Loans (Tables)

6 Months Ended

Jun. 30, 2025

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


(Dollars in thousands)	June 30, 2025	December 31, 2024
Commercial:


Commercial real estate (1)	$2,178,925	$2,154,504
Commercial & industrial (2)	547,318	542,474
Total commercial	2,726,243	2,696,978
Residential Real Estate:


Residential real estate (3)	2,096,250	2,126,171
Consumer:


Home equity	300,917	297,119
Other (4)	16,850	17,570
Total consumer	317,767	314,689
Total loans (5)	$5,140,260	$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 $179 thousand and $1.5 million, respectively, at June 30, 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 $11.5 million and $10.9 million, respectively, at June 30, 2025 and December 31, 2024 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $217 thousand and $242 thousand, respectively, at June 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
June 30, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$2,178,925	$—	$—	$—	$—	$2,178,925
Commercial & industrial	545,519	1,376	—	423	1,799	547,318
Total commercial	2,724,444	1,376	—	423	1,799	2,726,243
Residential Real Estate:
Residential real estate	2,086,478	5,745	2,518	1,509	9,772	2,096,250
Consumer:
Home equity	298,487	1,833	456	141	2,430	300,917
Other	16,816	34	—	—	34	16,850
Total consumer	315,303	1,867	456	141	2,464	317,767
Total loans	$5,126,225	$8,988	$2,974	$2,073	$14,035	$5,140,260


(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 June 30, 2025 and December 31, 2024, were nonaccrual loans of $8.2 million and $6.4 million, respectively. In addition, all loans 90 days or more past due at June 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)	June 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	$—	$4,276	$4,276	$10,053	$—	$10,053
Commercial & industrial	9,288	423	9,711	515	—	515
Total commercial	9,288	4,699	13,987	10,568	—	10,568
Residential Real Estate:
Residential real estate	9,601	1,013	10,614	9,743	1,024	10,767
Consumer:
Home equity	1,507	—	1,507	1,972	—	1,972
Other	—	—	—	—	—	—
Total consumer	1,507	—	1,507	1,972	—	1,972
Total nonaccrual loans	$20,396	$5,712	$26,108	$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		Six Months

Periods ended June 30,	2025	2024	2025	2024
Commercial:
Commercial real estate	$—	$—	$—	$—
Commercial & industrial	2	—	32	—
Total commercial	2	—	32	—
Residential Real Estate:
Residential real estate	124	71	268	186
Consumer:
Home equity	48	32	83	69
Other	—	—	—	—
Total consumer	48	32	83	69
Total	$174	$103	$383	$255

Summary of TLMs

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



(Dollars in thousands)
Three months ended June 30, 2025	Other-than-Insignificant Payment Delay	Combination (1)	Total	% of Loan Class (2)
Commercial:
Commercial real estate	$—	$4,276	$4,276	—	%
Commercial & industrial	—	—	—	—
Total commercial	—	4,276	4,276	—






Total	$—	$4,276	$4,276	—	%

(1)Combination includes an interest rate reduction, maturity extension and other-than-insignificant payment delay.

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



(Dollars in thousands)
Six months ended June 30, 2025	Other-than-Insignificant Payment Delay	Combination (1)	Total	% of Loan Class (2)
Commercial:
Commercial real estate	$—	$4,276	$4,276	—	%
Commercial & industrial	—	—	—	—
Total commercial	—	4,276	4,276	—
Residential Real Estate:
Residential real estate	$1,429	$—	$1,429	—	%




Total	$1,429	$4,276	$5,705	—	%

(1)Combination includes an interest rate reduction, maturity extension and other-than-insignificant payment delay.

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



(Dollars in thousands)
Three months ended June 30, 2024	Maturity Extension	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)




Residential Real Estate:
Residential real estate	—	$267	$267	—




Total	$—	$267	$267	—	%

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



(Dollars in thousands)
Six months ended June 30, 2024	Maturity Extension	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$—	$—	$—	—	%
Commercial & industrial	642	—	642	—
Total commercial	642	—	642	—
Residential Real Estate:
Residential real estate	—	267	267	—




Total	$642	$267	$909	—	%

(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 June 30, 2025			Financial Effect
Combination - Interest Rate Reduction, Maturity Extension and Other-than Insignificant Payment Delay:
Commercial real estate			Provided interest rate reduction by a weighted average rate of 1.7%, maturity extension for a weighted average period of 8 months, and payment delay for a weighted average period of 8 months


Six months ended June 30, 2025			Financial Effect
Combination - Interest Rate Reduction, Maturity Extension and Other-than Insignificant Payment Delay:
Commercial real estate			Provided interest rate reduction by a weighted average rate of 1.7%, maturity extension for a weighted average period of 8 months, and payment delay for a weighted average period of 8 months

Other-than-Insignificant Payment Delay:
Residential real estate			Provided payment delay for a weighted average period of 6 months


Three months ended June 30, 2024			Financial Effect



Other-than-Insignificant Payment Delay:
Residential real estate			Provided payment delay for a weighted average period of 6 months



Six months ended June 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
June 30, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$4,276	$—	$—	$—	$—	$4,276
Commercial & industrial	5,000	—	—	—	—	5,000
Total commercial	9,276	—	—	—	—	9,276
Residential Real Estate:
Residential real estate	1,429	—	—	—	—	1,429




Total loans	$10,705	$—	$—	$—	$—	$10,705

At June 30, 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
June 30, 2024	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$7,612	$—	$—	$—	$—	$7,612
Commercial & industrial	910	—	—	—	—	910
Total commercial	8,522	—	—	—	—	8,522
Residential Real Estate:
Residential real estate	267	—	—	—	—	267




Total loans	$8,789	$—	$—	$—	$—	$8,789

Collateral Dependent Individually Analyzed Loans

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


(Dollars in thousands)	June 30, 2025		December 31, 2024
	Carrying Value	Related Allowance	Carrying Value	Related Allowance
Commercial:
Commercial real estate (1)	$4,276	$—	$10,053	$1,252
Commercial & industrial (2)	9,711	2,269	515	259
Total commercial	13,987	2,269	10,568	1,511
Residential Real Estate:
Residential real estate (3)	2,442	—	1,023	—




Total	$16,429	$2,269	$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 June 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	$114,831	$134,816	$463,479	$581,435	$322,274	$501,784	$11,986	$965	$2,131,570
Special mention	—	—	6,509	5,330	—	2,197	—	—	14,036
Classified	4,276	22,830	—	—	—	6,213	—	—	33,319
Total CRE	119,107	157,646	469,988	586,765	322,274	510,194	11,986	965	2,178,925
Gross charge-offs	—	—	—	—	—	2,724	—	—	2,724

C&I:
Pass	24,204	47,122	45,816	140,956	21,506	177,291	61,397	357	518,649
Special mention	—	800	—	3,518	1,208	7,614	5,674	—	18,814
Classified	—	—	9,275	—	144	—	436	—	9,855
Total C&I	24,204	47,922	55,091	144,474	22,858	184,905	67,507	357	547,318





Gross charge-offs	25	—	—	—	—	299	—	—	324

Residential Real Estate:
Residential real estate:
Current (1)	66,290	62,061	361,499	721,464	361,530	513,813	—	—	2,086,657
Past due	—	—	1,149	2,724	—	5,899	—	—	9,772
Total residential real estate	66,290	62,061	362,648	724,188	361,530	519,712	—	—	2,096,429
Gross charge-offs	—	—	—	—	—	—	—	—	—

Consumer:
Home equity:
Current	9,106	11,509	16,706	11,479	5,771	7,531	223,004	13,381	298,487
Past due	—	—	88	—	90	319	970	963	2,430
Total home equity	9,106	11,509	16,794	11,479	5,861	7,850	223,974	14,344	300,917
Gross charge-offs	—	—	—	—	—	—	—	—	—

Other:
Current	1,930	3,261	3,872	1,959	2,070	3,492	232	—	16,816
Past due	24	4	—	—	6	—	—	—	34
Total other	1,954	3,265	3,872	1,959	2,076	3,492	232	—	16,850




Gross charge-offs	140	—	1	—	—	—	—	—	141

Total loans, amortized cost	$220,661	$282,403	$908,393	$1,468,865	$714,599	$1,226,153	$303,699	$15,666	$5,140,439
Total gross charge-offs	$165	$—	$1	$—	$—	$3,023	$—	$—	$3,189

(1)Excludes a $179 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. 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.