Loans (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Summary of Loans

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

(Dollars in thousands)	September 30, 2025	December 31, 2024
Commercial:
Commercial real estate (1)	$2,156,750	$2,154,504
Commercial & industrial (2)	568,317	542,474
Total commercial	2,725,067	2,696,978
Residential Real Estate:
Residential real estate (3)	2,073,740	2,126,171
Consumer:
Home equity	307,371	297,119
Other (4)	16,404	17,570
Total consumer	323,775	314,689
Total loans (5)	$5,122,582	$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 $255 thousand and $1.5 million, respectively, at September 30, 2025 and December 31, 2024. See Note 8 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 $11.6 million and $10.9 million, respectively, at September 30, 2025 and December 31, 2024 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $211 thousand and $242 thousand, respectively, at September 30, 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
September 30, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$2,156,750	$—	$—	$—	$—	$2,156,750
Commercial & industrial	568,309	8	—	—	8	568,317
Total commercial	2,725,059	8	—	—	8	2,725,067
Residential Real Estate:
Residential real estate	2,067,270	2,058	1,300	3,112	6,470	2,073,740
Consumer:
Home equity	305,788	624	791	168	1,583	307,371
Other	16,353	46	5	—	51	16,404
Total consumer	322,141	670	796	168	1,634	323,775
Total loans	$5,114,470	$2,736	$2,096	$3,280	$8,112	$5,122,582

(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 September 30, 2025 and December 31, 2024, were nonaccrual loans of $5.9 million and $6.4 million, respectively. In addition, all loans 90 days or more past due at September 30, 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)	September 30, 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	$—	$—	$—	$10,053	$—	$10,053
Commercial & industrial	—	1,010	1,010	515	—	515
Total commercial	—	1,010	1,010	10,568	—	10,568
Residential Real Estate:
Residential real estate	9,858	1,271	11,129	9,743	1,024	10,767
Consumer:
Home equity	1,877	—	1,877	1,972	—	1,972
Other	—	—	—	—	—	—
Total consumer	1,877	—	1,877	1,972	—	1,972
Total nonaccrual loans	$11,735	$2,281	$14,016	$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)	Three Months		Nine Months
Periods ended September 30,	2025	2024	2025	2024
Commercial:
Commercial real estate	$—	$—	$—	$—
Commercial & industrial	—	—	29	—
Total commercial	—	—	29	—
Residential Real Estate:
Residential real estate	131	139	415	332
Consumer:
Home equity	47	36	139	106
Other	—	—	—	—
Total consumer	47	36	139	106
Total	$178	$175	$583	$438

Summary of TLMs

The following tables present the carrying value at September 30, 2025 of TLMs made during the periods indicated, segregated by class of loans and type of concession granted:

(Dollars in thousands)
Three months ended September 30, 2025	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$5,412	$5,412	—	%
Commercial & industrial	—	—	—
Total commercial	5,412	5,412	—
Residential Real Estate:
Residential real estate	$263	$263	—	%
Total	$5,675	$5,675	—	%

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

(Dollars in thousands)
Nine months ended September 30, 2025	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$5,412	$5,412	—	%
Commercial & industrial	—	—	—
Total commercial	5,412	5,412	—
Residential Real Estate:
Residential real estate	$1,684	$1,684	—	%
Total	$7,096	$7,096	—	%

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

In addition, a CRE loan with a carrying value of $4.3 million at June 30, 2025 was previously modified as a TLM. A combination of concessions were granted including an interest rate reduction, maturity extension and other-than-insignificant payment delay. In September 2025, the Corporation decided to sell this loan and late in September, the sale closed, proceeds of $1.2 million were received, and a charge-off of $3.0 million was recognized. As such, this TLM is no longer included in disclosures presenting the carrying value of TLMs at September 30, 2025.

During the three months ended September 30, 2024, there were no loans modified as a TLM.

The following table presents the carrying value at September 30, 2024 of TLMs made during the periods indicated, segregated by class of loans and type of concession granted:

(Dollars in thousands)
Nine months ended September 30, 2024	Maturity Extension	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$—	$—	$—	—	%
Commercial & industrial	616	—	616	—
Total commercial	616	—	616	—
Residential Real Estate:
Residential real estate	—	265	265	—
Total	$616	$265	$881	—	%

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

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

Three months ended September 30, 2025	Financial Effect
Other-than-Insignificant Payment Delay:
Commercial real estate	Provided payment delay for a weighted average period of 6 months
Other-than-Insignificant Payment Delay:
Residential real estate	Provided payment delay for a weighted average period of 4 months

Nine months ended September 30, 2025	Financial Effect
Other-than-Insignificant Payment Delay:
Commercial real estate	Provided payment delay for a weighted average period of 6 months
Other-than-Insignificant Payment Delay:
Residential real estate	Provided payment delay for a weighted average period of 6 months

Nine months ended September 30, 2024	Financial Effect
Maturity Extension:
Commercial & industrial	Extended maturity by a weighted average of 120 months
Other-than-Insignificant Payment Delay:
Residential real estate	Provided payment delay for a weighted average period of 6 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
September 30, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$5,412	$—	$—	$—	$—	$5,412
Commercial & industrial	5,000	—	—	—	—	5,000
Total commercial	10,412	—	—	—	—	10,412
Residential Real Estate:
Residential real estate	1,684	—	—	—	—	1,684
Total loans	$12,096	$—	$—	$—	$—	$12,096

(Dollars in thousands)		Days Past Due
September 30, 2024	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$7,519	$—	$—	$—	$—	$7,519
Commercial & industrial	881	—	—	—	—	881
Total commercial	8,400	—	—	—	—	8,400
Residential Real Estate:
Residential real estate	265	—	—	—	—	265
Total loans	$8,665	$—	$—	$—	$—	$8,665

Collateral Dependent Individually Analyzed Loans

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

(Dollars in thousands)	September 30, 2025		December 31, 2024
	Carrying Value	Related Allowance	Carrying Value	Related Allowance
Commercial:
Commercial real estate (1)	$5,412	$—	$10,053	$1,252
Commercial & industrial (2)	1,010	—	515	259
Total commercial	6,422	—	10,568	1,511
Residential Real Estate:
Residential real estate (3)	1,271	—	1,023	—
Total	$7,693	$—	$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 September 30, 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	$260,373	$103,241	$393,262	$518,567	$314,923	$487,093	$9,988	$954	$2,088,401
Special mention	6,579	—	—	27,652	—	2,176	—	—	36,407
Classified	—	25,755	—	—	—	6,187	—	—	31,942
Total CRE	266,952	128,996	393,262	546,219	314,923	495,456	9,988	954	2,156,750
Gross charge-offs	—	—	—	—	—	5,715	—	—	5,715
C&I:
Pass	31,185	46,840	77,941	139,340	20,555	170,197	62,066	333	548,457
Special mention	2,265	794	—	3,480	1,151	5,249	5,775	—	18,714
Classified	—	—	940	—	135	—	71	—	1,146
Total C&I	33,450	47,634	78,881	142,820	21,841	175,446	67,912	333	568,317
Gross charge-offs	37	—	8,345	—	—	299	—	—	8,681
Residential Real Estate:
Residential real estate:
Current (1)	119,884	56,418	352,273	705,429	354,719	478,802	—	—	2,067,525
Past due	—	—	—	1,267	—	5,203	—	—	6,470
Total residential real estate	119,884	56,418	352,273	706,696	354,719	484,005	—	—	2,073,995
Gross charge-offs	—	—	—	—	—	—	—	—	—
Consumer:
Home equity:
Current	13,879	11,019	15,609	10,388	5,631	6,246	228,034	14,982	305,788
Past due	—	—	27	49	—	241	310	956	1,583
Total home equity	13,879	11,019	15,636	10,437	5,631	6,487	228,344	15,938	307,371
Gross charge-offs	—	—	—	—	—	—	—	—	—
Other:
Current	2,434	3,056	3,493	1,859	2,034	3,245	232	—	16,353
Past due	48	—	—	—	—	3	—	—	51
Total other	2,482	3,056	3,493	1,859	2,034	3,248	232	—	16,404
Gross charge-offs	251	—	1	—	—	—	—	—	252
Total loans, amortized cost	$436,647	$247,123	$843,545	$1,408,031	$699,148	$1,164,642	$306,476	$17,225	$5,122,837
Total gross charge-offs	$288	$—	$8,346	$—	$—	$6,014	$—	$—	$14,648

(1)Excludes a $255 thousand negative basis adjustment associated with fair value hedges. See Note 8 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 8 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. Loans with extensions of maturity dates of more than three months, including TLMs, are reported as originations in the period extended. Gross charge-offs are reported in the loan’s initial origination year.