WASHNasdaqState Commercial BanksUS GAAP · USD

Washington Trust Bancorp, Inc

Washington Trust Bancorp, Inc. is a Rhode Island-based bank holding company whose principal subsidiary is The Washington Trust Company of Westerly, a state-chartered bank founded in 1800. Through its branch network in Rhode Island, Connecticut, and Massachusetts, it provides commercial banking, mortgage banking, personal banking, and wealth management and trust services.

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Revenue229m USD
+127.6 %y/y
Net income52.2m USD
+286.2 %y/y
Free cash flow78.3m USD
+45.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

050100150200250m USD2020: 227 m USD20202021: 229 m USD20212022: 219 m USD20222023: 193 m USD20232024: 101 m USD20242025: 229 m USD2025229
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commercial banking and lending45 %

Commercial, consumer, nonprofit, and municipal loans originated through the bank.

Deposit and transaction banking20 %

Core deposit accounts and related cash management, card, and service fees.

Wealth management and trust20 %

Investment management, financial planning, trust, custody, and fiduciary services.

Mortgage banking10 %

Residential mortgage origination and related mortgage banking activities.

Other noninterest income5 %

Bank-owned life insurance, loan-related derivative income, and miscellaneous fees.

Products

Reported · share of revenue
71.4%12.1%8.9%FY2025100 %
  • Investment Advisory Management and Administrative Service71.4 %
  • Gain On Sale of Bank Owned Properties Net12.1 %
  • Card Interchange Fees8.9 %
  • Deposit Account5.6 %
  • Other Noninterest Income2.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Washington Trust serves individuals, households, businesses, nonprofits, and municipal customers across its regional footprint. Its lending and deposit products are used by local commercial borrowers and retail customers, while its wealth management platform serves both personal and institutional clients seeking investment, trust, and fiduciary services.

Commercial borrowers

Businesses, nonprofits, and municipalities that use loans and treasury services for working capital and financing needs.

Retail deposit customers

Households and individuals that place savings, checking, money market, and time deposits with the bank.

Mortgage customers

Homebuyers and homeowners using residential mortgage products and related servicing/origination services.

Wealth management clients

Personal and institutional clients buying investment management, planning, trust, custody, and fiduciary services.

Consumer credit customers

Customers using home equity lines, home equity loans, and personal installment loans.

Strategy

The bank’s strategy centers on deepening relationships in its regional market through in-person service, digital banking tools, and a broad mix of lending, deposits, and fee businesses. It also emphasizes wealth management as a meaningful noninterest-income engine and uses capital, liquidity, and asset-liability management to support steady relationship banking.

Strengthen regional relationship bankingShort term

Local deposit and lending relationships are central to funding and cross-sell in a competitive market.

Expand digital and convenience bankingMedium term

Customers compare banks on online/mobile access and ease of use, not just branch proximity.

Build fee income from wealth managementMedium term

Wealth services diversify revenue beyond spread income and leverage client relationships.

Manage interest rate and liquidity exposureShort term

Net interest income depends on funding costs, loan yields, and deposit behavior.

Geography

Washington Trust operates primarily in southern New England, with offices in Rhode Island, Connecticut, and Massachusetts. Lending and wealth management are concentrated in Rhode Island and nearby markets, while the bank also serves other states to a lesser extent through selected lending and client relationships.

Risks

Washington Trust is exposed to interest rate sensitivity, deposit competition, and credit risk in its commercial and residential loan books. Its wealth management and mortgage businesses also depend on market conditions and client activity, while reputation, regulatory compliance, and counterparty soundness remain important risks for a community banking model.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Interest rate risk1Deposit competition and funding pressure2Wealth management fee sensitivity to markets4Counterparty and financial institution stress5Reputation and compliance risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Interest rate riskImpact: HighLikelihood: Medium

    Loan yields and deposit costs reprice differently, affecting net interest income and economic value.

    Exposure: Net interest income and securities portfolio

  2. Deposit competition and funding pressureImpact: HighLikelihood: Medium

    The bank competes for local deposits against larger banks, credit unions, and fintechs.

    Exposure: Core funding base

  3. Credit losses in commercial real estate and office loansImpact: High

    Concentrated CRE exposures can produce charge-offs when property cash flows weaken.

    Exposure: Commercial loan portfolio

  4. Wealth management fee sensitivity to marketsImpact: MediumLikelihood: Medium

    AUA and fee income can decline when asset values fall or client activity slows.

    Exposure: Wealth management revenues

  5. Counterparty and financial institution stressImpact: MediumLikelihood: Medium

    Funding and transaction relationships can be affected by stress at other financial institutions.

    ExposureDepositsBorrowingsCounterparties
  6. Reputation and compliance riskImpact: MediumLikelihood: Low

    A community bank and trust business depends on customer confidence and regulatory trust.

    Exposure: Customer retention and franchise value

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Accounting

Judgemental items
Allowance for credit losses (ACL)

Management estimates expected losses on loans, which can materially affect provisions and capital.

Impact: Loan loss expense and reserve levels

Fair value of available-for-sale securities

Interest rate changes alter unrealized gains and losses in equity.

Impact: Accumulated other comprehensive income and capital ratios

Goodwill and intangible impairment

Acquisition-related assets must be tested for recoverability and can be written down.

Impact: Earnings and book value

Wealth management AUA versus assets

Client assets under administration generate fees but are not consolidated assets.

Impact: Fee income analysis and business scale assessment

Mortgage banking and derivative income timing

Origination, sale, and hedging activity can shift revenue between quarters.

Impact: Noninterest income volatility

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Last updated: 24/09/2026

Washington Trust Bancorp, Inc (WASH) Revenue, Earnings & Financials 2025 – Clarifo