Q3 Net Income Jumps 21% as CRE Office Loan Resolution Cuts Nonaccruals by 38%
WASH sits 43% above its 52-week low of $25.59.
Summary
Washington Trust earned $19.4M in Q3 2026, or $1.01 per diluted share, up 21% from Q2 and 79% from a year ago. The quarter's real story is credit: nonaccrual loans fell to $24.5M (0.48% of loans) from $39.8M (0.78%) after the bank restructured and bifurcated a $22.3M CRE office loan, returning $18.5M to accruing status and charging off $3.8M. That directly addresses the credit deterioration flagged in the Q2 10-Q filed August 6, when nonaccruals had spiked on two CRE office loans. NIM expanded 11 bps to 2.84%, deposits hit a record $5.4B, and the efficiency ratio improved to 59.7% from 63.8%. The $150M shelf filed August 7 remains in place but nothing suggests an imminent raise. The earnings call is October 20 at 8:30 a.m. ET.
At the time of this announcement, WASH was trading at $36.64 on NASDAQ in the Finance sector, with a market capitalization of approximately $697.9M. The 52-week trading range was $25.59 to $40.54. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.