Please wait

    NASDAQ: WASH

Media Contact: Sharon M. Walsh

SVP, Director of Marketing and Corporate Communications

Telephone: (401) 348-1286

E-mail: smwalsh@washtrust.com

Date: October 20, 2025

FOR IMMEDIATE RELEASE

Washington Trust Reports Third Quarter 2025 Results

WESTERLY, R.I., October 20, 2025 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (the “Corporation”) (Nasdaq: WASH), parent company of The Washington Trust Company (the “Bank”), today reported third quarter 2025 net income of $10.8 million, or $0.56 per diluted share, down from $13.2 million, or $0.68 per diluted share, reported for the second quarter of 2025.

“In the third quarter we expanded our net interest income and margin, grew our wealth management and mortgage banking revenues, delivered strong in-market deposit growth, and prudently managed expenses,” said Washington Trust Chairman and Chief Executive Officer Edward O. “Ned” Handy III. “We made several significant investments to drive future growth, including hiring a new senior executive with an extensive network and proven track record to lead our commercial banking division, and purchasing the client accounts of Lighthouse Financial Management, LLC, which added approximately $195 million of managed assets. In addition, while we resolved two significant credit exposures this quarter, we are confident in our current portfolio quality and that we will continue our long track record of strong credit performance.”

“Our long-standing reputation as a trusted financial partner in New England is built on a deep commitment to customer relationships,” said Handy. “We take pride in delivering personalized, convenient service — the foundation of relationship banking — through life’s most important financial moments. This approach not only strengthens our community ties but also drives long-term value for our shareholders.”

Selected financial highlights for the third quarter of 2025 include:

•The net interest margin was 2.40% in the third quarter, up by 4 basis points compared to the second quarter and up by 55 basis points compared to the same quarter a year ago.

•A provision for credit losses on loans of $7.0 million was recognized for the third quarter, compared to $650 thousand in the second quarter.

•Wealth management asset-based revenues in the third quarter increased by 6% from the preceding quarter. Assets under administration ("AUA") were up 7% from the end of the second quarter.

•Mortgage banking revenues in the third quarter increased by 15% from the preceding quarter and 22% compared to the same quarter a year ago.

•Total loans amounted to $5.1 billion, essentially unchanged from June 30, 2025.

•In-market deposits (total deposits less wholesale brokered deposits) amounted to $5.2 billion, up by 4% from June 30, 2025 and up by 9% from September 30, 2024.

•Nonaccrual commercial loans totaled $1.0 million, down from $14.0 million at June 30, 2025 and $18.9 million at September 30, 2024.

-1-

---

Washington Trust

October 20, 2025

Net Interest Income

Net interest income was $38.8 million for the third quarter of 2025, up by $1.6 million, or 4%, from the second quarter of 2025. The net interest margin was 2.40% for the third quarter, an increase of 4 basis points from the preceding quarter. Linked quarter changes included:

•Average interest-earning assets increased by $96 million, largely reflecting increases in the average balances of deposits at correspondent banks and commercial loans. The yield on interest-earning assets for the third quarter was 4.99%, unchanged from the preceding quarter.

•Average interest-bearing liabilities increased by $61 million, due to growth in average in-market deposit balances. The cost of interest-bearing liabilities for the third quarter of 2025 was 3.08%, decreased by 4 basis points from the preceding quarter.

Noninterest Income

Noninterest income was $17.6 million for the third quarter of 2025, up by $558 thousand, or 3%, from the second quarter of 2025. Linked quarter changes included:

•Wealth management revenues amounted to $10.4 million in the third quarter of 2025, up by $253 thousand, or 3%, from the preceding quarter. This included an increase of asset-based revenues of $562 thousand, or 6%, which was partially offset by a decrease in transaction-based revenues of $309 thousand, or 82%. 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, 2025 amounted to $7.7 billion, up by $501 million, or 7%, from June 30, 2025, reflecting net investment appreciation and assets acquired.

•Mortgage banking revenues totaled $3.5 million for the third quarter of 2025, up by $467 thousand, or 15%, from the preceding quarter. Loans sold amounted to $126.5 million in the third quarter of 2025, up by $9.7 million, or 8%, from the second quarter of 2025.

•Loan related derivative income from interest rate swap transactions with commercial borrowers totaled $271 thousand in the third quarter of 2025, down by $405 thousand, or 60%, from the preceding quarter.

Noninterest Expense

Noninterest expense totaled $35.7 million for the third quarter of 2025, down by $804 thousand, or 2%, from the second quarter of 2025. Linked quarter changes included:

•Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $22.7 million, down by $351 thousand, or 2%, from the preceding quarter, reflecting lower levels of performance-based compensation.

•Outsourced services amounted to $4.1 million, down by $284 thousand, or 6%, from the preceding quarter, reflecting lower third-party software costs and volume-related changes.

Income Tax

For the third quarter of 2025, income tax expense of $3.1 million was recognized, reflecting an effective tax rate of 22.2%. This compares to income tax expense of $3.9 million and an effective tax rate of 22.7% in the second quarter of 2025. Based

-2-

---

Washington Trust

October 20, 2025

on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2025 effective tax rate to be approximately 22.5%.

Investment Securities

The securities portfolio totaled $962 million at September 30, 2025, down by $9 million, or 1%, from June 30, 2025. The securities portfolio represented 14% of total assets at both September 30, 2025 and June 30, 2025.

Loans

Total loans amounted to $5.1 billion at September 30, 2025, down by $18 million from the end of the preceding quarter. These changes included:

•Commercial loans decreased by $1 million from June 30, 2025.

•Residential real estate loans decreased by $23 million, or 1%, from June 30, 2025.

•Consumer loans increased by $6 million, or 2%, from June 30, 2025.

Deposits and Borrowings

Total deposits amounted to $5.2 billion at September 30, 2025, up by $178 million, or 4%, from the end of the preceding quarter, reflecting growth across all in-market deposit categories.

There were no wholesale brokered deposits at September 30, 2025, compared to $2 million at June 30, 2025. FHLB advances totaled $791 million at September 30, 2025, down by $210 million, or 21%, from June 30, 2025.

As of September 30, 2025, contingent liquidity amounted to $1.8 billion and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

Asset Quality

The allowance for credit losses ("ACL") on loans amounted to $36.6 million, or 0.71% of total loans, at September 30, 2025, compared to $41.1 million, or 0.80% of total loans, at June 30, 2025.

The provision for credit losses on loans totaled $7.0 million in the third quarter of 2025, compared to $650 thousand in the preceding quarter. The increase in the provision was primarily due to charge-offs of $11.3 million on two commercial loan relationships.

•The first loan relationship is a participation in a shared national credit to a telecom infrastructure construction contractor. The contractor filed for Chapter 11 bankruptcy in the second quarter of 2025 and, at that time, the Corporation placed the loan relationship on nonaccrual status. As of June 30, 2025, this relationship had a carrying value of $9.3 million and a specific reserve of $2.3 million. Based on ensuing developments in the bankruptcy proceedings in the third quarter, the Corporation recognized a charge-off of $8.3 million on this relationship. The remaining carrying value of $1.0 million as of September 30, 2025 is expected to be collected in the fourth quarter of 2025.

•The second loan is a nonaccrual commercial real estate loan secured by a Class B office property. Late in the third quarter of 2025, the Corporation decided to sell this loan, which had a carrying value of $4.3 million on June 30, 2025. The sale was completed at the end of September and a charge-off of $3.0 million was recognized.

-3-

---

Washington Trust

October 20, 2025

Net charge-offs totaled $11.4 million in the third quarter of 2025, compared to $647 thousand in the preceding quarter.

Nonaccrual loans amounted to $14.0 million, or 0.27% of total loans, at September 30, 2025, compared to $26.1 million, or 0.51% of total loans, at June 30, 2025. The composition of nonaccrual loans at September 30, 2025 was $1.0 million, or 7%, commercial and $13.0 million, or 93%, residential and consumer.

Past due loans were $8.1 million, or 0.16% of total loans, at September 30, 2025, compared to $14.0 million, or 0.27% of total loans, at June 30, 2025. The composition of past due loans at September 30, 2025 was essentially all residential and consumer.

Capital and Dividends

Total shareholders' equity was $533.0 million at September 30, 2025, up by $5.5 million, or 1%, from June 30, 2025. Net income of $10.8 million and improvement of $11.1 million in the accumulated other comprehensive loss component of shareholders' equity were partially offset by quarterly dividend declarations of $10.8 million and a net increase in treasury stock of $6.3 million. In the third quarter of 2025, the Corporation repurchased 236,803 shares, at an average price of $27.18 and a total cost of $6.4 million, under its stock repurchase program.

The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended September 30, 2025. The dividend was paid on October 10, 2025 to shareholders of record on October 1, 2025.

Capital levels at September 30, 2025 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.90% at September 30, 2025, compared to 13.06% at June 30, 2025. Book value per share was $27.98 at September 30, 2025, compared to $27.36 at June 30, 2025.

Conference Call

Washington Trust will host a conference call to discuss its third quarter results, business highlights, and outlook on Tuesday, October 21, 2025 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 906379. 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 706807. The audio replay will be available through November 4, 2025. 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, 2025.

-4-

---

Washington Trust

October 20, 2025

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 (including the impact of tariffs, inflation and concerns about liquidity) on a national basis and in the local markets in which we operate;

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

•changes in customer behavior due to political, business and economic conditions;

•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, and evolving interpretations of, existing and future laws, rules and regulations;

•changes in 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, 2024, 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, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well as 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.

-5-

---

Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands)
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
Assets:
Cash and due from banks			$35,604			$43,997			$33,394			$21,534			$33,694
Interest-earning deposits with correspondent banks			143,886			119,582			82,804			88,368			173,277
Short-term investments			12,841			4,145			4,041			3,987			3,772
Mortgage loans held for sale, at fair value			31,318			35,681			21,953			21,708			20,864
Mortgage loans held for sale, at lower of cost or market			—			—			—			281,706			—
Premises and equipment held for sale, lower of cost or market			—			—			—			4,788			—
Available for sale debt securities, at fair value			962,466			971,341			917,545			916,305			973,266
Federal Home Loan Bank stock, at cost			36,331			45,273			38,899			49,817			57,439
Loans:
Total loans			5,122,582			5,140,260			5,096,210			5,137,838			5,514,870
Less: allowance for credit losses on loans			36,576			41,059			41,056			41,960			42,630
Net loans			5,086,006			5,099,201			5,055,154			5,095,878			5,472,240
Premises and equipment, net			25,065			25,574			26,068			26,873			32,145
Operating lease right-of-use assets			35,968			35,578			36,048			26,943			27,612
Investment in bank-owned life insurance			114,240			113,372			107,546			106,777			105,998
Goodwill			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net			4,458			2,478			2,682			2,885			3,089
Other assets			165,829			185,036			195,972			219,169			174,266
Total assets			$6,717,921			$6,745,167			$6,586,015			$6,930,647			$7,141,571
Liabilities:
Deposits:
Noninterest-bearing deposits			$671,309			$646,584			$625,590			$661,776			$665,706
Interest-bearing deposits			4,551,527			4,398,664			4,414,991			4,454,024			4,506,184
Total deposits			5,222,836			5,045,248			5,040,581			5,115,800			5,171,890
Federal Home Loan Bank advances			791,000			1,001,000			850,000			1,125,000			1,300,000
Junior subordinated debentures			22,681			22,681			22,681			22,681			22,681
Operating lease liabilities			38,741			38,299			38,716			29,578			30,237
Other liabilities			109,642			110,420			112,357			137,860			114,534
Total liabilities			6,184,900			6,217,648			6,064,335			6,430,919			6,639,342
Shareholders’ Equity:
Common stock			1,223			1,223			1,223			1,223			1,085
Paid-in capital			198,058			197,392			197,570			196,947			126,698
Retained earnings			437,545			437,520			435,233			434,014			505,654
Accumulated other comprehensive loss			(84,828)			(95,949)			(99,179)			(119,171)			(117,158)
Treasury stock, at cost			(18,977)			(12,667)			(13,167)			(13,285)			(14,050)
Total shareholders’ equity			533,021			527,519			521,680			499,728			502,229
Total liabilities and shareholders’ equity			$6,717,921			$6,745,167			$6,586,015			$6,930,647			$7,141,571

-6-

---

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, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024																		Sep 30, 2025			Sep 30, 2024
Interest income:
Interest and fees on loans						$68,785			$67,345			$66,656			$71,432			$75,989																		$202,786			$227,865
Interest on mortgage loans held for sale						542			442			958			762			366																		1,942			1,013
Taxable interest on debt securities						9,372			9,230			8,827			7,015			6,795																		27,429			20,835
Nontaxable interest on debt securities						7			8			7			8			—																		22			—
Dividends on Federal Home Loan Bank stock						764			792			1,022			1,312			1,262																		2,578			3,459
Other interest income						1,475			1,029			1,993			1,310			3,174																		4,497			5,667
Total interest and dividend income						80,945			78,846			79,463			81,839			87,586																		239,254			258,839
Interest expense:
Deposits						31,223			30,864			31,748			34,135			37,203																		93,835			111,963
Federal Home Loan Bank advances						10,542			10,451			10,946			14,388			17,717																		31,939			50,151
Junior subordinated debentures						347			346			347			380			404																		1,040			1,213
Total interest expense						42,112			41,661			43,041			48,903			55,324																		126,814			163,327
Net interest income						38,833			37,185			36,422			32,936			32,262																		112,440			95,512
Provision for credit losses						6,800			600			1,200			1,000			200																		8,600			1,400
Net interest income after provision for credit losses						32,033			36,585			35,222			31,936			32,062																		103,840			94,112
Noninterest income (loss):
Wealth management revenues						10,373			10,120			9,891			10,049			9,989																		30,384			29,005
Mortgage banking revenues						3,501			3,034			2,304			2,848			2,866																		8,839			8,133
Card interchange fees						1,163			1,247			1,509			1,255			1,321																		3,919			3,741
Service charges on deposit accounts						841			808			744			794			784																		2,393			2,238
Loan related derivative income						271			676			101			8			126																		1,048			459
Income from bank-owned life insurance						868			826			769			779			770																		2,463			2,262
Realized losses on securities, net						—			—			—			(31,047)			—																		—			—
Losses on sale of portfolio loans, net						—			—			—			(62,888)			—																		—			—
Gain on sale of bank-owned properties, net						—			—			6,994			—			—																		6,994			988
Other income						619			367			331			310			416																		1,317			3,269
Total noninterest income (loss)						17,636			17,078			22,643			(77,892)			16,272																		57,357			50,095
Noninterest expense:
Salaries and employee benefits						22,674			23,025			22,422			21,875			21,350																		68,121			64,385
Outsourced services						4,120			4,404			4,346			4,197			4,185																		12,870			12,061
Net occupancy						2,691			2,662			2,741			2,428			2,399																		8,094			7,357
Equipment						917			930			891			936			924																		2,738			2,902
Legal, audit, and professional fees						719			726			750			845			836																		2,195			2,283
FDIC deposit insurance costs						1,055			1,235			1,262			1,266			1,402																		3,552			4,247
Advertising and promotion						763			717			410			560			857																		1,890			2,066
Amortization of intangibles						200			203			204			204			206																		607			622
Pension plan settlement charge						—			—			6,436			—			—																		6,436			—
Other expenses						2,587			2,628			2,734			1,981			2,345																		7,949			6,854
Total noninterest expense						35,726			36,530			42,196			34,292			34,504																		114,452			102,777
Income (loss) before income taxes						13,943			17,133			15,669			(80,248)			13,830																		46,745			41,430
Income tax expense (benefit)						3,097			3,888			3,490			(19,457)			2,849																		10,475			8,698
Net income (loss)						$10,846			$13,245			$12,179			($60,791)			$10,981																		$36,270			$32,732
Net income (loss) available to common shareholders						$10,846			$13,245			$12,179			($60,776)			$10,973																		$36,270			$32,732
Weighted average common shares outstanding - basic						19,128			19,285			19,276			17,452			17,058																		19,229			17,048
Weighted average common shares outstanding - diluted						19,243			19,374			19,370			17,565			17,140																		19,329			17,115
Per share information:
Basic earnings per common share						$0.57			$0.69			$0.63			($3.48)			$0.64																		$1.89			$1.92
Diluted earnings per common share						$0.56			$0.68			$0.63			($3.46)			$0.64																		$1.88			$1.91
Cash dividends declared						$0.56			$0.56			$0.56			$0.56			$0.56																		$1.68			$1.68

-7-

---

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars and shares in thousands, except per share amounts)
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
Share and Equity Related Data:
Book value per share			$27.98			$27.36			$27.06			$25.93			$29.44
Tangible book value per share (non-GAAP) (1)			$24.39			$23.91			$23.61			$22.46			$25.51
Market value per share			$28.90			$28.28			$30.86			$31.35			$32.21
Shares issued at end of period			19,562			19,562			19,562			19,562			17,363
Shares outstanding at end of period			19,050			19,283			19,276			19,274			17,058
Capital Ratios (2):
Tier 1 risk-based capital			12.11		%	12.17		%	12.23		%	11.64		%	11.39		%
Total risk-based capital			12.90		%	13.06		%	13.13		%	12.47		%	12.21		%
Tier 1 leverage ratio			8.43		%	8.66		%	8.45		%	8.13		%	7.85		%
Common equity tier 1			11.64		%	11.71		%	11.76		%	11.20		%	10.95		%
Balance Sheet Ratios:
Equity to assets			7.93		%	7.82		%	7.92		%	7.21		%	7.03		%
Tangible equity to tangible assets (non-GAAP) (1)			6.99		%	6.90		%	6.98		%	6.31		%	6.15		%
Loans to deposits (3)			98.0		%	101.8		%	100.7		%	105.5		%	106.2		%

			For the Three Months Ended																								For the Nine Months Ended
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024												Sep 30, 2025			Sep 30, 2024
Performance Ratios (4):
Net interest margin (5)			2.40		%	2.36		%	2.29		%	1.95		%	1.85		%										2.35		%	1.84		%
Return on average assets (6)			0.64		%	0.80		%	0.73		%	(3.45		%)	0.60		%										0.72		%	0.60		%
Adjusted return on average assets (non-GAAP) (1)			0.64		%	0.80		%	0.71		%	0.59		%	0.60		%										0.71		%	0.56		%
Return on average tangible assets (non-GAAP) (1)			0.65		%	0.81		%	0.71		%	0.60		%	0.61		%										0.72		%	0.57		%
Return on average equity (7)			8.14		%	10.14		%	9.63		%	(48.25		%)	8.99		%										9.29		%	9.25		%
Adjusted return on average equity (non-GAAP) (1)			8.14		%	10.14		%	9.30		%	8.29		%	8.99		%										9.19		%	8.60		%
Return on average tangible equity (non-GAAP) (1)			9.34		%	11.62		%	10.69		%	9.57		%	10.43		%										10.54		%	10.03		%
Efficiency ratio (8)			63.3		%	67.3		%	71.4		%	(76.3		%)	71.1		%										67.4		%	70.6		%
Adjusted efficiency ratio (non-GAAP) (1)			63.3		%	67.3		%	68.7		%	70.0		%	71.1		%										66.3		%	72.1		%

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

(2)Estimated for September 30, 2025 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)Net income divided by average assets.

(7)Net income available for common shareholders divided by average equity.

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

-8-

---

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, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024																		Sep 30, 2025			Sep 30, 2024
Wealth Management Results
Wealth Management Revenues:
Asset-based revenues			$10,307			$9,745			$9,769			$9,910			$9,770																		$29,821			$28,098
Transaction-based revenues			66			375			122			139			219																		563			907
Total wealth management revenues			$10,373			$10,120			$9,891			$10,049			$9,989																		$30,384			$29,005
Assets Under Administration (AUA):
Balance at end of period (1)			$7,682,440			$7,181,715			$6,818,390			$7,077,802			$7,052,408																		$7,682,440			$7,052,408
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 (2)			$2,450			$2,460			$1,575			$2,493			$2,492																		$6,485			$6,283
Changes in fair value, net (3)			530			19			133			(317)			(28)																		682			316
Loan servicing fee income, net (4)			521			555			596			672			402																		1,672			1,534
Total mortgage banking revenues			$3,501			$3,034			$2,304			$2,848			$2,866																		$8,839			$8,133
Residential Mortgage Loan Originations:
Originations for retention in portfolio (5)			$50,852			$51,331			$27,662			$15,155			$26,317																		$129,845			$77,311
Originations for sale to secondary market (6)			122,300			130,212			75,519			114,137			115,117																		328,031			303,943
Total mortgage loan originations			$173,152			$181,543			$103,181			$129,292			$141,434																		$457,876			$381,254
Percentage of originations for sale to total mortgage loan originations			71		%	72		%	73		%	88		%	81		%																72		%	80		%
Residential Mortgage Loans Sold:
Sold with servicing rights retained			$9,774			$7,762			$16,819			$62,410			$17,881																		$34,355			$66,508
Sold with servicing rights released (6)			116,713			109,013			58,680			50,697			102,457																		284,406			236,526
Total mortgage loans sold			$126,487			$116,775			$75,499			$113,107			$120,338																		$318,761			$303,034

(1)Includes the impact of $195 million of managed assets acquired from Lighthouse Financial Management, LLC on July 31, 2025.

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

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

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

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

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

-9-

---

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
Loans:
Commercial real estate (1)			$2,156,750			$2,178,925			$2,134,107			$2,154,504			$2,102,091
Commercial & industrial			568,317			547,318			535,030			542,474			566,279
Total commercial			2,725,067			2,726,243			2,669,137			2,696,978			2,668,370
Residential real estate (2)			2,073,740			2,096,250			2,113,307			2,126,171			2,529,397
Home equity			307,371			300,917			296,563			297,119			299,379
Other			16,404			16,850			17,203			17,570			17,724
Total consumer			323,775			317,767			313,766			314,689			317,103
Total loans			$5,122,582			$5,140,260			$5,096,210			$5,137,838			$5,514,870

(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, 2025									December 31, 2024
			Balance			% of Total						Balance			% of Total
Commercial Real Estate Loans by Property Location:
Connecticut			$833,352			39		%				$839,079			39		%
Massachusetts			671,406			31						663,026			31
Rhode Island			381,363			17						434,244			20
Subtotal			1,886,121			87						1,936,349			90
All other states			270,629			13						218,155			10
Total commercial real estate loans			$2,156,750			100		%				$2,154,504			100		%
Residential Real Estate Loans by Property Location:
Massachusetts			$1,460,357			70		%				$1,530,847			72		%
Rhode Island			466,056			23						443,237			21
Connecticut			124,805			6						128,933			6
Subtotal			2,051,218			99						2,103,017			99
All other states			22,522			1						23,154			1
Total residential real estate loans			$2,073,740			100		%				$2,126,171			100		%

-10-

---

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)
						September 30, 2025												December 31, 2024
						Balance			% of Total									Balance			% of Total
Commercial Real Estate Portfolio Segmentation:
Multi-family						$635,773			29		%							$567,243			26		%
Retail						432,695			20									433,146			20
Industrial and warehouse						381,435			18									358,425			17
Office						242,165			11									289,853			13
Hospitality						228,047			11									213,585			10
Healthcare Facility						160,410			7									205,858			10
Mixed-use						26,309			1									29,023			1
Other						49,916			3									57,371			3
Total commercial real estate loans						$2,156,750			100		%							$2,154,504			100		%
Commercial & Industrial Portfolio Segmentation:
Healthcare and social assistance						$148,760			26		%							$126,547			23		%
Real estate rental and leasing						56,402			10									63,992			12
Educational services						54,754			10									47,092			9
Transportation and warehousing						52,204			9									55,784			10
Retail trade						49,234			9									41,132			8
Accommodation and food services						26,161			5									12,368			2
Finance and insurance						25,561			4									26,557			5
Information						21,626			4									22,265			4
Manufacturing						20,903			4									32,140			6
Arts, entertainment, and recreation						18,646			3									19,861			4
Professional, scientific, and technical services						12,242			2									10,845			2
Public administration						1,789			—									2,186			—
Other						80,035			14									81,705			15
Total commercial & industrial loans						$568,317			100		%							$542,474			100		%

									Weighted Average									Asset Quality
			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			$85,633			$10,771			57%			1.52x						$57,206			$22,240			$6,187						$—
Class B			72,038			3,430			54%			1.55x						72,038			—			—						—
Class C			14,643			1,830			54%			1.27x						12,466			2,177			—						—
Medical Office			37,517			6,253			58%			1.49x						37,517			—			—						—
Lab Space			32,334			18,273			86%			0.48x						—			6,579			25,755						—
Total office at September 30, 2025 (1)			$242,165			$5,487			60%			1.36x						$179,227			$30,996			$31,942						$—
Total office at June 30, 2025			$274,657			$5,864			64%			1.34x						$232,632			$8,706			$33,319						$4,276
Total office linked quarter change			($32,492)			($377)			(4%)			0.02x						($53,405)			$22,290			($1,377)						($4,276)

(1)Approximately 66% of the total commercial real estate office balance of $242 million is secured by income producing properties located in suburban areas. Additionally, approximately 46% of the total commercial real estate office balance is scheduled to mature before September 30, 2027.

(2)Balance of commercial real estate office consists of 45 loans as of September 30, 2025.

(3)Does not include $4.7 million of unfunded commitments as of September 30, 2025.

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

-11-

---

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY
(Unaudited; Dollars in thousands)
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
Deposits:
Noninterest-bearing demand deposits			$671,309			$646,584			$625,590			$661,776			$665,706
Interest-bearing demand deposits (in-market)			703,848			668,483			654,599			592,904			596,319
NOW accounts			684,689			680,246			686,666			692,812			685,531
Money market accounts			1,195,463			1,147,792			1,202,703			1,154,745			1,146,426
Savings accounts			733,529			693,055			630,413			523,915			490,285
Time deposits (in-market)			1,233,998			1,207,255			1,213,382			1,192,110			1,207,626
In-market deposits (1)			5,222,836			5,043,415			5,013,353			4,818,262			4,791,893
Wholesale brokered time deposits			—			1,833			27,228			297,538			379,997
Total deposits			$5,222,836			$5,045,248			$5,040,581			$5,115,800			$5,171,890

(1)    As of September 30, 2025, in-market deposits were approximately 59% retail and 41% commercial and the average size was approximately $39 thousand.

			September 30, 2025									December 31, 2024
			Balance			% of Total Deposits						Balance			% of Total Deposits
Uninsured Deposits:
Uninsured deposits (1)			$1,449,863			28		%				$1,363,689			27		%
Less: affiliate deposits (2)			90,198			2						94,740			2
Uninsured deposits, excluding affiliate deposits			1,359,665			26						1,268,949			25
Less: fully-collateralized preferred deposits (3)			228,992			4						197,638			4
Uninsured deposits, after exclusions			$1,130,673			22		%				$1,071,311			21		%

(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, 2025			Dec 31, 2024
Contingent Liquidity:
Federal Home Loan Bank of Boston			$1,074,797			$752,951
Federal Reserve Bank of Boston			105,793			70,286
Available cash liquidity (1)			107,291			36,647
Unencumbered securities			555,383			597,771
Total			$1,843,264			$1,457,655
Percentage of total contingent liquidity to uninsured deposits			127.1		%	106.9		%
Percentage of total contingent liquidity to uninsured deposits, after exclusions			163.0		%	136.1		%

(1)    Available cash liquidity excludes amounts restricted for collateral purposes and designated for operating needs.

-12-

---

Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
Asset Quality Ratios:
Nonperforming assets to total assets			0.21		%	0.39		%	0.33		%	0.34		%	0.44		%
Nonaccrual loans to total loans			0.27		%	0.51		%	0.42		%	0.45		%	0.56		%
Total past due loans to total loans			0.16		%	0.27		%	0.20		%	0.23		%	0.37		%
Allowance for credit losses on loans to nonaccrual loans			260.96		%	157.27		%	189.85		%	180.03		%	136.89		%
Allowance for credit losses on loans to total loans			0.71		%	0.80		%	0.81		%	0.82		%	0.77		%
Nonperforming Assets:
Commercial real estate			$—			$4,276			$7,605			$10,053			$18,259
Commercial & industrial			1,010			9,711			1,140			515			616
Total commercial			1,010			13,987			8,745			10,568			18,875
Residential real estate			11,129			10,614			11,102			10,767			10,517
Home equity			1,877			1,507			1,779			1,972			1,750
Other consumer			—			—			—			—			—
Total consumer			1,877			1,507			1,779			1,972			1,750
Total nonaccrual loans			14,016			26,108			21,626			23,307			31,142
Other real estate owned			—			—			—			—			—
Total nonperforming assets			$14,016			$26,108			$21,626			$23,307			$31,142
Past Due Loans (30 days or more past due):
Commercial real estate			$—			$—			$—			$—			$10,476
Commercial & industrial			8			1,799			1,146			900			3
Total commercial			8			1,799			1,146			900			10,479
Residential real estate			6,470			9,772			6,439			7,741			6,947
Home equity			1,583			2,430			2,578			2,947			2,800
Other consumer			51			34			32			394			75
Total consumer			1,634			2,464			2,610			3,341			2,875
Total past due loans			$8,112			$14,035			$10,195			$11,982			$20,301
Accruing loans 90 days or more past due			$—			$—			$—			$—			$—
Nonaccrual loans included in past due loans			$5,925			$8,186			$7,354			$6,447			$18,119

-13-

---

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, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024												Sep 30, 2025			Sep 30, 2024
Nonaccrual Loan Activity:
Balance at beginning of period			$26,108			$21,626			$23,307			$31,142			$30,479												$23,307			$44,618
Additions to nonaccrual status			1,068			10,454			2,142			5,417			1,880												13,664			2,867
Loans returned to accruing status			—			(1,493)			(4)			(9)			(268)												(1,497)			(14,401)
Loans charged-off			(11,459)			(667)			(2,522)			(2,231)			(59)												(14,648)			(182)
Loans transferred to other real estate owned			—			—			—			—			—												—			—
Payments, payoffs, and other changes			(1,701)			(3,812)			(1,297)			(11,012)			(890)												(6,810)			(1,760)
Balance at end of period			$14,016			$26,108			$21,626			$23,307			$31,142												$14,016			$31,142
Allowance for Credit Losses on Loans:
Balance at beginning of period			$41,059			$41,056			$41,960			$42,630			$42,378												$41,960			$41,057
Provision for credit losses on loans (1)			6,950			650			1,400			1,200			300												9,000			1,700
Charge-offs			(11,459)			(667)			(2,522)			(2,231)			(59)												(14,648)			(182)
Recoveries			26			20			218			361			11												264			55
Balance at end of period			$36,576			$41,059			$41,056			$41,960			$42,630												$36,576			$42,630
Allowance for Credit Losses on Unfunded Commitments:
Balance at beginning of period			$1,190			$1,240			$1,440			$1,640			$1,740												$1,440			$1,940
Provision for credit losses on unfunded commitments (1)			(150)			(50)			(200)			(200)			(100)												(400)			(300)
Balance at end of period (2)			$1,040			$1,190			$1,240			$1,440			$1,640												$1,040			$1,640

(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, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024												Sep 30, 2025			Sep 30, 2024
Provision for Credit Losses:
Provision for credit losses on loans			$6,950			$650			$1,400			$1,200			$300												$9,000			$1,700
Provision for credit losses on unfunded commitments			(150)			(50)			(200)			(200)			(100)												(400)			(300)
Provision for credit losses			$6,800			$600			$1,200			$1,000			$200												$8,600			$1,400
Net Loan Charge-Offs (Recoveries):
Commercial real estate			$2,991			$274			$2,250			$1,961			$—												$5,515			$—
Commercial & industrial			8,355			307			3			181			2												8,665			5
Total commercial			11,346			581			2,253			2,142			2												14,180			5
Residential real estate			—			—			—			(160)			—												—			—
Home equity			(15)			(1)			(1)			(189)			(1)												(17)			(8)
Other consumer			102			67			52			77			47												221			130
Total consumer			87			66			51			(112)			46												204			122
Total			$11,433			$647			$2,304			$1,870			$48												$14,384			$127

-14-

---

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, 2025												June 30, 2025															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			$137,021			$1,475			4.27		%				$92,692			$1,029			4.45		%													$44,329			$446			(0.18		%)
Mortgage loans held for sale			31,957			542			6.73						27,466			442			6.45															4,491			100			0.28
Taxable debt securities			1,075,119			9,372			3.46						1,067,394			9,230			3.47															7,725			142			(0.01)
Nontaxable debt securities			650			8			4.88						650			8			4.94															—			—			(0.06)
Total securities			1,075,769			9,380			3.46						1,068,044			9,238			3.47															7,725			142			(0.01)
FHLB stock			42,549			764			7.12						41,484			792			7.66															1,065			(28)			(0.54)
Commercial real estate			2,201,220			32,293			5.82						2,161,987			31,225			5.79															39,233			1,068			0.03
Commercial & industrial			553,867			8,203			5.88						550,550			7,967			5.80															3,317			236			0.08
Total commercial			2,755,087			40,496			5.83						2,712,537			39,192			5.80															42,550			1,304			0.03
Residential real estate			2,088,066			23,032			4.38						2,096,538			22,996			4.40															(8,472)			36			(0.02)
Home equity			303,480			5,270			6.89						298,645			5,167			6.94															4,835			103			(0.05)
Other			16,292			205			4.99						17,001			207			4.88															(709)			(2)			0.11
Total consumer			319,772			5,475			6.79						315,646			5,374			6.83															4,126			101			(0.04)
Total loans			5,162,925			69,003			5.30						5,124,721			67,562			5.29															38,204			1,441			0.01
Total interest-earning assets			6,450,221			81,164			4.99						6,354,407			79,063			4.99															95,814			2,101			—
Noninterest-earning assets			288,575												288,963																					(388)
Total assets			$6,738,796												$6,643,370																					$95,426
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits (in-market)			$685,422			$6,503			3.76		%				$664,290			$6,251			3.77		%													$21,132			$252			(0.01		%)
NOW accounts			669,493			390			0.23						670,878			341			0.20															(1,385)			49			0.03
Money market accounts			1,174,584			9,620			3.25						1,182,377			9,779			3.32															(7,793)			(159)			(0.07)
Savings accounts			719,229			3,624			2.00						664,590			3,080			1.86															54,639			544			0.14
Time deposits (in-market)			1,209,011			11,080			3.64						1,215,018			11,308			3.73															(6,007)			(228)			(0.09)
Interest-bearing in-market deposits			4,457,739			31,217			2.78						4,397,153			30,759			2.81															60,586			458			(0.03)
Wholesale brokered time deposits			539			6			4.42						8,485			105			4.96															(7,946)			(99)			(0.54)
Total interest-bearing deposits			4,458,278			31,223			2.78						4,405,638			30,864			2.81															52,640			359			(0.03)
FHLB advances			942,685			10,542			4.44						934,066			10,451			4.49															8,619			91			(0.05)
Junior subordinated debentures			22,681			347			6.07						22,681			346			6.12															—			1			(0.05)
Total interest-bearing liabilities			5,423,644			42,112			3.08						5,362,385			41,661			3.12															61,259			451			(0.04)
Noninterest-bearing demand deposits			648,268												615,926																					32,342
Other liabilities			138,569												141,350																					(2,781)
Shareholders' equity			528,315												523,709																					4,606
Total liabilities and shareholders' equity			$6,738,796												$6,643,370																					$95,426
Net interest income (FTE)						$39,052												$37,402																					$1,650
Interest rate spread									1.91		%										1.87		%																			0.04		%
Net interest margin									2.40		%										2.36		%																			0.04		%

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

For the Three Months Ended			Sep 30, 2025			Jun 30, 2025						Change
Commercial loans			$218			$219						($1)
Nontaxable debt securities			1			—						1
Total			$219			$219						$—

-15-

---

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Nine Months Ended			September 30, 2025									September 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			$138,301			$4,497			4.35		%	$135,428			$5,667			5.59		%	$2,873			($1,170)			(1.24		%)
Mortgage loans for sale			54,624			1,942			4.75			20,042			1,013			6.75			34,582			929			(2.00)
Taxable debt securities			1,061,852			27,429			3.45			1,128,507			20,834			2.47			(66,655)			6,595			0.98
Nontaxable debt securities			650			24			4.94			28			1			4.77			622			23			0.17
Total securities			1,062,502			27,453			3.45			1,128,535			20,835			2.47			(66,033)			6,618			0.98
FHLB stock			42,504			2,578			8.11			58,890			3,459			7.85			(16,386)			(881)			0.26
Commercial real estate			2,167,400			93,873			5.79			2,150,686			103,445			6.42			16,714			(9,572)			(0.63)
Commercial & industrial			547,558			24,044			5.87			595,564			29,096			6.53			(48,006)			(5,052)			(0.66)
Total commercial			2,714,958			117,917			5.81			2,746,250			132,541			6.45			(31,292)			(14,624)			(0.64)
Residential real estate			2,101,567			69,382			4.41			2,568,457			79,572			4.14			(466,890)			(10,190)			0.27
Home equity			299,645			15,499			6.92			305,364			15,769			6.90			(5,719)			(270)			0.02
Other			16,876			628			4.98			18,527			666			4.80			(1,651)			(38)			0.18
Total consumer			316,521			16,127			6.81			323,891			16,435			6.78			(7,370)			(308)			0.03
Total loans			5,133,046			203,426			5.30			5,638,598			228,548			5.41			(505,552)			(25,122)			(0.11)
Total interest-earning assets			6,430,977			239,896			4.99			6,981,493			259,522			4.97			(550,516)			(19,626)			0.02
Noninterest-earning assets			284,668									256,527									28,141
Total assets			$6,715,645									$7,238,020									($522,375)
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits (in-market)			$659,609			$18,630			3.78		%	$533,163			$18,058			4.52		%	$126,446			$572			(0.74		%)
NOW accounts			673,135			1,075			0.21			709,115			1,168			0.22			(35,980)			(93)			(0.01)
Money market accounts			1,196,124			29,426			3.29			1,116,879			32,571			3.90			79,245			(3,145)			(0.61)
Savings accounts			649,841			8,555			1.76			485,665			2,540			0.70			164,176			6,015			1.06
Time deposits (in-market)			1,209,618			33,692			3.72			1,165,370			35,756			4.10			44,248			(2,064)			(0.38)
Interest-bearing in-market deposits			4,388,327			91,378			2.78			4,010,192			90,093			3.00			378,135			1,285			(0.22)
Wholesale brokered time deposits			65,115			2,457			5.04			558,015			21,870			5.24			(492,900)			(19,413)			(0.20)
Total interest-bearing deposits			4,453,442			93,835			2.82			4,568,207			111,963			3.27			(114,765)			(18,128)			(0.45)
FHLB advances			945,484			31,939			4.52			1,353,887			50,151			4.95			(408,403)			(18,212)			(0.43)
Junior subordinated debentures			22,681			1,040			6.13			22,681			1,213			7.14			—			(173)			(1.01)
Total interest-bearing liabilities			5,421,607			126,814			3.13			5,944,775			163,327			3.67			(523,168)			(36,513)			(0.54)
Noninterest-bearing demand deposits			628,448									663,355									(34,907)
Other liabilities			143,843									157,268									(13,425)
Shareholders' equity			521,747									472,617									49,130
Total liabilities and shareholders' equity			$6,715,645									$7,238,015									($522,370)
Net interest income (FTE)						$113,082									$96,195									$16,887
Interest rate spread									1.86		%							1.30		%							0.56		%
Net interest margin									2.35		%							1.84		%							0.51		%

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

For the Nine Months Ended			Sep 30, 2025			Sep 30, 2024			Change
Commercial loans			$644			$683			($39)
Nontaxable debt securities			2			—			2
Total			$646			$683			($37)

-16-

---

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures
(Unaudited; Dollars in thousands, except per share amounts)
The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders:
			For the Three Months Ended																		For the Nine Months Ended
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024						Sep 30, 2025			Sep 30, 2024
Adjusted Noninterest Income:
Noninterest income (loss), as reported			$17,636			$17,078			$22,643			($77,892)			$16,272						$57,357			$50,095
Less adjustments:
Realized losses on securities, net			—			—			—			(31,047)			—						—			—
Losses on sale of portfolio loans, net			—			—			—			(62,888)			—						—			—
Gain on sale of bank-owned properties, net			—			—			6,994			—			—						6,994			988
Litigation settlement income			—			—			—			—			—						—			2,100
Total adjustments, pre-tax			—			—			6,994			(93,935)			—						6,994			3,088
Adjusted noninterest income (non-GAAP)			$17,636			$17,078			$15,649			$16,043			$16,272						$50,363			$47,007
Adjusted Noninterest Expense:
Noninterest expense, as reported			$35,726			$36,530			$42,196			$34,292			$34,504						$114,452			$102,777
Less adjustments:
Pension plan settlement charge			—			—			6,436			—			—						6,436			—
Total adjustments, pre-tax			—			—			6,436			—			—						6,436			—
Adjusted noninterest expense (non-GAAP)			$35,726			$36,530			$35,760			$34,292			$34,504						$108,016			$102,777
Adjusted Income Before Income Taxes:
Income (loss) before income taxes			$13,943			$17,133			$15,669			($80,248)			$13,830						$46,745			$41,430
Less: total adjustments, pre-tax			—			—			558			(93,935)			—						558			3,088
Adjusted income before income taxes (non-GAAP)			$13,943			$17,133			$15,111			$13,687			$13,830						$46,187			$38,342
Adjusted Income Tax Expense:
Income tax expense (benefit), as reported			$3,097			$3,888			$3,490			($19,457)			$2,849						$10,475			$8,698
Less: tax on total adjustments			—			—			141			(22,699)			—						141			779
Adjusted income tax expense (non-GAAP)			$3,097			$3,888			$3,349			$3,242			$2,849						$10,334			$7,919
Adjusted Effective Tax Rate:
Effective tax rate (1)			22.2		%	22.7		%	22.3		%	24.2		%	20.6		%				22.4		%	21.0		%
Less: impact of total adjustments			—			—			0.1			0.5			—						—			0.3
Adjusted effective tax rate (non-GAAP) (2)			22.2		%	22.7		%	22.2		%	23.7		%	20.6		%				22.4		%	20.7		%
Adjusted Net Income:
Net income (loss), as reported			$10,846			$13,245			$12,179			($60,791)			$10,981						$36,270			$32,732
Less: total adjustments, after-tax			—			—			417			(71,236)			—						417			2,309
Adjusted net income (non-GAAP)			$10,846			$13,245			$11,762			$10,445			$10,981						$35,853			$30,423
Adjusted Net Income Available to Common Shareholders:
Net income (loss) available to common shareholders, as reported			$10,846			$13,245			$12,179			($60,776)			$10,973						$36,270			$32,732
Less: total adjustments available to common shareholders, after-tax			—			—			417			(71,221)			—						417			2,308
Adjusted net income available to common shareholders (non-GAAP)			$10,846			$13,245			$11,762			$10,445			$10,973						$35,853			$30,424

(1)Calculated as income tax expense (benefit) divided by income (loss) before income taxes.

(2)Calculated as income tax expense (benefit), adjusted for the tax impact of the adjustments as outlined in the table above, divided by income (loss) before income taxes, adjusted for the pre-tax impact of the adjustments as outlined in the table above.

-17-

---

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)
(Unaudited; Dollars in thousands, except per share amounts)
The following table presents adjusted diluted earnings per common share and adjusted efficiency ratio:
			For the Three Months Ended																								For the Nine Months Ended
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024												Sep 30, 2025			Sep 30, 2024
Adjusted Diluted Earnings per Common Share:
Diluted earnings (loss) per common share, as reported (1)			$0.56			$0.68			$0.63			($3.46)			$0.64												$1.88			$1.91
Less: impact of total adjustments			—			—			0.02			(4.05)			—												0.03			0.13
Adjusted diluted earnings per common share (non-GAAP) (2)			$0.56			$0.68			$0.61			$0.59			$0.64												$1.85			$1.78
Adjusted Efficiency Ratio:
Efficiency ratio, as reported (3)			63.3		%	67.3		%	71.4		%	(76.3		%)	71.1		%										67.4		%	70.6		%
Less: impact of total adjustments			—			—			2.7			(146.3)			—												1.1			(1.5)
Adjusted efficiency ratio (non-GAAP) (4)			63.3		%	67.3		%	68.7		%	70.0		%	71.1		%										66.3		%	72.1		%

(1)Net income (loss) available to common shareholders divided by weighted average diluted common and potential shares outstanding.

(2)Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding.

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

(4)Total noninterest expense as percentage of total revenues (net interest income and noninterest income), each adjusted for the pre-tax impact of adjustments as outlined in the table above.

The following table presents adjusted return on average assets and return on average tangible assets:
			For the Three Months Ended																								For the Nine Months Ended
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024												Sep 30, 2025			Sep 30, 2024
Adjusted Return on Average Assets:
Net income (loss), as reported			$10,846			$13,245			$12,179			($60,791)			$10,981												$36,270			$32,732
Less: total adjustments, after-tax			—			—			417			(71,236)			—												417			2,309
Adjusted net income (non-GAAP)			10,846			13,245			11,762			10,445			10,981												35,853			30,423
Total average assets, as reported			6,738,796			6,643,370			6,765,057			7,011,839			7,254,566												6,715,645			7,238,020
Return on average assets (1)			0.64		%	0.80		%	0.73		%	(3.45		%)	0.60		%										0.72		%	0.60		%
Adjusted return on average assets (non-GAAP) (2)			0.64		%	0.80		%	0.71		%	0.59		%	0.60		%										0.71		%	0.56		%
Return on Average Tangible Assets:
Adjusted net income (non-GAAP)			$10,846			$13,245			$11,762			$10,445			$10,981												$35,853			$30,423
Total average assets, as reported			6,738,796			6,643,370			6,765,057			7,011,839			7,254,566												6,715,645			7,238,020
Less average balances of:
Goodwill			63,909			63,909			63,909			63,909			63,909												63,909			63,909
Identifiable intangible assets, net			3,821			2,577			2,781			2,984			3,189												3,064			3,396
Total average tangible assets			6,671,066			6,576,884			6,698,367			6,944,946			7,187,468												6,648,672			7,170,715
Return on average assets (1)			0.64		%	0.80		%	0.73		%	(3.45		%)	0.60		%										0.72		%	0.60		%
Return on average tangible assets (non-GAAP) (3)			0.65		%	0.81		%	0.71		%	0.60		%	0.61		%										0.72		%	0.57		%

(1)Net income (income) loss divided by total average assets.

(2)Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average assets.

(3)Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible assets.

-18-

---

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)
(Unaudited; Dollars in thousands, except per share amounts)
The following table presents adjusted return on average equity and return on average tangible equity:
			For the Three Months Ended																								For the Nine Months Ended
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024												Sep 30, 2025			Sep 30, 2024
Adjusted Return on Average Equity:
Net income (loss) available to common shareholders, as reported			$10,846			$13,245			$12,179			($60,776)			$10,973												$36,270			$32,732
Less: total adjustments, after-tax			—			—			417			(71,221)			—												417			2,308
Adjusted net income available to common shareholders (non-GAAP)			10,846			13,245			11,762			10,445			10,973												35,853			30,424
Total average equity, as reported			528,315			523,709			513,048			501,099			485,654												521,747			472,617
Return on average equity (1)			8.14		%	10.14		%	9.63		%	(48.25		%)	8.99		%										9.29		%	9.25		%
Adjusted return on average equity (non-GAAP) (2)			8.14		%	10.14		%	9.30		%	8.29		%	8.99		%										9.19		%	8.60		%
Return on Average Tangible Equity:
Adjusted net income available to common shareholders (non-GAAP)			$10,846			$13,245			$11,762			$10,445			$10,973												$35,853			$30,424
Total average equity, as reported			528,315			523,709			513,048			501,099			485,654												521,747			472,617
Less average balances of:
Goodwill			63,909			63,909			63,909			63,909			63,909												63,909			63,909
Identifiable intangible assets, net			3,821			2,577			2,781			2,984			3,189												3,064			3,396
Total average tangible equity (non-GAAP)			460,585			457,223			446,358			434,206			418,556												454,774			405,312
Return on average equity (1)			8.14		%	10.14		%	9.63		%	(48.25		%)	8.99		%										9.29		%	9.25		%
Return on average tangible equity (non-GAAP) (3)			9.34		%	11.62		%	10.69		%	9.57		%	10.43		%										10.54		%	10.03		%

(1)Net income (loss) available to common shareholders divided by total average equity.

(2)Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average equity.

(3)Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible equity.

-19-

---

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)
(Unaudited; Dollars in thousands, except per share amounts)
The following table presents tangible book value per share and the ratio of tangible equity to tangible assets:
			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
Tangible Book Value per Share:
Total shareholders' equity, as reported			$533,021			$527,519			$521,680			$499,728			$502,229
Less end of period balances of:
Goodwill			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net			4,458			2,478			2,682			2,885			3,089
Total tangible shareholders' equity (non-GAAP)			464,654			461,132			455,089			432,934			435,231
Shares outstanding, as reported			19,050			19,283			19,276			19,274			17,058
Book value per share			$27.98			$27.36			$27.06			$25.93			$29.44
Tangible book value per share (non-GAAP)			$24.39			$23.91			$23.61			$22.46			$25.51
Tangible Equity to Tangible Assets:
Total tangible shareholders' equity			$464,654			$461,132			$455,089			$432,934			$435,231
Total assets, as reported			6,717,921			6,745,167			6,586,015			6,930,647			7,141,571
Less end of period balances of:
Goodwill			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net			4,458			2,478			2,682			2,885			3,089
Total tangible assets (non-GAAP)			6,649,554			6,678,780			6,519,424			6,863,853			7,074,573
Equity to assets			7.93		%	7.82		%	7.92		%	7.21		%	7.03		%
Tangible equity to tangible assets (non-GAAP)			6.99		%	6.90		%	6.98		%	6.31		%	6.15		%

-20-