WASHINGTON TRUST BANCORP INC WASH
Washington Trust Bancorp, Inc.
The Bancorp, a publicly-owned registered bank holding company that has elected to be a financial holding company, was organized in 1984 under the laws of the state of Rhode Island. The Bancorp's common stock trades on the Nasdaq under the symbol WASH. The Bancorp owns all of the outstanding common stock of the Bank, a Rhode Island chartered financial institution founded in 1800. The Bancorp was formed in 1984 under a plan of reorganization in which outstanding common shares of the Bank were exchanged for common shares of the Bancorp. See additional information under the caption "Subsidiaries."
Washington Trust (hereafter also referred to as "we," "our," or the "Corporation") offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, Connecticut, and Massachusetts.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57.7M | $48.2M | $44.5M | $48.2M | $51.1M | $45.2M | $45.9M | $47.1M | $48.0M | $175.6M |
| Interest expense | $153.2M | $128.4M | $137.1M | $156.0M | $16.6M | $42.5M | $64.2M | $44.1M | $30.1M | $23.0M |
| Pre-tax income | $67.4M | -$38.8M | $56.5M | $91.2M | $98.2M | $89.2M | $88.2M | $86.7M | $77.6M | $68.9M |
| Income tax | $15.2M | $10.8M | $8.3M | $19.5M | $21.3M | $19.3M | $19.1M | $18.3M | $31.7M | $22.4M |
| Net income | $52.2M | -$28.1M | $48.2M | $71.7M | $76.9M | $69.8M | $69.1M | $68.4M | $45.9M | $46.5M |
| EPS, basic | 2.72 | -1.63 | 2.82 | 4.14 | 4.43 | 4.03 | 3.98 | 3.95 | 2.66 | 2.72 |
| EPS, diluted | 2.71 | -1.63 | 2.82 | 4.11 | 4.39 | 4.00 | 3.96 | 3.93 | 2.64 | 2.70 |
| Shares, diluted (wtd. avg.) | $19.3M | $17.1M | $17.1M | $17.4M | $17.5M | $17.4M | $17.4M | $17.4M | $17.3M | $17.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $103.7M | $113.9M | $90.2M | $118.4M | $178.5M | $202.3M | $138.5M | $93.5M | $82.9M | $107.8M |
| Property, plant and equipment | $25.4M | $26.9M | $32.3M | $31.6M | $28.9M | $28.9M | $28.7M | $29.0M | $28.3M | $29.0M |
| Goodwill | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $64.1M |
| Other intangibles | $4.3M | $2.9M | $3.7M | $4.6M | $5.4M | $6.3M | $7.2M | $8.2M | $9.1M | $10.2M |
| Total assets | $6.62B | $6.93B | $7.20B | $6.66B | $5.85B | $5.71B | $5.29B | $5.01B | $4.53B | $4.38B |
| Total liabilities | $6.08B | $6.43B | $6.73B | $6.21B | $5.29B | $5.18B | $4.79B | $4.56B | $4.12B | $3.99B |
| Retained earnings | $442.7M | $434.0M | $501.9M | $492.0M | $458.3M | $418.2M | $390.4M | $355.5M | $317.8M | $294.4M |
| Total equity | $543.6M | $499.7M | $472.7M | $453.7M | $564.8M | $534.2M | $503.5M | $448.2M | $413.3M | $390.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80.3M | $57.7M | $31.6M | $113.0M | $100.8M | $36.5M | $73.4M | $82.9M | $59.4M | $59.7M |
| Depreciation and amortisation | $3.5M | $3.9M | $4.0M | $3.5M | $4.3M | $4.1M | $4.2M | $4.3M | $4.5M | $4.9M |
| Stock-based compensation | $3.0M | $2.5M | $2.1M | $3.2M | $3.3M | $3.8M | $3.1M | $2.6M | $2.6M | $2.2M |
| Capital expenditure | $2.0M | $4.0M | $5.0M | $6.1M | $3.5M | $3.4M | $3.1M | $4.0M | $2.8M | $3.1M |
| Investing cash flow | $305.4M | $231.3M | -$550.8M | -$999.0M | -$240.9M | -$264.2M | -$160.1M | -$481.8M | -$179.7M | -$625.4M |
| Financing cash flow | -$395.9M | -$265.3M | $491.0M | $826.0M | $116.3M | $291.6M | $131.7M | $409.5M | $95.4M | $575.8M |
| Dividends paid | $43.3M | $38.4M | $38.6M | $37.6M | $36.3M | $35.5M | $34.2M | $29.3M | $26.3M | $24.6M |
| Buybacks | $7.4M | $0 | $8.8M | $9.5M | $0 | $4.3M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000737468-26-000034.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |