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Washington Trust Bancorp (WASH) Financials

Washington Trust Bancorp logo
$26.80 -1.56 (-5.50%)
Closing price 04:00 PM Eastern
Extended Trading
$27.71 +0.91 (+3.40%)
As of 07:15 PM Eastern
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Annual Income Statements for Washington Trust Bancorp

Annual Income Statements for Washington Trust Bancorp

This table shows Washington Trust Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 72 48 -28
Consolidated Net Income / (Loss)		 72 48 -28
Net Income / (Loss) Continuing Operations		 72 48 -28
Total Pre-Tax Income 		91 56 -39
Total Revenue		 219 193 101
Net Interest Income / (Expense)		 156 137 128
Total Interest Income		 194 309 341
Loans and Leases Interest Income		 171 275 306
Investment Securities Interest Income		 22 29 28
Other Interest Income		 1.62 4.98 6.98
Total Interest Expense		 38 172 212
Deposits Interest Expense		 26 120 146
Long-Term Debt Interest Expense		 0.74 1.54 1.59
Federal Funds Purchased and Securities Sold Interest Expense		 12 50 65
Total Non-Interest Income		 63 56 -28
Service Charges on Deposit Accounts		 3.19 2.81 3.03
Other Service Charges		 15 13 21
Net Realized & Unrealized Capital Gains on Investments		 2.76 1.39 -93
Investment Banking Income		 39 36 39
Other Non-Interest Income		 2.59 3.49 3.04
Provision for Credit Losses		 -1.30 3.20 2.40
Total Non-Interest Expense		 129 134 137
Salaries and Employee Benefits		 84 82 86
Net Occupancy & Equipment Expense		 13 14 14
Marketing Expense		 2.59 2.56 2.63
Property & Liability Insurance Claims		 1.69 4.67 5.51
Other Operating Expenses		 27 29 28
Amortization Expense		 0.86 0.84 0.83
Income Tax Expense		 19 8.31 -11
Basic Earnings per Share		 $4.14 $2.82 ($1.63)
Weighted Average Basic Shares Outstanding		 17.25M 17.03M 17.15M
Diluted Earnings per Share		 $4.11 $2.82 ($1.63)
Weighted Average Diluted Shares Outstanding		 17.38M 17.06M 17.15M
Weighted Average Basic & Diluted Shares Outstanding		 17.16M 17.03M 19.28M
Cash Dividends to Common per Share		 $2.18 $2.24 $2.24

Quarterly Income Statements for Washington Trust Bancorp

This table shows Washington Trust Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 19 17 13 11 11 13 11 11 11 -61
Consolidated Net Income / (Loss)		 19 17 13 11 11 13 11 11 11 -61
Net Income / (Loss) Continuing Operations		 19 17 13 11 11 13 11 11 11 -61
Total Pre-Tax Income 		24 21 16 14 14 12 14 14 14 -80
Total Revenue		 58 55 50 48 49 46 49 48 49 -45
Net Interest Income / (Expense)		 83 0.10 74 66 67 -70 63 63 64 -61
Total Interest Income		 52 62 69 75 81 84 85 86 88 82
Loans and Leases Interest Income		 45 55 60 66 72 76 77 77 77 75
Investment Securities Interest Income		 6.06 6.62 7.19 7.40 7.27 7.19 7.10 6.94 6.80 7.02
Other Interest Income		 0.50 0.86 1.07 1.28 1.34 1.28 1.20 1.30 3.17 1.31
Total Interest Expense		 10 20 32 42 47 51 54 54 55 49
Deposits Interest Expense		 6.66 12 20 30 34 37 38 37 37 34
Long-Term Debt Interest Expense		 0.21 0.30 0.35 0.37 0.40 0.41 0.41 0.40 0.40 0.38
Federal Funds Purchased and Securities Sold Interest Expense		 3.23 7.82 12 12 12 14 15 17 18 14
Total Non-Interest Income		 16 14 13 14 15 13 17 17 16 -78
Service Charges on Deposit Accounts		 0.82 0.94 0.78 0.67 0.67 0.69 0.69 0.77 0.78 0.79
Other Service Charges		 3.73 2.79 2.73 3.48 3.81 2.89 6.12 5.41 4.60 4.41
Net Realized & Unrealized Capital Gains on Investments		 1.04 0.75 -0.05 0.25 1.08 0.11 0.28 0.05 0.13 -94
Investment Banking Income		 9.53 8.62 8.66 9.05 8.95 8.88 9.34 9.68 9.99 10
Other Non-Interest Income		 0.68 0.69 1.17 0.88 0.71 0.73 0.74 0.75 0.77 0.78
Provision for Credit Losses		 0.80 0.80 0.80 0.70 0.50 1.20 0.70 0.50 0.20 1.00
Total Non-Interest Expense		 33 33 34 33 34 33 34 34 35 34
Salaries and Employee Benefits		 22 21 22 21 22 18 22 21 21 22
Net Occupancy & Equipment Expense		 3.17 3.42 3.47 3.47 3.49 3.53 3.58 3.36 3.32 3.36
Marketing Expense		 0.80 0.71 0.41 0.43 0.79 0.94 0.55 0.66 0.86 0.56
Property & Liability Insurance Claims		 0.43 0.49 0.87 1.37 1.19 1.24 1.44 1.40 1.40 1.27
Other Operating Expenses		 6.84 7.71 6.82 6.95 7.09 8.21 6.81 7.02 7.37 7.02
Amortization Expense		 0.22 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.20
Income Tax Expense		 5.31 4.40 3.30 2.85 2.93 -0.77 2.83 3.02 2.85 -19
Basic Earnings per Share		 $1.08 $0.96 $0.75 $0.66 $0.65 $0.76 $0.64 $0.63 $0.64 ($3.54)
Weighted Average Basic Shares Outstanding		 17.17M 17.25M 17.07M 17.01M 17.02M 17.03M 17.03M 17.05M 17.06M 17.15M
Diluted Earnings per Share		 $1.08 $0.95 $0.74 $0.66 $0.65 $0.77 $0.64 $0.63 $0.64 ($3.54)
Weighted Average Diluted Shares Outstanding		 17.30M 17.38M 17.17M 17.03M 17.04M 17.06M 17.07M 17.11M 17.14M 17.15M
Weighted Average Basic & Diluted Shares Outstanding		 17.18M 17.16M 17.02M 17.02M 17.03M 17.03M 17.05M 17.06M 17.06M 19.28M

Annual Cash Flow Statements for Washington Trust Bancorp

This table details how cash moves in and out of Washington Trust Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -60 -28 24
Net Cash From Operating Activities		 113 32 58
Net Cash From Continuing Operating Activities		 113 32 58
Net Income / (Loss) Continuing Operations		 72 48 -28
Consolidated Net Income / (Loss)		 72 48 -28
Provision For Loan Losses		 -1.30 3.20 2.40
Depreciation Expense		 3.47 4.01 3.93
Amortization Expense		 3.75 8.66 11
Non-Cash Adjustments to Reconcile Net Income		 32 -12 73
Changes in Operating Assets and Liabilities, net		 3.35 -21 -4.01
Net Cash From Investing Activities		 -999 -551 231
Net Cash From Continuing Investing Activities		 -999 -551 231
Purchase of Property, Leasehold Improvements and Equipment		 -6.14 -5.05 -4.00
Purchase of Investment Securities		 -1,109 -620 -218
Sale of Property, Leasehold Improvements and Equipment		 0.00 0.00 1.67
Sale and/or Maturity of Investments		 116 74 451
Net Cash From Financing Activities		 826 491 -265
Net Cash From Continuing Financing Activities		 826 491 -265
Net Change in Deposits		 39 329 -232
Issuance of Debt		 3,156 3,515 2,385
Issuance of Common Equity		 0.00 0.00 71
Repayment of Debt		 -2,321 -3,305 -2,450
Repurchase of Common Equity		 -9.48 -8.81 0.00
Payment of Dividends		 -38 -39 -38
Other Financing Activities, Net		 -0.82 -0.75 -0.03
Cash Interest Paid		 32 157 217
Cash Income Taxes Paid		 18 9.93 7.24

Quarterly Cash Flow Statements for Washington Trust Bancorp

This table details how cash moves in and out of Washington Trust Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 34 -14 20 -9.96 -15 -23 15 1.94 103 -97
Net Cash From Operating Activities		 20 41 11 -21 30 12 1.95 11 26 19
Net Cash From Continuing Operating Activities		 20 41 11 -21 30 12 1.96 11 26 19
Net Income / (Loss) Continuing Operations		 19 17 13 11 11 13 11 11 11 -61
Consolidated Net Income / (Loss)		 19 17 13 11 11 13 11 11 11 -61
Provision For Loan Losses		 0.80 0.80 0.80 0.70 0.50 1.20 0.70 0.50 0.20 1.00
Depreciation Expense		 0.88 0.91 0.98 1.00 1.03 1.00 1.00 1.00 0.98 0.96
Amortization Expense		 0.85 0.62 0.54 0.60 0.54 6.99 0.47 0.52 0.51 9.20
Non-Cash Adjustments to Reconcile Net Income		 -1.82 17 1.02 -15 9.78 -7.60 -6.06 -2.29 5.31 76
Changes in Operating Assets and Liabilities, net		 0.85 5.55 -5.04 -20 6.85 -2.89 -5.10 0.64 7.87 -7.42
Net Cash From Investing Activities		 -411 -275 -167 -139 -217 -27 -27 63 141 54
Net Cash From Continuing Investing Activities		 -411 -275 -167 -139 -217 -27 -27 63 141 54
Purchase of Property, Leasehold Improvements and Equipment		 -1.34 -2.32 -1.14 -1.88 -0.50 -1.52 -0.63 -1.62 -1.27 -0.48
Purchase of Investment Securities		 -416 -311 -185 -153 -230 -52 -38 54 114 -347
Sale and/or Maturity of Investments		 6.19 39 19 16 14 26 12 8.65 29 402
Net Cash From Financing Activities		 425 220 176 150 172 -7.16 40 -72 -64 -170
Net Cash From Continuing Financing Activities		 425 220 176 150 172 -7.16 40 -72 -64 -170
Net Change in Deposits		 63 -51 250 46 101 -67 -0.27 -372 196 -56
Issuance of Debt		 1,166 1,210 1,005 980 910 620 860 910 200 415
Issuance of Common Equity		 - 0.72 -0.03 -0.61 0.00 0.64 -0.02 -0.25 - 71
Repayment of Debt		 -794 -930 -1,060 -865 -830 -550 -810 -600 -450 -590
Payment of Dividends		 -9.32 -9.31 -9.65 -9.86 -9.55 -9.57 -9.55 -9.73 -9.56 -9.56
Other Financing Activities, Net		 0.01 -0.89 -0.00 -0.00 0.01 -0.75 -0.01 - - 0.10
Cash Interest Paid		 8.04 16 28 37 43 49 55 60 54 49
Cash Income Taxes Paid		 5.41 4.69 0.94 3.51 2.38 3.10 3.42 1.23 2.33 0.26

Annual Balance Sheets for Washington Trust Bancorp

This table presents Washington Trust Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 6,660 7,203 6,931
Cash and Due from Banks		 115 55 22
Interest Bearing Deposits at Other Banks		 - 32 88
Trading Account Securities		 994 1,000 1,198
Loans and Leases, Net of Allowance		 5,072 -41 -42
Allowance for Loan and Lease Losses		 38 41 42
Loans Held for Sale		 8.99 20 22
Premises and Equipment, Net		 32 32 27
Goodwill		 64 64 64
Intangible Assets		 4.55 3.71 2.89
Other Assets		 370 6,037 5,549
Total Liabilities & Shareholders' Equity		 6,660 7,203 6,931
Total Liabilities		 6,206 6,730 6,431
Non-Interest Bearing Deposits		 859 694 662
Interest Bearing Deposits		 4,160 4,654 4,454
Long-Term Debt		 1,003 1,213 1,148
Other Long-Term Liabilities		 185 169 167
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 454 473 500
Total Preferred & Common Equity		 454 473 500
Total Common Equity		 454 473 500
Common Stock		 128 127 198
Retained Earnings		 492 502 434
Treasury Stock		 -8.72 -15 -13
Accumulated Other Comprehensive Income / (Loss)		 -158 -141 -119

Quarterly Balance Sheets for Washington Trust Bancorp

This table presents Washington Trust Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 6,408 6,859 7,012 7,183 7,249 7,184 7,142
Cash and Due from Banks		 130 135 125 109 102 104 207
Trading Account Securities		 983 1,055 1,022 959 970 952 973
Loans and Leases, Net of Allowance		 4,812 5,189 5,342 5,571 5,643 5,587 5,472
Loans and Leases		 4,849 5,228 5,381 5,611 5,685 5,629 5,515
Allowance for Loan and Lease Losses		 37 39 39 40 42 42 43
Loans Held for Sale		 24 7.45 21 11 25 26 21
Premises and Equipment, Net		 30 32 33 32 32 32 32
Goodwill		 64 64 64 64 64 64 64
Intangible Assets		 4.77 4.34 4.13 3.92 3.50 3.30 3.09
Other Assets		 361 373 401 434 409 417 369
Total Liabilities & Shareholders' Equity		 6,408 6,859 7,012 7,183 7,249 7,184 7,142
Total Liabilities		 5,976 6,394 6,553 6,752 6,782 6,713 6,639
Non-Interest Bearing Deposits		 939 830 758 773 649 646 666
Interest Bearing Deposits		 4,131 4,439 4,556 4,642 4,699 4,330 4,506
Long-Term Debt		 723 948 1,063 1,143 1,263 1,573 1,323
Other Long-Term Liabilities		 183 178 175 194 172 165 145
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 432 465 459 431 467 471 502
Total Preferred & Common Equity		 432 465 459 431 467 471 502
Total Common Equity		 432 465 459 431 467 471 502
Common Stock		 128 129 127 127 128 127 128
Retained Earnings		 485 495 497 499 503 504 506
Treasury Stock		 -9.27 -17 -16 -16 -15 -14 -14
Accumulated Other Comprehensive Income / (Loss)		 -172 -142 -149 -179 -149 -146 -117

Annual Metrics And Ratios for Washington Trust Bancorp

This table displays calculated financial ratios and metrics derived from Washington Trust Bancorp's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -4.47% -11.60% -47.91%
EBITDA Growth		 -7.12% -29.72% -134.98%
EBIT Growth		 -7.15% -38.05% -168.73%
NOPAT Growth		 -6.75% -32.79% -156.40%
Net Income Growth		 -6.75% -32.79% -158.24%
EPS Growth		 -6.38% -31.39% -157.80%
Operating Cash Flow Growth		 12.10% -72.03% 82.48%
Free Cash Flow Firm Growth		 -231.72% 72.27% 105.96%
Invested Capital Growth		 98.82% 15.73% -2.25%
Revenue Q/Q Growth		 -1.32% -4.53% -47.46%
EBITDA Q/Q Growth		 -4.77% -3.27% -140.58%
EBIT Q/Q Growth		 -4.88% -13.48% -172.42%
NOPAT Q/Q Growth		 -4.80% -7.00% -159.49%
Net Income Q/Q Growth		 -4.80% -7.00% -161.43%
EPS Q/Q Growth		 -4.64% -6.00% -160.82%
Operating Cash Flow Q/Q Growth		 71.91% -48.29% 14.20%
Free Cash Flow Firm Q/Q Growth		 -133.70% 50.77% 105.26%
Invested Capital Q/Q Growth		 26.10% 7.07% -9.73%
Profitability Metrics		 - - -
EBITDA Margin		 45.01% 35.78% -24.03%
EBIT Margin		 41.71% 29.23% -38.57%
Profit (Net Income) Margin		 32.79% 24.93% -27.88%
Tax Burden Percent		 78.62% 85.30% 72.28%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 21.38% 14.70% 0.00%
Return on Invested Capital (ROIC)		 6.55% 3.07% -1.63%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.55% 3.07% -1.71%
Return on Net Nonoperating Assets (RNNOA)		 7.53% 7.33% -4.14%
Return on Equity (ROE)		 14.08% 10.40% -5.77%
Cash Return on Invested Capital (CROIC)		 -59.59% -11.51% 0.65%
Operating Return on Assets (OROA)		 1.46% 0.81% -0.55%
Return on Assets (ROA)		 1.15% 0.70% -0.40%
Return on Common Equity (ROCE)		 14.08% 10.40% -5.77%
Return on Equity Simple (ROE_SIMPLE)		 15.80% 10.19% -5.61%
Net Operating Profit after Tax (NOPAT)		 72 48 -27
NOPAT Margin		 32.79% 24.93% -27.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.08%
SG&A Expenses to Revenue		 45.43% 51.22% 101.85%
Operating Expenses to Revenue		 58.89% 69.12% 136.18%
Earnings before Interest and Taxes (EBIT)		 91 56 -39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 98 69 -24
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.54 1.08 1.05
Price to Tangible Book Value (P/TBV)		 1.81 1.26 1.21
Price to Revenue (P/Rev)		 3.19 2.64 5.22
Price to Earnings (P/E)		 9.72 10.60 0.00
Dividend Yield		 5.37% 7.47% 7.28%
Earnings Yield		 10.28% 9.43% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.09 0.97 0.95
Enterprise Value to Revenue (EV/Rev)		 7.25 8.47 15.53
Enterprise Value to EBITDA (EV/EBITDA)		 16.10 23.67 0.00
Enterprise Value to EBIT (EV/EBIT)		 17.38 28.98 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 22.10 33.97 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.02 51.78 27.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 144.94
Leverage & Solvency		 - - -
Debt to Equity		 2.21 2.57 2.30
Long-Term Debt to Equity		 2.21 2.57 2.30
Financial Leverage		 1.15 2.39 2.43
Leverage Ratio		 12.28 14.97 14.53
Compound Leverage Factor		 12.28 14.97 14.53
Debt to Total Capital		 68.85% 71.95% 69.67%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 68.85% 71.95% 69.67%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 31.15% 28.05% 30.33%
Debt to EBITDA		 10.19 17.54 -47.45
Net Debt to EBITDA		 9.02 16.28 -42.91
Long-Term Debt to EBITDA		 10.19 17.54 -47.45
Debt to NOPAT		 13.99 25.17 -42.24
Net Debt to NOPAT		 12.38 23.37 -38.19
Long-Term Debt to NOPAT		 13.99 25.17 -42.24
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -652 -181 11
Operating Cash Flow to CapEx		 1,840.79% 626.05% 2,472.90%
Free Cash Flow to Firm to Interest Expense		 -16.95 -1.05 0.05
Operating Cash Flow to Interest Expense		 2.94 0.18 0.27
Operating Cash Flow Less CapEx to Interest Expense		 2.78 0.15 0.26
Efficiency Ratios		 - - -
Asset Turnover		 0.03 0.03 0.01
Fixed Asset Turnover		 7.23 6.05 3.40
Capital & Investment Metrics		 - - -
Invested Capital		 1,456 1,685 1,647
Invested Capital Turnover		 0.20 0.12 0.06
Increase / (Decrease) in Invested Capital		 724 229 -38
Enterprise Value (EV)		 1,584 1,637 1,563
Market Capitalization		 697 511 525
Book Value per Share		 $26.41 $27.75 $29.28
Tangible Book Value per Share		 $22.42 $23.78 $25.37
Total Capital		 1,456 1,685 1,647
Total Debt		 1,003 1,213 1,148
Total Long-Term Debt		 1,003 1,213 1,148
Net Debt		 887 1,126 1,038
Capital Expenditures (CapEx)		 6.14 5.05 2.33
Net Nonoperating Expense (NNE)		 0.00 0.00 0.89
Net Nonoperating Obligations (NNO)		 1,003 1,213 1,148
Total Depreciation and Amortization (D&A)		 7.22 13 15
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $4.14 $2.82 ($1.63)
Adjusted Weighted Average Basic Shares Outstanding		 17.25M 17.03M 17.15M
Adjusted Diluted Earnings per Share		 $4.11 $2.82 ($1.63)
Adjusted Weighted Average Diluted Shares Outstanding		 17.38M 17.06M 17.15M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.16M 17.03M 19.28M
Normalized Net Operating Profit after Tax (NOPAT)		 72 48 -27
Normalized NOPAT Margin		 32.79% 24.93% -27.00%
Pre Tax Income Margin		 41.71% 29.23% -38.57%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 2.37 0.33 -0.18
NOPAT to Interest Expense		 1.86 0.28 -0.13
EBIT Less CapEx to Interest Expense		 2.21 0.30 -0.19
NOPAT Less CapEx to Interest Expense		 1.70 0.25 -0.14
Payout Ratios		 - - -
Dividend Payout Ratio		 52.52% 80.19% -136.84%
Augmented Payout Ratio		 65.74% 98.48% -136.84%

Quarterly Metrics And Ratios for Washington Trust Bancorp

This table displays calculated financial ratios and metrics derived from Washington Trust Bancorp's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 2.22% -5.03% -3.40% -10.38% -15.33% -16.63% -3.26% 0.88% -0.90% -197.82%
EBITDA Growth		 0.61% -17.97% -23.22% -42.29% -39.14% -10.39% -13.53% -2.29% -2.13% -447.60%
EBIT Growth		 -0.38% -18.24% -23.02% -44.21% -41.25% -41.95% -14.57% -1.94% -1.82% -759.23%
NOPAT Growth		 -0.44% -17.91% -22.27% -43.60% -40.21% -21.88% -14.64% -3.92% -1.61% -533.87%
Net Income Growth		 -0.44% -17.91% -22.27% -43.60% -40.21% -21.88% -14.64% -3.92% -1.61% -569.54%
EPS Growth		 0.93% -17.39% -21.28% -42.11% -39.81% -18.95% -13.51% -4.55% -1.54% -559.74%
Operating Cash Flow Growth		 -57.37% 773.89% -71.23% -261.04% 47.47% -71.70% -82.44% 153.25% -13.85% 61.55%
Free Cash Flow Firm Growth		 -157.08% -261.32% -280.25% -497.78% -21.53% 69.45% 62.17% 25.22% 41.21% 91.57%
Invested Capital Growth		 44.26% 98.82% 139.08% 83.95% 36.29% 15.73% 22.44% 34.29% 15.93% -2.25%
Revenue Q/Q Growth		 8.39% -4.69% -8.44% -5.25% 2.41% -6.16% 6.24% -1.19% 0.60% -192.63%
EBITDA Q/Q Growth		 -5.52% -12.50% -21.68% -10.87% -0.36% 28.84% 11.24% 0.72% -0.20% -557.57%
EBIT Q/Q Growth		 -5.19% -12.54% -23.17% -12.43% -0.16% -13.59% 13.08% 0.51% -0.04% -680.25%
NOPAT Q/Q Growth		 -6.46% -11.22% -22.69% -12.14% -0.84% 16.00% -15.53% -1.11% 1.53% -611.55%
Net Income Q/Q Growth		 -6.46% -11.22% -22.69% -12.14% -0.84% 16.00% -15.53% -1.11% 1.53% -653.60%
EPS Q/Q Growth		 -5.26% -12.04% -22.11% -10.81% -1.52% 18.46% -16.88% -1.56% 1.59% -653.13%
Operating Cash Flow Q/Q Growth		 55.28% 103.31% -73.05% -289.26% 242.19% -60.98% -83.28% 473.97% 130.02% -26.82%
Free Cash Flow Firm Q/Q Growth		 -295.43% -110.69% -14.38% 15.54% 40.29% 47.04% -41.62% -66.99% 53.06% 92.41%
Invested Capital Q/Q Growth		 39.60% 26.10% -3.00% 7.73% 3.43% 7.07% 2.62% 18.16% -10.70% -9.73%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 44.46% 40.82% 34.91% 32.84% 31.96% 43.87% 31.21% 31.81% 31.56% 0.00%
EBIT Margin		 41.45% 38.04% 31.92% 29.50% 28.76% 26.49% 28.19% 28.68% 28.50% 0.00%
Profit (Net Income) Margin		 32.27% 30.06% 25.38% 23.54% 22.79% 28.17% 22.40% 22.42% 22.63% 0.00%
Tax Burden Percent		 77.85% 79.03% 79.52% 79.78% 79.23% 106.36% 79.45% 78.17% 79.40% 75.75%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 22.15% 20.97% 20.48% 20.22% 20.77% -6.36% 20.55% 21.83% 20.60% 0.00%
Return on Invested Capital (ROIC)		 7.31% 6.00% 5.49% 4.23% 3.38% 3.47% 2.73% 2.41% 2.55% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.31% 6.00% 5.49% 4.23% 3.38% 3.47% 2.73% 2.41% 2.55% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 7.17% 6.90% 5.76% 6.39% 7.30% 8.29% 6.48% 6.84% 6.73% 0.00%
Return on Equity (ROE)		 14.48% 12.90% 11.25% 10.63% 10.68% 11.75% 9.21% 9.26% 9.28% 0.00%
Cash Return on Invested Capital (CROIC)		 -28.54% -59.59% -75.25% -54.08% -26.92% -11.51% -17.23% -26.70% -12.07% 0.65%
Operating Return on Assets (OROA)		 1.48% 1.33% 1.09% 0.96% 0.86% 0.74% 0.77% 0.78% 0.76% 0.00%
Return on Assets (ROA)		 1.15% 1.05% 0.87% 0.77% 0.68% 0.79% 0.61% 0.61% 0.61% 0.00%
Return on Common Equity (ROCE)		 14.48% 12.90% 11.25% 10.63% 10.68% 11.75% 9.21% 9.26% 9.28% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 17.42% 0.00% 14.63% 12.92% 12.01% 0.00% 9.92% 9.74% 9.10% 0.00%
Net Operating Profit after Tax (NOPAT)		 19 17 13 11 11 13 11 11 11 -56
NOPAT Margin		 32.27% 30.06% 25.38% 23.54% 22.79% 28.17% 22.40% 22.42% 22.63% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.39%
SG&A Expenses to Revenue		 44.22% 45.25% 50.83% 51.19% 52.89% 49.89% 53.05% 52.39% 52.60% 0.00%
Operating Expenses to Revenue		 57.16% 60.51% 66.50% 69.04% 70.22% 70.90% 70.38% 70.29% 71.09% 0.00%
Earnings before Interest and Taxes (EBIT)		 24 21 16 14 14 12 14 14 14 -80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 26 23 18 16 16 20 15 15 15 -70
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.63 1.54 1.16 0.92 0.96 1.08 0.96 0.97 1.08 1.05
Price to Tangible Book Value (P/TBV)		 1.93 1.81 1.36 1.08 1.14 1.26 1.12 1.13 1.24 1.21
Price to Revenue (P/Rev)		 3.17 3.19 2.48 2.00 2.05 2.64 2.34 2.38 2.82 5.22
Price to Earnings (P/E)		 9.37 9.72 7.95 7.14 8.05 10.60 9.70 10.00 11.83 0.00
Dividend Yield		 5.28% 5.37% 7.01% 8.96% 9.18% 7.47% 8.51% 8.34% 7.08% 7.28%
Earnings Yield		 10.67% 10.28% 12.59% 14.01% 12.42% 9.43% 10.31% 10.00% 8.45% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.12 1.09 0.96 0.89 0.92 0.97 0.93 0.94 0.91 0.95
Enterprise Value to Revenue (EV/Rev)		 5.85 7.25 6.23 6.43 7.16 8.47 8.40 10.03 8.64 15.53
Enterprise Value to EBITDA (EV/EBITDA)		 12.54 16.10 14.52 16.67 20.27 23.67 26.68 32.15 27.78 0.00
Enterprise Value to EBIT (EV/EBIT)		 13.52 17.38 15.65 18.09 22.19 28.98 29.72 35.77 30.89 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 17.20 22.10 19.87 22.92 27.97 33.97 34.75 42.01 36.24 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.71 14.02 15.80 26.40 23.70 51.78 71.65 35.27 32.79 27.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 144.94
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.67 2.21 2.04 2.31 2.65 2.57 2.70 3.34 2.63 2.30
Long-Term Debt to Equity		 1.67 2.21 2.04 2.31 2.65 2.57 2.70 3.34 2.63 2.30
Financial Leverage		 0.98 1.15 1.05 1.51 2.16 2.39 2.37 2.83 2.64 2.43
Leverage Ratio		 12.57 12.28 12.99 13.89 15.74 14.97 15.14 15.26 15.34 14.53
Compound Leverage Factor		 12.57 12.28 12.99 13.89 15.74 14.97 15.14 15.26 15.34 14.53
Debt to Total Capital		 62.57% 68.85% 67.08% 69.83% 72.59% 71.95% 73.00% 76.96% 72.48% 69.67%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 62.57% 68.85% 67.08% 69.83% 72.59% 71.95% 73.00% 76.96% 72.48% 69.67%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 37.43% 31.15% 32.92% 30.17% 27.41% 28.05% 27.00% 23.05% 27.52% 30.33%
Debt to EBITDA		 6.99 10.19 10.18 13.03 15.99 17.54 20.94 26.24 22.19 -47.45
Net Debt to EBITDA		 5.74 9.02 8.73 11.50 14.45 16.28 19.25 24.51 18.72 -42.91
Long-Term Debt to EBITDA		 6.99 10.19 10.18 13.03 15.99 17.54 20.94 26.24 22.19 -47.45
Debt to NOPAT		 9.60 13.99 13.93 17.92 22.06 25.17 27.27 34.29 28.96 -42.24
Net Debt to NOPAT		 7.87 12.38 11.95 15.81 19.95 23.37 25.07 32.03 24.43 -38.19
Long-Term Debt to NOPAT		 9.60 13.99 13.93 17.92 22.06 25.17 27.27 34.29 28.96 -42.24
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -336 -707 -809 -683 -408 -216 -306 -511 -240 -18
Operating Cash Flow to CapEx		 1,507.45% 1,778.01% 969.76% -1,119.19% 5,923.61% 764.44% 311.18% 690.19% 2,020.35% 3,904.56%
Free Cash Flow to Firm to Interest Expense		 -33.25 -34.64 -25.63 -16.37 -8.69 -4.21 -5.71 -9.39 -4.34 -0.37
Operating Cash Flow to Interest Expense		 2.01 2.02 0.35 -0.50 0.64 0.23 0.04 0.21 0.46 0.38
Operating Cash Flow Less CapEx to Interest Expense		 1.87 1.90 0.32 -0.55 0.62 0.20 0.02 0.18 0.44 0.38
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.01
Fixed Asset Turnover		 7.55 7.23 7.16 6.78 6.52 6.05 6.02 5.96 5.98 3.40
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,155 1,456 1,413 1,522 1,574 1,685 1,730 2,044 1,825 1,647
Invested Capital Turnover		 0.23 0.20 0.22 0.18 0.15 0.12 0.12 0.11 0.11 0.06
Increase / (Decrease) in Invested Capital		 354 724 822 695 419 229 317 522 251 -38
Enterprise Value (EV)		 1,295 1,584 1,351 1,359 1,449 1,637 1,609 1,927 1,656 1,563
Market Capitalization		 703 697 539 422 415 511 448 458 540 525
Book Value per Share		 $25.17 $26.41 $27.10 $26.98 $25.35 $27.75 $27.41 $27.62 $29.44 $29.28
Tangible Book Value per Share		 $21.18 $22.42 $23.12 $22.98 $21.36 $23.78 $23.45 $23.67 $25.51 $25.37
Total Capital		 1,155 1,456 1,413 1,522 1,574 1,685 1,730 2,044 1,825 1,647
Total Debt		 723 1,003 948 1,063 1,143 1,213 1,263 1,573 1,323 1,148
Total Long-Term Debt		 723 1,003 948 1,063 1,143 1,213 1,263 1,573 1,323 1,148
Net Debt		 593 887 813 938 1,033 1,126 1,161 1,469 1,116 1,038
Capital Expenditures (CapEx)		 1.34 2.32 1.14 1.88 0.50 1.52 0.63 1.62 1.27 0.48
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.62
Net Nonoperating Obligations (NNO)		 723 1,003 948 1,063 1,143 1,213 1,263 1,573 1,323 1,148
Total Depreciation and Amortization (D&A)		 1.74 1.53 1.51 1.60 1.56 7.99 1.47 1.51 1.49 10
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.08 $0.96 $0.75 $0.66 $0.65 $0.76 $0.64 $0.63 $0.64 ($3.54)
Adjusted Weighted Average Basic Shares Outstanding		 17.17M 17.25M 17.07M 17.01M 17.02M 17.03M 17.03M 17.05M 17.06M 17.15M
Adjusted Diluted Earnings per Share		 $1.08 $0.95 $0.74 $0.66 $0.65 $0.77 $0.64 $0.63 $0.64 ($3.54)
Adjusted Weighted Average Diluted Shares Outstanding		 17.30M 17.38M 17.17M 17.03M 17.04M 17.06M 17.07M 17.11M 17.14M 17.15M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.18M 17.16M 17.02M 17.02M 17.03M 17.03M 17.05M 17.06M 17.06M 19.28M
Normalized Net Operating Profit after Tax (NOPAT)		 19 17 13 11 11 8.52 11 11 11 -56
Normalized NOPAT Margin		 32.27% 30.06% 25.38% 23.54% 22.79% 18.54% 22.40% 22.42% 22.63% 0.00%
Pre Tax Income Margin		 41.45% 38.04% 31.92% 29.50% 28.76% 26.49% 28.19% 28.68% 28.50% 0.00%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 2.38 1.03 0.51 0.34 0.30 0.24 0.26 0.25 0.25 -1.64
NOPAT to Interest Expense		 1.85 0.81 0.41 0.27 0.24 0.25 0.20 0.20 0.20 -1.15
EBIT Less CapEx to Interest Expense		 2.24 0.91 0.47 0.29 0.29 0.21 0.25 0.22 0.23 -1.65
NOPAT Less CapEx to Interest Expense		 1.72 0.70 0.37 0.22 0.23 0.22 0.19 0.17 0.18 -1.16
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 49.65% 52.52% 55.73% 64.30% 74.07% 80.19% 83.22% 83.73% 84.08% -136.84%
Augmented Payout Ratio		 62.24% 65.74% 82.52% 80.55% 90.94% 98.48% 83.38% 83.89% 84.24% -136.84%

Financials Breakdown Chart

Key Financial Trends

Washington Trust Bancorp (NASDAQ: WASH) has experienced notable financial developments over the past year, with significant fluctuations evident in its quarterly financial statements through 2023 and 2024.

Positive Developments:

  • The company maintained a generally stable net interest income through Q1 to Q3 2024, with quarterly amounts ranging approximately between $62 million to $64 million, reflecting consistent core banking operations.
  • Salaries and employee benefits, while sizable, remained relatively stable around $21 million to $22 million per quarter in 2024, indicating cost controls on personnel expenses.
  • Washington Trust has steadily paid dividends per share at $0.56 per quarter in 2024, showcasing commitments to shareholder returns.
  • Cash from continuing operating activities improved significantly in Q4 2024 compared to Q1 2024, rising to $18.7 million from as low as $1.95 million in Q1 2024, indicating improved cash operational health despite a net loss.
  • The balance sheets from Q1 to Q3 2024 show steady growth in loans and leases net of allowance, rising from approximately $5.18 billion in Q1 to $5.47 billion in Q3, indicating expansion in lending activities.
  • Issuances of debt in Q2 and Q3 2024 remain strong, with several hundreds of millions raised, supporting liquidity and capital structure management.

Neutral Developments:

  • Total assets have remained relatively stable around $7 billion each quarter through 2023 and 2024, reflecting a balanced growth approach.
  • Total equity has gradually increased from approximately $432 million in mid-2022 to $502 million by Q3 2024, indicating modest capitalization growth but also persistent accumulated other comprehensive losses.
  • The provision for credit losses has been minimal and fairly consistent, at about $500,000 to $1 million per quarter, indicating stable credit quality currently.

Negative Developments:

  • Q4 2024 income statement reveals a large net loss attributable to common shareholders of about $60.76 million, a marked deterioration from Q3 2024’s net income of $10.97 million, primarily caused by substantial realized and unrealized investment losses of approximately $93.9 million.
  • Net interest income turned sharply negative in Q4 2024 (-$61.2 million), a drastic change from consistent positive net interest income in previous quarters, suggesting issues in interest revenue or increased funding costs.
  • The total non-interest income plunged to a negative $77.9 million in Q4 2024 due to investment losses, overshadowing operational revenue sources like investment banking and service charges.
  • Net cash from continuing financing activities turned negative ($-169.9 million) in Q4 2024, driven by large debt repayments of $590 million that were only partly offset by new borrowings and equity issuances.
  • Total liabilities remain substantially high, with large amounts of long-term debt around $1.3 billion as of Q3 2024, elevating financial leverage and interest expenses.
  • Net change in deposits was sharply negative in Q4 2024 (-$56.1 million), indicating potential outflows or reduced funding base relative to prior quarters of positive deposit growth.

Summary: Washington Trust Bancorp has demonstrated solid operational fundamentals with steady loan portfolio growth, stable operating expenses, and consistent dividends through early 2024. However, the fourth quarter of 2024 saw significant challenges with large unrealized and realized losses on investments severely impacting net income and net interest income, alongside deposit outflows and notable debt repayments. These developments have pressured earnings and cash flows, marking a turning point from prior quarters’ profitability. Investors should monitor management’s response to investment losses and funding strategy evolution going forward.

10/09/25 10:17 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Washington Trust Bancorp's Financials

When does Washington Trust Bancorp's fiscal year end?

According to the most recent income statement we have on file, Washington Trust Bancorp's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Washington Trust Bancorp's net income changed over the last 2 years?

Washington Trust Bancorp's net income appears to be on a downward trend, with a most recent value of -$28.06 million in 2024, falling from $71.68 million in 2022. The previous period was $48.18 million in 2023. Find out what analysts predict for Washington Trust Bancorp in the coming months.

How has Washington Trust Bancorp's revenue changed over the last 2 years?

Over the last 2 years, Washington Trust Bancorp's total revenue changed from $218.59 million in 2022 to $100.65 million in 2024, a change of -54.0%.

How much debt does Washington Trust Bancorp have?

Washington Trust Bancorp's total liabilities were at $6.43 billion at the end of 2024, a 4.4% decrease from 2023, and a 3.6% increase since 2022.

How much cash does Washington Trust Bancorp have?

In the past 2 years, Washington Trust Bancorp's cash and equivalents has ranged from $21.53 million in 2024 to $115.49 million in 2022, and is currently $21.53 million as of their latest financial filing in 2024.

How has Washington Trust Bancorp's book value per share changed over the last 2 years?

Over the last 2 years, Washington Trust Bancorp's book value per share changed from 26.41 in 2022 to 29.28 in 2024, a change of 10.9%.


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This page (NASDAQ:WASH) was last updated on 10/9/2025 by MarketBeat.com Staff
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