Washington Trust Bancorp : First Quarter 2025 Fact Sheet

Published: 2025-04-21 19:47:03 ET WASH

"Washington Trust's first quarter results reflected our effective focus on our balance sheet, resulting in expansion of net interest margin and in-market deposit growth. In our 225th year, we remain steadfast in our commitment to our customers and the communities we serve."

- Edward O. Handy III, Chairman & CEO

Q1 2025 Highlights

In the Community

Washington Trust's 25th Annual Peanut Butter Drive Sees Record Increase in Donations. Washington Trust's 25th Annual Peanut Butter Drive collected 4,710 jars of peanut butter, and more than $6,100 in monetary donations, to benefit partner food banks and hunger relief agencies throughout the Bank's footprint - a 68% increase in donations from last year.

In 2001, the Peanut Butter Drive was created as a meaningful way to restock food pantry shelves following the holiday season,xxxxxxxproviding a healthy, family-friendly staple loved

by people of all ages. Throughout its 25-year history, the annual drive has collected more than 166 tons of peanut butter-enough to make more than 5.2 million sandwiches for neighbors in need.

Andrew Schiff, CEO at the Rhode Island Community Food Bank, emphasized the impact of community food drives and awareness campaigns such as this one: "Community initiatives like Washington Trust's Annual Peanut Butter Drive are critical in helping us address the need for food assistance in Rhode Island. For the past 25 years, this drive has continued to grow and has been a boon to our efforts to feed Rhode Islanders in need every day. We are deeply grateful for the longstanding partnership with the Bank, and generosity from our community."

The collected peanut butter and funds raised will directly support local food banks and other hunger relief programs, ensuring that families and individuals facing hunger have access to nutritious food.

23 Broad Street, Westerly, RI 02891

1-800-475-2265, x1566

ir.washtrust.com

Nasdaq: WASH

Market Summary

Trading Symbol

WASH

Exchange

NASDAQ

Market Value ($M)

595

Stock Price

$30.86

As of March 31, 2025

Deposit & Loan Mix

$5.1

$5.6

$5.3

$5.1

$5.0

2022

2023

2024

3/31/25

$ billions; at December 31st unless otherwise noted

Loans

Deposits

Top Line Revenues

Deposit Fees

All Other

Mortgage

Banking

Net

Interest

Income

70%

Wealth

Management

19%

For the 3 months ended March 31, 2025; excludes the sale of bank properties

Wealth Management Revenues

$38.7 $35.5 $39.1

$9.9

$ millions

2022

2023

2024

YTD 3/31/25

Cash Dividends Declared per share

$2.18 $2.24 $2.24

$0.56

2022

2023

2024

YTD 03/31/25

Member FDIC

Financial Highlights

At or for the Quarters Ended

($ and shares in thousands, except per share amounts)

3/31/2025

12/31/2024

9/30/2024

6/30/2024

Balance Sheet ($000)

Total assets

$6,586,015

$6,930,647

$7,141,571

$7,184,360

Total loans

5,096,210

5,137,838

5,514,870

5,629,102

Total securities

917,545

916,305

973,266

951,828

Total deposits

5,040,581

5,115,800

5,171,890

4,976,126

Total shareholders' equity

521,680

499,728

502,229

470,957

Income Statement ($000) and Profitability

Net interest income

36,422

32,936

32,262

31,585

Provision for credit losses

1,200

1,000

200

500

Wealth management revenues

9,891

10,049

9,989

9,678

Mortgage banking revenues

2,304

2,848

2,866

2,761

Other noninterest income

10,448

(90,789)

3,417

4,221

Noninterest expenses

42,196

34,292

34,504

33,910

Net income

12,179

(60,791)

10,981

10,815

Return on average assets

0.73%

-3.45%

0.60%

Return on average equity

9.63%

-48.25%

8.99%

9.43%

Net interest margin (fully taxable equivalent)

2.29%

1..95%

1.85%

1.83%

Balance Sheet Ratios/Capital

Total risk based capital

13.13%

12.47%

12.21%

11.81%

Tier 1 leverage ratio

8.45%

8.13%

7.85%

7.82%

Equity to assets

7.92%

7.21%

7.03%

6.56%

Tangible equity / tangible assets; non-GAAP (1)

6.98%

6.31%

6.15%

5.67%

Asset Quality

Total past due loans to total loans

0.20%

0.23%

0.37%

0.21%

Nonperforming assets to total assets

0.33%

0.34%

0.44%

0.43%

Nonaccrual loans to total loans

0.42%

0.45%

0.56%

0.54%

Allowance for credit losses on loans to total loans

0.81%

0.82%

0.77%

0.75%

Share Data:

Diluted earnings per share

$0.63

($3.46)

$0.64

$0.63

Dividends declared per share

$0.56

Book value per share

$27.06

$25.93

$29.44

$27.61

Tangible book value per share; non-GAAP (2)

$23.61

$22.46

$25.51

$23.67

Market value per share

$30.86

$31.35

$32.21

$27.41

Shares outstanding at end of period

19,276

19,274

17,058

Weighted average shares outstanding - diluted

19,370

17,565

17,140

17,110

About Washington Trust At 03/31/25

28 branches

7 residential mortgage loan offices

5 wealth management offices

4 commercial lending offices

Nasdaq: WASH

C&I Loans by Industry At 03/31/25

Total portfolio: $535.0 million

Percent of total loans: 10%

Health care & social assistance

23%

Real estate rental and leasing 11%

Transportation & warehousing 10%

Retail trade

10%

Educational services 9%

Manufacturing 4%

Information 4%

Finance and insurance 4%

Arts, entertainment and recreation 4%

Accommodation and food services 3%

Professional, scientific and technical services 2%

Other

16%

Commercial Real Estate At 03/31/25

Total portfolio: $2.1 billion

Percent of total loans: 42%

Multi-family

27%

Retail

20%

Industrial & Warehouse

17%

Office

13%

Hospitality

10%

Healthcare facility

Mixed Use

Other

Analyst Coverage

The financial information contained herein is unaudited, and qualified in its entirety by reference to Washington Trust's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and as updated by its Quarterly Reports on Form 10-Q.

Disclaimer

Washington Trust Bancorp Inc. published this content on April 21, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2025 at 23:46 UTC.