0.30% |
| Total Shareholder Return | 3.44% | -4.85% | 6.64% | 8.75% | 5.04% | 3.42% |