Washington Trust Bancorp, Inc. (WASH) SEC Filings & Earnings Calls

Mortgage banking revenue decline due to rising rates and lower pipeline.

“Mortgage banking revenues were down by $318 thousand, or 9%, reflecting a decrease in the mortgage pipeline and rising market interest rates.” · word for word

AOCI decline from rising rates impacting equity.

“Total shareholders' equity was $530.8 million, down by $22.8 million, or 4%, as net income was offset by a decline in AOCI.”

CRE Office Credit Deterioration

“Two CRE office segment loans with underlying properties located in our primary lending area were placed on nonaccrual status in the first quarter of 2026.” · word for word

Elevated Provision for Credit Losses

“Provision for credit losses $1,600 $600 $1,000 167 %” · word for word

Net Unrealized Losses on Securities

“The carrying amounts of available for sale debt securities as of June 30, 2026 and December 31, 2025 included net unrealized losses of $96.7 million and $94.9 million, respectively.” · word for word

Single commercial real estate office loan drove increase in past due loans, but management states it does not reflect broader deterioration

“The increase was attributable to a single commercial real estate office loan that had already been placed on nonaccrual status in the preceding quarter and did not reflect broader deterioration in portfolio credit quality during the quarter.” · word for word

Repurchase program may be modified, suspended, or discontinued at any time, subject to market conditions and regulatory requirements.

“The 2026 Repurchase Program will commence on May 16, 2026, and expire on May 16, 2027, and may be modified, suspended, or discontinued at any time.” · word for word

CRE office loan credit deterioration

“Two CRE office segment loans with underlying properties located in our primary lending area of Southern New England were placed on nonaccrual status.” · word for word

Elevated provision for credit losses

“Provision for credit losses 4,000 1,200 2,800 233” · word for word

Concentration in CRE office segment

“CRE office loan segment totaled $231.0 million, or 5% of total loans and 11% of the total CRE loans.” · word for word

Increase in nonaccrual loans due to two commercial real estate office loans.

“Nonaccrual loans were $40.4 million, or 0.81% of total loans, up from $12.9 million, or 0.25%. The increase was largely due to two commercial real estate office loans that were placed on nonaccrual status.” · word for word

Interest Rate Risk

“The Board’s role in the Corporation’s risk oversight process includes receiving regular reports from members of senior management on areas of material risk to the Corporation, including operational, credit, interest rate, liquidity, fiduciary, legal, regulatory, compensation, strategic and reputational risks.” · word for word

Credit Risk

“The Board’s role in the Corporation’s risk oversight process includes receiving regular reports from members of senior management on areas of material risk to the Corporation, including operational, credit, interest rate, liquidity, fiduciary, legal, regulatory, compensation, strategic and reputational risks.” · word for word

Commercial loan credit deterioration

“The increase in the provision for credit losses in 2025 reflected the impact of charge-offs on two commercial loan relationships.” · word for word

CRE office sector exposure

“There continues to be heightened focus in the banking industry on the CRE office sector, given the continuation of remote work and elevated vacancies across the office market.” · word for word

Credit quality improvement but past due loans increased slightly.

“Past due loans were $11.4 million, or 0.22% of total loans, up from $8.1 million, or 0.16%.” · word for word

Noninterest expense increased 6% QoQ due to higher compensation and charitable contribution.

“Noninterest expense totaled $38.0 million, up by $2.3 million, or 6%.” · word for word

Commercial loan credit deterioration

“The increase in the provision for credit losses for the three and nine months ended September 30, 2025, as compared to the same periods in 2024, was primarily due to charge-offs of $11.3 million on two commercial loan relationships in the third quarter of 2025.” · word for word

CRE office exposure

“There continues to be heightened focus in the banking industry on the CRE office sector, given the continuation of remote work and elevated vacancies across the office market.” · word for word

Potential problem loans increase

“Management has identified $32.1 million in potential problem loans at September 30, 2025, compared to $28.2 million at December 31, 2024.” · word for word