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Washington Bancorp
(NASDAQ:WASH)
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Rating:61Neutral
Price Target:
$38.00
▲(5.64% Upside)
Action:Reiterated
Date:05/09/26
The score reflects a recovered profitability and positive cash generation but with meaningful durability risk from sharply lower TTM revenue and continued volatility. The earnings call was balanced—NIM tailwinds and loan-growth targets offset by CRE credit deterioration, loan payoffs, and near-term expense pressure. Valuation is a relative positive (moderate P/E and high dividend yield), while technicals are neutral-to-soft with negative MACD and price slightly below key short-term averages.
Positive Factors
Net Interest Margin Expansion
Sustained NIM improvement reflects successful balance-sheet repositioning and provides a stable core earnings driver. Management also identified swap terminations that should add incremental basis points in coming quarters, giving durable tailwinds to net interest income even if loan growth is gradual.
Negative Factors
TTM Revenue Decline
A marked decline in trailing revenue undermines earnings durability: sustained top-line weakness forces reliance on margin improvement and cost control to preserve profits. If revenue erosion continues, it could compress long-term profitability and limit investment in growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Net Interest Margin Expansion
Sustained NIM improvement reflects successful balance-sheet repositioning and provides a stable core earnings driver. Management also identified swap terminations that should add incremental basis points in coming quarters, giving durable tailwinds to net interest income even if loan growth is gradual.
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
$667.11M
Dividend Yield7.17%
Average Volume (3M)178.57K
Price to Earnings (P/E)12.9
Beta (1Y)0.97
Revenue Growth25.15%
EPS GrowthN/A
CountryUS
Employees618
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.76
Shares Outstanding19,065,594
10 Day Avg. Volume201,471
30 Day Avg. Volume178,570
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.04
Price to Sales (P/S)1.49
P/FCF Ratio6.86
Enterprise Value/Market Cap1.90
Enterprise Value/Revenue3.35
Enterprise Value/Gross Profit6.04
Enterprise Value/Ebitda17.86
Forecast
1Y Price Target
$33.50Price Target Upside-6.87% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.1
Revenue Forecast (FY)$242.87M
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 Trust Bancorp primarily makes money through (1) net interest income and (2) noninterest income. Net interest income is generated by earning interest on interest-earning assets (such as commercial and consumer loans, residential mortgage...
Washington Bancorp Earnings Call Summary
Earnings Call Date:Apr 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 20, 2026
Earnings Call Sentiment Neutral
The call presented a mix of positive operating and strategic developments (margin expansion, year-over-year revenue gains, mortgage pipeline growth, digital conversion, new commercial and institutional banking talent, and strong capital) alongside notable near-term credit and revenue headwinds (two CRE office loans moved to nonaccrual triggering a $4 million provision, QoQ net income decline, commercial loan payoffs, and some noninterest income pressure). Management provided forward-looking mitigants including swap-related NIM tailwinds, targeted loan growth from C&I and institutional banking, and continued portfolio de-risking. Overall, the positives and negatives are balanced, with the firm emphasizing that the CRE issues are contained and being actively managed while executing on strategic investments.Positive Updates
Net Interest Margin Expansion
NIM improved to 2.63%, up 7 basis points quarter-over-quarter and up 34 basis points year-over-year, reflecting margin expansion from core banking and balance sheet repositioning.
Negative Updates
Commercial Loan Payoffs and Loan Balances Down
Total loans declined 2% from December 31. Total commercial loans decreased by $95 million (mainly CRE payoffs), and residential loans declined by $21 million, pressuring near-term loan growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Interest Margin Expansion
NIM improved to 2.63%, up 7 basis points quarter-over-quarter and up 34 basis points year-over-year, reflecting margin expansion from core banking and balance sheet repositioning.
Read all positive updates
Company Guidance
Management guided to mid‑single‑digit loan growth for 2026 (with CRE expected to be low single‑digit to flat/1% and core C&I targeted at high single‑digit on a ~$560M balance), and said the new institutional banking team should deliver $50M+ of fundings this quarter with a 30–40% self‑funding rate; they expect modest NIM expansion (Q1 NIM 2.63% — +7 bps QoQ, +34 bps YoY) with swap terminations adding +9 bps in Q2 and +4 bps in Q3, cited a March “spot margin” of $259M and targets of ~$265–270M for Q2 and $275–280M for Q4; provision run‑rate was guided to ~$1–2M per quarter (after a $4.0M Q1 provision tied to two CRE office loans), operating expense pressure of about $1M in Q2 (plus ~$500k branch costs in 2026) was noted, tax rate ~21.5% for the year (21.6% in Q1), and capital was described as strong (buyback program maintained but no near‑term repurchases planned).Washington Bancorp Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 378.02M | 381.08M | 310.78M | 364.80M | 257.07M | 245.39M |
| Gross Profit | 209.71M | 206.98M | 96.15M | 190.04M | 219.89M | 233.65M |
| EBITDA | 70.90M | 71.63M | -34.06M | 61.33M | 95.50M | 102.49M |
| Net Income | 52.66M | 52.24M | -28.06M | 48.18M | 71.68M | 76.87M |
Balance Sheet | ||||||
| Total Assets | 6.46B | 6.62B | 6.93B | 7.20B | 6.66B | 5.85B |
| Cash, Cash Equivalents and Short-Term Investments | 40.09M | 42.36M | 177.61M | 1.09B | 1.11B | 1.22B |
| Total Debt | 637.40M | 726.13M | 1.18B | 1.24B | 1.03B | 196.69M |
| Total Liabilities | 5.91B | 6.08B | 6.43B | 6.73B | 6.21B | 5.29B |
| Stockholders Equity | 546.77M | 543.58M | 499.73M | 472.69M | 453.67M | 564.81M |
Cash Flow | ||||||
| Free Cash Flow | 53.48M | 82.64M | 53.67M | 26.55M | 106.87M | 97.32M |
| Operating Cash Flow | 54.70M | 84.64M | 57.67M | 31.60M | 113.01M | 100.81M |
| Investing Cash Flow | 103.83M | -375.00K | 231.30M | -550.84M | -999.04M | -240.90M |
| Financing Cash Flow | -200.99M | -51.08M | -265.27M | 491.00M | 825.96M | 116.31M |
Washington Bancorp Technical Analysis
Positive
35.97
Price Trends
33.08
Positive
32.97
Positive
30.61
Positive
Market Momentum
0.74
Positive
56.97
Neutral
26.80
Neutral
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 35.97 is above the 20-day moving average (MA) of 35.25, above the 50-day MA of 33.08, and above the 200-day MA of 30.61, indicating a bullish trend. The MACD of 0.74 indicates Positive momentum. The RSI at 56.97 is Neutral, neither overbought nor oversold. The STOCH value of 26.80 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $561.94M | 10.42 | 13.94% | 1.53% | 15.54% | 33.70% | |
76 Outperform | $740.99M | 9.98 | 12.72% | 3.89% | 41.30% | ― | |
74 Outperform | $743.39M | 11.93 | 10.76% | 2.66% | 4.05% | 26.62% | |
69 Neutral | $762.40M | 28.85 | 4.87% | 3.71% | -6.85% | -13.03% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $667.11M | 12.90 | 9.79% | 7.17% | 25.15% | ― | |
57 Neutral | $628.37M | 12.64 | 10.76% | 0.84% | 5.79% | 76.61% |
* Financial Sector Average
WASH
Washington Bancorp
35.61
8.33
30.53%
FISI
Financial Institutions
38.72
12.76
49.17%
HIFS
Hingham Institution For Savings
291.33
21.19
7.84%
SHBI
Shore Bancshares
22.43
6.45
40.37%
CBNK
Capital Bancorp
34.92
0.71
2.07%
ALRS
Alerus Financial
30.87
9.28
42.95%
Washington Bancorp Corporate Events
Executive/Board ChangesShareholder Meetings
Washington Bancorp shareholders approve directors and compensation plans
Positive
May 1, 2026
At its April 28, 2026 annual meeting, Washington Trust Bancorp shareholders voted remotely, with 85.7% of the 19,039,948 eligible shares represented in person or by proxy, underscoring solid investor engagement in the company’s governance. S...
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.