10-K · February 24, 2026
Washington Trust returned to profitability in 2025 with net income of $52.244 million versus a net loss of $(28.059) million in 2024, driven by higher net interest income and improved NIM after balance-sheet…
Earnings analysis · 10-Q
WASH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Washington Trust Bancorp reported disappointing Q1 2026 results with revenue of $40.5 million, significantly below expectations of $58.4 million and down 60% from the prior quarter. Diluted EPS was $0.66, below the…
Read full summary
Washington Trust Bancorp reported disappointing Q1 2026 results with revenue of $40.5 million, significantly below expectations of $58.4 million and down 60% from the prior quarter. Diluted EPS was $0.66, below the expected $0.76, reflecting a continued decline in net interest income and increasing provisions for credit losses, further impacted by significant operational challenges.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.66
- Gross margin
- 57.9%
- Segment
- Banking
- Segment
- Wealth Management
What stood out
-
Revenue Decline vs Estimates
Reported revenue of $40.5M was 30.6% below the estimate of $58.4M.
-
EPS Misses Expectations
Reported diluted EPS of $0.66 fell short by 13.2% compared to the expected $0.76, reflecting a trend of earnings deterioration.
-
Gross Margin Improvement
Gross margin improved to 57.9%, up from 46.7% in the prior quarter.
-
Noninterest Income Increase
Adjusted noninterest income rose by 11% to $17.3M from $15.6M year-over-year, excluding a large gain from previous year.
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Strong Provision Coverage
The allowance for credit losses increased to $41.1M, representing 0.84% of total loans, up from $37.2M previously.
-
Increased Wealth Management Revenues
Wealth management revenues increased by 8% to $10.6 million from $9.9 million year-over-year.
What to watch
-
Significant Revenue Miss
Revenue fell to $40.5 million, down from $104M in Q4 2024, signaling a severe operational downturn.
-
Rising Credit Losses
Provision for credit losses tripled to $4 million from $1.2 million last year, indicating deteriorating asset quality.
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Increased Nonperforming Assets
Nonperforming assets increased to $40.4 million from $12.9 million, representing 0.81% of total loans.
Management's outlook
Management did not provide specific quantitative guidance in the MD&A.
Earlier filings 4
10-Q · November 6, 2025
Washington Trust reported third-quarter 2025 net income of $10,846,000 and diluted EPS of $0.56 on total quarter revenue of $98,581,000 (interest and dividend income $80,945,000; noninterest income $17,636,000). Net…
10-Q · August 6, 2025
Washington Trust reported Q2 2025 diluted EPS of $0.68 (up from $0.63 in Q2 2024) and improved margins, driven by higher net interest income. Total quarter revenue (interest & dividend income plus noninterest income)…
10-K · February 25, 2025
Washington Trust reported a 2024 net loss of $28.059 million driven by one-time balance sheet repositioning losses, while adjusted net income was $40.868 million. Management completed a $70.5 million net equity offering…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.