Independent Bank Corporation (IBCP) vs Washington Trust Bancorp, Inc. (WASH)
A side-by-side comparison of Independent Bank Corporation and Washington Trust Bancorp, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.
Total return — IBCP vs WASH
growth of $100 · dividends reinvested · last 10yIBCP vs WASH: by the numbers
- •IBCP is the larger company ($743M vs $732M market cap).
- •IBCP trades at the lower trailing earnings multiple (10.48 vs 13.33 P/E), one valuation lens rather than an overall verdict.
- •IBCP converts more revenue to profit (22.71% vs 14.51% net margin).
- •WASH grew revenue faster over the past five years (8.46% vs 7.43% CAGR).
- •WASH pays the higher dividend yield (5.88% vs 3.06%).
Metrics side by side
Valuation
| Metric | IBCP | WASH |
|---|---|---|
| P/E ratio | 10.48 | 13.33 |
| Forward P/E | 10.12 | 11.96 |
| PEG ratio | 1.99 | N/A |
| P/S ratio | 2.35 | 1.92 |
| P/B ratio | 1.41 | 1.32 |
Profitability
| Metric | IBCP | WASH |
|---|---|---|
| Operating margin | 26.72% | 18.58% |
| Net margin | 22.71% | 14.51% |
| ROE | 13.58% | 10.01% |
Independent Bank Corporation: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Washington Trust Bancorp, Inc.: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Dividends
| Metric | IBCP | WASH |
|---|---|---|
| Dividend yield | 3.06% | 5.88% |
| Payout ratio | 31.98% | 77.78% |
Growth (annualized)
| Metric | IBCP | WASH |
|---|---|---|
| Revenue CAGR (5Y) | 7.43% | 8.46% |
| EPS CAGR (5Y) | 5.21% | -7.56% |
| Total return CAGR (5Y) | 14.52% | -0.14% |
Frequently asked
- Which has the lower trailing P/E, IBCP or WASH?
- IBCP has the lower trailing P/E: IBCP trades at 10.48 and WASH at 13.33. P/E is one valuation measure and does not by itself establish which business is cheaper.
- Which has grown faster, IBCP or WASH?
- Over the past five years, WASH grew revenue faster — IBCP at a 7.43% CAGR versus WASH at 8.46%.
- Does IBCP or WASH pay a bigger dividend?
- IBCP yields 3.06% and WASH yields 5.88% based on trailing dividends and the latest price.
- Is IBCP or WASH more profitable?
- IBCP runs the higher net margin — IBCP at 22.71% versus WASH at 14.51%.
- How have IBCP and WASH total returns compared?
- Over the past 10 years, IBCP delivered 11.85% and WASH delivered 4.93% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Independent Bank & Washington Trust Bancorp appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.