Loans (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Summary of Loans

The following table presents the carrying value of loans, segregated by class of loans:

(Dollars in thousands)	March 31, 2025	December 31, 2024
Commercial:
Commercial real estate (1)	$2,134,107	$2,154,504
Commercial & industrial (2)	535,030	542,474
Total commercial	2,669,137	2,696,978
Residential Real Estate:
Residential real estate (3)	2,113,307	2,126,171
Consumer:
Home equity	296,563	297,119
Other (4)	17,203	17,570
Total consumer	313,766	314,689
Total loans (5)	$5,096,210	$5,137,838

(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 owner occupied real estate.

(3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties. Also, includes negative basis adjustments associated with fair value hedges of $699 thousand and $1.5 million, respectively, at March 31, 2025 and December 31, 2024. See Note 7 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 $11.3 million and $10.9 million, respectively, at March 31, 2025 and December 31, 2024 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $233 thousand and $242 thousand, respectively, at March 31, 2025 and December 31, 2024.

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
March 31, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$2,134,107	$—	$—	$—	$—	$2,134,107
Commercial & industrial	533,884	6	334	806	1,146	535,030
Total commercial	2,667,991	6	334	806	1,146	2,669,137
Residential Real Estate:
Residential real estate	2,106,868	2,528	2,706	1,205	6,439	2,113,307
Consumer:
Home equity	293,985	1,643	312	623	2,578	296,563
Other	17,171	31	1	—	32	17,203
Total consumer	311,156	1,674	313	623	2,610	313,766
Total loans	$5,086,015	$4,208	$3,353	$2,634	$10,195	$5,096,210

(Dollars in thousands)		Days Past Due
December 31, 2024	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$2,154,504	$—	$—	$—	$—	$2,154,504
Commercial & industrial	541,574	518	382	—	900	542,474
Total commercial	2,696,078	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 consumer	311,348	1,674	760	907	3,341	314,689
Total loans	$5,125,856	$5,668	$3,034	$3,280	$11,982	$5,137,838

Included in past due loans as of March 31, 2025 and December 31, 2024, were nonaccrual loans of $7.4 million and $6.4 million, respectively. In addition, all loans 90 days or more past due at March 31, 2025 and December 31, 2024 were classified as nonaccrual.

Nonaccrual Loans

The following table is a summary of nonaccrual loans, segregated by class of loans:

(Dollars in thousands)	March 31, 2025			December 31, 2024
	Nonaccrual Loans			Nonaccrual Loans
	With an ACL	Without an ACL	Total	With an ACL	Without an ACL	Total
Commercial:
Commercial real estate	$3,257	$4,348	$7,605	$10,053	$—	$10,053
Commercial & industrial	334	806	1,140	515	—	515
Total commercial	3,591	5,154	8,745	10,568	—	10,568
Residential Real Estate:
Residential real estate	10,084	1,018	11,102	9,743	1,024	10,767
Consumer:
Home equity	1,779	—	1,779	1,972	—	1,972
Other	—	—	—	—	—	—
Total consumer	1,779	—	1,779	1,972	—	1,972
Total nonaccrual loans	$15,454	$6,172	$21,626	$22,283	$1,024	$23,307
Accruing loans 90 days or more past due			$—			$—

The following table presents interest income recognized on nonaccrual loans:

(Dollars in thousands)	Interest Income Recognized
Three months ended March 31,	2025	2024
Commercial:
Commercial real estate	$—	$—
Commercial & industrial	2	4
Total commercial	2	4
Residential Real Estate:
Residential real estate	153	116
Consumer:
Home equity	37	35
Other	—	—
Total consumer	37	35
Total	$192	$155

Summary of TLMs

The following table presents the carrying value of TLMs made during the three months ended March 31, 2025, segregated by class of loans and type of concession granted:

(Dollars in thousands)
	Maturity Extension	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Residential Real Estate:
Residential real estate	$—	$1,431	$1,431	—	%
Total	$—	$1,431	$1,431	—	%

(1)Percentage of TLMs to the total loans outstanding within the respective loan class.

The following table presents the carrying value of TLMs made during the three months ended March 31, 2024, segregated by class of loans and type of concession granted:

(Dollars in thousands)
	Maturity Extension	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$—	$—	$—	—	%
Commercial & industrial	668	—	668	—
Total commercial	668	—	668	—
Total	$668	$—	$668	—	%

(1)Percentage of TLMs to the total loans outstanding within the respective loan class.

The following table describes the financial effect of TLMs made during the three months ended March 31, 2025, segregated by class of loans:

Three months ended March 31, 2025	Financial Effect
Other-than-Insignificant Payment Delay:
Residential real estate	Provided payment delay for a weighted average period of 6 months

The following table describes the financial effect of TLMs made during the three months ended March 31, 2024, segregated by class of loans:

	Financial Effect
Maturity Extension:
Commercial & industrial	Provided maturity extension for a weighted average period of 120 months

Aging of TLMs

Management closely monitors the performance of TLMs to understand the effectiveness of the modifications. As of the dates indicated, the following tables present an aging analysis of TLMs that have been modified in the past 12 months:

(Dollars in thousands)		Days Past Due
March 31, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$7,605	$—	$—	$—	$—	$7,605
Commercial & industrial	5,000	—	—	—	—	5,000
Total commercial	12,605	—	—	—	—	12,605
Residential Real Estate:
Residential real estate	1,686	—	—	—	—	1,686
Total loans	$14,291	$—	$—	$—	$—	$14,291

At March 31, 2025, there were no TLMs made in the previous 12 months for which there was a subsequent payment default.

(Dollars in thousands)		Days Past Due
March 31, 2024	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$21,692	$—	$—	$—	$—	$21,692
Commercial & industrial	668	—	—	—	—	668
Total commercial	22,360	—	—	—	—	22,360
Total loans	$22,360	$—	$—	$—	$—	$22,360

Collateral Dependent Individually Analyzed Loans

The following table presents the carrying value of collateral dependent individually analyzed loans:

(Dollars in thousands)	March 31, 2025		December 31, 2024
	Carrying Value	Related Allowance	Carrying Value	Related Allowance
Commercial:
Commercial real estate (1)	$7,605	$423	$10,053	$1,252
Commercial & industrial (2)	1,140	278	515	259
Total commercial	8,745	701	10,568	1,511
Residential Real Estate:
Residential real estate (3)	2,449	—	1,023	—
Total	$11,194	$701	$11,591	$1,511

(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 March 31, 2025:

(Dollars in thousands)	Term Loans Amortized Cost by Origination Year
	2025	2024	2023	2022	2021	Prior	Revolving Loans Amortized Cost	Revolving Loans Converted to Term Loans	Total
Commercial:
CRE:
Pass	$25,074	$153,946	$449,104	$588,539	$341,127	$514,620	$11,505	$977	$2,084,892
Special mention	—	—	6,319	5,389	—	2,217	—	—	13,925
Classified	—	29,051	—	—	—	6,239	—	—	35,290
Total CRE	25,074	182,997	455,423	593,928	341,127	523,076	11,505	977	2,134,107
Gross charge-offs	—	—	—	—	—	2,450	—	—	2,450
C&I:
Pass	10,120	37,757	50,099	136,744	22,345	187,972	69,286	441	514,764
Special mention	—	808	—	3,555	1,266	7,720	5,625	—	18,974
Classified	—	382	423	—	153	334	—	—	1,292
Total C&I	10,120	38,947	50,522	140,299	23,764	196,026	74,911	441	535,030
Gross charge-offs	7	—	—	—	—	—	—	—	7
Residential Real Estate:
Residential real estate:
Current (1)	25,464	72,611	377,854	736,928	369,409	525,301	—	—	2,107,567
Past due	—	—	395	642	—	5,402	—	—	6,439
Total residential real estate	25,464	72,611	378,249	737,570	369,409	530,703	—	—	2,114,006
Gross charge-offs	—	—	—	—	—	—	—	—	—
Consumer:
Home equity:
Current	3,171	11,899	17,754	12,414	6,035	6,909	223,891	11,912	293,985
Past due	—	—	93	—	—	571	669	1,245	2,578
Total home equity	3,171	11,899	17,847	12,414	6,035	7,480	224,560	13,157	296,563
Gross charge-offs	—	—	—	—	—	—	—	—	—
Other:
Current	1,482	3,441	4,081	2,201	2,125	3,604	237	—	17,171
Past due	31	—	—	—	—	—	1	—	32
Total other	1,513	3,441	4,081	2,201	2,125	3,604	238	—	17,203
Gross charge-offs	65	—	—	—	—	—	—	—	65
Total loans, amortized cost	$65,342	$309,895	$906,122	$1,486,412	$742,460	$1,260,889	$311,214	$14,575	$5,096,909
Total gross charge-offs	$72	$—	$—	$—	$—	$2,450	$—	$—	$2,522

(1)Excludes a $699 thousand negative basis adjustment associated with fair value hedges. See Note 7 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, 2024:

(Dollars in thousands)	Term Loans Amortized Cost by Origination Year
	2024	2023	2022	2021	2020	Prior	Revolving Loans Amortized Cost	Revolving Loans Converted to Term Loans	Total
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
Classified	31,010	—	—	—	—	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-offs	33	—	—	—	—	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 estate	74,458	384,270	748,000	375,848	174,966	370,110	—	—	2,127,652
Gross charge-offs	—	—	—	—	—	—	—	—	—
Consumer:
Home equity:
Current	12,850	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 equity	12,850	18,362	12,749	6,165	2,424	5,445	226,393	12,731	297,119
Gross charge-offs	—	—	—	—	—	—	—	—	—
Other:
Current	4,176	4,497	2,331	2,175	757	2,989	251	—	17,176
Past due	24	—	370	—	—	—	—	—	394
Total other	4,200	4,497	2,701	2,175	757	2,989	251	—	17,570
Gross charge-offs	229	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 7 for additional disclosure.

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.