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Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Corporation manages its operations through two reportable business segments, consisting of Banking and Wealth Management Services. The Corporation’s reportable business segments are determined by the Chairman and Chief Executive Officer, and the Senior Executive Vice President, Chief Financial Officer and Treasurer, the designated CODMs.

An allocation methodology is utilized to allocate income and expenses to the business segments. Direct activities are assigned to the appropriate business segment to which the activity relates. Indirect activities, such as corporate, technology and other support functions, are allocated to business segments primarily based upon full-time equivalent employee computations.

The Banking segment includes commercial, residential, and consumer lending activities; mortgage banking activities; deposit generation; treasury management services; other banking activities, including customer support and the operation of ATMs, telephone banking, internet banking, and mobile banking services; as well as investment portfolio and wholesale funding activities.

Wealth management services and operations are provided through the Bank and its registered investment adviser subsidiary. The Wealth Management Services segment provides investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative, and custodian; settlement of decedents’ estates; and institutional trust services, including custody and fiduciary services.
The CODMs evaluate the financial performance of each business segment, which is measured based upon the business segment’s net income. Components of net income for the business segments that are reviewed by the CODMs include net interest income, provision for credit losses, noninterest income, noninterest expense, and income tax expense. The CODMs, in conjunction with management committees (such as the ALCO) and certain members of executive management, evaluates financial performance to make decisions related to the products and services that are offered, pricing, and the allocation of resources, for each business segment.

The following tables present the components of net income, as well as other supplemental information for Washington Trust’s reportable business segments:
(Dollars in thousands)BankingWealth Management ServicesConsolidated Total
Three months ended June 30, 202620252026202520262025
Total interest and dividend income$75,169 $78,846 $— $— $75,169 $78,846 
Total interest expense33,366 41,661 — — 33,366 41,661 
Net interest income41,803 37,185 — — 41,803 37,185 
Provision for credit losses1,600 600 — — 1,600 600 
Net interest income after provision for credit losses40,203 36,585 — — 40,203 36,585 
Noninterest income7,250 6,720 11,412 10,358 18,662 17,078 
Noninterest expenses:
Salaries and employee benefits19,750 17,434 5,562 5,591 25,312 23,025 
Outsourced services3,587 3,374 679 1,030 4,266 4,404 
Net occupancy2,511 2,393 224 269 2,735 2,662 
Equipment830 855 57 75 887 930 
Legal, audit and professional fees578 525 246 201 824 726 
FDIC deposit insurance costs
952 1,235 — — 952 1,235 
Advertising and promotion653 601 118 116 771 717 
Amortization of intangibles— — 156 203 156 203 
Other expenses2,139 2,095 555 533 2,694 2,628 
Total noninterest expenses31,000 28,512 7,597 8,018 38,597 36,530 
Income before income taxes16,453 14,793 3,815 2,340 20,268 17,133 
Income tax expense3,426 3,283 861 605 4,287 3,888 
Net income$13,027 $11,510 $2,954 $1,735 $15,981 $13,245 
Supplemental Information:
Total assets at period end$6,484,406 $6,683,840 $63,498 $61,327 $6,547,904 $6,745,167 
Expenditures for long-lived assets1,060 388 25 13 1,085 401 
Depreciation expense (1)
745 790 70 86 815 876 
(1)Included in net occupancy and equipment expenses in the table above.
(Dollars in thousands)BankingWealth Management ServicesConsolidated Total
Six months ended June 30, 202620252026202520262025
Total interest and dividend income$150,151 $158,309 $— $— $150,151 $158,309 
Total interest expense67,823 84,702 — — 67,823 84,702 
Net interest income82,328 73,607 — — 82,328 73,607 
Provision for credit losses5,600 1,800 — — 5,600 1,800 
Net interest income after provision for credit losses76,728 71,807 — — 76,728 71,807 
Noninterest income 13,680 19,355 22,285 20,366 35,965 39,721 
Noninterest expenses:
Salaries and employee benefits38,540 34,413 11,112 11,034 49,652 45,447 
Outsourced services7,186 6,639 1,463 2,111 8,649 8,750 
Net occupancy5,174 4,864 451 539 5,625 5,403 
Equipment1,673 1,670 117 151 1,790 1,821 
Legal, audit and professional fees1,240 1,052 520 424 1,760 1,476 
FDIC deposit insurance costs
1,887 2,497 — — 1,887 2,497 
Advertising and promotion1,116 949 202 178 1,318 1,127 
Amortization of intangibles— — 311 407 311 407 
Other expenses4,286 8,974 1,084 2,824 5,370 11,798 
Total noninterest expenses61,102 61,058 15,260 17,668 76,362 78,726 
Income before income taxes29,306 30,104 7,025 2,698 36,331 32,802 
Income tax expense6,160 6,630 1,590 748 7,750 7,378 
Net income$23,146 $23,474 $5,435 $1,950 $28,581 $25,424 
Total assets at period end$6,484,406 $6,683,840 $63,498 $61,327 $6,547,904 $6,745,167 
Expenditures for long-lived assets2,225 475 166 14 2,391 489 
Depreciation expense (1)
1,481 1,598 141 172 1,622 1,770 
(1)Included in net occupancy and equipment expenses in the table above.

For the six months ended June 30, 2025, noninterest income for the Banking segment included a $7.0 million net gain recognized in the first quarter associated with sale-leaseback transactions that were completed for five branch locations.

Also, for the six months ended June 30, 2025, total other expenses included a $6.4 million pension plan settlement charge recognized in the first quarter, of which $4.9 million was included in the Banking segment and $1.5 million was included in the Wealth Management Services segment.