XML 74 R35.htm IDEA: XBRL DOCUMENT v3.25.0.1
Loans (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Summary of Loans
The following table presents a summary of loans:
(Dollars in thousands)
December 31,20242023
Commercial:
Commercial real estate (1)
$2,154,504 $2,106,359 
Commercial & industrial (2)
542,474 605,072 
Total commercial2,696,978 2,711,431 
Residential Real Estate:
Residential real estate (3)
2,126,171 2,604,478 
Consumer:
Home equity297,119 312,594 
Other (4)
17,570 19,203 
Total consumer314,689 331,797 
Total loans (5)
$5,137,838 $5,647,706 
(1)CRE consists of commercial mortgages primarily secured by non-owner occupied income-producing property, as well as construction and development loans. Construction and development loans are made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings.
(2)C&I consists of loans to businesses and individuals, a portion of which are fully or partially collateralized by real estate.
(3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties. Also, includes a $1.5 million negative basis adjustment associated with fair value hedges at December 31, 2024. See Note 9 for additional disclosure.
(4)Other consists of loans to individuals secured by general aviation aircraft and other personal installment loans.
(5)Includes net unamortized loan origination costs of $10.9 million and $13.0 million, respectively, at December 31, 2024 and 2023 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $242 thousand and $286 thousand, respectively, at December 31, 2024 and 2023.
Past Due Loans The following tables present an aging analysis of past due loans, segregated by class of loans:
(Dollars in thousands)Days Past Due
December 31, 2024Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$2,154,504 $— $— $— $— $2,154,504 
Commercial & industrial
541,574 518 382 — 900 542,474 
Total commercial2,696,078 518 382 — 900 2,696,978 
Residential Real Estate:
Residential real estate
2,118,430 3,476 1,892 2,373 7,741 2,126,171 
Consumer:
Home equity
294,172 1,630 410 907 2,947 297,119 
Other
17,176 44 350 — 394 17,570 
Total consumer311,348 1,674 760 907 3,341 314,689 
Total loans$5,125,856 $5,668 $3,034 $3,280 $11,982 $5,137,838 

(Dollars in thousands)Days Past Due
December 31, 2023Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$2,106,359 $— $— $— $— $2,106,359 
Commercial & industrial
605,062 10 — — 10 605,072 
Total commercial2,711,421 10 — — 10 2,711,431 
Residential Real Estate:
Residential real estate
2,596,362 4,369 1,738 2,009 8,116 2,604,478 
Consumer:
Home equity
309,398 2,349 112 735 3,196 312,594 
Other
19,180 20 3 — 23 19,203 
Total consumer328,578 2,369 115 735 3,219 331,797 
Total loans$5,636,361 $6,748 $1,853 $2,744 $11,345 $5,647,706 
Nonaccrual Loans
The following is a summary of nonaccrual loans, segregated by class of loans:
(Dollars in thousands)
December 31, 2024December 31, 2023
Nonaccrual LoansNonaccrual Loans
With an ACLWithout an ACLTotalWith an ACLWithout an ACLTotal
Commercial:
Commercial real estate
$10,053 $— $10,053 $10,997 $21,830 $32,827 
Commercial & industrial
515 — 515 — 682 682 
Total commercial10,568 — 10,568 10,997 22,512 33,509 
Residential Real Estate:
Residential real estate
9,743 1,024 10,767 8,495 1,131 9,626 
Consumer:
Home equity
1,972 — 1,972 1,483 — 1,483 
Other
— — — — — — 
Total consumer1,972 — 1,972 1,483 — 1,483 
Total$22,283 $1,024 $23,307 $20,975 $23,643 $44,618 
Accruing loans 90 days or more past due$— $— 
The following table presents interest income recognized on nonaccrual loans:
(Dollars in thousands)Interest Income Recognized
Years Ended December 31,202420232022
Commercial:
Commercial real estate$197 $2,719 $— 
Commercial & industrial8 59 — 
Total commercial205 2,778 — 
Residential Real Estate:
Residential real estate542 466 398 
Consumer:
Home equity161 107 62 
Other— 4 3 
Total consumer161 111 65 
Total$908 $3,355 $463 
Summary of TLMs
The following table presents the carrying value at December 31, 2024, of TLMs made during the year, segregated by class of loans and type of concession granted:
(Dollars in thousands)

Maturity ExtensionOther-than-Insignificant Payment Delay
Combination (1)
Total
% of Total Loan Class (2)
Commercial:
Commercial real estate$3,340$—$6,713$10,053— %
Commercial & industrial5155,000—5,5151 
Total commercial3,8555,0006,71315,5681 
Residential Real Estate:
Residential real estate—260—260— 
Total$3,855$5,260$6,713$15,828— %
(1)Combination includes an interest rate reduction, payment deferral and maturity extension.
(2)Percentage of TLMs to the total loans outstanding within the respective loan class.

The following table presents the carrying value at December 31, 2023, of TLMs made during the year, segregated by class of loans and type of concession granted:
(Dollars in thousands)
Maturity ExtensionOther-than-Insignificant Payment Delay
Combination (1)
Total
% of Total Loan Class (2)
Commercial:
Commercial real estate$13,780$—$8,050$21,8301 %
Commercial & industrial————— 
Total commercial13,780—8,05021,8301 
Total$13,780$—$8,050$21,830— %
(1)Combination includes an interest rate reduction, payment deferral and maturity extension.
(2)Percentage of TLMs to the total loans outstanding within the respective loan class.

The following tables present the financial effect of TLMs made during the periods indicated, segregated by class of loans:

Year ended December 31, 2024
Financial Effect
Interest Rate Reduction:
Commercial real estate
Provided interest rate reduction by a weighted average rate of 3%
Maturity Extension:
Commercial real estate
Provided maturity extension for a weighted average period of 12 months
Commercial & industrial
Provided maturity extension for a weighted average period of 120 months
Other-than-Insignificant Payment Delay:
Commercial real estate
Provided payment delay for a weighted average period of 5 months
Commercial & industrial
Provided payment delay for a weighted average period of 12 months
Residential real estate
Provided payment delay for a weighted average period of 6 months
Year ended December 31, 2023
Financial Effect
Interest Rate Reduction:
Commercial real estate
Provided interest rate reduction by a weighted average rate of 3%
Maturity Extension:
Commercial real estate
Provided maturity extension for a weighted average period of 10 months
Other-than-Insignificant Payment Delay:
Commercial real estate
Provided payment delay for a weighted average period of 12 months
Aging of TLMs The following table presents an aging analysis as of the date indicated, of TLMs that have been modified in the past 12 months:
(Dollars in thousands)Days Past Due
December 31, 2024Current30-5960-89Over 90Total Past DueTotal Loans
Commercial:
Commercial real estate
$10,053 $— $— $— $— $10,053 
Commercial & industrial
5,000 515 — — 515 5,515 
Total commercial15,053 515 — — 515 15,568 
Residential Real Estate:
Residential real estate
260 — — — — 260 
Total loans$15,313 $515 $— $— $515 $15,828 

At December 31, 2024, a $515 thousand C&I loan and a $260 thousand residential real estate loan, which were modified as TLMs in the previous 12 months, had a subsequent payment default.

(Dollars in thousands)Days Past Due
December 31, 2023Current30-5960-89Over 90Total Past DueTotal Loans
Commercial:
Commercial real estate
$21,830 $— $— $— $— $21,830 
Commercial & industrial
— — — — — — 
Total commercial21,830 — — — — 21,830 
Total loans$21,830 $— $— $— $— $21,830 
Collateral Dependent Individually Analyzed Loans
The following table presents the carrying value of collateral dependent individually analyzed loans:
(Dollars in thousands)
December 31, 2024
December 31, 2023
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
Commercial:
Commercial real estate (1)
$10,053 $1,252 $32,827 $97 
Commercial & industrial (2)
515 259 682 — 
Total commercial10,568 1,511 33,509 97 
Residential Real Estate:
Residential real estate (3)
1,023 — 1,131 — 
Total$11,591 $1,511 $34,640 $97 
(1)    Secured by income-producing property.
(2)    Secured by business assets.
(3)    Secured by one- to four-family residential properties.
Credit Quality Indicators
The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of December 31, 2024:
(Dollars in thousands)Term Loans Amortized Cost by Origination Year
20242023202220212020PriorRevolving Loans Amortized CostRevolving Loans Converted to Term LoansTotal
Commercial:
CRE:
Pass $172,931 $432,763 $598,805 $362,292 $125,834 $405,381 $9,879 $989 $2,108,874 
Special mention— 6,116 — — — 2,237 — — 8,353 
Classified31,010 — — — — 6,267 — — 37,277 
Total CRE
203,941 438,879 598,805 362,292 125,834 413,885 9,879 989 2,154,504 
Gross charge-offs— — — — — 1,961 — — 1,961 
C&I:
Pass
38,128 51,162 136,449 23,474 36,954 159,522 76,857 469 523,015 
Special mention— — 3,593 1,172 1,398 6,428 5,381 — 17,972 
Classified
811 — — 161 — 515 — — 1,487 
Total C&I
38,939 51,162 140,042 24,807 38,352 166,465 82,238 469 542,474 
Gross charge-offs33 — — — — 175 — — 208 
Residential Real Estate:
Residential real estate:
Current (1)
74,458 383,983 746,566 375,848 173,676 365,380 — — 2,119,911 
Past due— 287 1,434 — 1,290 4,730 — — 7,741 
Total residential real estate74,458 384,270 748,000 375,848 174,966 370,110 — — 2,127,652 
Gross charge-offs— — — — — — — — — 
Consumer:
Home equity:
Current12,850 18,301 12,749 6,165 2,282 4,815 225,522 11,488 294,172 
Past due— 61 — — 142 630 871 1,243 2,947 
Total home equity12,850 18,362 12,749 6,165 2,424 5,445 226,393 12,731 297,119 
Gross charge-offs— — — — — — — — — 
Other:
Current4,176 4,497 2,331 2,175 757 2,989 251 — 17,176 
Past due24 — 370 — — — — — 394 
Total other4,200 4,497 2,701 2,175 757 2,989 251 — 17,570 
Gross charge-offs229 10 — — 2 3 — — 244 
Total loans, amortized cost$334,388 $897,170 $1,502,297 $771,287 $342,333 $958,894 $318,761 $14,189 $5,139,319 
Total gross charge-offs$262 $10 $— $— $2 $2,139 $— $— $2,413 
(1)Excludes a $1.5 million negative basis adjustment associated with fair value hedges. See Note 9 for additional disclosure.
The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of December 31, 2023:
(Dollars in thousands)Term Loans Amortized Cost by Origination Year
20232022202120202019PriorRevolving Loans Amortized CostRevolving Loans Converted to Term LoansTotal
Commercial:
CRE:
Pass $327,139 $598,946 $396,468 $168,451 $167,484 $333,356 $42,095 $1,032 $2,034,971 
Special mention— — — — — 16,630 — — 16,630 
Classified21,830 — 18,430 — 14,498 — — — 54,758 
Total CRE
348,969 598,946 414,898 168,451 181,982 349,986 42,095 1,032 2,106,359 
Gross charge-offs— — — — — 373 — — 373 
C&I:
Pass 55,607 124,894 52,282 49,812 72,876 145,361 90,664 587 592,083 
Special mention11,119 — — — 181 — — — 11,300 
Classified— 818 189 — 682 — — — 1,689 
Total C&I
66,726 125,712 52,471 49,812 73,739 145,361 90,664 587 605,072 
Gross charge-offs37 — — — — — — — 37 
Residential Real Estate:
Residential real estate:
Current431,563 808,442 666,447 255,554 113,462 320,894 — — 2,596,362 
Past due— — — 886 594 6,636 — — 8,116 
Total residential real estate431,563 808,442 666,447 256,440 114,056 327,530 — — 2,604,478 
Gross charge-offs— — — — — — — — — 
Consumer:
Home equity:
Current24,925 14,997 6,829 2,919 1,982 3,696 241,459 12,591 309,398 
Past due— — — — 130 829 1,301 936 3,196 
Total home equity24,925 14,997 6,829 2,919 2,112 4,525 242,760 13,527 312,594 
Gross charge-offs— — — — — — — — — 
Other:
Current6,777 3,530 3,685 1,001 120 3,824 243 — 19,180 
Past due21 — — — — — 2 — 23 
Total other6,798 3,530 3,685 1,001 120 3,824 245 — 19,203 
Gross charge-offs159 — 8 — — — — — 167 
Total loans, amortized cost$878,981 $1,551,627 $1,144,330 $478,623 $372,009 $831,226 $375,764 $15,146 $5,647,706 
Total gross charge-offs$196 $— $8 $— $— $373 $— $— $577 

Washington Trust may renew commercial loans at or immediately prior to their maturity. In the tables above, renewals subject to full credit evaluation before being granted are reported as originations in the period renewed. In addition, loans
with extensions of maturity dates of more than three months are reported as originations in the period extended.
Loan Servicing Rights The following table presents an analysis of loan servicing rights:
(Dollars in thousands)Loan Servicing
Rights		Valuation
Allowance		Total
Balance at December 31, 2021$9,821 $— $9,821 
Loan servicing rights capitalized957 — 957 
Amortization(1,763)— (1,763)
Balance at December 31, 20229,015 — 9,015 
Loan servicing rights capitalized1,069 — 1,069 
Amortization(1,538)— (1,538)
Increase in impairment reserve— (34)(34)
Balance at December 31, 20238,546 (34)8,512 
Loan servicing rights capitalized688 — 688 
Amortization(1,567)— (1,567)
Decrease in impairment reserve— 34 34 
Balance at December 31, 2024$7,667 $— $7,667 
Amortization Expense Related to Loan Servicing Assets
The following table presents estimated aggregate amortization expense related to loan servicing assets:
(Dollars in thousands)
Years ending December 31:2025$1,186 
20261,003 
2027848 
2028716 
2029606 
2030 and thereafter3,308 
Total estimated amortization expense$7,667 
Loans Serviced for Others, by Loan Portfolio The following table presents the balance of loans serviced for others by loan portfolio:
(Dollars in thousands)
December 31,20242023
Residential real estate$1,409,920 $1,454,342 
Commercial179,626 135,954 
Total$1,589,546 $1,590,296