olivLaw · US equity research
Washington Trust Bancorp, Inc. WASH
State Commercial Banks · SIC 6022
Washington Trust Bancorp is the holding company of the oldest community bank in the nation, operating in Rhode Island, Connecticut and Massachusetts and combining commercial banking with wealth management. For current analysis, the key points are the return to profitability after 2024 and the margin expansion in 2026.
At the close of 04 Nov 2026, Washington Trust Bancorp, Inc. (WASH) stock was 40.28 USD (+2.78% on the day), with market capitalisation 768.3 m USD, P/E 14.0 on diluted EPS of 2.88 USD over the last 12 months, dividend yield 5.56%, beta 0.93, 52-week range 26.66–40.28 USD. Latest reported quarter (Q2 2026): revenue of 60.5 m USD (+11.4% YoY), net income of 16.0 m USD (+20.7% YoY), diluted EPS 0.83 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 36.04 – 40.52
- in the upper half of the band · %B 0.95 · band width 11.7%
- SMA 50 / 200
- 38.74 / 35.76
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.37 / 0.14
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.7% | −1.1% | +6.8 pp | — |
| 3 months | +2.1% | −0.5% | +2.5 pp | — |
| 6 months | +25.9% | +4.4% | +21.5 pp | — |
| Year to date | +36.3% | +12.3% | +24.0 pp | — |
| 1 year | +47.1% | +13.5% | +33.5 pp | — |
| 3 years | +56.1% | +76.4% | −20.3 pp | — |
| 5 years | −29.6% | +63.7% | −93.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 48.5 m | -45.0 m | 59.1 m | 54.3 m | 56.5 m | 59.3 m | 57.8 m | 60.5 m |
| Depreciation & amortisation | 978.0 k | 959.0 k | 894.0 k | 876.0 k | 852.0 k | 832.0 k | 807.0 k | 815.0 k |
| Interest expense | 55.3 m | — | — | — | — | — | — | — |
| Pre-tax income | 13.8 m | -80.2 m | 15.7 m | 17.1 m | 13.9 m | 20.7 m | 16.1 m | 20.3 m |
| Income tax | 2.8 m | -19.5 m | 3.5 m | 3.9 m | 3.1 m | 4.7 m | 3.5 m | 4.3 m |
| Net income | 11.0 m | -60.8 m | 12.2 m | 13.2 m | 10.8 m | 16.0 m | 12.6 m | 16.0 m |
| Diluted EPS | 0.64 | -3.52 ≈ | 0.63 | 0.68 | 0.56 | 0.83 ≈ | 0.66 | 0.83 |
| Operating cash flow | 25.7 m ≈ | 18.8 m | 8.5 m | 11.3 m ≈ | 39.6 m ≈ | 20.9 m | 16.1 m | 23.1 m ≈ |
| Capex | 1.3 m ≈ | 482.0 k | 88.0 k | 401.0 k ≈ | 344.0 k ≈ | 1.2 m | 1.3 m | 1.1 m ≈ |
| Dividends paid | 9.6 m ≈ | 9.6 m | 10.8 m | 11.0 m ≈ | 10.8 m ≈ | 10.7 m | 10.7 m | 10.9 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | 6.4 m ≈ | 629.0 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 77 percentile of its own 35-quarter history (min 7.8, median 12.0, max 20.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 194.4 m | 200.5 m | 226.9 m | 228.8 m | 218.6 m | 193.2 m | 100.7 m | 229.0 m |
| Revenue YoY | +5.5% | +3.1% | +13.2% | +0.9% | −4.5% | −11.6% | −47.9% | +127.6% |
| Net income | 68.4 m | 69.1 m | 69.8 m | 76.9 m | 71.7 m | 48.2 m | -28.1 m | 52.2 m |
| Net income YoY | +49.0% | +1.0% | +1.0% | +10.1% | −6.8% | −32.8% | −158.2% | unavailable |
| Diluted EPS | 3.93 | 3.96 | 4.00 | 4.39 | 4.11 | 2.82 | -1.63 | 2.71 |
| Diluted EPS YoY | +48.9% | +0.8% | +1.0% | +9.7% | −6.4% | −31.4% | −157.8% | unavailable |
| net % | 35.2% | 34.5% | 30.8% | 33.6% | 32.8% | 24.9% | -27.9% | 22.8% |
| Free cash flow | 78.9 m | 70.3 m | 33.1 m | 97.3 m | 106.9 m | 26.6 m | 53.7 m | 78.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 103.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 543.6 m USD
- Total assets
- 6.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.0%
- ROA
- 0.8%
- FCF margin
- 34.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 127.4 m | 141.4 m | 156.0 m | 137.1 m | 128.4 m | 153.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Net fee income | 99.4 m | 87.4 m | 62.6 m | 56.1 m | -27.8 m | 75.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Non-interest expense | 125.4 m | 135.5 m | 128.7 m | 133.6 m | 137.1 m | 152.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 89.2 m | 98.2 m | 91.2 m | 56.5 m | -38.8 m | 67.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 69.8 m | 76.9 m | 71.7 m | 48.2 m | -28.1 m | 52.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 4.00 | 4.39 | 4.11 | 2.82 | -1.63 | 2.71 | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 2.05 | 2.10 | 2.18 | 2.24 | 2.24 | 2.24 | SEC (XBRL)· 24 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 202.3 m | 178.5 m | 118.4 m | 90.2 m | 113.9 m | 103.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Loans | 4.2 bn | 4.2 bn | 5.1 bn | 5.6 bn | 5.1 bn | 5.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 5.7 bn | 5.9 bn | 6.7 bn | 7.2 bn | 6.9 bn | 6.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Deposits | 4.4 bn | 5.0 bn | 5.0 bn | 5.3 bn | 5.1 bn | 5.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 5.2 bn | 5.3 bn | 6.2 bn | 6.7 bn | 6.4 bn | 6.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 534.2 m † | 564.8 m † | 453.7 m † | 472.7 m † | 499.7 m † | 543.6 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 35.5 m | 36.3 m | 37.6 m | 38.6 m | 38.4 m | 43.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 4.3 m | 0 | 9.5 m | 8.8 m | 0 | 7.4 m | SEC (XBRL)· 24 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 768.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet14
- Growth7
- Quality27
- Returns65
- Valuation24
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.83 – 39.59 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income28.99 – 30.25 (Mid 29.61)
- Justified P/B28.83 – 38.77 (Mid 33.07)
- Dividend discount (DDM)29.44 – 39.59 (Mid 33.76)
- Peers: P/Eunavailable · not enough peers
- Peers: P/Bunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 10.2% | 35 (on a fixed band) | 19% |
| ROA · Quality | 0.8% | 31 (on a fixed band) | 7% |
| Cost-to-income · Quality | 64.1% | 3 (on a fixed band) | 12% |
| Net interest margin · Quality | 2.4% | 37 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | -13.0% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 1.6% | 16 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 94.4% | 14 (on a fixed band) | 5% |
| P/B · Valuation | 1.4x | 47 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 14.0x | 0 (on a fixed band) | 12% |
| Dividend yield · Returns | 5.6% | 65 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial14/100 · 1/3 factors with a value
- Growth7/100 · 2/2 factors with a value
- Quality27/100 · 4/4 factors with a value
- Returns65/100 · 1/1 factors with a value
- Valuation24/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Washington Trust Bancorp Inc (WASH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 153.2 m USD in 2025; YoY growth 127.6%; net margin 23.7%; ROE 10.2%.
The estimated value range is 28.99–38.77 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 33.07 USD, the price of 40.28 USD leaves a potential of -17.9% (value / price − 1) and a margin of safety of -21.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Cost-to-income: 64.1%
- EPS CAGR 3Y: -13.0%
- Revenue CAGR 3Y: 1.6%
- Loan-to-deposit: 94.4%
- P/E (TTM): 14.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 23.27 Total return -38% · Per year -38% | 41.19 Total return 8% · Per year 8% | 62.13 Total return 61% · Per year 61% |
| 3 years | 21.27 Total return -35% · Per year -13% | 42.50 Total return 23% · Per year 7% | 70.56 Total return 97% · Per year 25% |
| 5 years | 19.45 Total return -32% · Per year -7% | 43.84 Total return 38% · Per year 7% | 80.14 Total return 138% · Per year 19% |
- Exit P/E± 10.62
- Net margin± 7.44
- Annual revenue growth± 6.28
- Annual dilution± 0.62
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Washington Trust Bancorp is the holding company of the oldest community bank in the nation, operating in Rhode Island, Connecticut and Massachusetts and combining commercial banking with wealth management. For current analysis, the key points are the return to profitability after 2024 and the margin expansion in 2026 13.
SWOT
Strengths
- The bank has a long history, a strong regional brand, and combines personalized service with the capabilities of a regional bank 13.
- Capital remains solid, with capital ratios above the minimum levels needed to be considered well capitalized 3.
- The wealth management division brings fee income and durable client relationships, diversifying revenue 1.
Weaknesses
- Activity is geographically concentrated in southern New England, so a regional downturn would directly affect most loans 1.
- A significant part of the portfolio consists of commercial real estate loans, which carry higher risk than residential mortgages 1.
- Reliance on FHLB funding and expensive deposits could raise costs during liquidity stress 1.
Opportunities
Threats
- A deterioration of the southern New England economy could increase delinquencies and foreclosures 1.
- Competitive pressure from larger banks and fintech firms could limit revenue and margin growth 1.
- Changes in trade policy and persistent inflation could affect customers and the value of collateral 12.
Risks
- Interest rate riskhigh
Earnings depend on the spread between interest received and interest paid, and rapid rate changes can reduce the margin if deposits shift to higher-cost products 1.
- Geographic concentrationhigh
Most customers and real estate collateral are located in southern New England, limiting diversification of regional economic risk 1.
- Commercial real estate portfoliomedium
Large commercial real estate loans can be sensitive to office property values and refinancing availability, which may raise default risk 13.
- Liquidity and fundingmedium
Access to capital markets and FHLB funding could become more expensive or harder to obtain during stress 1.
- Securities valuationlow
Lower fair value of available for sale debt securities, caused by higher rates, reduces accumulated other comprehensive income and book value 3.
Investment thesis
What would need to be true (bull case)
- If the margin recovery and the decline in nonaccrual loans persist, profitability could keep improving, and the record deposit base could support loan growth 3.
- The wealth management division and fee income diversify the bank's earnings, which could reduce dependence on net interest income 1.
- Capital ratios remain solid, which could give room for prudent growth or for returning capital to shareholders 3.
What would break the thesis
- Geographic concentration and dependence on commercial real estate loans can make results vulnerable to a regional economic slowdown 1.
- If deposit costs rise or competition intensifies, the net interest margin could fall back to lower levels 13.
- If rates rise again, lower values of debt securities and book value could weigh on capital 3.
What to watch
- Development of the net interest margin and deposit costsQ4 2026
- Level of nonaccrual loans and provisions for credit lossesQ4 2026
- Opening of the planned new full-service branch in Pawtucket2026
- Full-year effective tax rate the company expectsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Washington Trust Bancorp, Inc. is a registered bank holding company that owns The Washington Trust Company, a Rhode Island chartered bank founded in 1800 1. The bank offers commercial, residential and consumer lending, deposit products, and wealth management and trust services, headquartered in Westerly 1. At December 31, 2025, total assets were 6.6 billion USD and deposits 5.3 billion USD 1.
Segments
Lending
The loan portfolio amounted to 5.1 billion USD at December 31, 2025, or 78% of total assets 1. Commercial loans made up 54% of total loans and residential real estate loans 40% 1.
Wealth management
The wealth management division provides investment management, financial planning, and trust and estate services, and wealth management assets under administration totaled 7.8 billion USD at December 31, 2025, not included in the consolidated statements 1. These revenues are the largest source of noninterest income 1.
Market context
The bank's lending is concentrated in southern New England, where local economic and real estate conditions directly influence loan quality 1. The company is listed on Nasdaq under WASH and competes in a sector where rivals include larger banks and fintech firms 1.
The interest rate environment remains central to net interest income, and the net interest margin widened in 2026 compared with the prior year 13. Commercial real estate lending is sensitive to regional economic conditions, adding further sensitivity to results.
Trends
- Net interest margin expansiontailwind
The net interest margin widened to 2.84% in the third quarter of 2026, up 11 basis points from the previous quarter, suggesting better interest income 3. If this trend holds, it could support profitability.
- Improving asset qualitytailwind
Nonaccrual loans declined in the third quarter of 2026 after the resolution of a commercial real estate office loan, reducing pressure on provisions 3. It remains to be seen whether this improvement persists.
- Funding cost pressureheadwind
Funding costs were high in periods of elevated rates, and rising rates can reduce the appeal of low-cost deposits and increase reliance on more expensive funding 1. The effect on margins depends on rate developments.
- Tariffs and economic uncertaintymixed
Trade policies, tariffs and economic uncertainty may affect customers' ability to repay loans, and collateral values could fall 12. The effect is uncertain and depends on policy developments.
Competitive position
The company faces strong competition for loans and deposits from commercial banks, credit unions, savings institutions and non-bank lenders 1. Larger competitors have greater resources and broader delivery systems, and industry consolidation and fintech firms could intensify pressure 1.
- Large regional commercial banks
Institutions with greater resources and broader product lines, cited as main rivals for loans and deposits 1.
- Credit unions
Compete for deposits and consumer lending in the bank's market area 1.
- Financial technology companies
Offer digital products and services that can change customer expectations and the structure of competition 1.
- Trust companies and brokerage firms
Main competitors in wealth management, some with substantially greater resources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Indonesia’s MSCI Crisis Driven By Wash Trades and 5,000% RalliesBloomberg Markets · 01 Nov 2026 · EN
- 🇷🇺 🇺🇸 ⚡️ — Russian fertilizer producers could quickly resume US supplies if Wash…Telegram — Intel Slava Z (pro-RU OSINT EN) · 29 Oct 2026 · EN
- Airbnb hosts can no longer make guests strip beds and wash dishes under new rulesBBC World News · 21 Oct 2026 · EN
- Airbnb’s New Policy for Hosts: Don’t Ask Guests to Wash Dishes or Strip BedsSkift · 21 Oct 2026 · EN
- Stockpile food – and wash your hands: is that really how to prepare for environmental catastrophe? | George MonbiotThe Guardian — Environment · 08 Oct 2026 · EN
- Scientists search for answers as baby whales wash up dead in ArgentinaPhys.org · 03 Oct 2026 · EN
- Kalshi Rejects Wash Trading Claims as Report Flags Unusual Activity in Ethereum Perpetuals MarketYahoo Finance — News · 23 Sept 2026 · EN
- 🇮🇷 🇺🇸 ⚡️ — Iran warns US energy companies could face retaliatory strikes if Wash…Telegram — Intel Slava Z (pro-RU OSINT EN) · 07 Sept 2026 · EN
- Laundry businesses in quake-hit Kumamoto wash evacuees’ clothes for freeThe Japan Times · 25 Aug 2026 · EN
- Shein Shrinks in the WashYahoo Finance — News · 24 Aug 2026 · EN
- Should you wash your solar panels?Hacker News · 27 Jul 2026 · EN
- How doing a wash while you watch the World Cup at 2am could cut energy billsThe Guardian World · 13 Jun 2026 · RO
- Hundreds of dead sharks and fish wash up on two beaches in WalesThe Guardian World · 27 May 2026 · RO
SEC filings
- Current report19 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report20 Jul 2026Results of operations · Financial statements and exhibits
- Current report12 May 2026Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report01 May 2026Shareholder vote · Financial statements and exhibits
- Current report20 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Mar 2026
- Annual report24 Feb 2026
- Current report18 Feb 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Washington Trust Bancorp, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Washington Trust Bancorp, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Washington Trust Bancorp, Inc. · 19 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.