The combination of accelerating NIM expansion, improving asset quality (office loan resolution), and deposit growth to an all-time high signals a fundamental inflection. Watch the Oct 20 conference call for guidance on loan growth trajectory and NIM sustainability in a potential rate-cutting environment.
Price Chart
Executive Summary
Washington Trust Bancorp reported Q3 2026 diluted EPS of $1.01, a 12.8% beat vs consensus of $0.90, with net income of $19.4M up 21% QoQ. Net interest margin expanded 11bp to 2.84%, asset quality improved as nonaccrual loans fell to 0.48% from 0.78%, and deposits reached an all-time high of $5.4B. The strong beat was driven by NIM expansion, lower provision, and a non-taxable BOLI gain of $0.05/share.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS $1.01 vs consensus $0.90 (12.8% beat)
- Net income $19.4M, up 21% from Q2 2026 and up 78.7% YoY
- Net interest margin expanded 11bp QoQ to 2.84%, up 44bp YoY
- Nonaccrual loans fell to $24.5M (0.48% of loans) from $39.8M (0.78%)
- Deposits reached all-time high of $5.4B, up $77M from Q2
- Provision for credit losses was $1.8M vs $1.6M in Q2 and $6.8M in Q3 2025
- Efficiency ratio improved to 59.7% from 63.8% in Q2
- Quarterly dividend maintained at $0.56 per share
Financial Impact
EPS beat of $0.11 (12.8%) on consensus of $0.90; net income up 21% QoQ and 78.7% YoY
Risk Factors
- AOCI decline of $32.4M QoQ due to rising rates reduced book value to $27.82 from $29.02
- Commercial real estate office exposure remains $208M (10% of CRE), with $12.6M still classified
- Net charge-offs of $3.9M in Q3 vs $55K in Q2 due to the office loan resolution
- Mortgage banking revenues down 9% QoQ on rising rates and lower pipeline
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000737468-26-000120 |
| Document: wash-20261019.htm | 0000737468-26-000120 |
| Document: 0000737468-26-000120-index-headers.html | 0000737468-26-000120 |
| Document: 0000737468-26-000120-index.html | 0000737468-26-000120 |
| Document: 0000737468-26-000120.txt | 0000737468-26-000120 |
| 8-K Data (Synthetic) | 0000737468-26-000120 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 144 | $39.62 | awaiting T+1 | — | $38.95 (−1.68%) |
Oct 19, 2026 7d ago | 8-K | $38.11 $38.47 | ▲ +0.94% | ▲ +0.42% | $38.95 (+2.20%) |
Sep 17, 2026 5w ago | Press Release | $38.82 $38.73 | ▼ −0.23% | ▼ −0.36% | $38.95 (+0.34%) |
Aug 7, 2026 11w ago | S-3 | $38.85 $38.52 | ▼ −0.85% | ▼ −0.82% | $38.95 (+0.26%) |
May 12, 2026 23w ago | 8-K | $31.66 $31.37 | ▼ −0.92% | ▼ −1.49% | $38.95 (+23.03%) |
Apr 23, 2026 26w ago | Insider Cluster | $31.23 $31.76 | ▲ +1.70% | ▲ +0.90% | $38.95 (+24.72%) |
Apr 23, 2026 26w ago | Insider Cluster | $31.44 $30.81 | ▼ −2.00% | ▼ −2.79% | $38.95 (+23.89%) |
Apr 23, 2026 26w ago | Insider Cluster | $31.44 $30.81 | ▼ −2.00% | ▼ −2.79% | $38.95 (+23.89%) |
Apr 23, 2026 26w ago | Insider Cluster | $31.44 $30.81 | ▼ −2.00% | ▼ −2.79% | $38.95 (+23.89%) |
Apr 23, 2026 26w ago | Insider Cluster | $31.44 $30.81 | ▼ −2.00% | ▼ −2.79% | $38.95 (+23.89%) |
US Market Status
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