WASH earnings analysis
What we found in WASH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Increased Nonperforming Assets
- Nonperforming assets increased to $40.4 million from $12.9 million, representing 0.81% of total loans.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.66
- Gross margin
- 57.9%
- Segment
- Banking
- Segment
- Wealth Management
What they said about what is next.
Management did not provide specific quantitative guidance in the MD&A.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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