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Washington Bancorp
(NASDAQ:WASH)
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Rating:68Neutral
Price Target:
$40.00
▲(0.68% Upside)
Action:Downgraded
Date:10/20/26
WASH scores positively on financial performance and valuation—driven by strong free-cash-flow conversion/growth, restored profitability, and a high dividend yield with a moderate P/E. The score is held back by weak technical momentum (bearish indicators and trading below key moving averages) and financial/operating variability risks noted in the data, including sharp reported TTM revenue decline and earnings-call items such as higher expenses and CRE-related credit/spread pressure.
Positive Factors
Net interest income and margin expansion
Improving net interest income and margin indicate stronger core banking economics and better earnings capacity. Continued margin expansion, supported by asset sensitivity and management guidance, can sustain profitability if deposit costs and competitive pricing remain controlled over coming quarters.
Negative Factors
Volatile revenue trend
The sharp TTM revenue decline and history of large swings reduce confidence in the durability of the current earnings rebound. Volatility makes planning and capital allocation more difficult, and it could weaken operating leverage if revenue does not keep pace with the bank’s cost base.
Read all positive and negative factors
Positive Factors
Negative Factors
Net interest income and margin expansion
Improving net interest income and margin indicate stronger core banking economics and better earnings capacity. Continued margin expansion, supported by asset sensitivity and management guidance, can sustain profitability if deposit costs and competitive pricing remain controlled over coming quarters.
Read all positive factors
Washington Bancorp Key Performance Indicators (KPIs)
Any
Income Before Taxes by Segment
Measures pre-tax profitability across business units so investors can see which operations produce core earnings before tax effects and how provisioning, expenses, or one-time items affect segment-level strength.
Measures pre-tax profitability across business units so investors can see which operations produce core earnings before tax effects and how provisioning, expenses, or one-time items affect segment-level strength.
Data provided by:
The Fly
The FlyWashington Bancorp (WASH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$744.28M
Dividend Yield5.74%
Average Volume (3M)131.83K
Price to Earnings (P/E)11.6
Beta (1Y)0.87
Revenue Growth29.57%
EPS GrowthN/A
CountryUS
Employees642
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.91
Shares Outstanding19,074,322
10 Day Avg. Volume142,343
30 Day Avg. Volume131,827
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.04
Price to Sales (P/S)1.49
P/FCF Ratio11.21
Enterprise Value/Market Cap1.54
Enterprise Value/Revenue3.00
Enterprise Value/Gross Profit5.19
Enterprise Value/Ebitda15.30
Forecast
1Y Price Target
$39.00Price Target Upside-1.84% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)3.23
Revenue Forecast (FY)$244.67M
Washington Bancorp Business Overview & Revenue Model
Company Description
Washington Trust Bancorp, Inc. functions as the holding company for The Washington Trust Company, delivering a diverse range of banking and financial solutions to individuals and corporate clients. The company is structured into two primary divisi...
How the Company Makes Money
Washington Bancorp’s earnings are primarily generated through its banking subsidiary via (1) net interest income and (2) noninterest income, with expenses and credit performance influencing net profitability.
1) Net interest income (core revenue ...
Washington Bancorp Earnings Call Summary
Earnings Call Date:Oct 19, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was broadly positive, with strong earnings, net interest income, margin, deposit, commercial loan, and asset-quality performance, alongside branch expansion and continued investment in the business. The main challenges were declines in mortgage banking revenue, competitive pressure on CRE spreads, higher upcoming expenses, a new non-performing loan, ongoing lab-property resolution work, and GAAP capital ratios that remain lighter than peers.Positive Updates
Strong Third-Quarter Earnings Growth
Third-quarter net income was $19.4 million, or $1.01 per share, up $3.4 million or $0.18 from the preceding quarter.
Negative Updates
Mortgage Banking Revenue Decline
Mortgage banking revenue totaled $3.2 million, down 9% from Q2 and 10% year-over-year, reflecting a decrease in the mortgage pipeline and rising market interest rates.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Earnings Growth
Third-quarter net income was $19.4 million, or $1.01 per share, up $3.4 million or $0.18 from the preceding quarter.
Read all positive updates
Company Guidance
Management guided to a Q4 margin range of 285-290, with guidance including just the September rate hike, and said each 25 basis point hike probably gives 1-2 basis points on the run rate; full year 2026 tax rate is expected to be approximately 21.5%. Q4 expenses are expected to increase about $1.5 million, plus the annual $750,000 contribution to the charitable foundation, implying about $41 million including the charitable foundation of $750,000; the ongoing run rate for a branch is around $750,000-$800,000 a year. Management is looking at annualized total portfolio growth of 5%, within the commercial book about 10%, and a target range of 2%-3% quarterly commercial growth, averaging out to about 10% annualized growth, while maintaining deposit growth in the neighborhood of loan growth.Washington Bancorp Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 381.81M | 381.08M | 310.78M | 364.80M | 257.07M | 245.39M |
| Gross Profit | 220.79M | 206.98M | 96.15M | 190.04M | 219.89M | 233.65M |
| EBITDA | 74.91M | 71.63M | -34.06M | 61.33M | 95.50M | 102.49M |
| Net Income | 55.40M | 52.24M | -28.06M | 48.18M | 71.68M | 76.87M |
Balance Sheet | ||||||
| Total Assets | 6.55B | 6.62B | 6.93B | 7.20B | 6.66B | 5.85B |
| Cash, Cash Equivalents and Short-Term Investments | 26.44M | 42.36M | 177.61M | 1.09B | 1.11B | 1.22B |
| Total Debt | 516.62M | 726.13M | 1.18B | 1.24B | 1.03B | 196.69M |
| Total Liabilities | 5.99B | 6.08B | 6.43B | 6.73B | 6.21B | 5.29B |
| Stockholders Equity | 553.52M | 543.58M | 499.73M | 472.69M | 453.67M | 564.81M |
Cash Flow | ||||||
| Free Cash Flow | 89.28M | 50.55M | 53.67M | 26.55M | 106.87M | 97.32M |
| Operating Cash Flow | 93.18M | 52.55M | 57.67M | 31.60M | 113.01M | 100.81M |
| Investing Cash Flow | 148.63M | -375.00K | 231.30M | -550.84M | -999.04M | -240.90M |
| Financing Cash Flow | -282.14M | -51.08M | -265.27M | 491.00M | 825.96M | 116.31M |
Washington Bancorp Technical Analysis
Positive
39.73
Price Trends
38.43
Positive
37.21
Positive
34.46
Positive
Market Momentum
0.03
Negative
59.74
Neutral
85.88
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WASH, the sentiment is Positive. The current price of 39.73 is above the 20-day moving average (MA) of 37.69, above the 50-day MA of 38.43, and above the 200-day MA of 34.46, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 59.74 is Neutral, neither overbought nor oversold. The STOCH value of 85.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WASH.
Washington Bancorp Risk Analysis
Washington Bancorp disclosed 41 risk factors in its most recent earnings report. Washington Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Washington Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $677.55M | 5.20 | 27.40% | 0.65% | 40.09% | 327.11% | |
75 Outperform | $820.93M | 10.63 | 14.12% | 2.97% | 0.24% | 12.12% | |
75 Outperform | $707.53M | 12.44 | 10.86% | 3.53% | 0.41% | 68.29% | |
70 Outperform | $765.56M | 11.14 | 11.30% | 2.27% | 2.75% | 20.38% | |
68 Neutral | $744.28M | 11.61 | 11.76% | 5.74% | 29.57% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $662.87M | 8.73 | 11.91% | 218.92% | 17.96% | 9.46% |
* Financial Sector Average
WASH
Washington Bancorp
39.02
12.88
49.29%
SHBI
Shore Bancshares
22.94
7.66
50.08%
IBCP
Independent Bank
36.98
6.10
19.77%
PFIS
Peoples Financial Services
70.68
24.90
54.40%
CARE
Carter Bankshares
30.57
12.72
71.29%
TCBX
Third Coast Bancshares
39.80
2.01
5.32%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.