Form 8-K - Current report

0000737468FALSE00007374682024-10-212024-10-21

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2024

WASHINGTON TRUST BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)

Rhode Island

001-32991

05-0404671

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

23 Broad Street
Westerly,			Rhode Island						02891
(Address of principal executive offices)									(Zip Code)

(401)			348-1200
(Registrant's telephone number, including area code)

N/A
(Former name or address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act.			☐

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Item 2.02 Results of Operations and Financial Condition.

On October 21, 2024, Washington Trust Bancorp, Inc. issued a press release in which it disclosed unaudited financial information related to third quarter 2024 consolidated earnings. A copy of the press release relating to such announcement, dated October 21, 2024, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Pursuant to General Instructions B.2 of Form 8-K, this information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.

Exhibit

99.1

Press release dated October 21, 2024*

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Furnished herewith

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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WASHINGTON TRUST BANCORP, INC.

Date:

October 21, 2024

By:

/s/ Ronald S. Ohsberg

Ronald S. Ohsberg

Senior Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

    NASDAQ: WASH

Contact: Elizabeth B. Eckel

EVP, Chief Marketing & Corporate Communications Officer

Telephone: [phone]

E-mail: [e-mail]

Date: October 21, 2024

FOR IMMEDIATE RELEASE

Washington Trust Reports Third Quarter 2024 Earnings

WESTERLY, R.I., October 21, 2024 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced third quarter 2024 net income of $11.0 million, or $0.64 per diluted share, compared to net income of $10.8 million, or $0.63 per diluted share, for the second quarter of 2024.

“Washington Trust’s third quarter results remained steady, demonstrating the strength of our diversified business model, and commitment to our customers,” stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. “We continue to carefully manage our balance sheet, while focusing on our customers, who rely on us for financial solutions and trusted advice. During the quarter, we expanded our presence in Providence, opening a new full-service branch in Olneyville.”

Selected financial highlights for the third quarter of 2024 include:

•Returns on average equity and average assets for the third quarter were 8.99% and 0.60%, respectively, compared to 9.43% and 0.60%, respectively, for the prior quarter.

•The net interest margin was 1.85% in the third quarter, compared to 1.83% in the preceding quarter.

•Asset and credit quality metrics remain solid. A provision for credit losses of $200 thousand was recognized for the third quarter, down by $300 thousand from the second quarter.

•Wealth management revenues increased by 3% from the preceding quarter. End of period assets under administration ("AUA") eclipsed $7 billion and was up by 4% from the end of the second quarter.

•Total loans amounted to $5.5 billion, down by 2% from June 30, 2024.

•In-market deposits (total deposits less wholesale brokered deposits) amounted to an all-time high of $4.8 billion, up by 3% from June 30, 2024.

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Washington Trust

October 21, 2024

Net Interest Income

Net interest income was $32.3 million for the third quarter of 2024, up by $677 thousand, or 2%, from the second quarter of 2024. The net interest margin was 1.85% for the third quarter, an increase of 2 basis points from the preceding quarter. Linked quarter changes included:

•Average interest-earning assets increased by $25 million, reflecting an increase of $132 million in deposits at correspondent banks, partially offset by decreases in loans and securities. The yield on interest-earning assets for the third quarter was 4.99%, up by 2 basis points from the preceding quarter.

•Average interest-bearing liabilities increased by $2 million, as in-market deposits increased by $35 million while wholesale funding balances decreased by $33 million. The cost of interest-bearing liabilities for the third quarter of 2024 was 3.70%, up by 2 basis points from the preceding quarter.

Noninterest Income

Noninterest income totaled $16.3 million for the third quarter of 2024, down by $388 thousand, or 2%, from the second quarter of 2024. Included in other noninterest income in the second quarter of 2024 was a net gain of $988 thousand recognized on the sale of a bank-owned operations facility. Excluding this item, noninterest income was up by $600 thousand, or 4%, from the preceding quarter. Linked quarter changes included:

•Wealth management revenues amounted to $10.0 million in the third quarter of 2024, up by $311 thousand, or 3%. This included an increase in asset-based revenues of $531 thousand, or 6%, which was partially offset by a decrease in transaction-based revenues of $220 thousand, or 50%. The decline in transaction-based revenues was largely due to seasonal tax servicing fee income concentrated in the second quarter. The end of period AUA balance at September 30, 2024 amounted to $7.1 billion, up by $249 million, or 4%, from June 30, 2024.

•Mortgage banking revenues totaled $2.9 million for the third quarter of 2024, up by $105 thousand, or 4%. Loans sold amounted to $120.3 million in the third quarter of 2024, up by $10.3 million, or 9%. In both the second and third quarters of 2024, 81% of residential real estate loan originations were originated for sale.

Noninterest Expense

Noninterest expense totaled $34.5 million for the third quarter of 2024, up by $594 thousand, or 2%, from the second quarter of 2024. This included an increase in advertising and promotion expense of $196 thousand, or 30%, due to timing of such activities. The remaining increase in noninterest expense included modest changes across a variety of expense categories.

Income Tax

Income tax expense totaled $2.8 million for the third quarter of 2024, down by $171 thousand from the preceding quarter. The effective tax rate for the third quarter of 2024 was 20.6%, down from 21.8% in the preceding quarter. Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2024 effective tax rate to be approximately 21%.

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Washington Trust

October 21, 2024

Investment Securities

The securities portfolio totaled $973 million at September 30, 2024, up by $21 million, or 2%, from June 30, 2024, reflecting an increase of $41 million in the fair value of available for sale securities, partially offset by routine pay-downs. The securities portfolio represented 14% of total assets at September 30, 2024, compared to 13% of total assets at June 30, 2024.

Loans

Total loans amounted to $5.5 billion at September 30, 2024, down by $114 million, or 2%, from the end of the preceding quarter. These changes included:

•Commercial loans decreased by $82 million, or 3%.

•Residential real estate loans decreased by $29 million, or 1%.

•The consumer loan portfolio decreased by $3 million, or 1%.

Deposits and Borrowings

Total deposits amounted to $5.2 billion at September 30, 2024, compared to $5.0 billion at the end of the preceding quarter. Uninsured deposits, after exclusions (as detailed in the financial tables below) amounted to $1.1 billion, or 20% of total deposits, at September 30, 2024.

In-market deposits, which exclude wholesale brokered deposits, amounted to $4.8 billion at September 30, 2024, up by $155 million, or 3%, from June 30, 2024. As of September 30, 2024, in-market deposits were approximately 59% retail and 41% commercial. The average size of our in-market deposit accounts was approximately $36 thousand at September 30, 2024.

Wholesale brokered deposits amounted to $380 million and were up by $41 million, or 12%, from June 30, 2024.

FHLB advances totaled $1.3 billion at September 30, 2024, down by $250 million, or 16%, from June 30, 2024. As of September 30, 2024, contingent liquidity amounted to $1.7 billion and consisted of noninterest-bearing cash, unencumbered securities, and unused collateralized borrowing capacity.

Asset Quality

Nonaccrual loans were $31.1 million, or 0.56% of total loans, at September 30, 2024, compared to $30.5 million, or 0.54% of total loans, at June 30, 2024. The composition of nonaccrual loans at September 30, 2024 was 61% commercial and 39% residential and consumer.

Past due loans were $20.3 million, or 0.37% of total loans, at September 30, 2024, compared to $11.9 million, or 0.21% of total loans, at June 30, 2024. The increase in past due loans was largely due to one commercial real estate loan that has been on nonaccrual status since the fourth quarter of 2023. The composition of past due loans at September 30, 2024 was 52% commercial and 48% residential and consumer.

The allowance for credit losses ("ACL") on loans amounted to $42.6 million, or 0.77% of total loans, at September 30, 2024, compared to $42.4 million, or 0.75% of total loans, at June 30, 2024. The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $1.6 million at September 30, 2024, compared to $1.7 million at June 30, 2024.

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Washington Trust

October 21, 2024

The provision for credit losses totaled $200 thousand in the third quarter of 2024, down by $300 thousand from the preceding quarter, largely reflecting the decline in loan balances. Net charge-offs amounted to $48 thousand in the third quarter of 2024, compared to $27 thousand in the preceding quarter.

Capital and Dividends

Total shareholders' equity was $502.2 million at September 30, 2024, up by $31.3 million, or 7%, from June 30, 2024. Net income of $11.0 million and an increase of $29.2 million in the accumulated other comprehensive income ("AOCI") component of shareholders' equity were partially offset by $9.7 million in dividend declarations. The increase in AOCI mainly reflected increases in the fair value of available for sale debt securities due to changes in market interest rates.

The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended September 30, 2024. The dividend was paid on October 11, 2024 to shareholders of record on October 1, 2024.

Capital levels at September 30, 2024 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.21% at September 30, 2024, compared to 11.81% at June 30, 2024. Book value per share was $29.44 at September 30, 2024, compared to $27.61 at June 30, 2024.

Conference Call

Washington Trust will host a conference call to discuss its third quarter results, business highlights, and outlook on Tuesday, October 22, 2024 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 539756. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 963764. The audio replay will be available through November 5, 2024. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through December 31, 2024.

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Washington Trust

October 21, 2024

Background

Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Connecticut, and Massachusetts. The Corporation’s common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation’s website at https://ir.washtrust.com.

Forward-Looking Statements

This press release contains statements that are “forward-looking statements.” We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following:

•changes in general business and economic conditions on a national basis and in the local markets in which we operate;

•changes in customer behavior due to political, business, and economic conditions, including inflation and concerns about liquidity;

•interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;

•changes in loan demand and collectability;

•the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;

•ongoing volatility in national and international financial markets;

•reductions in the market value or outflows of wealth management AUA;

•decreases in the value of securities and other assets;

•increases in defaults and charge-off rates;

•changes in the size and nature of our competition;

•changes in legislation or regulation and accounting principles, policies, and guidelines;

•operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and future pandemics;

•regulatory, litigation, and reputational risks; and

•changes in the assumptions used in making such forward-looking statements.

In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Supplemental Information - Explanation of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Washington Trust's management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

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Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands)
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Assets:
Cash and due from banks			$206,971			$103,877			$102,136			$86,824			$109,432
Short-term investments			3,772			3,654			3,452			3,360			3,577
Mortgage loans held for sale, at fair value			20,864			26,116			25,462			20,077			10,550
Available for sale debt securities, at fair value			973,266			951,828			970,060			1,000,380			958,990
Federal Home Loan Bank stock, at cost			57,439			66,166			55,512			51,893			52,668
Loans:
Total loans			5,514,870			5,629,102			5,685,232			5,647,706			5,611,115
Less: allowance for credit losses on loans			42,630			42,378			41,905			41,057			40,213
Net loans			5,472,240			5,586,724			5,643,327			5,606,649			5,570,902
Premises and equipment, net			32,145			31,866			31,914			32,291			31,976
Operating lease right-of-use assets			27,612			28,387			29,216			29,364			27,882
Investment in bank-owned life insurance			105,998			105,228			104,475			103,736			103,003
Goodwill			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net			3,089			3,295			3,503			3,711			3,919
Other assets			174,266			213,310			216,158			200,653			246,667
Total assets			$7,141,571			$7,184,360			$7,249,124			$7,202,847			$7,183,475
Liabilities:
Deposits:
Noninterest-bearing deposits			$665,706			$645,661			$648,929			$693,746			$773,261
Interest-bearing deposits			4,506,184			4,330,465			4,698,964			4,654,414			4,642,302
Total deposits			5,171,890			4,976,126			5,347,893			5,348,160			5,415,563
Federal Home Loan Bank advances			1,300,000			1,550,000			1,240,000			1,190,000			1,120,000
Junior subordinated debentures			22,681			22,681			22,681			22,681			22,681
Operating lease liabilities			30,237			31,012			31,837			32,027			30,554
Other liabilities			114,534			133,584			139,793			137,293			163,273
Total liabilities			6,639,342			6,713,403			6,782,204			6,730,161			6,752,071
Shareholders’ Equity:
Common stock			1,085			1,085			1,085			1,085			1,085
Paid-in capital			126,698			125,898			126,785			126,150			126,310
Retained earnings			505,654			504,350			503,175			501,917			498,521
Accumulated other comprehensive loss			(117,158)			(146,326)			(148,913)			(141,153)			(178,734)
Treasury stock, at cost			(14,050)			(14,050)			(15,212)			(15,313)			(15,778)
Total shareholders’ equity			502,229			470,957			466,920			472,686			431,404
Total liabilities and shareholders’ equity			$7,141,571			$7,184,360			$7,249,124			$7,202,847			$7,183,475

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Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars and shares in thousands, except per share amounts)
			For the Three Months Ended																														For the Nine Months Ended
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023																		Sep 30, 2024			Sep 30, 2023
Interest income:
Interest and fees on loans			$75,989			$76,240			$75,636			$74,236			$70,896																		$227,865			$196,094
Interest on mortgage loans held for sale			366			392			255			255			332																		1,013			725
Taxable interest on debt securities			6,795			6,944			7,096			7,191			7,271																		20,835			21,868
Dividends on Federal Home Loan Bank stock			1,262			1,124			1,073			982			878																		3,459			2,333
Other interest income			3,174			1,297			1,196			1,282			1,344																		5,667			3,693
Total interest and dividend income			87,586			85,997			85,256			83,946			80,721																		258,839			224,713
Interest expense:
Deposits			37,203			36,713			38,047			37,067			34,069																		111,963			83,362
Federal Home Loan Bank advances			17,717			17,296			15,138			13,814			12,497																		50,151			35,775
Junior subordinated debentures			404			403			406			411			404																		1,213			1,132
Total interest expense			55,324			54,412			53,591			51,292			46,970																		163,327			120,269
Net interest income			32,262			31,585			31,665			32,654			33,751																		95,512			104,444
Provision for credit losses			200			500			700			1,200			500																		1,400			2,000
Net interest income after provision for credit losses			32,062			31,085			30,965			31,454			33,251																		94,112			102,444
Noninterest income:
Wealth management revenues			9,989			9,678			9,338			8,881			8,948																		29,005			26,659
Mortgage banking revenues			2,866			2,761			2,506			1,554			2,108																		8,133			5,106
Card interchange fees			1,321			1,275			1,145			1,254			1,267																		3,741			3,667
Service charges on deposit accounts			784			769			685			688			674																		2,238			2,118
Loan related derivative income			126			49			284			112			1,082																		459			1,278
Income from bank-owned life insurance			770			753			739			734			710																		2,262			2,754
Other income			416			1,375			2,466			83			437																		4,257			1,252
Total noninterest income			16,272			16,660			17,163			13,306			15,226																		50,095			42,834
Noninterest expense:
Salaries and employee benefits			21,350			21,260			21,775			18,464			21,622																		64,385			63,994
Outsourced services			4,185			4,096			3,780			3,667			3,737																		12,061			10,854
Net occupancy			2,399			2,397			2,561			2,396			2,387																		7,357			7,240
Equipment			924			958			1,020			1,133			1,107																		2,902			3,185
Legal, audit, and professional fees			836			741			706			959			1,058																		2,283			2,932
FDIC deposit insurance costs			1,402			1,404			1,441			1,239			1,185																		4,247			3,428
Advertising and promotion			857			661			548			938			789																		2,066			1,624
Amortization of intangibles			206			208			208			208			211																		622			635
Other expenses			2,345			2,185			2,324			3,583			2,294																		6,854			7,078
Total noninterest expense			34,504			33,910			34,363			32,587			34,390																		102,777			100,970
Income before income taxes			13,830			13,835			13,765			12,173			14,087																		41,430			44,308
Income tax expense (benefit)			2,849			3,020			2,829			(774)			2,926																		8,698			9,079
Net income			$10,981			$10,815			$10,936			$12,947			$11,161																		$32,732			$35,229
Net income available to common shareholders			$10,973			$10,807			$10,924			$12,931			$11,140																		$32,732			$35,160
Weighted average common shares outstanding:
Basic			17,058			17,052			17,033			17,029			17,019																		17,048			17,034
Diluted			17,140			17,110			17,074			17,070			17,041																		17,115			17,063
Earnings per common share:
Basic			$0.64			$0.63			$0.64			$0.76			$0.65																		$1.92			$2.06
Diluted			$0.64			$0.63			$0.64			$0.76			$0.65																		$1.91			$2.06
Cash dividends declared per share			$0.56			$0.56			$0.56			$0.56			$0.56																		$1.68			$1.68

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Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars and shares in thousands, except per share amounts)
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Share and Equity Related Data:
Book value per share			$29.44			$27.61			$27.41			$27.75			$25.35
Tangible book value per share - Non-GAAP (1)			$25.51			$23.67			$23.45			$23.78			$21.36
Market value per share			$32.21			$27.41			$26.88			$32.38			$26.33
Shares issued at end of period			17,363			17,363			17,363			17,363			17,363
Shares outstanding at end of period			17,058			17,058			17,033			17,031			17,019
Capital Ratios (2):
Tier 1 risk-based capital			11.39		%	11.01		%	10.84		%	10.86		%	10.77		%
Total risk-based capital			12.21		%	11.81		%	11.62		%	11.58		%	11.48		%
Tier 1 leverage ratio			7.85		%	7.82		%	7.81		%	7.80		%	7.87		%
Common equity tier 1			10.95		%	10.59		%	10.42		%	10.44		%	10.35		%
Balance Sheet Ratios:
Equity to assets			7.03		%	6.56		%	6.44		%	6.56		%	6.01		%
Tangible equity to tangible assets - Non-GAAP (1)			6.15		%	5.67		%	5.56		%	5.68		%	5.11		%
Loans to deposits (3)			106.2		%	112.8		%	106.0		%	105.2		%	103.1		%

																											For the Nine Months Ended
			For the Three Months Ended
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023												Sep 30, 2024			Sep 30, 2023
Performance Ratios (4):
Net interest margin (5)			1.85		%	1.83		%	1.84		%	1.88		%	1.97		%										1.84		%	2.11		%
Return on average assets (net income divided by average assets)			0.60		%	0.60		%	0.61		%	0.71		%	0.62		%										0.60		%	0.68		%
Return on average tangible assets - Non-GAAP (1)			0.61		%	0.61		%	0.61		%	0.72		%	0.63		%										0.61		%	0.69		%
Return on average equity (net income available for common shareholders divided by average equity)			8.99		%	9.43		%	9.33		%	11.77		%	9.65		%										9.25		%	10.19		%
Return on average tangible equity - Non-GAAP (1)			10.43		%	11.04		%	10.89		%	13.93		%	11.33		%										10.79		%	11.95		%
Efficiency ratio (6)			71.1		%	70.3		%	70.4		%	70.9		%	70.2		%										70.6		%	68.6		%

(1)See the section labeled “Supplemental Information - Calculation of Non-GAAP Financial Measures” at the end of this document.

(2)Estimated for September 30, 2024 and actuals for prior periods.

(3)Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.

(4)Annualized based on the actual number of days in the period.

(5)Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.

(6)Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

-8-

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Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars in thousands)
			For the Three Months Ended																														For the Nine Months Ended
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023																		Sep 30, 2024			Sep 30, 2023
Wealth Management Results
Wealth Management Revenues:
Asset-based revenues			$9,770			$9,239			$9,089			$8,634			$8,683																		$28,098			$25,674
Transaction-based revenues			219			439			249			247			265																		907			985
Total wealth management revenues			$9,989			$9,678			$9,338			$8,881			$8,948																		$29,005			$26,659
Assets Under Administration (AUA):
Balance at beginning of period			$6,803,491			$6,858,322			$6,588,406			$6,131,395			$6,350,260																		$6,588,406			$5,961,990
Net investment appreciation (depreciation) & income			372,027			108,529			364,244			503,209			(154,269)																		844,800			391,781
Net client asset outflows			(123,110)			(163,360)			(94,328)			(46,198)			(64,596)																		(380,798)			(222,376)
Balance at end of period			$7,052,408			$6,803,491			$6,858,322			$6,588,406			$6,131,395																		$7,052,408			$6,131,395
Percentage of AUA that are managed assets			91%			91%			91%			91%			91%																		91%			91%
Mortgage Banking Results
Mortgage Banking Revenues:
Realized gains on loan sales, net (1)			$2,492			$2,205			$1,586			$1,133			$1,746																		$6,283			$3,149
Changes in fair value, net (2)			(28)			20			324			(65)			(171)																		316			297
Loan servicing fee income, net (3)			402			536			596			486			533																		1,534			1,660
Total mortgage banking revenues			$2,866			$2,761			$2,506			$1,554			$2,108																		$8,133			$5,106
Residential Mortgage Loan Originations:
Originations for retention in portfolio (4)			$26,317			$26,520			$24,474			$39,827			$161,603																		$77,311			$420,065
Originations for sale to secondary market (5)			115,117			110,728			78,098			76,495			78,339																		303,943			184,097
Total mortgage loan originations			$141,434			$137,248			$102,572			$116,322			$239,942																		$381,254			$604,162
Residential Mortgage Loans Sold:
Sold with servicing rights retained			$17,881			$24,570			$24,057			$28,290			$34,046																		$66,508			$79,887
Sold with servicing rights released (5)			102,457			85,482			48,587			39,170			54,575																		236,526			102,625
Total mortgage loans sold			$120,338			$110,052			$72,644			$67,460			$88,621																		$303,034			$182,512

(1)Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.

(2)Represents fair value changes on mortgage loans held for sale and forward loan commitments.

(3)Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

(4)Includes the full commitment amount of homeowner construction loans.

(5)Includes brokered loans (loans originated for others).

-9-

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Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Loans:
Commercial real estate (1)			$2,102,091			$2,191,996			$2,158,518			$2,106,359			$2,063,383
Commercial & industrial			566,279			558,075			613,376			605,072			611,565
Total commercial			2,668,370			2,750,071			2,771,894			2,711,431			2,674,948
Residential real estate (2)			2,529,397			2,558,533			2,585,524			2,604,478			2,611,100
Home equity			299,379			302,027			309,302			312,594			305,683
Other			17,724			18,471			18,512			19,203			19,384
Total consumer			317,103			320,498			327,814			331,797			325,067
Total loans			$5,514,870			$5,629,102			$5,685,232			$5,647,706			$5,611,115

(1)Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income producing property.

(2)Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

			September 30, 2024									December 31, 2023
			Balance			% of Total						Balance			% of Total
Commercial Real Estate Loans by Property Location:
Connecticut			$826,212			39		%				$815,975			39		%
Massachusetts			650,891			31						645,736			31
Rhode Island			434,111			21						430,899			20
Subtotal			1,911,214			91						1,892,610			90
All other states			190,877			9						213,749			10
Total commercial real estate loans			$2,102,091			100		%				$2,106,359			100		%
Residential Real Estate Loans by Property Location:
Massachusetts			$1,857,706			74		%				$1,928,206			74		%
Rhode Island			488,094			19						481,289			19
Connecticut			155,858			6						165,933			6
Subtotal			2,501,658			99						2,575,428			99
All other states			27,739			1						29,050			1
Total residential real estate loans			$2,529,397			100		%				$2,604,478			100		%

-10-

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Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)
						September 30, 2024												December 31, 2023
						Balance			% of Total									Balance			% of Total
Commercial Real Estate Portfolio Segmentation:
Multi-family						$540,792			26		%							$546,694			26		%
Retail						428,217			20									434,913			21
Industrial and warehouse						337,950			16									307,987			15
Office						296,545			14									284,199			13
Hospitality						203,972			10									235,015			11
Healthcare Facility						202,854			10									175,490			8
Mixed-use						29,231			1									49,079			2
Other						62,530			3									72,982			4
Total commercial real estate loans						$2,102,091			100		%							$2,106,359			100		%
Commercial & Industrial Portfolio Segmentation:
Healthcare and social assistance						$131,120			23		%							$166,490			28		%
Real estate rental and leasing						69,069			12									70,540			12
Transportation and warehousing						56,620			10									63,789			11
Manufacturing						48,239			9									54,905			9
Educational services						42,860			8									41,968			7
Retail trade						41,232			7									43,746			7
Finance and insurance						25,362			4									33,617			6
Information						22,168			4									22,674			4
Arts, entertainment, and recreation						20,557			4									22,249			4
Accommodation and food services						11,693			2									13,502			2
Professional, scientific, and technical services						10,729			2									7,998			1
Public administration						2,570			—									3,019			—
Other						84,060			15									60,575			9
Total commercial & industrial loans						$566,279			100		%							$605,072			100		%

									Weighted Average									Asset Quality
September 30, 2024			Balance (2) (3)			Average  Loan Size (4)			Loan to Value			Debt  Service Coverage						Pass			Special Mention			Classified						Nonaccrual (included in Classified)
Non-Owner Occupied Commercial Real Estate Office (inclusive of Construction):
Class A			$112,875			$9,477			59%			1.72x						$106,584			$6,291			$—						$—
Class B			86,421			4,350			67%			1.32x						64,735			—			21,686						18,259
Class C			14,790			2,113			56%			1.39x						14,790			—			—						—
Medical Office			56,124			7,525			70%			1.33x						56,124			—			—						—
Lab Space			26,335			23,460			91%			1.20x						5,817			—			20,518						—
Total office (1)			$296,545			$6,584			68%			1.45x						$248,050			$6,291			$42,204						$18,259

(1)Approximately 68% of the total commercial real estate office balance of $297 million is secured by income producing properties located in suburban areas. Additionally, approximately 40% of the total commercial real estate office balance is scheduled to mature before September 30, 2026.

(2)The balance of commercial real estate office consists of 49 loans.

(3)Does not include $26.1 million of unfunded commitments.

(4)Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

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Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY
(Unaudited; Dollars in thousands)
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Deposits:
Noninterest-bearing demand deposits			$665,706			$645,661			$648,929			$693,746			$773,261
Interest-bearing demand deposits (in-market)			596,319			532,316			536,923			504,959			490,217
NOW accounts			685,531			722,797			735,617			767,036			745,778
Money market accounts			1,146,426			1,086,088			1,111,510			1,096,959			1,111,797
Savings accounts			490,285			485,208			484,678			497,223			514,526
Time deposits (in-market)			1,207,626			1,164,839			1,156,516			1,134,187			1,111,942
In-market deposits			4,791,893			4,636,909			4,674,173			4,694,110			4,747,521
Wholesale brokered time deposits			379,997			339,217			673,720			654,050			668,042
Total deposits			$5,171,890			$4,976,126			$5,347,893			$5,348,160			$5,415,563

			September 30, 2024									December 31, 2023
			Balance			% of Total Deposits						Balance			% of Total Deposits
Uninsured Deposits:
Uninsured deposits (1)			$1,360,176			26		%				$1,260,672			24		%
Less: affiliate deposits (2)			101,028			2						92,645			2
Uninsured deposits, excluding affiliate deposits			1,259,148			24						1,168,027			22
Less: fully-collateralized preferred deposits (3)			205,668			4						204,327			4
Uninsured deposits, after exclusions			$1,053,480			20		%				$963,700			18		%

(1)    Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits.

(2)    Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation.

(3)    Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law.

			Sep 30, 2024			Dec 31, 2023
Contingent Liquidity:
Federal Home Loan Bank of Boston			$930,951			$1,086,607
Federal Reserve Bank of Boston			85,009			65,759
Noninterest-bearing cash			33,694			54,970
Unencumbered securities			662,991			680,857
Total			$1,712,645			$1,888,193
Percentage of total contingent liquidity to uninsured deposits			125.9		%	149.8		%
Percentage of total contingent liquidity to uninsured deposits, after exclusions			162.6		%	195.9		%

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Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Asset Quality Ratios:
Nonperforming assets to total assets			0.44		%	0.43		%	0.43		%	0.63		%	0.48		%
Nonaccrual loans to total loans			0.56		%	0.54		%	0.54		%	0.79		%	0.60		%
Total past due loans to total loans			0.37		%	0.21		%	0.18		%	0.20		%	0.17		%
Allowance for credit losses on loans to nonaccrual loans			136.89		%	139.04		%	136.45		%	92.02		%	119.50		%
Allowance for credit losses on loans to total loans			0.77		%	0.75		%	0.74		%	0.73		%	0.72		%
Nonperforming Assets:
Commercial real estate			$18,259			$18,390			$18,729			$32,827			$22,609
Commercial & industrial			616			642			668			682			696
Total commercial			18,875			19,032			19,397			33,509			23,305
Residential real estate			10,517			9,744			9,722			9,626			9,446
Home equity			1,750			1,703			1,591			1,483			901
Other consumer			—			—			—			—			—
Total consumer			1,750			1,703			1,591			1,483			901
Total nonaccrual loans			31,142			30,479			30,710			44,618			33,652
Other real estate owned			—			683			683			683			683
Total nonperforming assets			$31,142			$31,162			$31,393			$45,301			$34,335
Past Due Loans (30 days or more past due):
Commercial real estate			$10,476			$—			$—			$—			$—
Commercial & industrial			3			2			270			10			4
Total commercial			10,479			2			270			10			4
Residential real estate			6,947			8,534			6,858			8,116			7,785
Home equity			2,800			3,324			2,879			3,196			1,925
Other consumer			75			20			32			23			19
Total consumer			2,875			3,344			2,911			3,219			1,944
Total past due loans			$20,301			$11,880			$10,039			$11,345			$9,733
Accruing loans 90 days or more past due			$—			$—			$—			$—			$—
Nonaccrual loans included in past due loans			$18,119			$8,409			$5,111			$6,877			$5,710

-13-

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Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
			For the Three Months Ended																								For the Nine Months Ended
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023												Sep 30, 2024			Sep 30, 2023
Nonaccrual Loan Activity:
Balance at beginning of period			$30,479			$30,710			$44,618			$33,652			$10,407												$44,618			$12,846
Additions to nonaccrual status			1,880			556			431			12,018			25,088												2,867			28,258
Loans returned to accruing status			(268)			(369)			(13,764)			—			(197)												(14,401)			(1,636)
Loans charged-off			(59)			(53)			(70)			(420)			(44)												(182)			(157)
Loans transferred to other real estate owned			—			—			—			—			—												—			(683)
Payments, payoffs, and other changes			(890)			(365)			(505)			(632)			(1,602)												(1,760)			(4,976)
Balance at end of period			$31,142			$30,479			$30,710			$44,618			$33,652												$31,142			$33,652
Allowance for Credit Losses on Loans:
Balance at beginning of period			$42,378			$41,905			$41,057			$40,213			$39,343												$41,057			$38,027
Provision for credit losses on loans (1)			300			500			900			1,250			900												1,700			2,300
Charge-offs			(59)			(53)			(70)			(420)			(44)												(182)			(157)
Recoveries			11			26			18			14			14												55			43
Balance at end of period			$42,630			$42,378			$41,905			$41,057			$40,213												$42,630			$40,213
Allowance for Credit Losses on Unfunded Commitments:
Balance at beginning of period			$1,740			$1,740			$1,940			$1,990			$2,390												$1,940			$2,290
Provision for credit losses on unfunded commitments (1)			(100)			—			(200)			(50)			(400)												(300)			(300)
Balance at end of period (2)			$1,640			$1,740			$1,740			$1,940			$1,990												$1,640			$1,990

(1)    Included in provision for credit losses in the Consolidated Statements of Income.

(2)     Included in other liabilities in the Consolidated Balance Sheets.

			For the Three Months Ended																								For the Nine Months Ended
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023												Sep 30, 2024			Sep 30, 2023
Net Loan Charge-Offs (Recoveries):
Commercial real estate			$—			$—			$—			$373			$—												$—			$—
Commercial & industrial			2			4			(1)			10			4												5			15
Total commercial			2			4			(1)			383			4												5			15
Residential real estate			—			—			—			(3)			—												—			—
Home equity			(1)			(6)			(1)			—			(7)												(8)			(10)
Other consumer			47			29			54			26			33												130			109
Total consumer			46			23			53			26			26												122			99
Total			$48			$27			$52			$406			$30												$127			$114
Net charge-offs to average loans - annualized			—		%	—		%	—		%	0.03		%	—		%										—		%	—		%

-14-

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The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Three Months Ended			September 30, 2024												June 30, 2024															Change
			Average Balance			Interest			Yield/ Rate						Average Balance			Interest			Yield/ Rate															Average Balance			Interest			Yield/ Rate
Assets:
Cash, federal funds sold, and short-term investments			$229,326			$3,174			5.51		%				$96,934			$1,297			5.38		%													$132,392			$1,877			0.13		%
Mortgage loans held for sale			21,899			366			6.65						22,755			392			6.93															(856)			(26)			(0.28)
Taxable debt securities			1,109,699			6,794			2.44						1,129,573			6,944			2.47															(19,874)			(150)			(0.03)
Nontaxable debt securities			85			1			4.68						—			—			—															85			1			4.68
Total securities			1,109,784			6,795			2.44						1,129,573			6,944			2.47															(19,789)			(149)			(0.03)
FHLB stock			62,420			1,262			8.04						60,354			1,124			7.49															2,066			138			0.55
Commercial real estate			2,143,466			34,518			6.41						2,167,785			34,707			6.44															(24,319)			(189)			(0.03)
Commercial & industrial			573,400			9,368			6.50						602,786			9,837			6.56															(29,386)			(469)			(0.06)
Total commercial			2,716,866			43,886			6.43						2,770,571			44,544			6.47															(53,705)			(658)			(0.04)
Residential real estate			2,542,939			26,568			4.16						2,569,945			26,473			4.14															(27,006)			95			0.02
Home equity			299,227			5,554			7.38						306,703			5,211			6.83															(7,476)			343			0.55
Other			18,097			215			4.73						18,375			239			5.23															(278)			(24)			(0.50)
Total consumer			317,324			5,769			7.23						325,078			5,450			6.74															(7,754)			319			0.49
Total loans			5,577,129			76,223			5.44						5,665,594			76,467			5.43															(88,465)			(244)			0.01
Total interest-earning assets			7,000,558			87,820			4.99						6,975,210			86,224			4.97															25,348			1,596			0.02
Noninterest-earning assets			254,008												252,268																					1,740
Total assets			$7,254,566												$7,227,478																					$27,088
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits (in-market)			$556,245			$6,288			4.50		%				$536,752			$6,064			4.54		%													$19,493			$224			(0.04		%)
NOW accounts			693,724			405			0.23						712,874			388			0.22															(19,150)			17			0.01
Money market accounts			1,122,649			11,221			3.98						1,120,333			10,934			3.93															2,316			287			0.05
Savings accounts			484,068			984			0.81						482,674			803			0.67															1,394			181			0.14
Time deposits (in-market)			1,188,452			12,234			4.10						1,157,962			11,802			4.10															30,490			432			—
Interest-bearing in-market deposits			4,045,138			31,132			3.06						4,010,595			29,991			3.01															34,543			1,141			0.05
Wholesale brokered time deposits			458,114			6,071			5.27						517,424			6,722			5.23															(59,310)			(651)			0.04
Total interest-bearing deposits			4,503,252			37,203			3.29						4,528,019			36,713			3.26															(24,767)			490			0.03
FHLB advances			1,423,804			17,717			4.95						1,397,143			17,296			4.98															26,661			421			(0.03)
Junior subordinated debentures			22,681			404			7.09						22,681			403			7.15															—			1			(0.06)
Total interest-bearing liabilities			5,949,737			55,324			3.70						5,947,843			54,412			3.68															1,894			912			0.02
Noninterest-bearing demand deposits			673,113												652,189																					20,924
Other liabilities			146,045												166,487																					(20,442)
Shareholders' equity			485,654												460,959																					24,695
Total liabilities and shareholders' equity			$7,254,549												$7,227,478																					$27,071
Net interest income (FTE)						$32,496												$31,812																					$684
Interest rate spread									1.29		%										1.29		%																			—		%
Net interest margin									1.85		%										1.83		%																			0.02		%

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Three Months Ended			Sep 30, 2024			Jun 30, 2024						Change
Commercial loans			$234			$227						$7
Total			$234			$227						$7

-15-

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Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Nine Months Ended			September 30, 2024									September 30, 2023									Change
			Average Balance			Interest			Yield/ Rate			Average Balance			Interest			Yield/  Rate			Average Balance			Interest			Yield/  Rate
Assets:
Cash, federal funds sold and short-term investments			$135,428			$5,667			5.59		%	$105,025			$3,693			4.70		%	$30,403			$1,974			0.89		%
Mortgage loans for sale			20,042			1,013			6.75			18,315			725			5.29			1,727			288			1.46
Taxable debt securities			1,128,507			20,834			2.47			1,192,536			21,868			2.45			(64,029)			(1,034)			0.02
Nontaxable debt securities			28			1			4.77			—			—			—			28			1			4.77
Total securities			1,128,535			20,835			2.47			1,192,536			21,868			2.45			(64,001)			(1,033)			0.02
FHLB stock			58,890			3,459			7.85			45,605			2,333			6.84			13,285			1,126			1.01
Commercial real estate			2,150,686			103,445			6.42			1,931,196			85,626			5.93			219,490			17,819			0.49
Commercial & industrial			595,564			29,096			6.53			618,415			28,423			6.14			(22,851)			673			0.39
Total commercial			2,746,250			132,541			6.45			2,549,611			114,049			5.98			196,639			18,492			0.47
Residential real estate			2,568,457			79,572			4.14			2,452,088			69,777			3.80			116,369			9,795			0.34
Home equity			305,364			15,769			6.90			293,957			12,355			5.62			11,407			3,414			1.28
Other			18,527			666			4.80			17,685			616			4.66			842			50			0.14
Total consumer			323,891			16,435			6.78			311,642			12,971			5.56			12,249			3,464			1.22
Total loans			5,638,598			228,548			5.41			5,313,341			196,797			4.95			325,257			31,751			0.46
Total interest-earning assets			6,981,493			259,522			4.97			6,674,822			225,416			4.52			306,671			34,106			0.45
Noninterest-earning assets			256,527									259,334									(2,807)
Total assets			$7,238,020									$6,934,156									$303,864
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits (in-market)			$533,163			$18,058			4.52		%	$385,180			$11,788			4.09		%	$147,983			$6,270			0.43		%
NOW accounts			709,115			1,168			0.22			781,546			1,177			0.20			(72,431)			(9)			0.02
Money market accounts			1,116,879			32,571			3.90			1,208,436			26,807			2.97			(91,557)			5,764			0.93
Savings accounts			485,665			2,540			0.70			534,784			1,065			0.27			(49,119)			1,475			0.43
Time deposits (in-market)			1,165,370			35,756			4.10			971,333			22,417			3.09			194,037			13,339			1.01
Interest-bearing in-market deposits			4,010,192			90,093			3.00			3,881,279			63,254			2.18			128,913			26,839			0.82
Wholesale brokered demand deposits			—			—			—			5,368			177			4.41			(5,368)			(177)			(4.41)
Wholesale brokered time deposits			558,015			21,870			5.24			579,871			19,931			4.60			(21,856)			1,939			0.64
Wholesale brokered deposits			558,015			21,870			5.24			585,239			20,108			4.59			(27,224)			1,762			0.65
Total interest-bearing deposits			4,568,207			111,963			3.27			4,466,518			83,362			2.50			101,689			28,601			0.77
FHLB advances			1,353,887			50,151			4.95			1,025,788			35,775			4.66			328,099			14,376			0.29
Junior subordinated debentures			22,681			1,213			7.14			22,681			1,132			6.67			—			81			0.47
Total interest-bearing liabilities			5,944,775			163,327			3.67			5,514,987			120,269			2.92			429,788			43,058			0.75
Noninterest-bearing demand deposits			663,355									792,706									(129,351)
Other liabilities			157,268									165,021									(7,753)
Shareholders' equity			472,617									461,442									11,175
Total liabilities and shareholders' equity			$7,238,015									$6,934,156									$303,859
Net interest income (FTE)						$96,195									$105,147									($8,952)
Interest rate spread									1.30		%							1.60		%							(0.30		%)
Net interest margin									1.84		%							2.11		%							(0.27		%)

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Nine Months Ended			Sep 30, 2024			Sep 30, 2023			Change
Commercial loans			$683			$703			($20)
Total			$683			$703			($20)

-16-

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Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures
(Unaudited; Dollars in thousands, except per share amounts)
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Tangible Book Value per Share:
Total shareholders' equity, as reported			$502,229			$470,957			$466,920			$472,686			$431,404
Less:
Goodwill			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net			3,089			3,295			3,503			3,711			3,919
Total tangible shareholders' equity			$435,231			$403,753			$399,508			$405,066			$363,576
Shares outstanding, as reported			17,058			17,058			17,033			17,031			17,019
Book value per share - GAAP			$29.44			$27.61			$27.41			$27.75			$25.35
Tangible book value per share - Non-GAAP			$25.51			$23.67			$23.45			$23.78			$21.36
Tangible Equity to Tangible Assets:
Total tangible shareholders' equity			$435,231			$403,753			$399,508			$405,066			$363,576
Total assets, as reported			$7,141,571			$7,184,360			$7,249,124			$7,202,847			$7,183,475
Less:
Goodwill			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net			3,089			3,295			3,503			3,711			3,919
Total tangible assets			$7,074,573			$7,117,156			$7,181,712			$7,135,227			$7,115,647
Equity to assets - GAAP			7.03		%	6.56		%	6.44		%	6.56		%	6.01		%
Tangible equity to tangible assets - Non-GAAP			6.15		%	5.67		%	5.56		%	5.68		%	5.11		%

			For the Three Months Ended																								For the Nine Months Ended
			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023												Sep 30, 2024			Sep 30, 2023
Return on Average Tangible Assets:
Net income, as reported			$10,981			$10,815			$10,936			$12,947			$11,161												$32,732			$35,229
Total average assets, as reported			$7,254,566			$7,227,478			$7,231,835			$7,191,575			$7,115,157												$7,238,020			$6,934,156
Less average balances of:
Goodwill			63,909			63,909			63,909			63,909			63,909												63,909			63,909
Identifiable intangible assets, net			3,189			3,397			3,604			3,812			4,021												3,396			4,232
Total average tangible assets			$7,187,468			$7,160,172			$7,164,322			$7,123,854			$7,047,227												$7,170,715			$6,866,015
Return on average assets - GAAP			0.60		%	0.60		%	0.61		%	0.71		%	0.62		%										0.60		%	0.68		%
Return on average tangible assets - Non-GAAP			0.61		%	0.61		%	0.61		%	0.72		%	0.63		%										0.61		%	0.69		%
Return on Average Tangible Equity:
Net income available to common shareholders, as reported			$10,973			$10,807			$10,924			$12,931			$11,140												$32,732			$35,160
Total average equity, as reported			$485,654			$460,959			$471,096			$436,059			$458,015												$472,617			$461,442
Less average balances of:
Goodwill			63,909			63,909			63,909			63,909			63,909												63,909			63,909
Identifiable intangible assets, net			3,189			3,397			3,604			3,812			4,021												3,396			4,232
Total average tangible equity			$418,556			$393,653			$403,583			$368,338			$390,085												$405,312			$393,301
Return on average equity - GAAP			8.99		%	9.43		%	9.33		%	11.77		%	9.65		%										9.25		%	10.19		%
Return on average tangible equity - Non-GAAP			10.43		%	11.04		%	10.89		%	13.93		%	11.33		%										10.79		%	11.95		%

-17-

Cover Page Document	Oct. 21, 2024
Cover Page [Abstract]
Document Type	8-K
Document Period End Date	Oct. 21, 2024
Entity Registrant Name	WASHINGTON TRUST BANCORP, INC.
Entity Incorporation, State or Country Code	RI
Entity File Number	001-32991
Entity Tax Identification Number	05-0404671
Entity Address, Address Line One	23 Broad Street
Entity Address, City or Town	Westerly,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02891
City Area Code	(401)
Local Phone Number	348-1200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000737468
Amendment Flag	false

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