| x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended MARCH 31, 2011 or |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------|

| o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------|

| RHODE ISLAND                                                   |   | 05-0404671                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. 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) |

| Large accelerated filer  o               | Accelerated filer  x         |
|-----------------------------------------------|-----------------------------------|
| Non-accelerated filer  o                 | Smaller reporting company  o |
| (Do not check if a smaller reporting company) |                              |

----

Table of Contents

| FORM 10-Q                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                                                                                                                                                   |
| For the Quarter Ended March 31, 2011                                                                                                                                                         |
|                                                                                                                                                                                              |   |   |
| TABLE OF CONTENTS                                                                                                                                                                                 |
|                                                                                                                                                                                              |   | Page |
|                                                                                                                                                                                              |   | Number |
|                                                                                                                                                                                              |   |   |
| PART I.  Financial Information                                                                                                                                                          |   |
|                                                                                                                                                                                              |   |
| Item 1. Financial Statements (Unaudited)                                                                                                                                                          |   |
|                                                                                                                                                                                              |   |
| Consolidated Balance Sheets                                                                                                                                                                       |   |
|                                                                                                                                                                                              | March 31, 2011 and December 31, 2010 | 3 |
|                                                                                                                                                                                              |   |   |
| Consolidated Statements of Income                                                                                                                                                                 |   |
|                                                                                                                                                                                              | Three Months Ended March 31, 2011 and 2010 | 4 |
|                                                                                                                                                                                              |   |   |
| Consolidated Statements of Cash Flows                                                                                                                                                             |   |
|                                                                                                                                                                                              | Three Months Ended March 31, 2011 and 2010 | 5 |
|                                                                                                                                                                                              |   |   |
| Condensed Notes to Unaudited Consolidated Financial Statements                                                                                                                                    | 6 |
|                                                                                                                                                                                              |   |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                                     | 36 |
|                                                                                                                                                                                              |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                | 56 |
|                                                                                                                                                                                              |   |
| Item 4. Controls and Procedures                                                                                                                                                                   | 57 |
|                                                                                                                                                                                              |   |
| PART II.  Other Information                                                                                                                                                             |   |
|                                                                                                                                                                                              |   |
| Item 1. Legal Proceedings                                                                                                                                                                         | 57 |
|                                                                                                                                                                                              |   |
| Item 1A. Risk Factors                                                                                                                                                                             | 57 |
|                                                                                                                                                                                              |   |
| Item 6. Exhibits                                                                                                                                                                                  | 58 |
|                                                                                                                                                                                              |   |
| Signatures                                                                                                                                                                                        | 59 |
|                                                                                                                                                                                              |   |
| Exhibit 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                              |   |
|                                                                                                                                                                                              |   |
| Exhibit 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                              |   |
|                                                                                                                                                                                              |   |
| Exhibit 32.1 Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002  |   |

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Table of Contents

| PART I.  FINANCIAL INFORMATION        |                   |
|-------------------------------------------------|------------------------|
| ITEM 1.  FINANCIAL STATEMENTS         | (Dollars in thousands, |
| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES | except par value)      |
| CONSOLIDATED BALANCE SHEETS (unaudited)         |                   |

|                                                            |   | March 31, |      |   | December 31, |   |
|-----------------------------------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
|                                                            |   | 2011           |      |   | 2010              |   |
| Assets:                                                         |   |           |      |   |              |   |
| Cash and due from banks                                         |   | $              | 68,113    |   |              | $      | 85,971 |   |
| Other short-term investments                                    |   |           | 6,296     |   |              |   | 6,765 |   |
| Mortgage loans held for sale                                    |   |           | 2,985     |   |              |   | 13,894 |   |
| Securities available for sale, at fair value;                   |   |           |      |   |              |   |   |   |
| amortized cost $560,752 in 2011 and $578,897 in 2010            |   |           | 576,158   |   |              |   | 594,100 |   |
| Federal Home Loan Bank stock, at cost                           |   |           | 42,008    |   |              |   | 42,008 |   |
| Loans:                                                          |   |           |      |   |              |   |   |   |
| Commercial and other                                            |   |           | 1,056,388 |   |              |   | 1,027,065 |   |
| Residential real estate                                         |   |           | 649,157   |   |              |   | 645,020 |   |
| Consumer                                                        |   |           | 324,092   |   |              |   | 323,553 |   |
| Total loans                                                     |   |           | 2,029,637 |   |              |   | 1,995,638 |   |
| Less allowance for loan losses                                  |   |           | 29,109    |   |              |   | 28,583 |   |
| Net loans                                                       |   |           | 2,000,528 |   |              |   | 1,967,055 |   |
| Premises and equipment, net                                     |   |           | 26,010    |   |              |   | 26,069 |   |
| Investment in bank-owned life insurance                         |   |           | 52,320    |   |              |   | 51,844 |   |
| Goodwill                                                        |   |           | 58,114    |   |              |   | 58,114 |   |
| Identifiable intangible assets, net                             |   |           | 7,614     |   |              |   | 7,852 |   |
| Other assets                                                    |   |           | 52,126    |   |              |   | 55,853 |   |
| Total assets                                                    |   | $              | 2,892,272 |   |              | $      | 2,909,525 |   |
| Liabilities:                                                    |   |           |      |   |              |   |   |   |
| Deposits:                                                       |   |           |      |   |              |   |   |   |
| Demand deposits                                                 |   | $              | 274,798   |   |              | $      | 228,437 |   |
| NOW accounts                                                    |   |           | 228,502   |   |              |   | 241,974 |   |
| Money market accounts                                           |   |           | 387,923   |   |              |   | 396,455 |   |
| Savings accounts                                                |   |           | 223,599   |   |              |   | 220,888 |   |
| Time deposits                                                   |   |           | 934,024   |   |              |   | 948,576 |   |
| Total deposits                                                  |   |           | 2,048,846 |   |              |   | 2,036,330 |   |
| Federal Home Loan Bank advances                                 |   |           | 469,235   |   |              |   | 498,722 |   |
| Junior subordinated debentures                                  |   |           | 32,991    |   |              |   | 32,991 |   |
| Other borrowings                                                |   |           | 21,467    |   |              |   | 23,359 |   |
| Other liabilities                                               |   |           | 45,848    |   |              |   | 49,259 |   |
| Total liabilities                                               |   |           | 2,618,387 |   |              |   | 2,640,661 |   |
| Shareholders’ Equity:                                     |   |           |      |   |              |   |   |   |
| Common stock of $.0625 par value; authorized 30,000,000 shares; |   |           |      |   |              |   |   |   |
| issued 16,233,587 shares in 2011 and 16,171,618 shares in 2010  |   |           | 1,015     |   |              |   | 1,011 |   |
| Paid-in capital                                                 |   |           | 86,348    |   |              |   | 84,889 |   |
| Retained earnings                                               |   |           | 182,136   |   |              |   | 178,939 |   |
| Accumulated other comprehensive income                          |   |           | 4,386     |   |              |   | 4,025 |   |
| Total shareholders’ equity                                |   |           | 273,885   |   |              |   | 268,864 |   |
| Total liabilities and shareholders’ equity                |   | $              | 2,892,272 |   |              | $      | 2,909,525 |   |

| The accompanying notes are an integral part of these unaudited consolidated financial statements. |
|---------------------------------------------------------------------------------------------------|

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Table of Contents

| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES | (Dollars and shares in thousands, |
|-------------------------------------------------|-----------------------------------|
| CONSOLIDATED STATEMENTS OF INCOME (unaudited)   | except per share amounts)         |

| Three months ended March 31,                                      |                              | 2011   |     |   | 2010   |   |
|------------------------------------------------------------------------|-----------------------------------|--------|----------|--------|--------|--------|
| Interest income:                                                       |                              |   |     |   |   |   |
| Interest and fees on loans                                             |                              | $      | 24,259   |   |   | $      | 23,968 |   |
| Interest on securities:                                                | Taxable                           |   |     | 4,773  |   |   |   | 6,051 |   |
|                                                                   | Nontaxable                        |   |     | 769    |   |   |   | 769 |   |
| Dividends on corporate stock and Federal Home Loan Bank stock          |                              |   | 67       |   |   |   | 55 |   |
| Other interest income                                                  |                              |   | 24       |   |   |   | 21 |   |
| Total interest income                                                  |                              |   | 29,892   |   |   |   | 30,864 |   |
| Interest expense:                                                      |                              |   |     |   |   |   |   |   |
| Deposits                                                               |                              |   | 4,202    |   |   |   | 5,769 |   |
| Federal Home Loan Bank advances                                        |                              |   | 4,732    |   |   |   | 6,219 |   |
| Junior subordinated debentures                                         |                              |   | 390      |   |   |   | 630 |   |
| Other interest expense                                                 |                              |   | 241      |   |   |   | 242 |   |
| Total interest expense                                                 |                              |   | 9,565    |   |   |   | 12,860 |   |
| Net interest income                                                    |                              |   | 20,327   |   |   |   | 18,004 |   |
| Provision for loan losses                                              |                              |   | 1,500    |   |   |   | 1,500 |   |
| Net interest income after provision for loan losses                    |                              |   | 18,827   |   |   |   | 16,504 |   |
| Noninterest income:                                                    |                              |   |     |   |   |   |   |   |
| Wealth management services:                                            |                              |   |     |   |   |   |   |   |
| Trust and investment advisory fees                                     |                              |   | 5,676    |   |   |   | 5,017 |   |
| Mutual fund fees                                                       |                              |   | 1,123    |   |   |   | 1,110 |   |
| Financial planning, commissions and other service fees                 |                              |   | 281      |   |   |   | 179 |   |
| Wealth management services                                             |                              |   | 7,080    |   |   |   | 6,306 |   |
| Service charges on deposit accounts                                    |                              |   | 932      |   |   |   | 849 |   |
| Merchant processing fees                                               |                              |   | 1,944    |   |   |   | 1,606 |   |
| Card interchange fees                                                  |                              |   | 487      |   |   |   | 389 |   |
| Income from bank-owned life insurance                                  |                              |   | 476      |   |   |   | 439 |   |
| Net gains on loan sales and commissions on loans originated for others |                              |   | 525      |   |   |   | 560 |   |
| Net realized loss on securities                                        |                              |   | (29      | )      |   |   | – |   |
| Net gains on interest rate swap contracts                              |                              |   | 76       |   |   |   | 68 |   |
| Equity in losses of unconsolidated subsidiaries                        |                              |   | (144     | )      |   |   | (52 | ) |
| Other income                                                           |                              |   | 383      |   |   |   | 365 |   |
| Noninterest income, excluding other-than-temporary impairment losses   |                              |   | 11,730   |   |   |   | 10,530 |   |
| Total other-than-temporary impairment losses on securities             |                              |   | (54      | )      |   |   | (2 | ) |
| Portion of loss recognized in other comprehensive income (before tax)  |                              |   | 21       |   |   |   | (61 | ) |
| Net impairment losses recognized in earnings                           |                              |   | (33      | )      |   |   | (63 | ) |
| Total noninterest income                                               |                              |   | 11,697   |   |   |   | 10,467 |   |
| Noninterest expense:                                                   |                              |   |     |   |   |   |   |   |
| Salaries and employee benefits                                         |                              |   | 11,828   |   |   |   | 11,501 |   |
| Net occupancy                                                          |                              |   | 1,321    |   |   |   | 1,224 |   |
| Equipment                                                              |                              |   | 1,049    |   |   |   | 997 |   |
| Merchant processing costs                                              |                              |   | 1,669    |   |   |   | 1,357 |   |
| Outsourced services                                                    |                              |   | 872      |   |   |   | 840 |   |
| FDIC deposit insurance costs                                           |                              |   | 723      |   |   |   | 794 |   |
| Legal, audit and professional fees                                     |                              |   | 492      |   |   |   | 518 |   |
| Advertising and promotion                                              |                              |   | 353      |   |   |   | 364 |   |
| Amortization of intangibles                                            |                              |   | 238      |   |   |   | 291 |   |
| Foreclosed property costs                                              |                              |   | 166      |   |   |   | 36 |   |
| Other expenses                                                         |                              |   | 2,029    |   |   |   | 1,755 |   |
| Total noninterest expense                                              |                              |   | 20,740   |   |   |   | 19,677 |   |
| Income before income taxes                                             |                              |   | 9,784    |   |   |   | 7,294 |   |
| Income tax expense                                                     |                              |   | 2,984    |   |   |   | 2,122 |   |
| Net income                                                             |                              | $      | 6,800    |   |   | $      | 5,172 |   |
| Weighted average common shares outstanding - basic                     |                              |   | 16,197.2 |   |   |   | 16,057.7 |   |
| Weighted average common shares outstanding - diluted                   |                              |   | 16,229.8 |   |   |   | 16,063.9 |   |
| Per share information:                                                 | Basic earnings per common share   |   | $        | 0.42   |   |   | $ | 0.32 |   |
|                                                                   | Diluted earnings per common share |   | $        | 0.42   |   |   | $ | 0.32 |   |
|                                                                   | Cash dividends declared per share |   | $        | 0.22   |   |   | $ | 0.21 |   |

| The accompanying notes are an integral part of these unaudited consolidated financial statements. |   |
|---------------------------------------------------------------------------------------------------|--------|

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Table of Contents

| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                                                       |                                                 | (Dollars in thousands) |    |
|-------------------------------------------------------------------------------------------------------|------------------------------------------------------|------------------------|---------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)                                                     |                                                 |                   |    |
|                                                                                                  |                                                 |                   |    |
| Three months ended March 31,                                                                     |                                                 | 2011                   |    |   | 2010 |   |
| Cash Flows from Operating Activities:                                                                 |                                                 |                   |    |   |   |   |
| Net income                                                                                            |                                                 | $                      | 6,800   |   |   | $ | 5,172 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                     |                                                 |                   |    |   |   |   |   |   |
| Provision for loan losses                                                                             |                                                 |                   | 1,500   |   |   |   | 1,500 |   |
| Depreciation of premises and equipment                                                                |                                                 |                   | 767     |   |   |   | 772 |   |
| Net amortization of premium and discount                                                              |                                                 |                   | 373     |   |   |   | 102 |   |
| Net amortization of intangibles                                                                       |                                                 |                   | 238     |   |   |   | 291 |   |
| Share-based compensation                                                                              |                                                 |                   | 328     |   |   |   | 177 |   |
| Earnings from bank-owned life insurance                                                               |                                                 |                   | (476    | ) |   |   | (439 | ) |
| Net gains on loan sales and commissions on loans originated for others                                |                                                 |                   | (525    | ) |   |   | (560 | ) |
| Net realized losses on securities                                                                     |                                                 |                   | 29      |   |   |   | – |   |
| Net impairment losses recognized in earnings                                                          |                                                 |                   | 33      |   |   |   | 63 |   |
| Net gains on interest rate swap contracts                                                             |                                                 |                   | (76     | ) |   |   | (68 | ) |
| Equity in losses of unconsolidated subsidiaries                                                       |                                                 |                   | 144     |   |   |   | 52 |   |
| Proceeds from sales of loans                                                                          |                                                 |                   | 32,066  |   |   |   | 36,113 |   |
| Loans originated for sale                                                                             |                                                 |                   | (20,267 | ) |   |   | (30,336 | ) |
| Decrease in other assets                                                                              |                                                 |                   | 3,073   |   |   |   | 2,267 |   |
| Decrease in other liabilities                                                                         |                                                 |                   | (3,103  | ) |   |   | (708 | ) |
| Other, net                                                                                            |                                                 |                   | 5       |   |   |   | 6 |   |
| Net cash provided by operating activities                                                             |                                                 |                   | 20,909  |   |   |   | 14,404 |   |
| Cash Flows from Investing Activities:                                                                 |                                                 |                   |    |   |   |   |   |   |
| Purchases of:                                                                                         | Mortgage-backed securities available for sale        |                   |    | (49,675 | ) |   |   | (44,479 | ) |
|                                                                                                  | Other investment securities available for sale       |                   |    | - |   |   |   | (15,000 | ) |
| Proceeds from sale of:                                                                                | Mortgage-backed securities available for sale        |                   |    | 36,838 |   |   |   | - |   |
|                                                                                                  | Other investment securities available for sale       |                   |    | - |   |   |   | 711 |   |
| Maturities and principal payments of mortgage-backed securities available for sale                    |                                                 |                   | 30,519  |   |   |   | 36,184 |   |
| Net increase in loans                                                                                 |                                                 |                   | (33,606 | ) |   |   | (18,887 | ) |
| Purchases of loans, including purchased interest                                                      |                                                 |                   | (1,710  | ) |   |   | (75 | ) |
| Proceeds from the sale of property acquired through foreclosure or repossession                       |                                                 |                   | 251     |   |   |   | – |   |
| Purchases of premises and equipment                                                                   |                                                 |                   | (713    | ) |   |   | (621 | ) |
| Net cash used in investing activities                                                                 |                                                 |                   | (18,096 | ) |   |   | (42,167 | ) |
| Cash Flows from Financing Activities:                                                                 |                                                 |                   |    |   |   |   |   |   |
| Net increase in deposits                                                                              |                                                 |                   | 12,517  |   |   |   | 38,178 |   |
| Net decrease in other borrowings                                                                      |                                                 |                   | (1,892  | ) |   |   | (698 | ) |
| Proceeds from Federal Home Loan Bank advances                                                         |                                                 |                   | 43,578  |   |   |   | 15,000 |   |
| Repayment of Federal Home Loan Bank advances                                                          |                                                 |                   | (73,065 | ) |   |   | (44,360 | ) |
| Issuance of treasury stock, including deferred compensation plan activity                             |                                                 |                   | -       |   |   |   | 35 |   |
| Net proceeds from the issuance of common stock under dividend reinvestment plan                       |                                                 |                   | 236     |   |   |   | 256 |   |
| Net proceeds from the exercise of stock options and issuance of other                                 |                                                 |                   |    |   |   |   |   |   |
| compensation-related equity instruments                                                               |                                                 |                   | 819     |   |   |   | 214 |   |
| Tax benefit from stock option exercises and issuance of other compensation-related equity instruments |                                                 |                   | 81      |   |   |   | 24 |   |
| Cash dividends paid                                                                                   |                                                 |                   | (3,414  | ) |   |   | (3,369 | ) |
| Net cash (used in) provided by financing activities                                                   |                                                 |                   | (21,140 | ) |   |   | 5,280 |   |
| Net decrease in cash and cash equivalents                                                             |                                                 |                   | (18,327 | ) |   |   | (22,483 | ) |
| Cash and cash equivalents at beginning of period                                                      |                                                 |                   | 92,736  |   |   |   | 57,260 |   |
| Cash and cash equivalents at end of period                                                            |                                                 | $                      | 74,409  |   |   | $ | 34,777 |   |
|                                                                                                  |                                                 |                   |    |   |   |   |   |   |
| Noncash Investing and Financing Activities:                                                           | Loans charged off                                    |                   | $       | 1,052 |   |   | $ | 1,275 |   |
|                                                                                                  | Net transfer from loans to property acquired through |                   |    |   |   |   |   |   |   |
|                                                                                                  | foreclosure or repossession                          |                   |    | 129 |   |   |   | – |   |
|                                                                                                  | Proceeds due from sale of property acquired          |                   |    |   |   |   |   |   |   |
|                                                                                                  | through foreclosure or repossession                  |                   |    | 1,267 |   |   |   | – |   |
|                                                                                                  |                                                 |                   |    |   |   |   |   |   |   |
| Supplemental Disclosures:                                                                             | Interest payments                                    |                   |    | 9,190 |   |   |   | 12,064 |   |
|                                                                                                  | Income tax (refunds) payments                        |                   |    | (584 | ) |   |   | 3 |   |
|                                                                                                  |                                                 |
| The accompanying notes are an integral part of these unaudited consolidated financial statements.     |                                                 |

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Table of Contents

| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                |   |
|----------------------------------------------------------------|--------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |   |

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Table of Contents

| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                               |   |      |    |   |       |   |    |       |   |   |    |   |
|------------------------------------------------------|--------|-----------|---------|--------|------------|--------|---------|------------|--------|--------|---------|--------|
|                                                 |   | Amortized |    |   | Unrealized |   |    | Unrealized |   |   | Fair    |   |
| March 31, 2011                                  |   | Cost (1)  |    |   | Gains      |   |    | Losses     |   |   | Value   |   |
| Securities Available for Sale:                       |   |      |    |   |       |   |    |       |   |   |    |   |
| Obligations of U.S. government-sponsored enterprises |   | $         | 29,408  |   |       | $      | 3,495   |       |   | $      | − |   |   | $ | 32,903 |   |
| Mortgage-backed securities issued by U.S. government |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |   |      | 400,471 |   |       |   | 17,870  |       |   |   | (753    | )      |   |   | 417,588 |   |
| States and political subdivisions                    |   |      | 79,450  |   |       |   | 2,420   |       |   |   | (227    | )      |   |   | 81,643 |   |
| Trust preferred securities:                          |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| Individual name issuers                              |   |      | 30,610  |   |       |   | − |       |   |   | (5,533  | )      |   |   | 25,077 |   |
| Collateralized debt obligations                      |   |      | 4,428   |   |       |   | − |       |   |   | (3,676  | )      |   |   | 752 |   |
| Corporate bonds                                      |   |      | 13,872  |   |       |   | 1,206   |       |   |   | (3      | )      |   |   | 15,075 |   |
| Common stocks                                        |   |      | 659     |   |       |   | 147     |       |   |   | − |   |   |   | 806 |   |
| Perpetual preferred stocks (2)                       |   |      | 1,854   |   |       |   | 460     |       |   |   | − |   |   |   | 2,314 |   |
| Total securities available for sale                  |   | $         | 560,752 |   |       | $      | 25,598  |       |   | $      | (10,192 | )      |   | $ | 576,158 |   |

| (Dollars in thousands)                               |   |      |    |   |       |   |    |       |   |   |    |   |
|------------------------------------------------------|--------|-----------|---------|--------|------------|--------|---------|------------|--------|--------|---------|--------|
|                                                 |   | Amortized |    |   | Unrealized |   |    | Unrealized |   |   | Fair    |   |
| December 31, 2010                               |   | Cost (1)  |    |   | Gains      |   |    | Losses     |   |   | Value   |   |
| Securities Available for Sale:                       |   |      |    |   |       |   |    |       |   |   |    |   |
| Obligations of U.S. government-sponsored enterprises |   | $         | 36,900  |   |       | $      | 4,094   |       |   | $      | − |   |   | $ | 40,994 |   |
| Mortgage-backed securities issued by U.S. government |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |   |      | 411,087 |   |       |   | 19,068  |       |   |   | (384    | )      |   |   | 429,771 |   |
| States and political subdivisions                    |   |      | 79,455  |   |       |   | 1,975   |       |   |   | (375    | )      |   |   | 81,055 |   |
| Trust preferred securities:                          |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| Individual name issuers                              |   |      | 30,601  |   |       |   | − |       |   |   | (7,326  | )      |   |   | 23,275 |   |
| Collateralized debt obligations                      |   |      | 4,466   |   |       |   | − |       |   |   | (3,660  | )      |   |   | 806 |   |
| Corporate bonds                                      |   |      | 13,874  |   |       |   | 1,338   |       |   |   | − |   |   |   | 15,212 |   |
| Common stocks                                        |   |      | 660     |   |       |   | 149     |       |   |   | − |   |   |   | 809 |   |
| Perpetual preferred stocks (2)                       |   |      | 1,854   |   |       |   | 324     |       |   |   | − |   |   |   | 2,178 |   |
| Total securities available for sale                  |   | $         | 578,897 |   |       | $      | 26,948  |       |   | $      | (11,745 | )      |   | $ | 594,100 |   |

----

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                                                                  |   |   |    |   |   |   |
|-----------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                    |   |   |    |   |   |   |
| Three months ended March 31,                                                       |   | 2011   |    |   | 2010   |   |
| Balance at beginning of period                                                          |   | $      | 2,913   |   |   | $      | 2,496 |   |
| Credit-related impairment loss on debt securities for which an other-than-temporary     |   |   |    |   |   |   |   |   |
| impairment was not previously recognized                                                |   |   | – |   |   |   | – |   |
| Additional increases to the amount of credit-related impairment loss on debt securities |   |   |    |   |   |   |   |   |
| for which an other-than-temporary impairment was previously recognized                  |   |   | 33      |   |   |   | 63 |   |
| Balance at end of period                                                                |   | $      | 2,946   |   |   | $      | 2,559 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                                                                                                                            |   | Less than 12 Months |    |   | 12 Months or Longer |   |    | Total      |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|---------------------|--------|---------|------------|--------|
|                                                                                                                                              |   |                |    |   | Fair                |   |    | Unrealized |   |   |   |   |   | Fair |   |   | Unrealized |   |   |   |   |   | Fair |   |   | Unrealized |   |
| March 31, 2011                                                                                                                               |   |                | #       |   |                | Value  |    |       | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |
| Mortgage-backed securities issued by U.S.     government agencies and U.S.    government-sponsored enterprises |   |                | 7       |   |                | $      | 101,688 |       |   | $ | 753 |   |   |   | – |   |   | $ | – |   |   | $ | – |   |   |   | 7 |   |   | $ | 101,688 |   |   | $ | 753 |   |
| States and                                                                                                                                        |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| political subdivisions                                                                                                                            |   |                | 6       |   |                |   | 5,706   |       |   |   | 122 |   |   |   | 2 |   |   |   | 1,225 |   |   |   | 105 |   |   |   | 8 |   |   |   | 6,931 |   |   |   | 227 |   |
| Trust preferred securities:                                                                                                                       |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Individual name issuers                                                                                                                           |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 11 |   |   |   | 25,077 |   |   |   | 5,533 |   |   |   | 11 |   |   |   | 25,077 |   |   |   | 5,533 |   |
| Collateralized debt obligations                                                                                                                   |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 2 |   |   |   | 752 |   |   |   | 3,676 |   |   |   | 2 |   |   |   | 752 |   |   |   | 3,676 |   |
| Corporate bonds                                                                                                                                   |   |                | 1       |   |                |   | 604     |       |   |   | 3 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 1 |   |   |   | 604 |   |   |   | 3 |   |
| Total temporarily impaired securities                                                                                                             |   |                | 14      |   |                | $      | 107,998 |       |   | $ | 878 |   |   |   | 15 |   |   | $ | 27,054 |   |   | $ | 9,314 |   |   |   | 29 |   |   | $ | 135,052 |   |   | $ | 10,192 |   |

| (Dollars in thousands)                                                                                                            |   | Less than 12 Months |    |   | 12 Months or Longer |   |    | Total      |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|---------------------|--------|---------|------------|--------|
|                                                                                                                              |   |                |    |   | Fair                |   |    | Unrealized |   |   |   |   |   | Fair |   |   | Unrealized |   |   |   |   |   | Fair |   |   | Unrealized |   |
| December 31, 2010                                                                                                            |   |                | #       |   |                | Value  |    |       | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |
| Mortgage-backed securities issued by U.S.    government agencies and U.S.    government-sponsored enterprises |   |                | 6       |   |                | $      | 76,382  |       |   | $ | 369 |   |   |   | 3 |   |   | $ | 5,208 |   |   | $ | 15 |   |   |   | 9 |   |   | $ | 81,590 |   |   | $ | 384 |   |
| States and                                                                                                                        |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| political subdivisions                                                                                                            |   |                | 15      |   |                |   | 14,209  |       |   |   | 273 |   |   |   | 2 |   |   |   | 1,228 |   |   |   | 102 |   |   |   | 17 |   |   |   | 15,437 |   |   |   | 375 |   |
| Trust preferred securities:                                                                                                       |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Individual name issuers                                                                                                           |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 11 |   |   |   | 23,275 |   |   |   | 7,326 |   |   |   | 11 |   |   |   | 23,275 |   |   |   | 7,326 |   |
| Collateralized debt obligations                                                                                                   |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 2 |   |   |   | 806 |   |   |   | 3,660 |   |   |   | 2 |   |   |   | 806 |   |   |   | 3,660 |   |
| Total temporarily impaired securities                                                                                             |   |                | 21      |   |                | $      | 90,591  |       |   | $ | 642 |   |   |   | 18 |   |   | $ | 30,517 |   |   | $ | 11,103 |   |   |   | 39 |   |   | $ | 121,108 |   |   | $ | 11,745 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                              |   | Due in  |    |   | After 1 Year |   |    | After 5 Years |   |   |     |   |   |   |    |
|-----------------------------------------------------|--------|---------|---------|--------|--------------|--------|---------|---------------|--------|--------|----------|--------|--------|--------|---------|
|                                                |   | 1 Year  |    |   | but within   |   |    | but within    |   |   | After    |   |   |   |    |
|                                                |   | or Less |    |   | 5 Years      |   |    | 10 Years      |   |   | 10 Years |   |   | Totals |    |
| Securities Available for Sale:                      |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |
| Obligations of U.S. government-sponsored            |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |
|   enterprises:                            |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |
| Amortized cost                                      |   | $       | – |   |         | $      | 29,408  |          |   | $      | –  |   |   | $      | – |   |   | $ | 29,408 |   |
| Weighted average yield                              |   |    | – | %      |         |   | 5.41    | %             |   |   | –  | %      |   |   | – | % |   |   | 5.41 | % |
| Mortgage-backed securities issued by U.S.           |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |   |   |   |   |   |
|   government agencies & U.S.          |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |   |   |   |   |   |
|    government-sponsored enterprises: |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |   |   |   |   |   |
| Amortized cost                                      |   |    | 93,731  |   |         |   | 200,991 |          |   |   | 82,852   |   |   |   | 22,897  |   |   |   | 400,471 |   |
| Weighted average yield                              |   |    | 4.59    | %      |         |   | 4.28    | %             |   |   | 2.78     | %      |   |   | 2.61    | % |   |   | 3.95 | % |
| State and political subdivisions:                   |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |   |   |   |   |   |
| Amortized cost                                      |   |    | 8,094   |   |         |   | 42,862  |          |   |   | 28,494   |   |   |   | – |   |   |   | 79,450 |   |
| Weighted average yield                              |   |    | 3.90    | %      |         |   | 3.84    | %             |   |   | 3.96     | %      |   |   | – | % |   |   | 3.89 | % |
| Trust preferred securities:                         |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |   |   |   |   |   |
| Amortized cost (1)                                  |   |    | – |   |         |   | – |          |   |   | –  |   |   |   | 35,038  |   |   |   | 35,038 |   |
| Weighted average yield                              |   |    | – | %      |         |   | – | %             |   |   | –  | %      |   |   | 1.53    | % |   |   | 1.53 | % |
| Corporate bonds:                                    |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |   |   |   |   |   |
| Amortized cost                                      |   |    | 4,990   |   |         |   | 8,882   |          |   |   | –  |   |   |   | – |   |   |   | 13,872 |   |
| Weighted average yield                              |   |    | 6.50    | %      |         |   | 6.30    | %             |   |   | –  | %      |   |   | – | % |   |   | 6.37 | % |
| Total debt securities:                              |   |    |    |   |         |   |    |          |   |   |     |   |   |   |    |   |   |   |   |   |
| Amortized cost                                      |   | $       | 106,815 |   |         | $      | 282,143 |          |   | $      | 111,346  |   |   | $      | 57,935  |   |   | $ | 558,239 |   |
| Weighted average yield                              |   |    | 4.63    | %      |         |   | 4.39    | %             |   |   | 3.08     | %      |   |   | 1.95    | % |   |   | 3.92 | % |
| Fair value                                          |   | $       | 108,165 |   |         | $      | 290,285 |          |   | $      | 115,674  |   |   | $      | 58,914  |   |   | $ | 573,038 |   |

| (1) |  Net of other-than-temporary impairment losses. |
|-----|------------------------------------------------------|

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)           |   | March 31, 2011 |      |   | December 31, 2010 |   |
|----------------------------------|--------|---------------------|-----------|--------|------------------------|--------|
|                             |   | Amount              |      |   | %                      |   |   | Amount |   |   | % |   |
| Commercial:                      |   |                |      |   |                   |   |   |   |   |   |   |   |
| Mortgages (1)                    |   | $                   | 551,069   |   |                   |   | 27 | % |   | $ | 518,623 |   |   |   | 26 | % |
| Construction and development (2) |   |                | 34,615    |   |                   |   | 2 |   |   |   | 47,335 |   |   |   | 2 |   |
| Other (3)                        |   |                | 470,704   |   |                   |   | 23 |   |   |   | 461,107 |   |   |   | 23 |   |
| Total commercial                 |   |                | 1,056,388 |   |                   |   | 52 |   |   |   | 1,027,065 |   |   |   | 51 |   |
| Residential real estate:         |   |                |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages (4)                    |   |                | 636,916   |   |                   |   | 31 |   |   |   | 634,739 |   |   |   | 31 |   |
| Homeowner construction           |   |                | 12,241    |   |                   |   | 1 |   |   |   | 10,281 |   |   |   | 1 |   |
| Total residential real estate    |   |                | 649,157   |   |                   |   | 32 |   |   |   | 645,020 |   |   |   | 32 |   |
| Consumer:                        |   |                |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity lines (5)            |   |                | 221,003   |   |                   |   | 11 |   |   |   | 218,288 |   |   |   | 11 |   |
| Home equity loans (5)            |   |                | 48,337    |   |                   |   | 2 |   |   |   | 50,624 |   |   |   | 3 |   |
| Other (6)                        |   |                | 54,752    |   |                   |   | 3 |   |   |   | 54,641 |   |   |   | 3 |   |
| Total consumer                   |   |                | 324,092   |   |                   |   | 16 |   |   |   | 323,553 |   |   |   | 17 |   |
| Total loans (7)                  |   | $                   | 2,029,637 |   |                   |   | 100 | % |   | $ | 1,995,638 |   |   |   | 100 | % |

| (1) | Amortizing mortgages and lines of credit, primarily secured by income producing property. As of March 31, 2011 and December 31, 2010, $118 million and $122 million, respectively, of these loans were pledged as collateral for FHLBB borrowings (see Note 7). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Loans for construction of residential and commercial properties and for land development. |
|-----|-------------------------------------------------------------------------------------------|

| (3) | Loans to businesses and individuals, a substantial portion of which are fully or partially collateralized by real estate. As of March 31, 2011, $29 million and $59 million, respectively, of these loans were pledged as collateral for FHLBB borrowings and were collateralized for the discount window at the Federal Reserve Bank.  Comparable amounts for December 31, 2010 were $30 million and $61 million, respectively (see Note 7). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | A substantial portion of these loans was pledged as collateral for FHLBB borrowings (see Note 7). |
|-----|--------------------------------------------------------------------------------------------------------|

| (5) | A significant portion of these loans was pledged as collateral for FHLBB borrowings (see Note 7). |
|-----|--------------------------------------------------------------------------------------------------------|

| (6) | Fixed rate consumer installment loans. |
|-----|----------------------------------------|

| (7) | Includes unamortized loan origination costs, net of fees, totaling $293 thousand and $271 thousand at March 31, 2011 and December 31, 2010, respectively.  Also includes $15 thousand and $39 thousand of net premiums on purchased loans at March 31, 2011 and December 31, 2010, respectively. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                  |   | March 31, 2011 |    |   | December 31, 2010 |   |
|-----------------------------------------|--------|----------------|---------|--------|-------------------|--------|
| Commercial:                             |   |           |    |   |              |   |
| Mortgages                               |   | $              | 6,068   |   |              | $      | 6,624 |   |
| Construction and development            |   |           | – |   |              |   | – |   |
| Other                                   |   |           | 4,445   |   |              |   | 5,259 |   |
| Residential real estate:                |   |           |    |   |              |   |   |   |
| Mortgages                               |   |           | 8,265   |   |              |   | 6,414 |   |
| Homeowner construction                  |   |           | – |   |              |   | – |   |
| Consumer:                               |   |           |    |   |              |   |   |   |
| Home equity lines                       |   |           | 272     |   |              |   | 152 |   |
| Home equity loans                       |   |           | 294     |   |              |   | 53 |   |
| Other                                   |   |           | 35      |   |              |   | 8 |   |
| Total nonaccrual loans                  |   | $              | 19,379  |   |              | $      | 18,510 |   |
|                                    |   |           |    |   |              |   |   |   |
| Accruing loans 90 days or more past due |   | $              | – |   |              | $      | – |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)       |   | Days Past Due |    |   |   |   |    |   |   |    |    |   |
|------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|---------|---------|--------|
| March 31, 2011          |   |          | 30-59   |   |   |   | 60-89   |   |   | Over 90 |    |   | Total Past Due |   |   | Current |   |   | Total Loans |   |
| Commercial:                  |   |          |    |   |   |   |    |   |   |    |    |   |   |   |   |   |   |   |   |   |
| Mortgages                    |   | $             | 3,223   |   |   | $      | 1,626   |   |   | $       | 5,242   |   |   | $ | 10,091 |   |   | $ | 540,978 |   |   | $ | 551,069 |   |
| Construction and development |   |          | − |   |   |   | − |   |   |    | − |   |   |   | − |   |   |   | 34,615 |   |   |   | 34,615 |   |
| Other                        |   |          | 2,474   |   |   |   | 315     |   |   |    | 2,524   |   |   |   | 5,313 |   |   |   | 465,391 |   |   |   | 470,704 |   |
| Residential real estate:     |   |          |    |   |   |   |    |   |   |    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                    |   |          | 2,986   |   |   |   | 1,345   |   |   |    | 5,165   |   |   |   | 9,496 |   |   |   | 627,420 |   |   |   | 636,916 |   |
| Homeowner construction       |   |          | − |   |   |   | − |   |   |    | − |   |   |   | − |   |   |   | 12,241 |   |   |   | 12,241 |   |
| Consumer:                    |   |          |    |   |   |   |    |   |   |    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity lines            |   |          | 1,062   |   |   |   | 238     |   |   |    | 120     |   |   |   | 1,420 |   |   |   | 219,583 |   |   |   | 221,003 |   |
| Home equity loans            |   |          | 598     |   |   |   | – |   |   |    | 170     |   |   |   | 768 |   |   |   | 47,569 |   |   |   | 48,337 |   |
| Other                        |   |          | 75      |   |   |   | 97      |   |   |    | 27      |   |   |   | 199 |   |   |   | 54,553 |   |   |   | 54,752 |   |
| Total loans                  |   | $             | 10,418  |   |   | $      | 3,621   |   |   | $       | 13,248  |   |   | $ | 27,287 |   |   | $ | 2,002,350 |   |   | $ | 2,029,637 |   |

| (Dollars in thousands)       |   | Days Past Due |    |   |   |   |    |   |   |    |    |   |
|------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|---------|---------|--------|
| December 31, 2010       |   |          | 30-59   |   |   |   | 60-89   |   |   | Over 90 |    |   | Total Past Due |   |   | Current |   |   | Total Loans |   |
| Commercial:                  |   |          |    |   |   |   |    |   |   |    |    |   |   |   |   |   |   |   |   |   |
| Mortgages                    |   | $             | 2,185   |   |   | $      | 514     |   |   | $       | 5,322   |   |   | $ | 8,021 |   |   | $ | 510,602 |   |   | $ | 518,623 |   |
| Construction and development |   |          | − |   |   |   | − |   |   |    | − |   |   |   | − |   |   |   | 47,335 |   |   |   | 47,335 |   |
| Other                        |   |          | 1,862   |   |   |   | 953     |   |   |    | 3,376   |   |   |   | 6,191 |   |   |   | 454,916 |   |   |   | 461,107 |   |
| Residential real estate:     |   |          |    |   |   |   |    |   |   |    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                    |   |          | 3,073   |   |   |   | 1,477   |   |   |    | 4,041   |   |   |   | 8,591 |   |   |   | 626,148 |   |   |   | 634,739 |   |
| Homeowner construction       |   |          | − |   |   |   | − |   |   |    | − |   |   |   | − |   |   |   | 10,281 |   |   |   | 10,281 |   |
| Consumer:                    |   |          |    |   |   |   |    |   |   |    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity lines            |   |          | 1,255   |   |   |   | 170     |   |   |    | − |   |   |   | 1,425 |   |   |   | 216,863 |   |   |   | 218,288 |   |
| Home equity loans            |   |          | 529     |   |   |   | 180     |   |   |    | 11      |   |   |   | 720 |   |   |   | 49,904 |   |   |   | 50,624 |   |
| Other                        |   |          | 221     |   |   |   | 98      |   |   |    | − |   |   |   | 319 |   |   |   | 54,322 |   |   |   | 54,641 |   |
| Total loans                  |   | $             | 9,125   |   |   | $      | 3,392   |   |   | $       | 12,750  |   |   | $ | 25,267 |   |   | $ | 1,970,371 |   |   | $ | 1,995,638 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)           |   | Recorded           |    |   | Unpaid             |   |    | Related            |   |
|----------------------------------|--------|--------------------|---------|--------|--------------------|--------|---------|--------------------|--------|
|                             |   | Investment (1)     |    |   | Principal          |   |    | Allowance          |   |
|                             |   | Mar. 31, 2011 |    |   | Dec. 31, 2010 |   |    | Mar. 31, 2011 |   |   | Dec. 31, 2010 |   |   | Mar. 31, 2011 |   |   | Dec. 31, 2010 |   |
| No Related Allowance Recorded:   |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |
| Commercial:                      |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |
| Mortgages                        |   | $                  | 1,772   |   |               | $      | 3,113   |               |   | $ | 1,768 |   |   | $ | 3,128 |   |   | $ | − |   |   | $ | − |   |
| Construction and development     |   |               | − |   |               |   | − |               |   |   | − |   |   |   | − |   |   |   | − |   |   |   | − |   |
| Other                            |   |               | 2,453   |   |               |   | 3,237   |               |   |   | 2,579 |   |   |   | 3,834 |   |   |   | − |   |   |   | − |   |
| Residential real estate:         |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                        |   |               | 2,149   |   |               |   | 928     |               |   |   | 2,230 |   |   |   | 937 |   |   |   | − |   |   |   | − |   |
| Homeowner construction           |   |               | − |   |               |   | − |               |   |   | − |   |   |   | − |   |   |   | − |   |   |   | − |   |
| Consumer:                        |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity lines                |   |               | − |   |               |   | − |               |   |   | − |   |   |   | − |   |   |   | − |   |   |   | − |   |
| Home equity loans                |   |               | 159     |   |               |   | 163     |               |   |   | 159 |   |   |   | 159 |   |   |   | − |   |   |   | − |   |
| Other                            |   |               | − |   |               |   | − |               |   |   | − |   |   |   | − |   |   |   | − |   |   |   | − |   |
| Subtotal                         |   | $                  | 6,533   |   |               | $      | 7,441   |               |   | $ | 6,736 |   |   | $ | 8,058 |   |   | $ | − |   |   | $ | − |   |
|                             |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| With Related Allowance Recorded: |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                      |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                        |   | $                  | 14,418  |   |               | $      | 15,287  |               |   | $ | 15,422 |   |   | $ | 15,930 |   |   | $ | 546 |   |   | $ | 629 |   |
| Construction and development     |   |               | − |   |               |   | − |               |   |   | − |   |   |   | − |   |   |   | − |   |   |   | − |   |
| Other                            |   |               | 6,636   |   |               |   | 6,632   |               |   |   | 9,119 |   |   |   | 9,311 |   |   |   | 774 |   |   |   | 1,245 |   |
| Residential real estate:         |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                        |   |               | 3,742   |   |               |   | 3,773   |               |   |   | 4,004 |   |   |   | 3,971 |   |   |   | 337 |   |   |   | 258 |   |
| Homeowner construction           |   |               | − |   |               |   | − |               |   |   | − |   |   |   | − |   |   |   | − |   |   |   | − |   |
| Consumer:                        |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity lines                |   |               | 105     |   |               |   | 105     |               |   |   | 172 |   |   |   | 172 |   |   |   | 1 |   |   |   | 1 |   |
| Home equity loans                |   |               | 260     |   |               |   | 307     |               |   |   | 281 |   |   |   | 330 |   |   |   | 1 |   |   |   | 4 |   |
| Other                            |   |               | 258     |   |               |   | 145     |               |   |   | 259 |   |   |   | 143 |   |   |   | 2 |   |   |   | − |   |
| Subtotal                         |   | $                  | 25,419  |   |               | $      | 26,249  |               |   | $ | 29,257 |   |   | $ | 29,857 |   |   | $ | 1,661 |   |   | $ | 2,137 |   |
| Total impaired loans             |   | $                  | 31,952  |   |               | $      | 33,690  |               |   | $ | 35,993 |   |   | $ | 37,915 |   |   | $ | 1,661 |   |   | $ | 2,137 |   |
|                             |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total:                           |   |               |    |   |               |   |    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                       |   | $                  | 25,279  |   |               | $      | 28,269  |               |   | $ | 28,888 |   |   | $ | 32,203 |   |   | $ | 1,320 |   |   | $ | 1,874 |   |
| Residential real estate          |   |               | 5,891   |   |               |   | 4,701   |               |   |   | 6,234 |   |   |   | 4,908 |   |   |   | 337 |   |   |   | 258 |   |
| Consumer                         |   |               | 782     |   |               |   | 720     |               |   |   | 871 |   |   |   | 804 |   |   |   | 4 |   |   |   | 5 |   |
| Total impaired loans             |   | $                  | 31,952  |   |               | $      | 33,690  |               |   | $ | 35,993 |   |   | $ | 37,915 |   |   | $ | 1,661 |   |   | $ | 2,137 |   |

| (1) | The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs.  For impaired accruing loans (those troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest.  As of March 31, 2011 and December 31, 2010, recorded investment in impaired loans included accrued interest of $58 thousand and $62 thousand, respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)       |   | Average Recorded |    |   | Interest Income |   |
|------------------------------|--------|------------------|---------|--------|-----------------|--------|
|                         |   | Investment       |    |   | Recognized      |   |
| Three months ended March 31, |   | 2011             |    |   | 2010            |   |   | 2011 |   |   | 2010 |   |
| Commercial:                  |   |             |    |   |            |   |   |   |   |   |   |   |
| Mortgages                    |   | $                | 18,150  |   |            | $      | 16,653 |   |   | $ | 173 |   |   | $ | 169 |   |
| Construction and development |   |             | – |   |            |   | – |   |   |   | – |   |   |   | – |   |
| Other                        |   |             | 11,480  |   |            |   | 9,796 |   |   |   | 94 |   |   |   | 66 |   |
| Residential real estate:     |   |             |    |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                    |   |             | 5,028   |   |            |   | 4,369 |   |   |   | 44 |   |   |   | 52 |   |
| Homeowner construction       |   |             | – |   |            |   | – |   |   |   | – |   |   |   | – |   |
| Consumer:                    |   |             |    |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Home equity lines            |   |             | 105     |   |            |   | 303 |   |   |   | 1 |   |   |   | 3 |   |
| Home equity loans            |   |             | 459     |   |            |   | 620 |   |   |   | 6 |   |   |   | 12 |   |
| Other                        |   |             | 201     |   |            |   | 210 |   |   |   | 4 |   |   |   | 4 |   |
| Totals                       |   | $                | 35,423  |   |            | $      | 31,951 |   |   | $ | 322 |   |   | $ | 306 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)       |   |               |    |   |               |   |    |               |   |
|------------------------------|--------|--------------------|---------|--------|--------------------|--------|---------|--------------------|--------|
|                         |   | Pass               |    |   | Special Mention    |   |    | Classified         |   |
|                         |   | Mar. 31, 2011 |    |   | Dec. 31, 2010 |   |    | Mar. 31, 2011 |   |   | Dec. 31, 2010 |   |   | Mar. 31, 2011 |   |   | Dec. 31, 2010 |   |
| Mortgages                    |   | $                  | 520,656 |   |               | $      | 485,668 |               |   | $ | 13,914 |   |   | $ | 16,367 |   |   | $ | 16,499 |   |   | $ | 16,588 |   |
| Construction and development |   |               | 30,307  |   |               |   | 43,119  |               |   |   | 4,308 |   |   |   | 4,216 |   |   |   | − |   |   |   | − |   |
| Other                        |   |               | 437,063 |   |               |   | 425,522 |               |   |   | 23,632 |   |   |   | 28,131 |   |   |   | 10,009 |   |   |   | 7,454 |   |
| Total commercial loans       |   | $                  | 988,026 |   |               | $      | 954,309 |               |   | $ | 41,854 |   |   | $ | 48,714 |   |   | $ | 26,508 |   |   | $ | 24,042 |   |

| (Dollars in thousands)              |   | Under 90 Days      |    |   | Over 90 Days       |   |
|-------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
|                                |   | Past Due           |    |   | Past Due           |   |
|                                |   | Mar. 31, 2011 |    |   | Dec. 31, 2010 |   |   | Mar. 31, 2011 |   |   | Dec. 31, 2010 |   |
| Residential Real Estate:            |   |               |    |   |               |   |   |   |   |   |   |   |
| Accruing mortgages                  |   | $                  | 628,651 |   |               | $      | 628,325 |   |   | $ | − |   |   | $ | − |   |
| Nonaccrual mortgages                |   |               | 3,100   |   |               |   | 2,373 |   |   |   | 5,165 |   |   |   | 4,041 |   |
| Homeowner construction              |   |               | 12,241  |   |               |   | 10,281 |   |   |   | − |   |   |   | − |   |
| Total residential real estate loans |   | $                  | 643,992 |   |               | $      | 640,979 |   |   | $ | 5,165 |   |   | $ | 4,041 |   |
|                                |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Consumer:                           |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Home equity lines                   |   | $                  | 220,883 |   |               | $      | 218,288 |   |   | $ | 120 |   |   | $ | − |   |
| Home equity loans                   |   |               | 48,167  |   |               |   | 50,613 |   |   |   | 170 |   |   |   | 11 |   |
| Other                               |   |               | 54,725  |   |               |   | 54,641 |   |   |   | 27 |   |   |   | − |   |
| Total consumer loans                |   | $                  | 323,775 |   |               | $      | 323,542 |   |   | $ | 317 |   |   | $ | 11 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands) |   |
|------------------------|--------|
|                   |   | Commercial |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                   |   | Mortgages |   |   | Construction |   |   | Other |   |   | Total Commercial |   |   | Residential |   |   | Consumer |   |   | Un-allocated |   |   | Total |   |
| Beginning Balance      |   | $ | 7,330 |   |   | $ | 723 |   |   | $ | 6,495 |   |   | $ | 14,548 |   |   | $ | 4,129 |   |   | $ | 1,903 |   |   | $ | 8,003 |   |   | $ | 28,583 |   |
| Charge-offs            |   |   | (335 | ) |   |   | – |   |   |   | (578 | ) |   |   | (913 | ) |   |   | (119 | ) |   |   | (20 | ) |   |   | – |   |   |   | (1,052 | ) |
| Recoveries             |   |   | 2 |   |   |   | – |   |   |   | 70 |   |   |   | 72 |   |   |   | 1 |   |   |   | 5 |   |   |   | – |   |   |   | 78 |   |
| Provision              |   |   | 603 |   |   |   | (191 | ) |   |   | 269 |   |   |   | 681 |   |   |   | 794 |   |   |   | 158 |   |   |   | (133 | ) |   |   | 1,500 |   |
| Ending Balance         |   | $ | 7,600 |   |   | $ | 532 |   |   | $ | 6,256 |   |   | $ | 14,388 |   |   | $ | 4,805 |   |   | $ | 2,046 |   |   | $ | 7,870 |   |   | $ | 29,109 |   |

| (Dollars in thousands)            |      |   |   |
|-----------------------------------|-----------|--------|--------|
|                              |      |   |   |
| Three months ended March 31, |      | 2010   |   |
| Beginning Balance                 |      | $      | 27,400 |   |
| Charge-offs:                      |      |   |   |   |
| Commercial:                       | Mortgages |   |   | (493 | ) |
|                              | Other     |   |   | (535 | ) |
| Residential real estate mortgages |      |   | (171   | ) |
| Consumer                          |      |   | (76    | ) |
| Total charge-offs                 |      |   | (1,275 | ) |
| Recoveries:                       |      |   |   |   |
| Commercial:                       | Mortgages |   |   | 2 |   |
|                              | Other     |   |   | 27 |   |
| Residential real estate mortgages |      |   | 50     |   |
| Consumer                          |      |   | 7      |   |
| Total recoveries                  |      |   | 86     |   |
| Net charge-offs                   |      |   | (1,189 | ) |
| Provision charged to expense      |      |   | 1,500  |   |
| Ending Balance                    |      | $      | 27,711 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                       |   | March 31, 2011 |      |   | December 31, 2010 |   |
|----------------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
|                                         |   |           |      |   | Related           |   |   |   |   |   | Related |   |
|                                         |   | Loans          |      |   | Allowance         |   |   | Loans |   |   | Allowance |   |
| Loans Individually Evaluated for Impairment: |   |           |      |   |              |   |   |   |   |   |   |   |
| Commercial:                                  |   |           |      |   |              |   |   |   |   |   |   |   |
| Mortgages                                    |   | $              | 16,140    |   |              | $      | 546 |   |   | $ | 18,360 |   |   | $ | 629 |   |
| Construction & development               |   |           | −   |   |              |   | − |   |   |   | − |   |   |   | − |   |
| Other                                        |   |           | 9,074     |   |              |   | 774 |   |   |   | 9,854 |   |   |   | 1,245 |   |
|                                         |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Residential real estate mortgages            |   |           | 5,898     |   |              |   | 337 |   |   |   | 4,699 |   |   |   | 258 |   |
|                                         |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                                     |   |           | 782       |   |              |   | 4 |   |   |   | 715 |   |   |   | 5 |   |
| Subtotal                                     |   | $              | 31,984    |   |              | $      | 1,661 |   |   | $ | 33,628 |   |   | $ | 2,137 |   |
|                                         |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Loans Collectively Evaluated for Impairment: |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                                  |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                                    |   | $              | 534,929   |   |              | $      | 7,054 |   |   | $ | 500,263 |   |   | $ | 6,701 |   |
| Construction & development               |   |           | 34,615    |   |              |   | 532 |   |   |   | 47,335 |   |   |   | 723 |   |
| Other                                        |   |           | 461,630   |   |              |   | 5,482 |   |   |   | 451,253 |   |   |   | 5,250 |   |
|                                         |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Residential real estate mortgages            |   |           | 643,259   |   |              |   | 4,468 |   |   |   | 640,321 |   |   |   | 3,871 |   |
|                                         |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                                     |   |           | 323,310   |   |              |   | 2,042 |   |   |   | 322,838 |   |   |   | 1,898 |   |
| Subtotal                                     |   | $              | 1,997,743 |   |              | $      | 19,578 |   |   | $ | 1,962,010 |   |   | $ | 18,443 |   |
|                                         |   |           |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Unallocated                                  |   |           | –   |   |              |   | 7,870 |   |   |   | – |   |   |   | 8,003 |   |
| Total                                        |   | $              | 2,029,637 |   |              | $      | 29,109 |   |   | $ | 1,995,638 |   |   | $ | 28,583 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                    |   | Actual |    |   | For Capital Adequacy Purposes |   |   | To Be Well Capitalized Under Prompt Corrective Action Provisions |   |
|-------------------------------------------|--------|--------|---------|--------|-------------------------------|--------|--------|------------------------------------------------------------------|--------|
|                                      |   | Amount |    |   | Ratio                         |   |   | Amount                                                           |   |   | Ratio |   |   | Amount |   |   | Ratio |   |
| March 31, 2011:                      |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |
| Total Capital (to Risk-Weighted Assets):  |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 264,246 |   |                          |   | 12.92  | %                                                                |   | $ | 163,612 |   |   |   | 8.00 | % |   | $ | 204,515 |   |   |   | 10.00 | % |
| Bank                                      |   | $      | 260,407 |   |                          |   | 12.75  | %                                                                |   | $ | 163,421 |   |   |   | 8.00 | % |   | $ | 204,276 |   |   |   | 10.00 | % |
| Tier 1 Capital (to Risk-Weighted Assets): |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 238,361 |   |                          |   | 11.65  | %                                                                |   | $ | 81,806 |   |   |   | 4.00 | % |   | $ | 122,709 |   |   |   | 6.00 | % |
| Bank                                      |   | $      | 234,551 |   |                          |   | 11.48  | %                                                                |   | $ | 81,710 |   |   |   | 4.00 | % |   | $ | 122,565 |   |   |   | 6.00 | % |
| Tier 1 Capital (to Average Assets): (1)   |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 238,361 |   |                          |   | 8.49   | %                                                                |   | $ | 112,242 |   |   |   | 4.00 | % |   | $ | 140,302 |   |   |   | 5.00 | % |
| Bank                                      |   | $      | 234,551 |   |                          |   | 8.37   | %                                                                |   | $ | 112,081 |   |   |   | 4.00 | % |   | $ | 140.101 |   |   |   | 5.00 | % |
|                                      |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010:                   |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Capital (to Risk-Weighted Assets):  |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 259,122 |   |                          |   | 12.79  | %                                                                |   | $ | 162,083 |   |   |   | 8.00 | % |   | $ | 202,603 |   |   |   | 10.00 | % |
| Bank                                      |   | $      | 255,078 |   |                          |   | 12.61  | %                                                                |   | $ | 161,878 |   |   |   | 8.00 | % |   | $ | 202,347 |   |   |   | 10.00 | % |
| Tier 1 Capital (to Risk-Weighted Assets): |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 233,540 |   |                          |   | 11.53  | %                                                                |   | $ | 81,041 |   |   |   | 4.00 | % |   | $ | 121,562 |   |   |   | 6.00 | % |
| Bank                                      |   | $      | 229,528 |   |                          |   | 11.34  | %                                                                |   | $ | 80,939 |   |   |   | 4.00 | % |   | $ | 121,408 |   |   |   | 6.00 | % |
| Tier 1 Capital (to Average Assets): (1)   |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 233,540 |   |                          |   | 8.25   | %                                                                |   | $ | 113,188 |   |   |   | 4.00 | % |   | $ | 141,485 |   |   |   | 5.00 | % |
| Bank                                      |   | $      | 229,528 |   |                          |   | 8.12   | %                                                                |   | $ | 113,001 |   |   |   | 4.00 | % |   | $ | 141,252 |   |   |   | 5.00 | % |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                                                         |   | Mar. 31,2011 |    |   | Dec. 31, 2010 |   |
|--------------------------------------------------------------------------------|--------|-------------------|---------|--------|--------------------|--------|
| Financial instruments whose contract amounts represent credit risk:            |   |              |    |   |               |   |
| Commitments to extend credit:                                                  |   |              |    |   |               |   |
| Commercial loans                                                               |   | $                 | 167,176 |   |               | $      | 176,436 |   |
| Home equity lines                                                              |   |              | 181,472 |   |               |   | 182,260 |   |
| Other loans                                                                    |   |              | 26,980  |   |               |   | 23,971 |   |
| Standby letters of credit                                                      |   |              | 9,567   |   |               |   | 9,510 |   |
| Equity commitments to affordable housing partnerships                          |   |              | 449     |   |               |   | 449 |   |
| Financial instruments whose notional amounts exceed the amount of credit risk: |   |              |    |   |               |   |   |   |
| Forward loan commitments:                                                      |   |              |    |   |               |   |   |   |
| Commitments to originate fixed rate mortgage loans to be sold                  |   |              | 8,048   |   |               |   | 10,893 |   |
| Commitments to sell fixed rate mortgage loans                                  |   |              | 10,783  |   |               |   | 24,901 |   |
| Customer related derivative contracts:                                         |   |              |    |   |               |   |   |   |
| Interest rate swaps with customers                                             |   |              | 62,518  |   |               |   | 59,749 |   |
| Mirror swaps with counterparties                                               |   |              | 62,518  |   |               |   | 59,749 |   |
| Interest rate risk management contracts:                                       |   |              |    |   |               |   |   |   |
| Interest rate swap contracts                                                   |   |              | 32,991  |   |               |   | 32,991 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                                               | Asset Derivatives      |   | Liability Derivatives |    |
|----------------------------------------------------------------------|------------------------|--------|-----------------------|---------|
|                                                                 |                   |   | Fair Value            |    |   |   | Fair Value |   |
|                                                                 | Balance Sheet Location |   | Mar. 31, 2011    |    |   | Dec. 31, 2010 |   | BalanceSheetLocation |   | Mar. 31, 2011 |   |   | Dec. 31, 2010 |   |
| Derivatives Designated as Cash Flow Hedging Instruments:        |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |
| Interest rate risk management contracts:                             |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts                                         |                   |   | $                     | – |   |   | $ | – |   | Other liabilities |   | $ | 833 |   |   | $ | 1,098 |   |
| Derivatives not Designated as Hedging Instruments:              |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward loan commitments:                                            |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commitments to originate fixed rate   mortgage loans to be sold | Other assets           |   |                  | 28      |   |   |   | 31 |   | Other liabilities |   |   | 46 |   |   |   | 135 |   |
| Commitments to sell fixed rate mortgage loans                        | Other assets           |   |                  | 48      |   |   |   | 571 |   | Other liabilities |   |   | 57 |   |   |   | 32 |   |
| Customer related derivative contracts:                               |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps with customers                                   | Other assets           |   |                  | 3,142   |   |   |   | 3,690 |   |   |   |   | – |   |   |   | – |   |
| Mirror swaps with counterparties                                     |                   |   |                  | – |   |   |   | – |   | Other liabilities |   |   | 3,228 |   |   |   | 3,806 |   |
| Total                                                                |                   |   | $                     | 3,218   |   |   | $ | 4,292 |   |   |   | $ | 4,164 |   |   | $ | 5,071 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                                            |                | Location of Gain     |                   |
|-------------------------------------------------------------------|---------------------|----------------------|------------------------|
|                                                              | Gain (Loss)         | (Loss) Recognized in |                   |
|                                                              | Recognized in Other | Income on Derivative | Gain (Loss)            |
|                                                              | Comprehensive       | (Ineffective Portion | Recognized in Income   |
|                                                              | Income              | and Amount           | on Derivative          |
|                                                              | (Effective Portion) | Excluded from        | (Ineffective Portion)  |
| Three months ended March 31,                                 | 2011                | 2010                 | Effectiveness Testing) | 2011 | 2010 |
| Derivatives in Cash Flow    Hedging Relationships: |                |                 |                   |   |   |
| Interest rate risk management contracts:                          |                |                 |                   |   |   |
| Interest rate swap contracts                                      | $172                | $7                   | Interest Expense       | $ – | $(78) |
| Total                                                             | $172                | $7                   |                   | $ – | $(78) |

| (Dollars in thousands)                                               |                                                                                 |   | Amount of Gain (Loss) |   |
|----------------------------------------------------------------------|--------------------------------------------------------------------------------------|--------|-----------------------|--------|
|                                                                 | Location of Gain                                                                     |   | Recognized in Income  |   |
|                                                                 | (Loss) Recognized in                                                                 |   | on Derivative         |   |
| Three months ended March 31,                                    | Income on Derivative                                                                 |   | 2011                  |   |   | 2010 |   |
| Derivatives not Designated    as Hedging Instruments: |                                                                                 |   |                  |   |   |   |   |
| Forward loan commitments:                                            |                                                                                 |   |                  |   |   |   |   |
| Commitments to originate fixed rate  mortgage loans to be sold  | Net gains on loan sales & commissions on loans   originated for others      |   | $                     | 86     |   |   | $ | 149 |   |
| Commitments to sell fixed rate  mortgage loans                  | Net gains on loan sales & commissions on loans   originated for others |   |                  | (548   | ) |   |   | (293 | ) |
| Customer related derivative contracts:                               |                                                                                 |   |                  |   |   |   |   |   |   |
| Interest rate swaps with customers                                   | Net gains (losses) on interest rate swaps                                            |   |                  | (96    | ) |   |   | 1,107 |   |
| Mirror swaps with counterparties                                     | Net gains (losses) on interest rate swaps                                            |   |                  | 172    |   |   |   | (1,039 | ) |
| Total                                                                |                                                                                 |   | $                     | (386   | ) |   | $ | (76 | ) |

| ·   | Level 1 – Quoted prices for identical assets or liabilities in active markets. |
|--------------------|--------------------------------------------------------------------------------------|

| ·   | Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Corporation’s market assumptions. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                               |   |                          |    |   | Assets/        |   |
|------------------------------------------------------|--------|-------------------------------|---------|--------|----------------|--------|
|                                                 |   | Fair Value Measurements Using |    |   | Liabilities at |   |
| March 31, 2011                                  |   | Level 1                       |    |   | Level 2        |   |   | Level 3 |   |   | Fair Value |   |
| Assets:                                              |   |                          |    |   |           |   |   |   |   |   |   |   |
| Securities Available for Sale:                       |   |                          |    |   |           |   |   |   |   |   |   |   |
| Obligations of U.S. government-sponsored enterprises |   | $                             | – |   |           | $      | 32,903 |   |   | $ | – |   |   | $ | 32,903 |   |
| Mortgage-backed securities issued by U.S. government |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |   |                          | – |   |           |   | 417,588 |   |   |   | – |   |   |   | 417,588 |   |
| States and political subdivisions                    |   |                          | – |   |           |   | 81,643 |   |   |   | – |   |   |   | 81,643 |   |
| Trust preferred securities:                          |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Individual name issuers                              |   |                          | – |   |           |   | 25,077 |   |   |   | – |   |   |   | 25,077 |   |
| Collateralized debt obligations                      |   |                          | – |   |           |   | – |   |   |   | 752 |   |   |   | 752 |   |
| Corporate bonds                                      |   |                          | – |   |           |   | 15,075 |   |   |   | – |   |   |   | 15,075 |   |
| Common stocks                                        |   |                          | 806     |   |           |   | – |   |   |   | – |   |   |   | 806 |   |
| Perpetual preferred stocks                           |   |                          | 2,314   |   |           |   | - |   |   |   | – |   |   |   | 2,314 |   |
| Derivative Assets (1)                                |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts with customers          |   |                          | – |   |           |   | 3,142 |   |   |   | – |   |   |   | 3,142 |   |
| Forward loan commitments                             |   |                          | – |   |           |   | – |   |   |   | 76 |   |   |   | 76 |   |
| Total assets at fair value on a recurring basis      |   | $                             | 3,120   |   |           | $      | 575,428 |   |   | $ | 828 |   |   | $ | 579,376 |   |
| Liabilities:                                         |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Derivative Liabilities (1)                           |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Mirror swaps with counterparties                     |   | $                             | – |   |           | $      | 3,228 |   |   | $ | − |   |   | $ | 3,228 |   |
| Interest rate risk management contracts              |   |                          | − |   |           |   | 833 |   |   |   | − |   |   |   | 833 |   |
| Forward loan commitments                             |   |                          | – |   |           |   | – |   |   |   | 103 |   |   |   | 103 |   |
| Total liabilities at fair value on a recurring basis |   | $                             | – |   |           | $      | 4,061 |   |   | $ | 103 |   |   | $ | 4,164 |   |

| (1)   | Derivative assets are included in other assets and derivative liabilities are reported in other liabilities in the Consolidated Balance Sheets. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                               |   |                          |    |   | Assets/        |   |
|------------------------------------------------------|--------|-------------------------------|---------|--------|----------------|--------|
|                                                 |   | Fair Value Measurements Using |    |   | Liabilities at |   |
| December 31, 2010                               |   | Level 1                       |    |   | Level 2        |   |   | Level 3 |   |   | Fair Value |   |
| Assets:                                              |   |                          |    |   |           |   |   |   |   |   |   |   |
| Securities Available for Sale:                       |   |                          |    |   |           |   |   |   |   |   |   |   |
| Obligations of U.S. government-sponsored enterprises |   | $                             | – |   |           | $      | 40,994 |   |   | $ | – |   |   | $ | 40,994 |   |
| Mortgage-backed securities issued by U.S. government |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |   |                          | – |   |           |   | 429,771 |   |   |   | – |   |   |   | 429,771 |   |
| States and political subdivisions                    |   |                          | – |   |           |   | 81,055 |   |   |   | – |   |   |   | 81,055 |   |
| Trust preferred securities:                          |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Individual name issuers                              |   |                          | – |   |           |   | 23,275 |   |   |   | – |   |   |   | 23,275 |   |
| Collateralized debt obligations                      |   |                          | – |   |           |   | – |   |   |   | 806 |   |   |   | 806 |   |
| Corporate bonds                                      |   |                          | – |   |           |   | 15,212 |   |   |   | – |   |   |   | 15,212 |   |
| Common stocks                                        |   |                          | 809     |   |           |   | – |   |   |   | – |   |   |   | 809 |   |
| Perpetual preferred stocks                           |   |                          | 2,178   |   |           |   | – |   |   |   | – |   |   |   | 2,178 |   |
| Derivative Assets (1)                                |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts with customers          |   |                          | – |   |           |   | 3,690 |   |   |   | – |   |   |   | 3,690 |   |
| Forward loan commitments                             |   |                          | – |   |           |   | – |   |   |   | 602 |   |   |   | 602 |   |
| Total assets at fair value on a recurring basis      |   | $                             | 2,987   |   |           | $      | 593,997 |   |   | $ | 1,408 |   |   | $ | 598,392 |   |
| Liabilities:                                         |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Derivative Liabilities (1)                           |   |                          |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Mirror swaps with counterparties                     |   | $                             | – |   |           | $      | 3,806 |   |   | $ | – |   |   | $ | 3,806 |   |
| Interest rate risk management contract               |   |                          | – |   |           |   | 1,098 |   |   |   | – |   |   |   | 1,098 |   |
| Forward loan commitments                             |   |                          | – |   |           |   | – |   |   |   | 167 |   |   |   | 167 |   |
| Total liabilities at fair value on a recurring basis |   | $                             | – |   |           | $      | 4,904 |   |   | $ | 167 |   |   | $ | 5,071 |   |

| (1)   | Derivative assets are included in other assets and derivative liabilities are reported in other liabilities in the Consolidated Balance Sheets. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| Three months ended March 31,                |   | 2011         |    |   | 2010              |   |
|---------------------------------------------|--------|--------------|---------|--------|-------------------|--------|
|                                        |   | Securities   |    |   | Derivative        |   |   |   |   |   | Securities |   |   | Derivative |   |   |   |   |
|                                        |   | Available    |    |   | Assets /          |   |   |   |   |   | Available |   |   | Assets / |   |   |   |   |
| (Dollars in thousands)                      |   | for Sale (1) |    |   | (Liabilities) (2) |   |   | Total |   |   | for Sale (1) |   |   | (Liabilities) (2) |   |   | Total |   |
| Balance at January 1, 2011                  |   | $            | 806     |   |              | $      | 435 |   |   | $ | 1,241 |   |   | $ | 1,065 |   |   | $ | 153 |   |   | $ | 1,218 |   |
| Gains and losses (realized and unrealized): |   |         |    |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included in earnings (3)                    |   |         | (33     | )      |              |   | (462 | ) |   |   | (495 | ) |   |   | (63 | ) |   |   | (144 | ) |   |   | (207 | ) |
| Included in other comprehensive income      |   |         | (21     | )      |              |   | – |   |   |   | (21 | ) |   |   | 152 |   |   |   | – |   |   |   | 152 |   |
| Purchases                                   |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Issuances                                   |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Settlements                                 |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Transfers into Level 3                      |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Transfers out of Level 3                    |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Balance at March 31, 2011                   |   | $            | 752     |   |              | $      | (27 | ) |   |   | 725 |   |   | $ | 1,154 |   |   | $ | 9 |   |   | $ | 1,163 |   |

| (1)   | During the periods indicated, Level 3 securities available for sale were comprised of two pooled trust preferred debt securities, in the form of collateralized debt obligations. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | During the periods indicated, Level 3 derivative assets / liabilities consisted of interest rate lock commitments written for our residential mortgage loans that we intend to sell. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
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| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (3)   | Losses included in earnings for Level 3 securities available for sale consisted of credit-related impairment losses on two Level 3 pooled trust preferred debt securities.  Credit-related impairment losses of $33 thousand and $63 thousand were recognized during the three months ended March 31, 2011 and 2010.  The losses included in earnings for Level 3 derivative assets and liabilities, which were comprised of interest rate lock commitments written for our residential mortgage loans that we intend to sell, were included in net gains on loan sales and commissions on loans originated for others in the Consolidated Statements of Income. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Dollars in thousands)                             |   | Carrying Value at March 31, 2011 |    |
|----------------------------------------------------|--------|---------------------------------------|---------|
|                                               |   | Level 1                               |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets:                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| Collateral dependent impaired loans                |   | $                                     | – |   |   | $ | – |   |   | $ | 2,253 |   |   | $ | 2,253 |   |
| Total assets at fair value on a nonrecurring basis |   | $                                     | – |   |   | $ | – |   |   | $ | 2,253 |   |   | $ | 2,253 |   |

| (Dollars in thousands)                             |   | Carrying Value at March 31, 2010 |    |
|----------------------------------------------------|--------|---------------------------------------|---------|
|                                               |   | Level 1                               |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets:                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| Collateral dependent impaired loans                |   | $                                     | – |   |   | $ | – |   |   | $ | 2,694 |   |   | $ | 2,694 |   |
| Total assets at fair value on a nonrecurring basis |   | $                                     | – |   |   | $ | – |   |   | $ | 2,694 |   |   | $ | 2,694 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

|                                          |   | March 31, 2011 |      |   | December 31, 2010 |   |
|-----------------------------------------------|--------|---------------------|-----------|--------|------------------------|--------|
|                                          |   | Carrying            |      |   | Estimated              |   |   | Carrying |   |   | Estimated |   |
| (Dollars in thousands)                        |   | Amount              |      |   | Fair Value             |   |   | Amount |   |   | Fair Value |   |
| Financial Assets:                             |   |                |      |   |                   |   |   |   |   |   |   |   |
| Cash and cash equivalents                     |   | $                   | 74,409    |   |                   | $      | 74,409 |   |   | $ | 92,736 |   |   | $ | 92,736 |   |
| Mortgage loans held for sale                  |   |                | 2,985     |   |                   |   | 3,054 |   |   |   | 13,894 |   |   |   | 13,894 |   |
| Securities available for sale                 |   |                | 576,158   |   |                   |   | 576,158 |   |   |   | 594,100 |   |   |   | 594,100 |   |
| FHLBB stock                                   |   |                | 42,008    |   |                   |   | 42,008 |   |   |   | 42,008 |   |   |   | 42,008 |   |
| Loans, net of allowance for loan losses       |   |                | 2,000,528 |   |                   |   | 2,068,683 |   |   |   | 1,967,055 |   |   |   | 2,029,951 |   |
| Accrued interest receivable                   |   |                | 9,319     |   |                   |   | 9,319 |   |   |   | 8,568 |   |   |   | 8,568 |   |
| Bank-owned life insurance                     |   |                | 52,320    |   |                   |   | 52,320 |   |   |   | 51,844 |   |   |   | 51,844 |   |
| Customer related interest rate swap contracts |   |                | 3,142     |   |                   |   | 3,142 |   |   |   | 3,690 |   |   |   | 3,690 |   |
| Forward loan commitments (1)                  |   |                | 76        |   |                   |   | 76 |   |   |   | 602 |   |   |   | 602 |   |
|                                          |   |                |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Financial Liabilities:                        |   |                |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest-bearing demand deposits           |   | $                   | 274,798   |   |                   | $      | 274,798 |   |   | $ | 228,437 |   |   | $ | 228,437 |   |
| NOW accounts                                  |   |                | 228,502   |   |                   |   | 228,502 |   |   |   | 241,974 |   |   |   | 241,974 |   |
| Money market accounts                         |   |                | 387,923   |   |                   |   | 387,923 |   |   |   | 396,455 |   |   |   | 396,455 |   |
| Savings accounts                              |   |                | 223,599   |   |                   |   | 223,599 |   |   |   | 220,888 |   |   |   | 220,888 |   |
| Time deposits                                 |   |                | 934,024   |   |                   |   | 948,666 |   |   |   | 948,576 |   |   |   | 962,608 |   |
| FHLBB advances                                |   |                | 469,235   |   |                   |   | 502,234 |   |   |   | 498,722 |   |   |   | 533,802 |   |
| Junior subordinated debentures                |   |                | 32,991    |   |                   |   | 22,233 |   |   |   | 32,991 |   |   |   | 22,092 |   |
| Securities sold under repurchase agreements   |   |                | 19,500    |   |                   |   | 20,321 |   |   |   | 19,500 |   |   |   | 20,543 |   |
| Other borrowings                              |   |                | 1,967     |   |                   |   | 1,967 |   |   |   | 3,859 |   |   |   | 3,859 |   |
| Accrued interest payable                      |   |                | 3,624     |   |                   |   | 3,624 |   |   |   | 3,999 |   |   |   | 3,999 |   |
| Customer related interest rate swap contracts |   |                | 3,228     |   |                   |   | 3,228 |   |   |   | 3,806 |   |   |   | 3,806 |   |
| Interest rate risk management contract        |   |                | 833       |   |                   |   | 833 |   |   |   | 1,098 |   |   |   | 1,098 |   |
| Forward loan commitments (1)                  |   |                | 103       |   |                   |   | 103 |   |   |   | 167 |   |   |   | 167 |   |

| (Dollars in thousands)             |   | Qualified    |    |   | Non-Qualified    |   |
|------------------------------------|--------|--------------|---------|--------|------------------|--------|
|                               |   | Pension Plan |    |   | Retirement Plans |   |
| Three months ended March 31,  |   | 2011         |    |   | 2010             |   |   | 2011 |   |   | 2010 |   |
| Service cost                       |   | $            | 579     |   |             | $      | 584 |   |   | $ | 18 |   |   | $ | 23 |   |
| Interest cost                      |   |         | 645     |   |             |   | 627 |   |   |   | 124 |   |   |   | 129 |   |
| Expected return on plan assets     |   |         | (699    | )      |             |   | (630 | ) |   |   | - |   |   |   | - |   |
| Amortization of transition asset   |   |         | – |   |             |   | – |   |   |   | - |   |   |   | - |   |
| Amortization of prior service cost |   |         | (8      | )      |             |   | (8 | ) |   |   | - |   |   |   | 2 |   |
| Recognized net actuarial loss      |   |         | 97      |   |             |   | 80 |   |   |   | 3 |   |   |   | 5 |   |
| Net periodic benefit cost          |   | $            | 614     |   |             | $      | 653 |   |   | $ | 145 |   |   | $ | 159 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)            |   |   |   |
|-----------------------------------|--------|--------|--------|
|                              |   |   |   |
| Three months ended March 31, |   | 2011   |   |   | 2010 |   |
| Share-based compensation expense  |   | $      | 328    |   |   | $ | 177 |   |
| Related tax benefit               |   | $      | 117    |   |   | $ | 63 |   |

| (Dollars in thousands)                     |   | Number  |    |   | Weighted |   | Weighted Average |   |      |   |
|--------------------------------------------|--------|---------|---------|--------|----------|--------|------------------|--------|-----------|--------|
|                                       |   | Of      |    |   | Average  |   | Remaining        |   | Aggregate |   |
|                                       |   | Share   |    |   | Exercise |   | Contractual      |   | Intrinsic |   |
|                                       |   | Options |    |   | Price    |   | Term (Years)     |   | Value     |   |
| Outstanding at January 1, 2011             |   |    | 795,257 |   |     | $      | 22.46            |   |      |   |   |   |
| Granted                                    |   |    | – |   |     |   | –          |   |      |   |   |   |
| Exercised                                  |   |    | 81,905  |   |     |   | 18.39            |   |      |   |   |   |
| Forfeited or expired                       |   |    | 9,250   |   |     |   | 22.31            |   |      |   |   |   |
| Outstanding at March 31, 2011         |   |    | 704,102 |   |     | $      | 22.94            |   | 4.2 years |   | $ | 1,580 |   |
| As of March 31, 2011:                 |   |    |    |   |     |   |             |   |      |   |   |   |   |
| Options exercisable                        |   |    | 520,020 |   |     | $      | 23.79            |   | 2.8 years |   | $ | 955 |   |
| Options expected to vest in future periods |   |    | 184,082 |   |     | $      | 20.51            |   | 8.2 years |   | $ | 624 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

|                                       |   |   |    |   | Weighted   |   |
|--------------------------------------------|--------|--------|---------|--------|------------|--------|
|                                       |   | Number |    |   | Average    |   |
|                                       |   | of     |    |   | Grant Date |   |
|                                       |   | Shares |    |   | Fair Value |   |
| Performance shares at January 1, 2011 |   |   | 16,500  |   |       | $      | 15.11 |   |
| Granted                                    |   |   | 44,102  |   |       |   | 21.62 |   |
| Vested                                     |   |   | – |   |       |   | – |   |
| Forfeited                                  |   |   | – |   |       |   | – |   |
| Performance shares at March 31, 2011  |   |   | 60,602  |   |       | $      | 19.85 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                     |   |              |      |   |                       |   |      |      |   |   |              |   |
|--------------------------------------------|--------|-------------------|-----------|--------|----------------------------|--------|-----------|-----------|--------|--------|-------------------|--------|
|                                       |   | CommercialBanking |      |   | Wealth Management Services |   |      | Corporate |   |   | ConsolidatedTotal |   |
| Three months ended March 31,          |   | 2011              |      |   | 2010                       |   |      | 2011      |   |   | 2010              |   |   | 2011 |   |   | 2010 |   |   | 2011 |   |   | 2010 |   |
| Net interest income (expense)              |   | $                 | 16,880    |   |                       | $      | 18,030    |      |   | $      | (6                | )      |   | $ | (16 | ) |   | $ | 3,453 |   |   | $ | (10 | ) |   | $ | 20,327 |   |   | $ | 18,004 |   |
| Noninterest income (expense)               |   |              | 4,181     |   |                       |   | 3,756     |      |   |   | 7,080             |   |   |   | 6,306 |   |   |   | 436 |   |   |   | 405 |   |   |   | 11,697 |   |   |   | 10,467 |   |
| Total income                               |   |              | 21,061    |   |                       |   | 21,786    |      |   |   | 7,074             |   |   |   | 6,290 |   |   |   | 3,889 |   |   |   | 395 |   |   |   | 32,024 |   |   |   | 28,471 |   |
| Provision for loan losses                  |   |              | 1,500     |   |                       |   | 1,500     |      |   |   | –           |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 1,500 |   |   |   | 1,500 |   |
| Depreciation and amortization expense |   |              | 600       |   |                       |   | 626       |      |   |   | 337               |   |   |   | 396 |   |   |   | 68 |   |   |   | 50 |   |   |   | 1,005 |   |   |   | 1,072 |   |
| Other noninterest expenses                 |   |              | 12,690    |   |                       |   | 11,534    |      |   |   | 4,670             |   |   |   | 4,721 |   |   |   | 2,375 |   |   |   | 2,350 |   |   |   | 19,735 |   |   |   | 18,605 |   |
| Total noninterest expenses                 |   |              | 14,790    |   |                       |   | 13,660    |      |   |   | 5,007             |   |   |   | 5,117 |   |   |   | 2,443 |   |   |   | 2,400 |   |   |   | 22,240 |   |   |   | 21,177 |   |
| Income (loss) before income taxes          |   |              | 6,271     |   |                       |   | 8,126     |      |   |   | 2,067             |   |   |   | 1,173 |   |   |   | 1,446 |   |   |   | (2,005 | ) |   |   | 9,784 |   |   |   | 7,294 |   |
| Income tax expense (benefit)               |   |              | 2,082     |   |                       |   | 2,793     |      |   |   | 770               |   |   |   | 416 |   |   |   | 132 |   |   |   | (1,087 | ) |   |   | 2,984 |   |   |   | 2,122 |   |
| Net income (loss)                          |   | $                 | 4,189     |   |                       | $      | 5,333     |      |   | $      | 1,297             |   |   | $ | 757 |   |   | $ | 1,314 |   |   | $ | (918 | ) |   | $ | 6,800 |   |   | $ | 5,172 |   |
|                                       |   |              |      |   |                       |   |      |      |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets at period end                 |   |              | 2,111,474 |   |                       |   | 2,012,428 |      |   |   | 51,267            |   |   |   | 51,663 |   |   |   | 729,531 |   |   |   | 832,334 |   |   |   | 2,892,272 |   |   |   | 2,896,425 |   |
| Expenditures for long-lived assets    |   |              | 422       |   |                       |   | 326       |      |   |   | 258               |   |   |   | 48 |   |   |   | 33 |   |   |   | 247 |   |   |   | 713 |   |   |   | 621 |   |

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
|----------------------------------------------------------------|-------------|
| CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |        |

| (Dollars in thousands)                                                                                                                                                                     |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                                                                                                       |   |   |   |
| Three months ended March 31,                                                                                                                                                          |   | 2011   |   |   | 2010 |   |
| Net income                                                                                                                                                                                 |   | $      | 6,800  |   |   | $ | 5,172 |   |
| Unrealized gains on securities, net of income tax expense of $52 in 2011 and $1,126 in 2010                                                                                                |   |   | 89     |   |   |   | 1,995 |   |
| Unrealized gains (losses) on cash flow hedges, net of income tax expense of $27 in 2011   and net of income tax benefit of $65 in 2010                                                |   |   | 49     |   |   |   | (117 | ) |
| Less reclassification adjustments:                                                                                                                                                         |   |   |   |   |   |   |   |   |
|   Losses on securities, net of income tax benefit of $29 in 2011 and $1 in 2010                                                                                                  |   |   | 53     |   |   |   | 1 |   |
|   Change in non-credit portion of other-than-temporary impairment losses, net of    income tax expense of $7 in 2011 and net of income tax benefit of $22 in 2010 |   |   | (13    | ) |   |   | 39 |   |
|   Gains on cash flow hedges, net of income tax expense of $68 in 2011 and $69 in 2010                                                                                            |   |   | 123    |   |   |   | 124 |   |
|   Net periodic pension cost, net of income tax expense of $33 in 2011 and $28 in 2010                                                                                            |   |   | 60     |   |   |   | 51 |   |
| Total comprehensive income                                                                                                                                                                 |   | $      | 7,161  |   |   | $ | 7,265 |   |

| (Dollars and shares in thousands, except per share amounts)                     |   |   |     |
|---------------------------------------------------------------------------------|--------|--------|----------|
|                                                                            |   |   |     |
| Three months ended March 31,                                               |   | 2011   |     |   | 2010 |   |
| Net income                                                                      |   | $      | 6,800    |   |   | $ | 5,172 |   |
| Less dividends and undistributed earnings allocated to participating securities |   |   | (27      | ) |   |   | (11 | ) |
| Net income applicable to common shareholders                                    |   | $      | 6,773    |   |   | $ | 5,161 |   |
|                                                                            |   |   |     |   |   |   |   |   |
| Weighted average basic common shares                                            |   |   | 16,197.2 |   |   |   | 16,057.7 |   |
|                                                                            |   |   |     |   |   |   |   |   |
| Dilutive effect of common stock equivalents                                     |   |   | 32.6     |   |   |   | 43.8 |   |
| Weighted average diluted common shares                                          |   |   | 16,229.8 |   |   |   | 16,101.5 |   |
| Earnings per common share:                                                      |   |   |     |   |   |   |   |   |
| Basic                                                                           |   | $      | 0.42     |   |   | $ | 0.32 |   |
| Diluted                                                                         |   | $      | 0.42     |   |   | $ | 0.32 |   |

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ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

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| Three months ended March 31,                |   | 2011    |      |   | 2010     |   |
|--------------------------------------------------|--------|---------|-----------|--------|----------|--------|
|                                             |   | Average |      |   |     |   |   | Yield/ |   |   | Average |   |   |   |   |   | Yield/ |   |
| (Dollars in thousands)                           |   | Balance |      |   | Interest |   |   | Rate |   |   | Balance |   |   | Interest |   |   | Rate |   |
| Assets:                                          |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial and other loans                       |   | $       | 1,037,379 |   |     | $      | 13,505 |   |   |   | 5.28 | % |   | $ | 985,807 |   |   | $ | 12,904 |   |   |   | 5.31 | % |
| Residential real estate loans, including         |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| mortgage loans held for sale                     |   |    | 651,277   |   |     |   | 7,700 |   |   |   | 4.79 | % |   |   | 615,507 |   |   |   | 7,874 |   |   |   | 5.19 | % |
| Consumer loans                                   |   |    | 324,046   |   |     |   | 3,144 |   |   |   | 3.93 | % |   |   | 329,312 |   |   |   | 3,239 |   |   |   | 3.99 | % |
| Total loans                                      |   |    | 2,012,702 |   |     |   | 24,349 |   |   |   | 4.91 | % |   |   | 1,930,626 |   |   |   | 24,017 |   |   |   | 5.05 | % |
| Cash, federal funds sold and                     |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| other short-term investments                     |   |    | 43,945    |   |     |   | 24 |   |   |   | 0.22 | % |   |   | 35,770 |   |   |   | 21 |   |   |   | 0.24 | % |
| FHLBB stock                                      |   |    | 42,008    |   |     |   | 32 |   |   |   | 0.31 | % |   |   | 42,008 |   |   |   | – |   |   |   | – | % |
| Taxable debt securities                          |   |    | 492,213   |   |     |   | 4,773 |   |   |   | 3.93 | % |   |   | 599,171 |   |   |   | 6,051 |   |   |   | 4.10 | % |
| Nontaxable debt securities                       |   |    | 79,452    |   |     |   | 1,166 |   |   |   | 5.95 | % |   |   | 79,582 |   |   |   | 1,156 |   |   |   | 5.89 | % |
| Corporate stocks                                 |   |    | 2,513     |   |     |   | 50 |   |   |   | 8.07 | % |   |   | 4,013 |   |   |   | 75 |   |   |   | 7.58 | % |
| Total securities                                 |   |    | 574,178   |   |     |   | 5,989 |   |   |   | 4.23 | % |   |   | 682,766 |   |   |   | 7,282 |   |   |   | 4.33 | % |
| Total interest-earning assets                    |   |    | 2,672,833 |   |     |   | 30,394 |   |   |   | 4.61 | % |   |   | 2,691,170 |   |   |   | 31,320 |   |   |   | 4.72 | % |
| Noninterest-earning assets                       |   |    | 211,785   |   |     |   |   |   |   |   |   |   |   |   | 204,986 |   |   |   |   |   |   |   |   |   |
| Total assets                                     |   | $       | 2,884,618 |   |     |   |   |   |   |   |   |   |   | $ | 2,896,156 |   |   |   |   |   |   |   |   |   |
| Liabilities and Shareholders’ Equity:      |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW accounts                                     |   | $       | 224,977   |   |     | $      | 58 |   |   |   | 0.10 | % |   | $ | 194,471 |   |   | $ | 64 |   |   |   | 0.13 | % |
| Money market accounts                            |   |    | 399,312   |   |     |   | 323 |   |   |   | 0.33 | % |   |   | 409,214 |   |   |   | 617 |   |   |   | 0.61 | % |
| Savings accounts                                 |   |    | 220,352   |   |     |   | 75 |   |   |   | 0.14 | % |   |   | 196,880 |   |   |   | 85 |   |   |   | 0.18 | % |
| Time deposits                                    |   |    | 946,431   |   |     |   | 3,746 |   |   |   | 1.61 | % |   |   | 951,453 |   |   |   | 5,003 |   |   |   | 2.13 | % |
| FHLBB advances                                   |   |    | 475,370   |   |     |   | 4,732 |   |   |   | 4.04 | % |   |   | 591,974 |   |   |   | 6,219 |   |   |   | 4.26 | % |
| Junior subordinated debentures                   |   |    | 32,991    |   |     |   | 390 |   |   |   | 4.79 | % |   |   | 32,991 |   |   |   | 630 |   |   |   | 7.74 | % |
| Other                                            |   |    | 23,123    |   |     |   | 241 |   |   |   | 4.23 | % |   |   | 20,986 |   |   |   | 242 |   |   |   | 4.68 | % |
| Total interest-bearing liabilities               |   |    | 2,322,556 |   |     |   | 9,565 |   |   |   | 1.67 | % |   |   | 2,397,969 |   |   |   | 12,860 |   |   |   | 2.17 | % |
| Demand deposits                                  |   |    | 249,503   |   |     |   |   |   |   |   |   |   |   |   | 200,203 |   |   |   |   |   |   |   |   |   |
| Other liabilities                                |   |    | 41,568    |   |     |   |   |   |   |   |   |   |   |   | 39,506 |   |   |   |   |   |   |   |   |   |
| Shareholders’ equity                       |   |    | 270,991   |   |     |   |   |   |   |   |   |   |   |   | 258,478 |   |   |   |   |   |   |   |   |   |
| Total liabilities and shareholders’ equity |   | $       | 2,884,618 |   |     |   |   |   |   |   |   |   |   | $ | 2,896,156 |   |   |   |   |   |   |   |   |   |
| Net interest income                              |   |    |      |   |     | $      | 20,829 |   |   |   |   |   |   |   |   |   |   | $ | 18,460 |   |   |   |   |   |
| Interest rate spread                             |   |    |      |   |     |   |   |   |   |   | 2.94 | % |   |   |   |   |   |   |   |   |   |   | 2.55 | % |
| Net interest margin                              |   |    |      |   |     |   |   |   |   |   | 3.16 | % |   |   |   |   |   |   |   |   |   |   | 2.78 | % |

| (Dollars in thousands)            |   |   |   |   |   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|
|                              |   |   |   |   |   |   |
| Three months ended March 31, |   | 2011   |   |   | 2010   |   |
| Commercial and other loans        |   | $      | 90     |   |   | $      | 49 |   |
| Nontaxable debt securities        |   |   | 397    |   |   |   | 387 |   |
| Corporate stocks                  |   |   | 15     |   |   |   | 20 |   |
| Total                             |   | $      | 502    |   |   | $      | 456 |   |

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|                                                      |   | Three months ended           |    |
|-----------------------------------------------------------|--------|------------------------------|---------|
|                                                      |   | March 31, 2011 vs. 2010 |    |
|                                                      |   | Increase (Decrease) Due to   |    |
| (Dollars in thousands)                                    |   | Volume                       |    |   | Rate |   |   | Net Change |   |
| Interest on Interest-Earning Assets:                      |   |                         |    |   |   |   |   |   |   |
| Commercial and other loans                                |   | $                            | 674     |   |   | $ | (73 | ) |   | $ | 601 |   |
| Residential real estate loans, including                  |   |                         |    |   |   |   |   |   |   |   |   |   |
| mortgage loans held for sale                              |   |                         | 447     |   |   |   | (621 | ) |   |   | (174 | ) |
| Consumer loans                                            |   |                         | (49     | ) |   |   | (46 | ) |   |   | (95 | ) |
| Cash, federal funds sold and other short-term investments |   |                         | 5       |   |   |   | (2 | ) |   |   | 3 |   |
| FHLBB stock                                               |   |                         | – |   |   |   | 32 |   |   |   | 32 |   |
| Taxable debt securities                                   |   |                         | (1,037  | ) |   |   | (241 | ) |   |   | (1,278 | ) |
| Nontaxable debt securities                                |   |                         | (2      | ) |   |   | 12 |   |   |   | 10 |   |
| Corporate stocks                                          |   |                         | (30     | ) |   |   | 5 |   |   |   | (25 | ) |
| Total interest income                                     |   |                         | 8       |   |   |   | (934 | ) |   |   | (926 | ) |
| Interest on Interest-Bearing Liabilities:                 |   |                         |    |   |   |   |   |   |   |   |   |   |
| NOW accounts                                              |   |                         | 9       |   |   |   | (15 | ) |   |   | (6 | ) |
| Money market accounts                                     |   |                         | (15     | ) |   |   | (279 | ) |   |   | (294 | ) |
| Savings accounts                                          |   |                         | 11      |   |   |   | (21 | ) |   |   | (10 | ) |
| Time deposits                                             |   |                         | (27     | ) |   |   | (1,230 | ) |   |   | (1,257 | ) |
| FHLBB advances                                            |   |                         | (1,178  | ) |   |   | (309 | ) |   |   | (1,487 | ) |
| Junior subordinated debentures                            |   |                         | – |   |   |   | (240 | ) |   |   | (240 | ) |
| Other                                                     |   |                         | 23      |   |   |   | (24 | ) |   |   | (1 | ) |
| Total interest expense                                    |   |                         | (1,177  | ) |   |   | (2,118 | ) |   |   | (3,295 | ) |
| Net interest income                                       |   | $                            | 1,185   |   |   | $ | 1,184 |   |   | $ | 2,369 |   |

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| (Dollars in thousands)                                                  |   |   |   |   |   |   |    |                |   |
|-------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|---------------------|--------|
|                                                                    |   |   |   |   |   |   |    | Increase (Decrease) |   |
| Three months ended March 31                                             |   | 2011   |   |   | 2010   |   |    | Amount              |   |   | Percent |   |
| Noninterest Income:                                                     |   |   |   |   |   |   |    |                |   |   |   |   |
| Wealth management services:                                             |   |   |   |   |   |   |    |                |   |   |   |   |
| Trust and investment advisory fees                                      |   | $      | 5,676  |   |   | $      | 5,017   |                |   | $ | 659 |   |   |   | 13 | % |
| Mutual fund fees                                                        |   |   | 1,123  |   |   |   | 1,110   |                |   |   | 13 |   |   |   | 1 |   |
| Financial planning, commissions and other service fees                  |   |   | 281    |   |   |   | 179     |                |   |   | 102 |   |   |   | 57 |   |
| Wealth management services                                              |   |   | 7,080  |   |   |   | 6,306   |                |   |   | 774 |   |   |   | 12 |   |
| Service charges on deposit accounts                                     |   |   | 932    |   |   |   | 849     |                |   |   | 83 |   |   |   | 10 |   |
| Merchant processing fees                                                |   |   | 1,944  |   |   |   | 1,606   |                |   |   | 338 |   |   |   | 21 |   |
| Card interchange fees                                                   |   |   | 487    |   |   |   | 389     |                |   |   | 98 |   |   |   | 25 |   |
| Income from bank-owned life insurance                                   |   |   | 476    |   |   |   | 439     |                |   |   | 37 |   |   |   | 8 |   |
| Net gains on loan sales and commissions on loans originated for others  |   |   | 525    |   |   |   | 560     |                |   |   | (35 | ) |   |   | (6 | ) |
| Net realized losses on securities                                       |   |   | (29    | )      |   |   | – |                |   |   | (29 | ) |   |   | – |   |
| Net gains on interest rate swap contracts                               |   |   | 76     |   |   |   | 68      |                |   |   | 8 |   |   |   | 12 |   |
| Equity in losses of unconsolidated subsidiaries                         |   |   | (144   | )      |   |   | (52     | )                   |   |   | (92 | ) |   |   | (177 | ) |
| Other income                                                            |   |   | 383    |   |   |   | 365     |                |   |   | 18 |   |   |   | 5 |   |
| Noninterest income, excluding other-than-temporary impairment losses    |   |   | 11,730 |   |   |   | 10,530  |                |   |   | 1,200 |   |   |   | 11 |   |
| Total other-than-temporary impairment losses on securities              |   |   | (54    | )      |   |   | (2      | )                   |   |   | (52 | ) |   |   | (2,600 | ) |
| Portion of loss recognized in other comprehensive income (before taxes) |   |   | 21     |   |   |   | (61     | )                   |   |   | 82 |   |   |   | 134 |   |
| Net impairment losses recognized in earnings                            |   |   | (33    | )      |   |   | (63     | )                   |   |   | 30 |   |   |   | 48 |   |
| Total noninterest income                                                |   | $      | 11,697 |   |   | $      | 10,467  |                |   | $ | 1,230 |   |   |   | 12 | % |

| (Dollars in thousands)                             |   |   |      |   |   |   |
|----------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                               |   |   |      |   |   |   |
| Three months ended March 31,                  |   | 2011   |      |   | 2010   |   |
| Wealth Management Assets under Administration (1): |   |   |      |   |   |   |
| Balance at the beginning of period                 |   | $      | 3,967,207 |   |   | $      | 3,735,646 |   |
| Net investment appreciation & income           |   |   | 145,563   |   |   |   | 99,121 |   |
| Net client cash flows                              |   |   | 6,437     |   |   |   | 34,735 |   |
| Balance at the end of period                       |   | $      | 4,119,207 |   |   | $      | 3,869,502 |   |

|  (1) |  Amounts prior to 2011 have been revised to reflect current reporting practices.  The most significant change was related to a change in the nature of a client relationship, which reduced the scope and frequency of services provided by Washington Trust.  This change occurred at the beginning of the third quarter of 2010.  In 2011, management concluded that a declassification of these client assets from assets under administration was appropriate, based on its current reporting practices.  Accordingly, the 2010 assets under administration have been reduced by $106 million, beginning in the third quarter of that year.  This revision to previously reported assets under administration did not result in any change to the reported amounts of wealth management revenues. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (Dollars in thousands)             |   |   |   |   |   |   |   |                |   |
|------------------------------------|--------|--------|--------|--------|--------|--------|--------|---------------------|--------|
|                               |   |   |   |   |   |   |   | Increase (Decrease) |   |
| Three months ended March 31,  |   | 2011   |   |   | 2010   |   |   | Amount              |   |   | Percent |   |
| Noninterest Expense                |   |   |   |   |   |   |   |                |   |   |   |   |
| Salaries and employee benefits     |   | $      | 11,828 |   |   | $      | 11,501 |                |   | $ | 327 |   |   |   | 3 | % |
| Net occupancy                      |   |   | 1,321  |   |   |   | 1,224  |                |   |   | 97 |   |   |   | 8 |   |
| Equipment                          |   |   | 1,049  |   |   |   | 997    |                |   |   | 52 |   |   |   | 5 |   |
| Merchant processing costs          |   |   | 1,669  |   |   |   | 1,357  |                |   |   | 312 |   |   |   | 23 |   |
| Outsourced services                |   |   | 872    |   |   |   | 840    |                |   |   | 32 |   |   |   | 4 |   |
| FDIC deposit insurance costs       |   |   | 723    |   |   |   | 794    |                |   |   | (71 | ) |   |   | (9 | ) |
| Legal, audit and professional fees |   |   | 492    |   |   |   | 518    |                |   |   | (26 | ) |   |   | (5 | ) |
| Advertising and promotion          |   |   | 353    |   |   |   | 364    |                |   |   | (11 | ) |   |   | (3 | ) |
| Amortization of intangibles        |   |   | 238    |   |   |   | 291    |                |   |   | (53 | ) |   |   | (18 | ) |
| Foreclosed property costs          |   |   | 166    |   |   |   | 36     |                |   |   | 130 |   |   |   | 361 |   |
| Other                              |   |   | 2,029  |   |   |   | 1,755  |                |   |   | 274 |   |   |   | 16 |   |
| Total noninterest expense          |   | $      | 20,740 |   |   | $      | 19,677 |                |   | $ | 1,063 |   |   |   | 5 | % |

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| (Dollars in thousands)                               |   | March 31, 2011 |    |   | December 31, 2010 |   |
|------------------------------------------------------|--------|---------------------|---------|--------|------------------------|--------|
|                                                 |   | Amount              |    |   | % of Total             |   |   | Amount |   |   | % of Total |   |
| Securities Available for Sale:                       |   |                |    |   |                   |   |   |   |   |   |   |   |
| Obligations of U.S. government-sponsored enterprises |   | $                   | 32,903  |   |                   |   | 6 | % |   | $ | 40,994 |   |   |   | 7 | % |
| Mortgage-backed securities issued by U.S. government |   |                |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |   |                | 417,588 |   |                   |   | 73 | % |   |   | 429,771 |   |   |   | 72 | % |
| States and political subdivisions                    |   |                | 81,643  |   |                   |   | 14 | % |   |   | 81,055 |   |   |   | 14 | % |
| Trust preferred securities:                          |   |                |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Individual name issuers                              |   |                | 25,077  |   |                   |   | 4 | % |   |   | 23,275 |   |   |   | 4 | % |
| Collateralized debt obligations                      |   |                | 752     |   |                   |   | – | % |   |   | 806 |   |   |   | – | % |
| Corporate bonds                                      |   |                | 15,075  |   |                   |   | 3 | % |   |   | 15,212 |   |   |   | 3 | % |
| Common stocks                                        |   |                | 806     |   |                   |   | – | % |   |   | 809 |   |   |   | – | % |
| Perpetual preferred stocks                           |   |                | 2,314   |   |                   |   | – | % |   |   | 2,178 |   |   |   | – | % |
| Total securities available for sale                  |   | $                   | 576,158 |   |                   |   | 100 | % |   | $ | 594,100 |   |   |   | 100 | % |

| (Dollars in thousands)             |                |
|------------------------------------|---------------------|
|                               | March 31, 2011 | Credit Ratings |
| Named Issuer                       |                | Amortized | Fair | Unrealized | March 31, 2011 |   | Form 10-Q Filing Date |
| (parent holding company)           | (a)                 | Cost (b) | Value | Loss | Moody's | S&P |   | Moody's | S&P |
| JPMorgan Chase & Co.           | 2                   | $9,727 | 8,348 | (1,379) | A2 | BBB+ |   | A2 | BBB+ |
| Bank of America Corporation        | 3                   | 5,737 | 4,528 | (1,209) | Baa3 | BB+ (c) |   | Baa3 | BB+ (c) |
| Wells Fargo & Company          | 2                   | 5,110 | 4,200 | (910) | A3/ Baa1 | A- |   | A3/Baa1 | A- |
| SunTrust Banks, Inc.               | 1                   | 4,166 | 3,297 | (869) | Baa3 | BB   (c) |   | Baa3 | BB   (c) |
| Northern Trust Corporation         | 1                   | 1,981 | 1,643 | (338) | A3 | A- |   | A3 | A- |
| State Street Corporation           | 1                   | 1,970 | 1,642 | (328) | A3 | BBB+ |   | A3 | BBB+ |
| Huntington Bancshares Incorporated | 1                   | 1,919 | 1,419 | (500) | Ba1    (c) | BB-  (c) |   | Ba1    (c) | BB-  (c) |
| Totals                             | 11                  | $30,610 | 25,077 | (5,533) |   |   |   |   |   |

| (a) | Number of separate issuances, including issuances of acquired institutions. |
|-----|-----------------------------------------------------------------------------|

| (b) | Net of other-than-temporary impairment losses recognized in earnings. |
|-----|-----------------------------------------------------------------------|

| (c) | Rating is below investment grade. |
|-----|-----------------------------------|

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| (Dollars in thousands)                                       | March 31, 2011 |   |
|--------------------------------------------------------------|---------------------|--------|
|                                                         |                |   |   |   | Deferrals | Credit Ratings |
|                                                         | Amortized           | Fair   | Unrealized | No. ofCos. in | andDefaults | March 31,2011 |   | Form 10-QFiling Date |
| Deal Name                                                    | Cost                | Value  | Loss | Issuance | (a) | Moody's | S&P |   | Moody's | S&P |
| Tropic CDO 1,tranche A4L (d)                                 | $3,165              | 638    | (2,527) | 38 | 38.9% | Ca   (c) | (b) |   | Ca   (c) | (b) |
| Preferred Term Securities  [PreTSL] XXV, tranche C1 (e) | 1,263               | 114    | (1,149) | 73 | 37.2% | C     (c) | (b) |   | C     (c) | (b) |
| Totals                                                       | $4,428              | 752    | (3,676) |   |   |   |   |   |   |   |

| (a) | Percentage of pool collateral in deferral or default status. |
|-----|--------------------------------------------------------------|

| (b) | Not rated by S&P. |
|-----|-----------------------|

| (c) | Rating is below investment grade. |
|-----|-----------------------------------|

| (d) | As of March 31, 2011, this pooled trust preferred securities had an amortized cost of $3.2 million.  The amortized cost was net of $1.7 million of credit-related impairment losses previously recognized in earnings reflective of payment deferrals and credit deterioration of the underlying collateral.  This security was placed on nonaccrual status in March 2009.  The tranche instrument held by Washington Trust has been deferring a portion of interest payments since April 2010.  As of March 31, 2011, this security has unrealized losses of $2.5 million and a below investment grade rating of “Ca” by Moody’s Investors Service Inc. (“Moody’s”).  Through the filing date of this report, there have been no further rating changes on this security.  This credit rating status has been considered by management in its assessment of the impairment status of this security.  During the first quarter of 2011, a modest adverse change occurred in the expected cash flows for this security and additional credit-related impairment losses of $13 thousand were recognized in earnings. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | As of March 31, 2011, this pooled trust preferred security had an amortized cost of $1.3 million.  The amortized cost was net of $1.2 million of credit-related impairment losses previously recognized in earnings reflective of payment deferrals and credit deterioration of the underlying collateral.  This security was placed on nonaccrual status in December 2008.  The tranche instrument held by Washington Trust has been deferring interest payments since December 2008.  As of March 31, 2011, the security has unrealized losses of $1.1 million and a below investment grade rating of “C” by Moody’s.  Through the filing date of this report, there have been no further rating changes on this security.  This credit rating status has been considered by management in its assessment of the impairment status of this security.  During the first quarter of 2011, a modest adverse change occurred in the expected cash flows for this security and additional credit-related impairment losses of $20 thousand were recognized in earnings. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (Dollars in thousands)                   |   | March 31, 2011 |    |   | December 31, 2010 |   |
|------------------------------------------|--------|---------------------|---------|--------|------------------------|--------|
|                                     |   | Amount              |    |   | % of Total             |   |   | Amount |   |   | % of Total |   |
| Rhode Island, Connecticut, Massachusetts |   | $                   | 531,708 |   |                   |   | 91 | % |   | $ | 512,173 |   |   |   | 91 | % |
| New York, New Jersey, Pennsylvania       |   |                | 40,469  |   |                   |   | 7 | % |   |   | 40,232 |   |   |   | 7 | % |
| New Hampshire                            |   |                | 11,801  |   |                   |   | 2 | % |   |   | 11,846 |   |   |   | 2 | % |
| Other                                    |   |                | 1,706   |   |                   |   | – | % |   |   | 1,707 |   |   |   | – | % |
| Total                                    |   | $                   | 585,684 |   |                   |   | 100 | % |   | $ | 565,958 |   |   |   | 100 | % |

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| (Dollars in thousands)                    |   | March 31, 2011 |    |   | December 31, 2010 |   |
|-------------------------------------------|--------|---------------------|---------|--------|------------------------|--------|
|                                      |   | Amount              |    |   | % of Total             |   |   | Amount |   |   | % of Total |   |
| Rhode Island, Connecticut, Massachusetts  |   | $                   | 619,932 |   |                   |   | 96 | % |   | $ | 612,419 |   |   |   | 95 | % |
| New York, Virginia, New Jersey, Maryland, |   |                |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Pennsylvania, District of Columbia        |   |                | 13,319  |   |                   |   | 2 | % |   |   | 13,921 |   |   |   | 2 | % |
| Ohio                                      |   |                | 7,489   |   |                   |   | 1 | % |   |   | 8,086 |   |   |   | 1 | % |
| California, Washington, Oregon            |   |                | 3,464   |   |                   |   | 1 | % |   |   | 4,562 |   |   |   | 1 | % |
| Colorado, New Mexico, Utah                |   |                | 2,102   |   |                   |   | – | % |   |   | 2,613 |   |   |   | 1 | % |
| Georgia                                   |   |                | 1,674   |   |                   |   | – | % |   |   | 1,680 |   |   |   | – | % |
| New Hampshire                             |   |                | 702     |   |                   |   | – | % |   |   | 1,263 |   |   |   | – | % |
| Wyoming                                   |   |                | 475     |   |                   |   | – | % |   |   | 476 |   |   |   | – | % |
| Total                                     |   | $                   | 649,157 |   |                   |   | 100 | % |   | $ | 645,020 |   |   |   | 100 | % |

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| (Dollars in thousands)                                     |   | March 31, |    |   | December 31, |   |
|------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                                       |   | 2011           |    |   | 2010              |   |
| Nonaccrual loans:                                          |   |           |    |   |              |   |
| Commercial mortgages                                       |   | $              | 6,068   |   |              | $      | 6,624 |   |
| Commercial construction and development                    |   |           | – |   |              |   | – |   |
| Other commercial                                           |   |           | 4,445   |   |              |   | 5,259 |   |
| Residential real estate mortgages                          |   |           | 8,265   |   |              |   | 6,414 |   |
| Consumer                                                   |   |           | 601     |   |              |   | 213 |   |
| Total nonaccrual loans                                     |   |           | 19,379  |   |              |   | 18,510 |   |
| Nonaccrual investment securities                           |   |           | 752     |   |              |   | 806 |   |
| Property acquired through foreclosure or repossession, net |   |           | 2,163   |   |              |   | 3,644 |   |
| Total nonperforming assets                                 |   | $              | 22,294  |   |              | $      | 22,960 |   |
|                                                       |   |           |    |   |              |   |   |   |
| Nonperforming assets to total assets                       |   |           | 0.77    | %      |              |   | 0.79 | % |
| Nonperforming loans to total loans                         |   |           | 0.95    | %      |              |   | 0.93 | % |
| Total past due loans to total loans                        |   |           | 1.34    | %      |              |   | 1.27 | % |
| Accruing loans 90 days or more past due                    |   | $              | – |   |              | $      | – |   |

| (Dollars in thousands)            |   | March 31, 2011 |    |   | December 31, 2010 |   |
|-----------------------------------|--------|---------------------|---------|--------|------------------------|--------|
|                              |   | Days Past Due       |    |   |                   |   |   | Days Past Due |   |   |   |   |
|                              |   | Over 90             |    |   | Under 90               |   |   | Total |   |   | Over 90 |   |   | Under 90 |   |   | Total |   |
| Commercial:                       |   |                |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                         |   | $                   | 5,242   |   |                   | $      | 826 |   |   | $ | 6,068 |   |   | $ | 5,322 |   |   | $ | 1,302 |   |   | $ | 6,624 |   |
| Construction and development      |   |                | – |   |                   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Other                             |   |                | 2,524   |   |                   |   | 1,921 |   |   |   | 4,445 |   |   |   | 3,376 |   |   |   | 1,883 |   |   |   | 5,259 |   |
|                              |   |                |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential real estate mortgages |   |                | 5,165   |   |                   |   | 3,100 |   |   |   | 8,265 |   |   |   | 4,041 |   |   |   | 2,373 |   |   |   | 6,414 |   |
|                              |   |                |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                          |   |                | 317     |   |                   |   | 284 |   |   |   | 601 |   |   |   | 11 |   |   |   | 202 |   |   |   | 213 |   |
| Total nonaccrual loans            |   | $                   | 13,248  |   |                   | $      | 6,131 |   |   | $ | 19,379 |   |   | $ | 12,750 |   |   | $ | 5,760 |   |   | $ | 18,510 |   |

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| (Dollars in thousands)            |   |           |   |   |              |   |
|-----------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                              |   | March 31, 2011 |   |   | December 31, 2010 |   |
|                              |   | Amount         |   |   |              | % (1)  |   |   | Amount |   |   |   | % (1) |   |
| Commercial real estate loans      |   | $              | 10,091 |   |              |   | 1.72 | % |   | $ | 8,021 |   |   |   | 1.42 | % |
| Other commercial loans            |   |           | 5,313  |   |              |   | 1.13 | % |   |   | 6,191 |   |   |   | 1.34 | % |
| Residential real estate mortgages |   |           | 9,496  |   |              |   | 1.46 | % |   |   | 8,591 |   |   |   | 1.33 | % |
| Consumer loans                    |   |           | 2,387  |   |              |   | 0.74 | % |   |   | 2,464 |   |   |   | 0.76 | % |
| Total past due loans              |   | $              | 27,287 |   |              |   | 1.34 | % |   | $ | 25,267 |   |   |   | 1.27 | % |

| (1)   | Percentage of past due loans to the total loans outstanding within the respective category. |
|-----------------|---------------------------------------------------------------------------------------------|

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| (Dollars in thousands)                       |   | March 31, |   |   | December 31, |   |
|----------------------------------------------|--------|----------------|--------|--------|--------------|--------|
|                                         |   | 2011           |   |   | 2010         |   |
| Accruing troubled debt restructured loans:   |   |           |   |   |         |   |
| Commercial mortgages                         |   | $              | 10,071 |   |         | $      | 11,736 |   |
| Other commercial                             |   |           | 4,554  |   |         |   | 4,594 |   |
| Residential real estate mortgages            |   |           | 2,724  |   |         |   | 2,863 |   |
| Consumer                                     |   |           | 417    |   |         |   | 509 |   |
| Accruing troubled debt restructured loans    |   |           | 17,766 |   |         |   | 19,702 |   |
| Nonaccrual troubled debt restructured loans: |   |           |   |   |         |   |   |   |
| Commercial mortgages                         |   |           | 826    |   |         |   | 1,302 |   |
| Other commercial                             |   |           | 526    |   |         |   | 431 |   |
| Residential real estate mortgages            |   |           | 1,785  |   |         |   | 948 |   |
| Consumer                                     |   |           | 199    |   |         |   | 41 |   |
| Nonaccrual troubled debt restructured loans  |   |           | 3,336  |   |         |   | 2,722 |   |
| Total troubled debt restructured loans       |   | $              | 21,102 |   |         | $      | 22,424 |   |

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| (Dollars in thousands)                                     |   | March 31, |   |   | December 31, |   |
|------------------------------------------------------------|--------|----------------|--------|--------|--------------|--------|
|                                                       |   | 2011           |   |   | 2010         |   |
| Collateral dependent impaired loans  (1)         |   | $              | 15,538 |   |         | $      | 14,872 |   |
| Impaired loans measured on discounted cash flow method (2) |   |           | 16,356 |   |         |   | 18,756 |   |
| Total impaired loans                                       |   | $              | 31,894 |   |         | $      | 33,628 |   |

| (1)   | Net of partial charge-offs of $2.4 million and $2.3 million at March 31, 2011 and December 31, 2010, respectively. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Net of partial charge-offs of $1.2 million and $1.5 million at March 31, 2011 and December 31, 2010, respectively. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------|

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| (Dollars in thousands)       |   | March 31, 2011 |   |   | December 31, 2010 |   |
|------------------------------|--------|---------------------|--------|--------|------------------------|--------|
|                         |   | Amount              |   |   |                   | % (1)  |   |   | Amount |   |   |   | % (1) |   |
| Commercial:                  |   |                |   |   |                   |   |   |   |   |   |   |   |   |   |
| Mortgages                    |   | $                   | 7,600  |   |                   |   | 27 | % |   | $ | 7,330 |   |   |   | 26 | % |
| Construction and development |   |                | 532    |   |                   |   | 2 |   |   |   | 723 |   |   |   | 2 |   |
| Other                        |   |                | 6,256  |   |                   |   | 24 |   |   |   | 6,495 |   |   |   | 23 |   |
| Residential real estate:     |   |                |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage                     |   |                | 4,746  |   |                   |   | 31 |   |   |   | 4,081 |   |   |   | 31 |   |
| Homeowner construction       |   |                | 59     |   |                   |   | 1 |   |   |   | 48 |   |   |   | 1 |   |
| Consumer                     |   |                | 2,046  |   |                   |   | 15 |   |   |   | 1,903 |   |   |   | 17 |   |
| Unallocated                  |   |                | 7,870  |   |                   |   | – |   |   |   | 8,003 |   |   |   | – |   |
| Balance at end of period     |   | $                   | 29,109 |   |                   |   | 100 | % |   | $ | 28,583 |   |   |   | 100 | % |

| (1)   | Percentage of loans within the respective category to the total loans outstanding. |
|-----------------|------------------------------------------------------------------------------------|

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| (Dollars in thousands)             |   | Payments Due by Period |    |
|------------------------------------|--------|------------------------|---------|
|                               |   | Total                  |    |   | Less Than 1 Year (1) |   |   | 1-3 Years |   |   | 4-5 Years |   |   | After5 Years |   |
| Contractual Obligations:           |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| FHLBB advances (2)                 |   | $                      | 469,235 |   |   | $ | 23,534 |   |   | $ | 235,132 |   |   | $ | 150,342 |   |   | $ | 60,227 |   |
| Junior subordinated debentures     |   |                   | 32,991  |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 32,991 |   |
| Operating lease obligations        |   |                   | 11,590  |   |   |   | 1,590 |   |   |   | 2,783 |   |   |   | 2,280 |   |   |   | 4,937 |   |
| Software licensing arrangements    |   |                   | 1,239   |   |   |   | 1,236 |   |   |   | 3 |   |   |   | – |   |   |   | – |   |
| Treasury, tax and loan demand note |   |                   | 922     |   |   |   | 922 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Other borrowings                   |   |                   | 20,545  |   |   |   | 20,297 |   |   |   | 81 |   |   |   | 95 |   |   |   | 72 |   |
| Total contractual obligations      |   | $                      | 536,522 |   |   | $ | 47,579 |   |   | $ | 237,999 |   |   | $ | 152,717 |   |   | $ | 98,227 |   |

| (1)   | Maturities or contractual obligations are considered by management in the administration of liquidity and are routinely refinanced in the ordinary course of business. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | All FHLBB advances are shown in the period corresponding to their scheduled maturity.  Some FHLBB advances are callable at earlier dates.  See Note 7 to the Consolidated Financial Statements for additional information. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Dollars in thousands)                                                       |   | Amount of Commitment Expiration – Per Period |    |
|------------------------------------------------------------------------------|--------|----------------------------------------------------|---------|
|                                                                         |   | Total                                              |    |   | Less Than1 Year |   |   | 1-3 Years |   |   | 4-5 Years |   |   | After5 Years |   |
| Other Commitments:                                                           |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial loans                                                             |   | $                                                  | 167,176 |   |   | $ | 124,046 |   |   | $ | 27,207 |   |   | $ | 4,152 |   |   | $ | 11,771 |   |
| Home equity lines                                                            |   |                                               | 181,472 |   |   |   | 377 |   |   |   | – |   |   |   | – |   |   |   | 181,095 |   |
| Other loans                                                                  |   |                                               | 26,980  |   |   |   | 23,654 |   |   |   | 225 |   |   |   | 3,101 |   |   |   | – |   |
| Standby letters of credit                                                    |   |                                               | 9,567   |   |   |   | 2,928 |   |   |   | 6,639 |   |   |   | – |   |   |   | – |   |
| Forward loan commitments to:                                                 |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Originate loans                                                              |   |                                               | 8,048   |   |   |   | 8,048 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Sell loans                                                                   |   |                                               | 10,783  |   |   |   | 10,783 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Customer related derivative contracts:                                       |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps with customers                                           |   |                                               | 62,518  |   |   |   | – |   |   |   | 11,956 |   |   |   | 37,824 |   |   |   | 12,738 |   |
| Mirror swaps with counterparties                                             |   |                                               | 62,518  |   |   |   | – |   |   |   | 11,956 |   |   |   | 37,824 |   |   |   | 12,738 |   |
| Interest rate risk management contract:                                      |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts                                                 |   |                                               | 32,991  |   |   |   | – |   |   |   | 10,310 |   |   |   | 22,681 |   |   |   | – |   |
| Equity commitment to affordable housing    limited partnership (1) |   |                                               | 449     |   |   |   | 449 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Total commitments                                                            |   | $                                                  | 562,502 |   |   | $ | 170,285 |   |   | $ | 68,293 |   |   | $ | 105,582 |   |   | $ | 218,342 |   |

| (1)   | The funding of this commitment is generally contingent upon substantial completion of the project. |
|-----------------|----------------------------------------------------------------------------------------------------|

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|                          | March 31, 2011 | December 31, 2010 |
|-------------------------------|---------------------|------------------------|
|                          | Months 1 - 12       | Months 13 - 24         | Months 1 - 12 | Months 13 - 24 |
| 100 basis point rate decrease | -2.08%              | -6.19%                 | -2.18% | -6.34% |
| 100 basis point rate increase | 2.12%               | 2.80%                  | 2.12% | 2.50% |
| 200 basis point rate increase | 4.51%               | 5.74%                  | 4.50% | 5.10% |
| 300 basis point rate increase | 7.74%               | 7.42%                  | 7.64% | 6.18% |

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| (Dollars in thousands)                                         |   | Down 100 |   |   | Up 200 |   |
|----------------------------------------------------------------|--------|----------|--------|--------|--------|--------|
|                                                           |   | Basis    |   |   | Basis  |   |
| Security Type                                                  |   | Points   |   |   | Points |   |
| U.S. government-sponsored enterprise securities (non-callable) |   | $        | 987    |   |   | $      | (1,871 | ) |
| States and political subdivision                               |   |     | 3,012  |   |   |   | (8,023 | ) |
| Mortgage-backed securities issued by U.S. government agencies  |   |     |   |   |   |   |   |   |
| and U.S. government-sponsored enterprises                      |   |     | 5,856  |   |   |   | (22,613 | ) |
| Trust preferred debt and other corporate debt securities       |   |     | 284    |   |   |   | 1,514 |   |
| Total change in market value as of March 31, 2011         |   | $        | 10,139 |   |   | $      | (30,993 | ) |
|                                                           |   |     |   |   |   |   |   |   |
| Total change in market value as of December 31, 2010      |   | $        | 10,953 |   |   | $      | (30,438 | ) |

ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk

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ITEM 4.  Controls and Procedures

PART II

Item 1.  Legal Proceedings

Item 1A.  Risk Factors

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Item 6.  Exhibits

| Exhibit Number |                                                                                                                                                                                                       |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |                                                                                                                                                                                                       |
| 31.1           | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith.                                                                                 |
| 31.2           | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith.                                                                                 |
| 32.1           | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Furnished herewith. |

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SIGNATURES

|                              |   |   | WASHINGTON TRUST BANCORP, INC.                                         |
|-----------------------------------|--------|--------|------------------------------------------------------------------------|
|                              |   |   | (Registrant)                                                           |
|                              |   |   |                                                                   |
|                              |   |   |                                                                   |
| Date:  May 5, 2011 |   | By:    | /s/ Joseph J. MarcAurele                                               |
|                              |   |   | Joseph J. MarcAurele                                                   |
|                              |   |   | Chairman, President and Chief Executive Officer                        |
|                              |   |   | (principal executive officer)                                          |
|                              |   |   |                                                                   |
|                              |   |   |                                                                   |
| Date:  May 5, 2011 |   | By:    | /s/ David V. Devault                                                   |
|                              |   |   | David V. Devault                                                       |
|                              |   |   | Senior Executive Vice President, Secretary and Chief Financial Officer |
|                              |   |   | (principal financial and accounting officer)                           |
|                              |   |   |                                                                   |

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| Exhibit Number |                                                                                                                                                                                                       |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |                                                                                                                                                                                                       |
| 31.1           | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith.                                                                                 |
| 31.2           | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith.                                                                                 |
| 32.1           | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Furnished herewith. |