| x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended SEPTEMBER 30, 2010 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 |   | (I.R.S. Employer    |
| incorporation or organization)  |   | 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) |                        |

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Table of Contents

| FORM 10-Q                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                                                                                                                                                  |
| For the Quarter Ended September 30, 2010                                                                                                                                                    |
|                                                                                                                                                                                             |   |   |
| TABLE OF CONTENTS                                                                                                                                                                                |
|                                                                                                                                                                                             |   | Page |
|                                                                                                                                                                                             |   | Number |
|                                                                                                                                                                                             |   |   |
| PART I.  Financial Information                                                                                                                                                         |   |
|                                                                                                                                                                                             |   |
| Item 1. Financial Statements (Unaudited)                                                                                                                                                         |   |
|                                                                                                                                                                                             |   |
| Consolidated Balance Sheets                                                                                                                                                                      |   |
|                                                                                                                                                                                             | September 30, 2010 and December 31, 2009 | 3 |
|                                                                                                                                                                                             |   |   |
| Consolidated Statements of Income                                                                                                                                                                |   |
|                                                                                                                                                                                             | Three and Nine Months Ended September 30, 2010 and 2009 | 4 |
|                                                                                                                                                                                             |   |   |
| Consolidated Statements of Cash Flows                                                                                                                                                            |   |
|                                                                                                                                                                                             | Nine Months Ended September 30, 2010 and 2009 | 5 |
|                                                                                                                                                                                             |   |   |
| Condensed Notes to Unaudited Consolidated Financial Statements                                                                                                                                   | 6 |
|                                                                                                                                                                                             |   |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                                    | 32 |
|                                                                                                                                                                                             |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                                                               | 58 |
|                                                                                                                                                                                             |   |
| Item 4. Controls and Procedures                                                                                                                                                                  | 58 |
|                                                                                                                                                                                             |   |
| PART II.  Other Information                                                                                                                                                            |   |
|                                                                                                                                                                                             |   |
| Item 1. Legal Proceedings                                                                                                                                                                        | 59 |
|                                                                                                                                                                                             |   |
| Item 1A. Risk Factors                                                                                                                                                                            | 59 |
|                                                                                                                                                                                             |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                              | 59 |
|                                                                                                                                                                                             |   |
| Item 6. Exhibits                                                                                                                                                                                 | 60 |
|                                                                                                                                                                                             |   |
| Signatures                                                                                                                                                                                       | 61 |
|                                                                                                                                                                                             |   |
| 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)                                |   |               |      |   |              |   |
|-----------------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                                  |   | September 30, |      |   | December 31, |   |
|                                                                  |   | 2010               |      |   | 2009              |   |
| Assets:                                                               |   |               |      |   |              |   |
| Cash and noninterest-bearing balances due from banks                  |   | $                  | 33,251    |   |              | $      | 38,167 |   |
| Interest-bearing balances due from banks                              |   |               | 48,930    |   |              |   | 13,686 |   |
| Other short-term investments                                          |   |               | 5,479     |   |              |   | 5,407 |   |
| Mortgage loans held for sale                                          |   |               | 20,974    |   |              |   | 9,909 |   |
| Securities available for sale, at fair value;                         |   |               |      |   |              |   |   |   |
| amortized cost $556,479 in 2010 and $677,676 in 2009                  |   |               | 577,161   |   |              |   | 691,484 |   |
| Federal Home Loan Bank stock, at cost                                 |   |               | 42,008    |   |              |   | 42,008 |   |
| Loans:                                                                |   |               |      |   |              |   |   |   |
| Commercial and other                                                  |   |               | 1,049,469 |   |              |   | 984,550 |   |
| Residential real estate                                               |   |               | 633,568   |   |              |   | 605,575 |   |
| Consumer                                                              |   |               | 328,111   |   |              |   | 329,543 |   |
| Total loans                                                           |   |               | 2,011,148 |   |              |   | 1,919,668 |   |
| Less allowance for loan losses                                        |   |               | 28,165    |   |              |   | 27,400 |   |
| Net loans                                                             |   |               | 1,982,983 |   |              |   | 1,892,268 |   |
| Premises and equipment, net                                           |   |               | 26,616    |   |              |   | 27,524 |   |
| Accrued interest receivable                                           |   |               | 9,296     |   |              |   | 9,137 |   |
| Investment in bank-owned life insurance                               |   |               | 51,357    |   |              |   | 44,957 |   |
| Goodwill                                                              |   |               | 58,114    |   |              |   | 58,114 |   |
| Identifiable intangible assets, net                                   |   |               | 8,089     |   |              |   | 8,943 |   |
| Property acquired through foreclosure or repossession, net            |   |               | 2,612     |   |              |   | 1,974 |   |
| Other assets                                                          |   |               | 42,133    |   |              |   | 40,895 |   |
| Total assets                                                          |   | $                  | 2,909,003 |   |              | $      | 2,884,473 |   |
|                                                                  |   |               |      |   |              |   |   |   |
| Liabilities:                                                          |   |               |      |   |              |   |   |   |
| Deposits:                                                             |   |               |      |   |              |   |   |   |
| Demand deposits                                                       |   | $                  | 242,455   |   |              | $      | 194,046 |   |
| NOW accounts                                                          |   |               | 236,775   |   |              |   | 202,367 |   |
| Money market accounts                                                 |   |               | 408,828   |   |              |   | 403,333 |   |
| Savings accounts                                                      |   |               | 210,271   |   |              |   | 191,580 |   |
| Time deposits                                                         |   |               | 958,425   |   |              |   | 931,684 |   |
| Total deposits                                                        |   |               | 2,056,754 |   |              |   | 1,923,010 |   |
| Dividends payable                                                     |   |               | 3,431     |   |              |   | 3,369 |   |
| Federal Home Loan Bank advances                                       |   |               | 480,358   |   |              |   | 607,328 |   |
| Junior subordinated debentures                                        |   |               | 32,991    |   |              |   | 32,991 |   |
| Other borrowings                                                      |   |               | 21,924    |   |              |   | 21,501 |   |
| Accrued expenses and other liabilities                                |   |               | 46,436    |   |              |   | 41,328 |   |
| Total liabilities                                                     |   |               | 2,641,894 |   |              |   | 2,629,527 |   |
|                                                                  |   |               |      |   |              |   |   |   |
| Shareholders’ Equity:                                           |   |               |      |   |              |   |   |   |
| Common stock of $.0625 par value; authorized 30,000,000 shares;       |   |               |      |   |              |   |   |   |
| issued 16,136,030 shares in 2010 and 16,061,748 shares in 2009        |   |               | 1,009     |   |              |   | 1,004 |   |
| Paid-in capital                                                       |   |               | 84,157    |   |              |   | 82,592 |   |
| Retained earnings                                                     |   |               | 175,145   |   |              |   | 168,514 |   |
| Accumulated other comprehensive income                                |   |               | 6,810     |   |              |   | 3,337 |   |
| Treasury stock, at cost; 670 shares in 2010 and 19,185 shares in 2009 |   |               | (12       | )      |              |   | (501 | ) |
| Total shareholders’ equity                                      |   |               | 267,109   |   |              |   | 254,946 |   |
| Total liabilities and shareholders’ equity                      |   | $                  | 2,909,003 |   |              | $      | 2,884,473 |   |

| 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                      |     |   | Nine Months |   |
| Periods ended September 30,                                                                  |                              | 2010                              |     |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Interest income:                                                                                  |                              |                              |     |   |   |   |   |   |   |   |   |   |
| Interest and fees on loans                                                                        |                              | $                                 | 25,076   |   |   | $ | 24,303 |   |   | $ | 73,224 |   |   | $ | 72,589 |   |
| Interest on securities:                                                                           | Taxable                           |                              |     | 5,227 |   |   |   | 7,028 |   |   |   | 17,115 |   |   |   | 23,065 |   |
|                                                                                              | Nontaxable                        |                              |     | 769 |   |   |   | 781 |   |   |   | 2,308 |   |   |   | 2,339 |   |
| Dividends on corporate stock and Federal Home Loan Bank stock                                     |                              |                              | 55       |   |   |   | 63 |   |   |   | 164 |   |   |   | 190 |   |
| Other interest income                                                                             |                              |                              | 25       |   |   |   | 13 |   |   |   | 59 |   |   |   | 39 |   |
| Total interest income                                                                             |                              |                              | 31,152   |   |   |   | 32,188 |   |   |   | 92,870 |   |   |   | 98,222 |   |
| Interest expense:                                                                                 |                              |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                                          |                              |                              | 4,747    |   |   |   | 7,577 |   |   |   | 15,847 |   |   |   | 25,605 |   |
| Federal Home Loan Bank advances                                                                   |                              |                              | 5,574    |   |   |   | 7,094 |   |   |   | 17,793 |   |   |   | 21,433 |   |
| Junior subordinated debentures                                                                    |                              |                              | 484      |   |   |   | 545 |   |   |   | 1,561 |   |   |   | 1,503 |   |
| Other interest expense                                                                            |                              |                              | 246      |   |   |   | 246 |   |   |   | 731 |   |   |   | 735 |   |
| Total interest expense                                                                            |                              |                              | 11,051   |   |   |   | 15,462 |   |   |   | 35,932 |   |   |   | 49,276 |   |
| Net interest income                                                                               |                              |                              | 20,101   |   |   |   | 16,726 |   |   |   | 56,938 |   |   |   | 48,946 |   |
| Provision for loan losses                                                                         |                              |                              | 1,500    |   |   |   | 1,800 |   |   |   | 4,500 |   |   |   | 6,500 |   |
| Net interest income after provision for loan losses                                               |                              |                              | 18,601   |   |   |   | 14,926 |   |   |   | 52,438 |   |   |   | 42,446 |   |
| Noninterest income:                                                                               |                              |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wealth management services:                                                                       |                              |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trust and investment advisory fees                                                                |                              |                              | 5,052    |   |   |   | 4,717 |   |   |   | 15,222 |   |   |   | 13,241 |   |
| Mutual fund fees                                                                                  |                              |                              | 1,084    |   |   |   | 1,089 |   |   |   | 3,299 |   |   |   | 2,997 |   |
| Financial planning, commissions and other service fees                                            |                              |                              | 349      |   |   |   | 243 |   |   |   | 1,033 |   |   |   | 1,178 |   |
| Wealth management services                                                                        |                              |                              | 6,485    |   |   |   | 6,049 |   |   |   | 19,554 |   |   |   | 17,416 |   |
| Service charges on deposit accounts                                                               |                              |                              | 1,411    |   |   |   | 1,257 |   |   |   | 3,964 |   |   |   | 3,571 |   |
| Merchant processing fees                                                                          |                              |                              | 3,050    |   |   |   | 2,619 |   |   |   | 7,062 |   |   |   | 6,054 |   |
| Income from bank-owned life insurance                                                             |                              |                              | 486      |   |   |   | 451 |   |   |   | 1,399 |   |   |   | 1,342 |   |
| Net gains on loan sales and commissions on loans originated for others                            |                              |                              | 1,011    |   |   |   | 591 |   |   |   | 1,889 |   |   |   | 3,187 |   |
| Net realized gains on securities                                                                  |                              |                              | 737      |   |   |   | – |   |   |   | 737 |   |   |   | 314 |   |
| Net (losses) gains on interest rate swap contracts                                                |                              |                              | (60      | ) |   |   | 92 |   |   |   | (113 | ) |   |   | 493 |   |
| Other income                                                                                      |                              |                              | 319      |   |   |   | 445 |   |   |   | 905 |   |   |   | 1,329 |   |
| Noninterest income, excluding other-than-temporary impairment losses                              |                              |                              | 13,439   |   |   |   | 11,504 |   |   |   | 35,397 |   |   |   | 33,706 |   |
| Total other-than-temporary impairment losses on securities                                        |                              |                              | –  |   |   |   | (2,293 | ) |   |   | (245 | ) |   |   | (6,537 | ) |
| Portion of loss recognized in other comprehensive income (before taxes)                           |                              |                              | –  |   |   |   | 1,826 |   |   |   | (172 | ) |   |   | 4,079 |   |
| Net impairment losses recognized in earnings                                                      |                              |                              | –  |   |   |   | (467 | ) |   |   | (417 | ) |   |   | (2,458 | ) |
| Total noninterest income                                                                          |                              |                              | 13,439   |   |   |   | 11,037 |   |   |   | 34,980 |   |   |   | 31,248 |   |
| Noninterest expense:                                                                              |                              |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and employee benefits                                                                    |                              |                              | 12,067   |   |   |   | 10,416 |   |   |   | 35,294 |   |   |   | 31,250 |   |
| Net occupancy                                                                                     |                              |                              | 1,202    |   |   |   | 1,232 |   |   |   | 3,663 |   |   |   | 3,580 |   |
| Equipment                                                                                         |                              |                              | 1,037    |   |   |   | 916 |   |   |   | 3,048 |   |   |   | 2,927 |   |
| Merchant processing costs                                                                         |                              |                              | 2,606    |   |   |   | 2,213 |   |   |   | 6,020 |   |   |   | 5,136 |   |
| Outsourced services                                                                               |                              |                              | 769      |   |   |   | 683 |   |   |   | 2,379 |   |   |   | 2,037 |   |
| FDIC deposit insurance costs                                                                      |                              |                              | 861      |   |   |   | 808 |   |   |   | 2,439 |   |   |   | 3,602 |   |
| Legal, audit and professional fees                                                                |                              |                              | 438      |   |   |   | 546 |   |   |   | 1,364 |   |   |   | 1,885 |   |
| Advertising and promotion                                                                         |                              |                              | 467      |   |   |   | 422 |   |   |   | 1,250 |   |   |   | 1,214 |   |
| Amortization of intangibles                                                                       |                              |                              | 273      |   |   |   | 303 |   |   |   | 854 |   |   |   | 919 |   |
| Debt prepayment penalties                                                                         |                              |                              | 752      |   |   |   | – |   |   |   | 752 |   |   |   | – |   |
| Other expenses                                                                                    |                              |                              | 2,383    |   |   |   | 1,653 |   |   |   | 6,367 |   |   |   | 5,361 |   |
| Total noninterest expense                                                                         |                              |                              | 22,855   |   |   |   | 19,192 |   |   |   | 63,430 |   |   |   | 57,911 |   |
| Income before income taxes                                                                        |                              |                              | 9,185    |   |   |   | 6,771 |   |   |   | 23,988 |   |   |   | 15,783 |   |
| Income tax expense                                                                                |                              |                              | 2,815    |   |   |   | 1,858 |   |   |   | 7,148 |   |   |   | 4,435 |   |
| Net income                                                                                        |                              | $                                 | 6,370    |   |   | $ | 4,913 |   |   | $ | 16,840 |   |   | $ | 11,348 |   |
| Weighted average common shares outstanding – basic                                          |                              |                              | 16,131.4 |   |   |   | 16,016.8 |   |   |   | 16,098.2 |   |   |   | 15,981.3 |   |
| Weighted average common shares outstanding – diluted                                        |                              |                              | 16,170.6 |   |   |   | 16,074.5 |   |   |   | 16,130.4 |   |   |   | 16,029.5 |   |
| Per share information:                                                                            | Basic earnings per common share   |                              | $        | 0.39 |   |   | $ | 0.31 |   |   | $ | 1.04 |   |   | $ | 0.71 |   |
|                                                                                              | Diluted earnings per common share |                              | $        | 0.39 |   |   | $ | 0.31 |   |   | $ | 1.04 |   |   | $ | 0.71 |   |
|                                                                                              | Cash dividends declared per share |                              | $        | 0.21 |   |   | $ | 0.21 |   |   | $ | 0.63 |   |   | $ | 0.63 |   |
| 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)                                                      |                                                 |                   |     |
|                                                                                                  |                                                 |                   |     |
| Nine months ended September 30,                                                                  |                                                 | 2010                   |     |   | 2009 |   |
| Cash flows from operating activities:                                                                 |                                                 |                   |     |   |   |   |
| Net income                                                                                            |                                                 | $                      | 16,840   |   |   | $ | 11,348 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                     |                                                 |                   |     |   |   |   |   |   |
| Provision for loan losses                                                                             |                                                 |                   | 4,500    |   |   |   | 6,500 |   |
| Depreciation of premises and equipment                                                                |                                                 |                   | 2,316    |   |   |   | 2,344 |   |
| Net amortization of premium and discount                                                              |                                                 |                   | 384      |   |   |   | 291 |   |
| Net amortization of intangibles                                                                       |                                                 |                   | 854      |   |   |   | 919 |   |
| Share-based compensation                                                                              |                                                 |                   | 666      |   |   |   | 543 |   |
| Earnings from bank-owned life insurance                                                               |                                                 |                   | (1,399   | ) |   |   | (1,342 | ) |
| Net gains on loan sales and commissions on loans originated for others                                |                                                 |                   | (1,889   | ) |   |   | (3,187 | ) |
| Net realized gains on securities                                                                      |                                                 |                   | (737     | ) |   |   | (314 | ) |
| Net impairment losses recognized in earnings                                                          |                                                 |                   | 417      |   |   |   | 2,458 |   |
| Net losses (gains) on interest rate swap contracts                                                    |                                                 |                   | 113      |   |   |   | (493 | ) |
| Proceeds from sales of loans                                                                          |                                                 |                   | 114,423  |   |   |   | 205,588 |   |
| Loans originated for sale                                                                             |                                                 |                   | (123,680 | ) |   |   | (206,457 | ) |
| (Increase) decrease in accrued interest receivable, excluding purchased interest                      |                                                 |                   | (61      | ) |   |   | 1,293 |   |
| Decrease (increase) in other assets                                                                   |                                                 |                   | 1,244    |   |   |   | (4,040 | ) |
| (Decrease) increase in accrued expenses and other liabilities                                         |                                                 |                   | (1,148   | ) |   |   | 944 |   |
| Other, net                                                                                            |                                                 |                   | (1       | ) |   |   | 1 |   |
| Net cash provided by operating activities                                                             |                                                 |                   | 12,842   |   |   |   | 16,396 |   |
| Cash flows from investing activities:                                                                 |                                                 |                   |     |   |   |   |   |   |
| Purchases of:                                                                                         | Mortgage-backed securities available for sale        |                   |     | (65,423 | ) |   |   | – |   |
|                                                                                                  | Other investment securities available for sale       |                   |     | (15,609 | ) |   |   | (304 | ) |
| Proceeds from sale of:                                                                                | Mortgage-backed securities available for sale        |                   |     | 64,052 |   |   |   | - |   |
|                                                                                                  | Other investment securities available for sale       |                   |     | 9,851 |   |   |   | 1,604 |   |
| Maturities and principal payments of:                                                                 | Mortgage-backed securities available for sale        |                   |     | 116,017 |   |   |   | 133,932 |   |
|                                                                                                  | Other investment securities available for sale       |                   |     | 12,000 |   |   |   | 17,000 |   |
| Net increase in loans                                                                                 |                                                 |                   | (93,626  | ) |   |   | (66,797 | ) |
| Purchases of loans, including purchased interest                                                      |                                                 |                   | (1,429   | ) |   |   | (4,716 | ) |
| Proceeds from the sale of property acquired through foreclosure or repossession                       |                                                 |                   | 598      |   |   |   | 607 |   |
| Purchases of premises and equipment                                                                   |                                                 |                   | (1,408   | ) |   |   | (3,454 | ) |
| Purchases of bank-owned life insurance                                                                |                                                 |                   | (5,000   | ) |   |   | – |   |
| Equity investment in real estate limited partnership                                                  |                                                 |                   | (881     | ) |   |   | – |   |
| Payment of deferred acquisition obligation                                                            |                                                 |                   | –  |   |   |   | (2,509 | ) |
| Net cash provided by investing activities                                                             |                                                 |                   | 19,142   |   |   |   | 75,363 |   |
| Cash flows from financing activities:                                                                 |                                                 |                   |     |   |   |   |   |   |
| Net increase in deposits                                                                              |                                                 |                   | 133,744  |   |   |   | 103,302 |   |
| Net increase (decrease) in other borrowings                                                           |                                                 |                   | 423      |   |   |   | (3,606 | ) |
| Proceeds from Federal Home Loan Bank advances                                                         |                                                 |                   | 184,540  |   |   |   | 261,670 |   |
| Repayment of Federal Home Loan Bank advances                                                          |                                                 |                   | (311,507 | ) |   |   | (454,628 | ) |
| Issuance of treasury stock, including deferred compensation plan activity                             |                                                 |                   | 44       |   |   |   | 52 |   |
| Net proceeds from the issuance of common stock under dividend reinvestment plan                       |                                                 |                   | 762      |   |   |   | 833 |   |
| Net proceeds from the exercise of stock options and issuance of other                                 |                                                 |                   |     |   |   |   |   |   |
| compensation-related equity instruments                                                               |                                                 |                   | 531      |   |   |   | 141 |   |
| Tax benefit from stock option exercises and issuance of other compensation-related equity instruments |                                                 |                   | 41       |   |   |   | 363 |   |
| Cash dividends paid                                                                                   |                                                 |                   | (10,162  | ) |   |   | (10,070 | ) |
| Net cash used in financing activities                                                                 |                                                 |                   | (1,584   | ) |   |   | (101,943 | ) |
| Net increase (decrease) in cash and cash equivalents                                                  |                                                 |                   | 30,400   |   |   |   | (10,184 | ) |
| Cash and cash equivalents at beginning of period                                                      |                                                 |                   | 57,260   |   |   |   | 58,190 |   |
| Cash and cash equivalents at end of period                                                            |                                                 | $                      | 87,660   |   |   | $ | 48,006 |   |
| Noncash Investing and Financing Activities:                                                           | Loans charged off                                    |                   | $        | 4,006 |   |   | $ | 3,947 |   |
|                                                                                                  | Net transfer from loans to property acquired through |                   |     |   |   |   |   |   |   |
|                                                                                                  | foreclosure or repossession                          |                   |     | 1,555 |   |   |   | 1,423 |   |
|                                                                                                  | Reclassification of other-than-temporary             |                   |     |   |   |   |   |   |   |
|                                                                                                  | impairment charge effective January 1, 2009          |                   |     | – |   |   |   | 1,859 |   |
| Supplemental Disclosures:                                                                             | Interest payments                                    |                   |     | 34,229 |   |   |   | 47,367 |   |
|                                                                                                  | Income tax payments                                  |                   |     | 8,143 |   |   |   | 7,225 |   |
| The accompanying notes are an integral part of these unaudited consolidated financial statements.     |                                                 |

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

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| WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES                | (Continued) |
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| 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)                               |   |      |    |   |       |   |    |       |   |   |    |   |
|------------------------------------------------------|--------|-----------|---------|--------|------------|--------|---------|------------|--------|--------|---------|--------|
|                                                 |   | Amortized |    |   | Unrealized |   |    | Unrealized |   |   | Fair    |   |
| September 30, 2010                              |   | Cost (1)  |    |   | Gains      |   |    | Losses     |   |   | Value   |   |
| Securities Available for Sale:                       |   |      |    |   |       |   |    |       |   |   |    |   |
| Obligations of U.S. government-sponsored enterprises |   | $         | 36,894  |   |       | $      | 4,619   |       |   | $      | − |   |   | $ | 41,513 |   |
| Mortgage-backed securities issued by U.S. government |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |   |      | 388,664 |   |       |   | 21,007  |       |   |   | (119    | )      |   |   | 409,552 |   |
| States and political subdivisions                    |   |      | 79,459  |   |       |   | 4,536   |       |   |   | (23     | )      |   |   | 83,972 |   |
| Trust preferred securities:                          |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| Individual name issuers                              |   |      | 30,591  |   |       |   | − |       |   |   | (7,761  | )      |   |   | 22,830 |   |
| Collateralized debt obligations                      |   |      | 4,483   |   |       |   | − |       |   |   | (3,642  | )      |   |   | 841 |   |
| Corporate bonds                                      |   |      | 13,876  |   |       |   | 1,583   |       |   |   | − |   |   |   | 15,459 |   |
| Common stocks                                        |   |      | 658     |   |       |   | 168     |       |   |   | − |   |   |   | 826 |   |
| Perpetual preferred stocks                           |   |      | 1,854   |   |       |   | 314     |       |   |   | − |   |   |   | 2,168 |   |
| Total securities available for sale                  |   | $         | 556,479 |   |       | $      | 32,227  |       |   | $      | (11,545 | )      |   | $ | 577,161 |   |

| (Dollars in thousands)                               |   |      |    |   |       |   |    |       |   |   |    |   |
|------------------------------------------------------|--------|-----------|---------|--------|------------|--------|---------|------------|--------|--------|---------|--------|
|                                                 |   | Amortized |    |   | Unrealized |   |    | Unrealized |   |   | Fair    |   |
| December 31, 2009                               |   | Cost (1)  |    |   | Gains      |   |    | Losses     |   |   | Value   |   |
| Securities Available for Sale:                       |   |      |    |   |       |   |    |       |   |   |    |   |
| Obligations of U.S. government-sponsored enterprises |   | $         | 41,565  |   |       | $      | 3,675   |       |   | $      | − |   |   | $ | 45,240 |   |
| Mortgage-backed securities issued by U.S. government |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |   |      | 503,115 |   |       |   | 20,808  |       |   |   | (477    | )      |   |   | 523,446 |   |
| States and political subdivisions                    |   |      | 80,183  |   |       |   | 2,093   |       |   |   | (214    | )      |   |   | 82,062 |   |
| Trust preferred securities:                          |   |      |    |   |       |   |    |       |   |   |    |   |   |   |   |   |
| Individual name issuers                              |   |      | 30,563  |   |       |   | − |       |   |   | (9,977  | )      |   |   | 20,586 |   |
| Collateralized debt obligations                      |   |      | 4,966   |   |       |   | − |       |   |   | (3,901  | )      |   |   | 1,065 |   |
| Corporate bonds                                      |   |      | 13,272  |   |       |   | 1,434   |       |   |   | − |   |   |   | 14,706 |   |
| Common stocks                                        |   |      | 658     |   |       |   | 111     |       |   |   | − |   |   |   | 769 |   |
| Perpetual preferred stocks                           |   |      | 3,354   |   |       |   | 396     |       |   |   | (140    | )      |   |   | 3,610 |   |
| Total securities available for sale                  |   | $         | 677,676 |   |       | $      | 28,517  |       |   | $      | (14,709 | )      |   | $ | 691,484 |   |

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

| (Dollars in thousands)                                 |   |
|--------------------------------------------------------|--------|
|                                                   |   | Three Months |   |   | Nine Months |   |
| Periods ended September 30,                       |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Balance at beginning of period                         |   | $ | 2,913 |   |   | $ | 1,350 |   |   | $ | 2,496 |   |   | $ | – |   |
| Credit-related impairment loss on debt securities for  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| which an other-than-temporary impairment was not       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| previously recognized                                  |   |   | – |   |   |   | 467 |   |   |   | – |   |   |   | 1,817 |   |
| Additional increases to the amount of credit-related   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| impairment loss on debt securities for which an other- |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| than-temporary impairment was previously recognized    |   |   | – |   |   |   | – |   |   |   | 417 |   |   |   | – |   |
| Balance at end of period                               |   | $ | 2,913 |   |   | $ | 1,817 |   |   | $ | 2,913 |   |   | $ | 1,817 |   |

| (Dollars in thousands)                                                       |   | Less than 12 Months |    |   | 12 Months or Longer |   |    | Total      |   |
|------------------------------------------------------------------------------|--------|---------------------|---------|--------|---------------------|--------|---------|------------|--------|
|                                                                         |   |                |    |   | Fair                |   |    | Unrealized |   |   |   |   |   | Fair |   |   | Unrealized |   |   |   |   |   | Fair |   |   | Unrealized |   |
| At September 30, 2010                                                   |   |                | #       |   |                | Value  |    |       | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |
| Mortgage-backed securities                                                   |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| issued by U.S. government agencies and U.S. government-sponsored enterprises |   |                | 1       |   |                | $      | 20,653  |       |   | $ | 81 |   |   |   | 4 |   |   | $ | 17,678 |   |   | $ | 38 |   |   |   | 5 |   |   | $ | 38,331 |   |   | $ | 119 |   |
| States and                                                                   |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| political subdivisions                                                       |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 2 |   |   |   | 1,306 |   |   |   | 23 |   |   |   | 2 |   |   |   | 1,306 |   |   |   | 23 |   |
| Trust preferred securities:                                                  |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Individual name issuers                                                      |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 11 |   |   |   | 22,831 |   |   |   | 7,761 |   |   |   | 11 |   |   |   | 22,831 |   |   |   | 7,761 |   |
| Collateralized debt obligations                                              |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 2 |   |   |   | 841 |   |   |   | 3,642 |   |   |   | 2 |   |   |   | 841 |   |   |   | 3,642 |   |
| Total temporarily                                                            |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| impaired securities                                                          |   |                | 1       |   |                | $      | 20,653  |       |   | $ | 81 |   |   |   | 19 |   |   | $ | 42,656 |   |   | $ | 11,464 |   |   |   | 20 |   |   | $ | 63,309 |   |   | $ | 11,545 |   |

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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 |   |
| At December 31, 2009                                                    |   |                | #       |   |                | Value  |    |       | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |   |   | # |   |   | Value |   |   | Losses |   |
| Mortgage-backed securities                                                   |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| issued by U.S. government agencies and U.S. government-sponsored enterprises |   |                | 3       |   |                | $      | 2,218   |       |   | $ | 5 |   |   |   | 25 |   |   | $ | 38,023 |   |   | $ | 472 |   |   |   | 28 |   |   | $ | 40,241 |   |   | $ | 477 |   |
| States and                                                                   |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| political subdivisions                                                       |   |                | 4       |   |                |   | 3,836   |       |   |   | 45 |   |   |   | 3 |   |   |   | 2,097 |   |   |   | 169 |   |   |   | 7 |   |   |   | 5,933 |   |   |   | 214 |   |
| Trust preferred securities:                                                  |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Individual name issuers                                                      |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 11 |   |   |   | 20,586 |   |   |   | 9,977 |   |   |   | 11 |   |   |   | 20,586 |   |   |   | 9,977 |   |
| Collateralized debt obligations                                              |   |                | – |   |                |   | – |       |   |   | – |   |   |   | 2 |   |   |   | 1,065 |   |   |   | 3,901 |   |   |   | 2 |   |   |   | 1,065 |   |   |   | 3,901 |   |
| Subtotal, debt securities                                                    |   |                | 7       |   |                |   | 6,054   |       |   |   | 50 |   |   |   | 41 |   |   |   | 61,771 |   |   |   | 14,519 |   |   |   | 48 |   |   |   | 67,825 |   |   |   | 14,569 |   |
| Perpetual preferred stocks                                                   |   |                | 1       |   |                |   | 427     |       |   |   | 73 |   |   |   | 3 |   |   |   | 933 |   |   |   | 67 |   |   |   | 4 |   |   |   | 1,360 |   |   |   | 140 |   |
| Total temporarily                                                            |   |                |    |   |                |   |    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| impaired securities                                                          |   |                | 8       |   |                | $      | 6,481   |       |   | $ | 123 |   |   |   | 44 |   |   | $ | 62,704 |   |   | $ | 14,586 |   |   |   | 52 |   |   | $ | 69,185 |   |   | $ | 14,709 |   |

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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)   |                             | September 30, 2010 |      |      | December 31, 2009 |   |
|--------------------------|----------------------------------|-------------------------|-----------|-----------|------------------------|--------|
|                     |                             | Amount                  |      |      | %                      |   |   | Amount |   |   | % |   |
| Commercial:              | Mortgages (1)                    |                    | $         | 522,355   |                   |   |   | 26 | % |   | $ | 496,996 |   |   |   | 26 | % |
|                     | Construction and development (2) |                    |      | 62,820    |                   |   |   | 3 | % |   |   | 72,293 |   |   |   | 4 | % |
|                     | Other (3)                        |                    |      | 464,294   |                   |   |   | 23 | % |   |   | 415,261 |   |   |   | 21 | % |
|                     | Total commercial                 |                    |      | 1,049,469 |                   |   |   | 52 | % |   |   | 984,550 |   |   |   | 51 | % |
|                     |                             |                    |      |      |                   |   |   |   |   |   |   |   |   |   |   |   |
| Residential real estate: | Mortgages (4)                    |                    |      | 622,975   |                   |   |   | 31 | % |   |   | 593,981 |   |   |   | 31 | % |
|                     | Homeowner construction           |                    |      | 10,593    |                   |   |   | 1 | % |   |   | 11,594 |   |   |   | 1 | % |
|                     | Total residential real estate    |                    |      | 633,568   |                   |   |   | 32 | % |   |   | 605,575 |   |   |   | 32 | % |
|                     |                             |                    |      |      |                   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer:                | Home equity lines (5)            |                    |      | 218,898   |                   |   |   | 11 | % |   |   | 209,801 |   |   |   | 11 | % |
|                     | Home equity loans (5)            |                    |      | 54,923    |                   |   |   | 3 | % |   |   | 62,430 |   |   |   | 3 | % |
|                     | Other (6)                        |                    |      | 54,290    |                   |   |   | 2 | % |   |   | 57,312 |   |   |   | 3 | % |
|                     | Total consumer                   |                    |      | 328,111   |                   |   |   | 16 | % |   |   | 329,543 |   |   |   | 17 | % |
| Total loans (7)          |                             | $                       | 2,011,148 |      |                   |   | 100 | % |   | $ | 1,919,668 |   |   |   | 100 | % |

| (1)  | Amortizing mortgages and lines of credit, primarily secured by income producing property. $127 million of these loans at September 30, 2010 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. At September 30, 2010, $36 million of these loans were pledged as collateral for FHLBB borrowings and $66 million of these loans were collateralized for the discount window at the Federal Reserve Bank (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 $267 thousand and $103 thousand at September 30, 2010 and December 31, 2009, respectively.  Also includes $18 thousand and $140 thousand of net discounts on purchased loans at September 30, 2010 and December 31, 2009, respectively. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (Dollars in thousands)                                                        |   | September 30,2010 |   |   | December 31, 2009 |   |
|-------------------------------------------------------------------------------|--------|-------------------|--------|--------|------------------------|--------|
| Nonaccrual commercial loans, excluding troubled debt restructured loans:      |   |              |   |   |                   |   |
| Commercial mortgages                                                          |   | $                 | 4,953  |   |                   | $      | 11,588 |   |
| Other commercial                                                              |   |              | 6,043  |   |                   |   | 8,847 |   |
| Total nonaccrual commercial loans, excluding troubled debt restructured loans |   |              | 10,996 |   |                   |   | 20,435 |   |
| Nonaccrual troubled debt restructured loans:                                  |   |              |   |   |                   |   |   |   |
| Commercial mortgages                                                          |   |              | 1,473  |   |                   |   | – |   |
| Other commercial                                                              |   |              | 213    |   |                   |   | 228 |   |
| Residential real estate mortgages                                             |   |              | 823    |   |                   |   | 336 |   |
| Consumer                                                                      |   |              | 43     |   |                   |   | 45 |   |
| Nonaccrual troubled debt restructured loans                                   |   |              | 2,552  |   |                   |   | 609 |   |
| Accruing troubled debt restructured loans:                                    |   |              |   |   |                   |   |   |   |
| Commercial mortgages                                                          |   |              | 11,812 |   |                   |   | 5,566 |   |
| Other commercial                                                              |   |              | 2,498  |   |                   |   | 540 |   |
| Residential real estate mortgages                                             |   |              | 2,870  |   |                   |   | 2,736 |   |
| Consumer                                                                      |   |              | 817    |   |                   |   | 858 |   |
| Accruing troubled debt restructured loans                                     |   |              | 17,997 |   |                   |   | 9,700 |   |
| Total troubled debt restructured loans                                        |   |              | 20,549 |   |                   |   | 10,309 |   |
| Other loans classified as impaired:                                           |   |              |   |   |                   |   |   |   |
| Nonaccrual residential real estate mortgages                                  |   |              | 1,750  |   |                   |   | 772 |   |
| Nonaccrual consumer                                                           |   |              | 410    |   |                   |   | – |   |
| Accruing consumer                                                             |   |              | 36     |   |                   |   | 38 |   |
| Total other                                                                   |   |              | 2,196  |   |                   |   | 810 |   |
| Total recorded investment in impaired loans                                   |   | $                 | 33,741 |   |                   | $      | 31,554 |   |

| (Dollars in thousands)                      |   | September 30,2010 |   |   | December 31, 2009 |   |
|---------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Impaired loans requiring an allowance       |   | $                 | 23,694 |   |              | $      | 19,480 |   |
| Impaired loans not requiring an allowance   |   |              | 10,047 |   |              |   | 12,074 |   |
| Total recorded investment in impaired loans |   | $                 | 33,741 |   |              | $      | 31,554 |   |
|  Loss allocation on impaired loans     |   | $                 | 2,765  |   |              | $      | 2,459 |   |

| (Dollars in thousands)                             |   |
|----------------------------------------------------|--------|
|                                               |   | Three Months |   |   | Nine Months |   |
| Periods ended September 30,                   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Average recorded investment in impaired loans      |   | $ | 30,898 |   |   | $ | 23,060 |   |   | $ | 31,157 |   |   | $ | 16,311 |   |
|  Interest income recognized on impaired loans |   | $ | 500 |   |   | $ | 183 |   |   | $ | 1,274 |   |   | $ | 329 |   |

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

| (Dollars in thousands)           |                         |
|----------------------------------|------------------------------|
|                             |                         | Three months |   |   | Nine months |   |
| Periods ended September 30, |                         | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Balance at beginning of period   |                         | $ | 27,985 |   |   | $ | 26,051 |   |   | $ | 27,400 |   |   | $ | 23,725 |   |
| Charge-offs:                     |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                      | Mortgages                    |   |   | (25 | ) |   |   | (27 | ) |   |   | (1,051 | ) |   |   | (1,282 | ) |
|                             | Construction and development |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
|                             | Other                        |   |   | (1,049 | ) |   |   | (1,166 | ) |   |   | (2,145 | ) |   |   | (2,122 | ) |
| Residential real estate:         | Mortgages                    |   |   | (301 | ) |   |   | (206 | ) |   |   | (588 | ) |   |   | (365 | ) |
|                             | Homeowner construction       |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Consumer                         |                         |   | (93 | ) |   |   | (39 | ) |   |   | (222 | ) |   |   | (178 | ) |
| Total charge-offs                |                         |   | (1,468 | ) |   |   | (1,438 | ) |   |   | (4,006 | ) |   |   | (3,947 | ) |
| Recoveries:                      |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial:                      | Mortgages                    |   |   | 121 |   |   |   | 9 |   |   |   | 125 |   |   |   | 36 |   |
|                             | Construction and development |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
|                             | Other                        |   |   | 22 |   |   |   | 1 |   |   |   | 52 |   |   |   | 93 |   |
| Residential real estate:         | Mortgages                    |   |   | – |   |   |   | 5 |   |   |   | 76 |   |   |   | 5 |   |
|                             | Homeowner construction       |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Consumer                         |                         |   | 5 |   |   |   | 3 |   |   |   | 18 |   |   |   | 19 |   |
| Total recoveries                 |                         |   | 148 |   |   |   | 18 |   |   |   | 271 |   |   |   | 153 |   |
| Net charge-offs                  |                         |   | (1,320 | ) |   |   | (1,420 | ) |   |   | (3,735 | ) |   |   | (3,794 | ) |
| Provision charged to expense     |                         |   | 1,500 |   |   |   | 1,800 |   |   |   | 4,500 |   |   |   | 6,500 |   |
| Balance at end of period         |                         | $ | 28,165 |   |   | $ | 26,431 |   |   | $ | 28,165 |   |   | $ | 26,431 |   |

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

| (Dollars in thousands)                              |   | Scheduled |    |   | Redeemed at   |   |    | Weighted         |   |
|-----------------------------------------------------|--------|-----------|---------|--------|---------------|--------|---------|------------------|--------|
|                                                |   | Maturity  |    |   | Call Date (1) |   |    | Average Rate (2) |   |
| October 1, 2010 through December 31, 2010 |   | $         | 1,636   |   |          | $      | 14,636  |             |   |   | 4.62 | % |
| 2011                                                |   |      | 34,039  |   |          |   | 26,039  |             |   |   | 4.65 | % |
| 2012                                                |   |      | 122,365 |   |          |   | 122,365 |             |   |   | 3.68 | % |
| 2013                                                |   |      | 162,034 |   |          |   | 157,034 |             |   |   | 3.90 | % |
| 2014                                                |   |      | 68,562  |   |          |   | 68,562  |             |   |   | 3.99 | % |
| 2015                                                |   |      | 27,810  |   |          |   | 27,810  |             |   |   | 4.07 | % |
| 2016 and after                                      |   |      | 63,912  |   |          |   | 63,912  |             |   |   | 5.07 | % |
| Balance at September 30, 2010                  |   | $         | 480,358 |   |          | $      | 480,358 |             |   |   | 4.08 | %  |

| (1)  | Callable FHLBB advances are shown in the respective periods assuming that the callable debt is redeemed at the call date while all other advances are shown in the periods corresponding to their scheduled maturity date. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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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 |   |
| As of September 30, 2010:            |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |
| Total Capital (to Risk-Weighted Assets):  |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 254,530 |   |                          |   | 12.50  | %                                                                |   | $ | 162,841 |   |   |   | 8.00 | % |   | $ | 203,551 |   |   |   | 10.00 | % |
| Bank                                      |   | $      | 250,937 |   |                          |   | 12.35  | %                                                                |   | $ | 162,614 |   |   |   | 8.00 | % |   | $ | 203,267 |   |   |   | 10.00 | % |
| Tier 1 Capital (to Risk-Weighted Assets): |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 228,834 |   |                          |   | 11.24  | %                                                                |   | $ | 81,420 |   |   |   | 4.00 | % |   | $ | 122,130 |   |   |   | 6.00 | % |
| Bank                                      |   | $      | 225,276 |   |                          |   | 11.08  | %                                                                |   | $ | 81,307 |   |   |   | 4.00 | % |   | $ | 121,960 |   |   |   | 6.00 | % |
| Tier 1 Capital (to Average Assets): (1)   |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 228,834 |   |                          |   | 8.04   | %                                                                |   | $ | 113,817 |   |   |   | 4.00 | % |   | $ | 142,271 |   |   |   | 5.00 | % |
| Bank                                      |   | $      | 225,276 |   |                          |   | 7.93   | %                                                                |   | $ | 113,659 |   |   |   | 4.00 | % |   | $ | 142,074 |   |   |   | 5.00 | % |
|                                      |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| As of December 31, 2009:             |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Capital (to Risk-Weighted Assets):  |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 244,382 |   |                          |   | 12.40  | %                                                                |   | $ | 157,615 |   |   |   | 8.00 | % |   | $ | 197,019 |   |   |   | 10.00 | % |
| Bank                                      |   | $      | 242,536 |   |                          |   | 12.32  | %                                                                |   | $ | 157,470 |   |   |   | 8.00 | % |   | $ | 196,838 |   |   |   | 10.00 | % |
| Tier 1 Capital (to Risk-Weighted Assets): |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 219,552 |   |                          |   | 11.14  | %                                                                |   | $ | 78,808 |   |   |   | 4.00 | % |   | $ | 118,212 |   |   |   | 6.00 | % |
| Bank                                      |   | $      | 217,729 |   |                          |   | 11.06  | %                                                                |   | $ | 78,735 |   |   |   | 4.00 | % |   | $ | 118,103 |   |   |   | 6.00 | % |
| Tier 1 Capital (to Average Assets): (1)   |   |   |    |   |                          |   |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporation                               |   | $      | 219,552 |   |                          |   | 7.82   | %                                                                |   | $ | 112,269 |   |   |   | 4.00 | % |   | $ | 140,336 |   |   |   | 5.00 | % |
| Bank                                      |   | $      | 217,729 |   |                          |   | 7.76   | %                                                                |   | $ | 112,165 |   |   |   | 4.00 | % |   | $ | 140,206 |   |   |   | 5.00 | % |

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

| (Dollars in thousands)                                                         |   | September 30,2010 |    |   | December 31, 2009 |   |
|--------------------------------------------------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
| Financial instruments whose contract amounts represent credit risk:            |   |                   |    |   |                   |   |
| Commitments to extend credit:                                                  |   |                   |    |   |                   |   |
| Commercial loans                                                               |   | $                      | 172,833 |   |                   | $      | 186,943 |   |
| Home equity lines                                                              |   |                   | 179,613 |   |                   |   | 185,892 |   |
| Other loans                                                                    |   |                   | 18,894  |   |                   |   | 25,691 |   |
| Standby letters of credit                                                      |   |                   | 9,164   |   |                   |   | 8,712 |   |
| Equity commitments to affordable housing partnerships                          |   |                   | 1,228   |   |                   |   | 690 |   |
| Financial instruments whose notional amounts exceed the amount of credit risk: |   |                   |    |   |                   |   |   |   |
| Forward loan commitments:                                                      |   |                   |    |   |                   |   |   |   |
| Commitments to originate fixed rate mortgage loans to be sold                  |   |                   | 42,481  |   |                   |   | 15,898 |   |
| Commitments to sell fixed rate mortgage loans                                  |   |                   | 63,431  |   |                   |   | 25,791 |   |
| Customer related derivative contracts:                                         |   |                   |    |   |                   |   |   |   |
| Interest rate swaps with customers                                             |   |                   | 60,056  |   |                   |   | 53,725 |   |
| Mirror swaps with counterparties                                               |   |                   | 60,056  |   |                   |   | 53,725 |   |
| Interest rate risk management contracts:                                       |   |                   |    |   |                   |   |   |   |
| Interest rate swap contracts                                                   |   |                   | 32,991  |   |                   |   | 10,000 |   |

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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)                                                                | Asset Derivatives      |   | Liability Derivatives |    |
|---------------------------------------------------------------------------------------|------------------------|--------|-----------------------|---------|
|                                                                                  |                   |   | Fair Value            |    |   |   | Fair Value |   |
|                                                                                  | Balance Sheet Location |   | Sept. 30, 2010   |    |   | Dec. 31, 2009 |   | Balance Sheet Location |   | Sept. 30, 2010 |   |   | Dec. 31, 2009 |   |
| Derivatives designated as cash flow hedging instruments under SFAS No. 133: |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |
| Interest rate risk management contracts:                                              |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts                                                          |                   |   | $                     | – |   |   | $ | – |   | Accrued expenses & other liabilities |   | $ | 1,767 |   |   | $ | 434 |   |
| Derivatives not designated as hedging instruments under SFAS No. 133        |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward loan commitments:                                                             |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commitments to originate fixed rate mortgage    loans to be sold            | Other assets           |   |                  | 214     |   |   |   | 22 |   | Accrued expenses & other liabilities |   |   | 439 |   |   |   | 180 |   |
|  Commitments to sell fixed rate mortgage loans                                   | Other assets           |   |                  | 138     |   |   |   | 342 |   | Accrued expenses & other liabilities |   |   | 118 |   |   |   | 31 |   |
| Customer related derivative contracts:                                                |                   |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps with customers                                                    | Other assets           |   |                  | 4,964   |   |   |   | 1,704 |   |   |   |   | – |   |   |   | – |   |
| Mirror swaps with counterparties                                                      |                   |   |                  | – |   |   |   | – |   | Accrued expenses & other liabilities |   |   | 5,157 |   |   |   | 1,691 |   |
| Total                                                                                 |                   |   | $                     | 5,316   |   |   | $ | 2,068 |   |   |   | $ | 7,481 |   |   | $ | 2,336 |   |

| (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        | Nine Months          | Effectiveness         | Three Months | Nine Months |
| Periods ended September 30,                | 2010                | 2009                 | 2010                  | 2009 | Testing) | 2010 | 2009 | 2010 | 2009 |
| Derivatives in cash flow hedging relationships: |                |                 |                  |   |   |   |   |   |   |
| Interest rate risk management contracts:        |                |                 |                  |   |   |   |   |   |   |
| Interest rate swap contracts                    | $(576)              | $65                  | $(1,120)              | $1 | Interest Expense | $  – | $24 | $(78) | $  - |
| Total                                           | $(576)              | $65                  | $(1,120)              | $1 |   | $  – | $24 | $(78) | $  - |

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

| (Dollars in thousands)                                             |                                                                     |   | Amount of Gain (Loss)              |    |
|--------------------------------------------------------------------|--------------------------------------------------------------------------|--------|------------------------------------|---------|
|                                                               | Location of Gain                                                         |   | Recognized in Income on Derivative |    |
|                                                               | (Loss) Recognized in                                                     |   | Three Months                       |    |   | Nine Months |   |
| Periods ended September 30,                                   | Income on Derivative                                                     |   | 2010                               |    |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| 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 |   | $                                  | (143    | ) |   | $ | 396 |   |   | $ | 255 |   |   | $ | (37 | ) |
| Commitments to sell fixed rate mortgage loans                 | Net gains on loan sales & commissions on loans originated for others |   |                               | 122     |   |   |   | (556 | ) |   |   | (613 | ) |   |   | (49 | ) |
| Customer related derivative contracts:                             |                                                                     |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps with customers                                 | Net gains (losses) on interest rate swaps                                |   |                               | 1,486   |   |   |   | 995 |   |   |   | 4,600 |   |   |   | 1,130 |   |
| Mirror swaps with counterparties                                   | Net gains (losses) on interest rate swaps                                |   |                               | (1,546  | ) |   |   | (903 | ) |   |   | (4,713 | ) |   |   | (754 | ) |
| Interest rate risk management contract:                            |                                                                     |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts                                       | Net gains (losses) on interest rate swaps                                |   |                               | – |   |   |   | – |   |   |   | – |   |   |   | 117 |   |
| Total                                                              |                                                                     |   | $                                  | (81     | ) |   | $ | (68 | ) |   | $ | (471 | ) |   | $ | 407 |   |

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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 |   |
| September 30, 2010                              |                            | Level 1                       |    |    | Level 2        |   |   | Level 3 |   |   | Fair Value |   |
| Assets:                                              |                            |                          |    |    |           |   |   |   |   |   |   |   |
| Securities available for sale:                       |                            |                          |    |    |           |   |   |   |   |   |   |   |
| Obligations of U.S. government-sponsored enterprises |                            | $                             | – |    |           | $      | 41,513 |   |   | $ | – |   |   | $ | 41,513 |   |
| Mortgage-backed securities issued by U.S. government |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |                            |                          | – |    |           |   | 409,552 |   |   |   | – |   |   |   | 409,552 |   |
| States and political subdivisions                    |                            |                          | – |    |           |   | 83,972 |   |   |   | – |   |   |   | 83,972 |   |
| Trust preferred securities:                          | Individual name issuers         |                          |    | – |           |   |   | 22,830 |   |   |   | – |   |   |   | 22,830 |   |
|                                                 | Collateralized debt obligations |                          |    | – |           |   |   | – |   |   |   | 841 |   |   |   | 841 |   |
| Corporate bonds                                      |                            |                          | – |    |           |   | 15,459 |   |   |   | – |   |   |   | 15,459 |   |
| Common stocks                                        |                            |                          | 826     |    |           |   | – |   |   |   | – |   |   |   | 826 |   |
| Perpetual preferred stocks                           |                            |                          | 2,168   |    |           |   | - |   |   |   | – |   |   |   | 2,168 |   |
| Derivative assets (1)                                |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts with customers          |                            |                          | – |    |           |   | 4,964 |   |   |   | – |   |   |   | 4,964 |   |
| Forward loan commitments                             |                            |                          | – |    |           |   | – |   |   |   | 352 |   |   |   | 352 |   |
| Total assets at fair value on a recurring basis      |                            | $                             | 2,994   |    |           | $      | 578,290 |   |   | $ | 1,193 |   |   | $ | 582,477 |   |
|  Liabilities:                                   |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| Derivative liabilities (1)                           |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| Mirror swaps with counterparties                     |                            | $                             | – |    |           | $      | 5,157 |   |   | $ | − |   |   | $ | 5,157 |   |
| Interest rate risk management contracts              |                            |                          | − |    |           |   | 1,767 |   |   |   | − |   |   |   | 1,767 |   |
| Forward loan commitments                             |                            |                          | – |    |           |   | – |   |   |   | 557 |   |   |   | 557 |   |
| Total liabilities at fair value on a recurring basis |                            | $                             | – |    |           | $      | 6,924 |   |   | $ | 557 |   |   | $ | 7,481 |   |

| (1)   | Derivative assets are included in other assets and derivative liabilities are reported in accrued expenses and 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, 2009                               |                            | Level 1                       |    |    | Level 2        |   |   | Level 3 |   |   | Fair Value |   |
| Assets:                                              |                            |                          |    |    |           |   |   |   |   |   |   |   |
| Securities available for sale:                       |                            |                          |    |    |           |   |   |   |   |   |   |   |
| Obligations of U.S. government-sponsored enterprises |                            | $                             | – |    |           | $      | 45,240 |   |   | $ | – |   |   | $ | 45,240 |   |
| Mortgage-backed securities issued by U.S. government |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| agencies and U.S. government-sponsored enterprises   |                            |                          | – |    |           |   | 523,446 |   |   |   | – |   |   |   | 523,446 |   |
| States and political subdivisions                    |                            |                          | – |    |           |   | 82,062 |   |   |   | – |   |   |   | 82,062 |   |
| Trust preferred securities:                          | Individual name issuers         |                          |    | – |           |   |   | 20,586 |   |   |   | – |   |   |   | 20,586 |   |
|                                                 | Collateralized debt obligations |                          |    | – |           |   |   | – |   |   |   | 1,065 |   |   |   | 1,065 |   |
| Corporate bonds                                      |                            |                          | – |    |           |   | 14,706 |   |   |   | – |   |   |   | 14,706 |   |
| Common stocks                                        |                            |                          | 769     |    |           |   | – |   |   |   | – |   |   |   | 769 |   |
| Perpetual preferred stocks                           |                            |                          | 3,183   |    |           |   | 427 |   |   |   | – |   |   |   | 3,610 |   |
| Derivative assets (1)                                |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts with customers          |                            |                          | – |    |           |   | 1,704 |   |   |   | – |   |   |   | 1,704 |   |
| Forward loan commitments                             |                            |                          | – |    |           |   | – |   |   |   | 364 |   |   |   | 364 |   |
| Total assets at fair value on a recurring basis      |                            | $                             | 3,952   |    |           | $      | 688,171 |   |   | $ | 1,429 |   |   | $ | 693,552 |   |
|  Liabilities:                                   |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| Derivative liabilities (1)                           |                            |                          |    |    |           |   |   |   |   |   |   |   |   |   |   |   |
| Mirror swaps with counterparties                     |                            | $                             | – |    |           | $      | 1,691 |   |   | $ | – |   |   | $ | 1,691 |   |
| Interest rate risk management contract               |                            |                          | – |    |           |   | 434 |   |   |   | – |   |   |   | 434 |   |
| Forward loan commitments                             |                            |                          | – |    |           |   | – |   |   |   | 211 |   |   |   | 211 |   |
| Total liabilities at fair value on a recurring basis |                            | $                             | – |    |           | $      | 2,125 |   |   | $ | 211 |   |   | $ | 2,336 |   |

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

| Three months ended September 30,            |   | 2010         |    |   | 2009              |   |
|---------------------------------------------|--------|--------------|---------|--------|-------------------|--------|
|                                        |   | 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 beginning of period              |   | $            | 872     |   |              | $      | (184 | ) |   | $ | 688 |   |   | $ | 1,881 |   |   | $ | 49 |   |   | $ | 1,930 |   |
| Gains and losses (realized and unrealized): |   |         |    |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included in earnings (3)                    |   |         | – |   |              |   | (21 | ) |   |   | (21 | ) |   |   | (467 | ) |   |   | (160 | ) |   |   | (627 | ) |
| Included in other comprehensive income      |   |         | (31     | )      |              |   | – |   |   |   | (31 | ) |   |   | 76 |   |   |   | – |   |   |   | 76 |   |
| Purchases, issuances and settlements (net)  |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Transfers into Level 3                      |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Transfers out of Level 3                    |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Balance at end of period                    |   | $            | 841     |   |              | $      | (205 | ) |   | $ | 636 |   |   | $ | 1,490 |   |   | $ | (111 | ) |   | $ | 1,379 |   |

----

Table of Contents

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

| Nine months ended September 30,             |   | 2010         |    |   | 2009              |   |
|---------------------------------------------|--------|--------------|---------|--------|-------------------|--------|
|                                        |   | 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 beginning of period              |   | $            | 1,065   |   |              | $      | 153 |   |   | $ | 1,218 |   |   | $ | 1,940 |   |   | $ | (25 | ) |   | $ | 1,915 |   |
| Gains and losses (realized and unrealized): |   |         |    |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included in earnings (3)                    |   |         | (417    | )      |              |   | (358 | ) |   |   | (775 | ) |   |   | (1,817 | ) |   |   | (86 | ) |   |   | (1,903 | ) |
| Included in other comprehensive income      |   |         | 193     |   |              |   | – |   |   |   | 193 |   |   |   | 1,367 |   |   |   | – |   |   |   | 1,367 |   |
| Purchases, issuances and settlements (net)  |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Transfers into Level 3                      |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Transfers out of Level 3                    |   |         | – |   |              |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Balance at end of period                    |   | $            | 841     |   |              | $      | (205 | ) |   | $ | 636 |   |   | $ | 1,490 |   |   | $ | (111 | ) |   | $ | 1,379 |   |

| (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. These two securities were transferred into Level 3 as of June 30, 2008 due to the lack of observable market data as a result of a decrease in market activity. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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.  No credit-related impairment losses were recognized during the third quarter of 2010 and $467 thousand were recognized during the third quarter of 2009.  Credit-related impairment losses totaled $417 thousand and $1.8 million for the nine months ended September 30, 2010 and 2009, respectively.  The losses included in earnings for Level 3 derivative assets and liabilities 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 September 30, 2010 |    |
|-------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                  |   | Level 1                                   |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets:                                               |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Collateral dependent impaired loans                   |   | $                                         | – |   |   | $ | 2,119 |   |   | $ | 897 |   |   | $ | 3,016 |   |
| Loan servicing rights                                 |   |                                      | – |   |   |   | – |   |   |   | 485 |   |   |   | 485 |   |
| Property acquired through foreclosure or repossession |   |                                      | – |   |   |   | – |   |   |   | 1,700 |   |   |   | 1,700 |   |
| Total assets at fair value on a nonrecurring basis    |   | $                                         | – |   |   | $ | 2,119 |   |   | $ | 3,032 |   |   | $ | 5,201 |   |

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Table of Contents

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

| (Dollars in thousands)                                |   | Carrying Value at September 30, 2009 |    |
|-------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                  |   | Level 1                                   |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets:                                               |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Collateral dependent impaired loans                   |   | $                                         | – |   |   | $ | 3,465 |   |   | $ | 2,693 |   |   | $ | 6,158 |   |
| Property acquired through foreclosure or repossession |   |                                      | – |   |   |   | - |   |   |   | 1,186 |   |   |   | 1,186 |   |
| Total assets at fair value on a nonrecurring basis    |   | $                                         | – |   |   | $ | 3,465 |   |   | $ | 3,879 |   |   | $ | 7,344 |   |

|                                          |   | September 30, 2010 |      |   | December 31, 2009 |   |
|-----------------------------------------------|--------|-------------------------|-----------|--------|------------------------|--------|
|                                          |   | Carrying                |      |   | Estimated              |   |   | Carrying |   |   | Estimated |   |
| (Dollars in thousands)                        |   | Amount                  |      |   | Fair Value             |   |   | Amount |   |   | Fair Value |   |
| Financial Assets:                             |   |                    |      |   |                   |   |   |   |   |   |   |   |
| Cash and cash equivalents                     |   | $                       | 87,660    |   |                   | $      | 87,660 |   |   | $ | 57,260 |   |   | $ | 57,260 |   |
| Mortgage loans held for sale                  |   |                    | 20,974    |   |                   |   | 21,626 |   |   |   | 9,909 |   |   |   | 10,107 |   |
| Securities available for sale                 |   |                    | 577,161   |   |                   |   | 577,161 |   |   |   | 691,484 |   |   |   | 691,484 |   |
| FHLBB stock                                   |   |                    | 42,008    |   |                   |   | 42,008 |   |   |   | 42,008 |   |   |   | 42,008 |   |
| Loans, net of allowance for loan losses       |   |                    | 1,982,983 |   |                   |   | 2,059,237 |   |   |   | 1,892,268 |   |   |   | 1,936,997 |   |
| Accrued interest receivable                   |   |                    | 9,296     |   |                   |   | 9,296 |   |   |   | 9,137 |   |   |   | 9,137 |   |
| Bank-owned life insurance                     |   |                    | 51,357    |   |                   |   | 51,357 |   |   |   | 44,957 |   |   |   | 44,957 |   |
| Customer related interest rate swap contracts |   |                    | 4,964     |   |                   |   | 4,964 |   |   |   | 1,704 |   |   |   | 1,704 |   |
| Forward loan commitments (1)                  |   |                    | 352       |   |                   |   | 352 |   |   |   | 364 |   |   |   | 364 |   |
|                                          |   |                    |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Financial Liabilities:                        |   |                    |      |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest-bearing demand deposits           |   | $                       | 242,455   |   |                   | $      | 242,455 |   |   | $ | 194,046 |   |   | $ | 194,046 |   |
| NOW accounts                                  |   |                    | 236,775   |   |                   |   | 236,775 |   |   |   | 202,367 |   |   |   | 202,367 |   |
| Money market accounts                         |   |                    | 408,828   |   |                   |   | 408,828 |   |   |   | 403,333 |   |   |   | 403,333 |   |
| Savings accounts                              |   |                    | 210,271   |   |                   |   | 210,271 |   |   |   | 191,580 |   |   |   | 191,580 |   |
| Time deposits                                 |   |                    | 958,425   |   |                   |   | 973,493 |   |   |   | 931,684 |   |   |   | 941,090 |   |
| FHLBB advances                                |   |                    | 480,358   |   |                   |   | 524,214 |   |   |   | 607,328 |   |   |   | 638,269 |   |
| Junior subordinated debentures                |   |                    | 32,991    |   |                   |   | 20,665 |   |   |   | 32,991 |   |   |   | 20,126 |   |
| Securities sold under repurchase agreements   |   |                    | 19,500    |   |                   |   | 20,723 |   |   |   | 19,500 |   |   |   | 21,041 |   |
| Other borrowings                              |   |                    | 2,424     |   |                   |   | 2,424 |   |   |   | 2,001 |   |   |   | 2,001 |   |
| Accrued interest payable                      |   |                    | 4,116     |   |                   |   | 4,116 |   |   |   | 5,818 |   |   |   | 5,818 |   |
| Customer related interest rate swap contracts |   |                    | 5,157     |   |                   |   | 5,157 |   |   |   | 1,691 |   |   |   | 1,691 |   |
| Interest rate risk management contract        |   |                    | 1,767     |   |                   |   | 1,767 |   |   |   | 434 |   |   |   | 434 |   |
| Forward loan commitments (1)                  |   |                    | 557       |   |                   |   | 557 |   |   |   | 211 |   |   |   | 211 |   |

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Table of Contents

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

| (Dollars in thousands)             |   | Qualified    |    |   | Non-Qualified    |   |
|------------------------------------|--------|--------------|---------|--------|------------------|--------|
|                               |   | Pension Plan |    |   | Retirement Plans |   |
|                               |   | Three months |    |   | Nine months      |   |   | Three months |   |   | Nine months |   |
| Periods ended September 30,   |   | 2010         |    |   | 2009             |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Service cost                       |   | $            | 584     |   |             | $      | 593 |   |   | $ | 1,753 |   |   | $ | 1,778 |   |   | $ | 24 |   |   | $ | 27 |   |   | $ | 70 |   |   | $ | 80 |   |
| Interest cost                      |   |         | 627     |   |             |   | 573 |   |   |   | 1,880 |   |   |   | 1,719 |   |   |   | 128 |   |   |   | 141 |   |   |   | 386 |   |   |   | 423 |   |
| Expected return on plan assets     |   |         | (630    | )      |             |   | (613 | ) |   |   | (1,890 | ) |   |   | (1,838 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Amortization of transition asset   |   |         | – |   |             |   | – |   |   |   | – |   |   |   | – |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Amortization of prior service cost |   |         | (8      | )      |             |   | (8 | ) |   |   | (25 | ) |   |   | (25 | ) |   |   | 2 |   |   |   | 7 |   |   |   | 6 |   |   |   | 20 |   |
| Recognized net actuarial loss      |   |         | 80      |   |             |   | 75 |   |   |   | 240 |   |   |   | 227 |   |   |   | 4 |   |   |   | 7 |   |   |   | 14 |   |   |   | 21 |   |
| Curtailment loss                   |   |         | – |   |             |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 97 |   |
| Net periodic benefit cost          |   | $            | 653     |   |             | $      | 620 |   |   | $ | 1,958 |   |   | $ | 1,861 |   |   | $ | 158 |   |   | $ | 182 |   |   | $ | 476 |   |   | $ | 641 |   |

| (Dollars in thousands)           |   |
|----------------------------------|--------|
|                             |   | Three months |   |   | Nine months |   |
| Periods ended September 30, |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Share-based compensation expense |   | $ | 271 |   |   | $ | 145 |   |   | $ | 666 |   |   | $ | 543 |   |
| Related tax benefit              |   | $ | 96 |   |   | $ | 52 |   |   | $ | 237 |   |   | $ | 193 |   |

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Table of Contents

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

|                                     | 2010  | 2009  |
|------------------------------------------|-------|-------|
| Expected term (years)                    | 9.0   | 6.7   |
| Expected dividend yield                  | 3.16% | 3.05% |
| Weighted average expected volatility     | 41.95 | 44.26 |
| Expected forfeiture rate                 | 0%    | 0%    |
| Weighted average risk-free interest rate | 3.42% | 3.28% |

| (Dollars in thousands)                           |   | Number  |    |   | Weighted |   | Weighted Average |   |      |   |
|--------------------------------------------------|--------|---------|---------|--------|----------|--------|------------------|--------|-----------|--------|
|                                             |   | Of      |    |   | Average  |   | Remaining        |   | Aggregate |   |
|                                             |   | Share   |    |   | Exercise |   | Contractual      |   | Intrinsic |   |
|                                             |   | Options |    |   | Price    |   | Term (Years)     |   | Value     |   |
| Outstanding at January 1, 2010                   |   |    | 901,559 |   |     | $      | 21.98            |   |      |   |   |   |
| Granted                                          |   |    | 83,700  |   |     |   | 17.52            |   |      |   |   |   |
| Exercised                                        |   |    | 82,757  |   |     |   | 15.50            |   |      |   |   |   |
| Forfeited or expired                             |   |    | 42,054  |   |     |   | 20.28            |   |      |   |   |   |
| Outstanding at September 30, 2010           |   |    | 860,448 |   |     | $      | 22.25            |   | 4.2 years |   | $ | 301 |   |
|  As of September 30, 2010:             |   |    |    |   |     |   |             |   |      |   |   |   |   |
| Options exercisable                              |   |    | 661,366 |   |     | $      | 22.77            |   | 2.9 years |   | $ | 133 |   |
|  Options expected to vest in future periods |   |    | 199,082 |   |     | $      | 20.52            |   | 8.7 years |   | $ | 168 |   |

----

Table of Contents

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

|                                 |   |   |   |   | Weighted   |   |
|--------------------------------------|--------|--------|--------|--------|------------|--------|
|                                 |   | Number |   |   | Average    |   |
|                                 |   | of     |   |   | Grant Date |   |
|                                 |   | Shares |   |   | Fair Value |   |
| Nonvested at January 1, 2010    |   |   | 43,607 |   |       | $      | 23.30 |   |
| Granted                              |   |   | 46,500 |   |       |   | 17.86 |   |
| Vested                               |   |   | (8,114 | )      |       |   | 25.97 |   |
| Forfeited                            |   |   | (1,786 | )      |       |   | 18.54 |   |
| Nonvested at September 30, 2010 |   |   | 80,207 |   |       | $      | 19.98 |   |

|                                          |   |   |   |   | Weighted   |   |
|-----------------------------------------------|--------|--------|--------|--------|------------|--------|
|                                          |   | Number |   |   | Average    |   |
|                                          |   | of     |   |   | Grant Date |   |
|                                          |   | Shares |   |   | Fair Value |   |
| Performance shares at January 1, 2010    |   |   | 7,232  |   |       | $      | 24.12 |   |
| Granted                                       |   |   | 16,500 |   |       |   | 15.11 |   |
| Vested                                        |   |   | (6,992 | )      |       |   | 24.12 |   |
| Forfeited                                     |   |   | (240   | )      |       |   | 24.12 |   |
| Performance shares at September 30, 2010 |   |   | 16,500 |   |       | $      | 15.11 |   |

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Table of Contents

| 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 Sept. 30,             |   | 2010              |      |   | 2009                       |   |      | 2010      |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Net interest income (expense)                 |   | $                 | 19,229    |   |                       | $      | 14,758    |      |   | $      | (11               | )      |   | $ | (29 | ) |   | $ | 883 |   |   | $ | 1,997 |   |   | $ | 20,101 |   |   | $ | 16,726 |   |
| Noninterest income (expense)                  |   |              | 5,693     |   |                       |   | 4,992     |      |   |   | 6,485             |   |   |   | 6,049 |   |   |   | 1,261 |   |   |   | (4 | ) |   |   | 13,439 |   |   |   | 11,037 |   |
| Total income                                  |   |              | 24,922    |   |                       |   | 19,750    |      |   |   | 6,474             |   |   |   | 6,020 |   |   |   | 2,144 |   |   |   | 1,993 |   |   |   | 33,540 |   |   |   | 27,763 |   |
|                                          |   |              |      |   |                       |   |      |      |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for loan losses                     |   |              | 1,500     |   |                       |   | 1,800     |      |   |   | –           |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 1,500 |   |   |   | 1,800 |   |
| Depreciation and amortization expense    |   |              | 591       |   |                       |   | 606       |      |   |   | 362               |   |   |   | 429 |   |   |   | 96 |   |   |   | 37 |   |   |   | 1,049 |   |   |   | 1,072 |   |
| Other noninterest expenses                    |   |              | 13,599    |   |                       |   | 11,759    |      |   |   | 4,611             |   |   |   | 4,131 |   |   |   | 3,596 |   |   |   | 2,230 |   |   |   | 21,806 |   |   |   | 18,120 |   |
| Total noninterest expenses                    |   |              | 15,690    |   |                       |   | 14,165    |      |   |   | 4,973             |   |   |   | 4,560 |   |   |   | 3,692 |   |   |   | 2,267 |   |   |   | 24,355 |   |   |   | 20,992 |   |
| Income (loss) before income taxes             |   |              | 9,232     |   |                       |   | 5,585     |      |   |   | 1,501             |   |   |   | 1,460 |   |   |   | (1,548 | ) |   |   | (274 | ) |   |   | 9,185 |   |   |   | 6,771 |   |
| Income tax expense (benefit)                  |   |              | 3,156     |   |                       |   | 1,948     |      |   |   | 530               |   |   |   | 516 |   |   |   | (871 | ) |   |   | (606 | ) |   |   | 2,815 |   |   |   | 1,858 |   |
| Net income (loss)                             |   | $                 | 6,076     |   |                       | $      | 3,637     |      |   | $      | 971               |   |   | $ | 944 |   |   | $ | (677 | ) |   | $ | 332 |   |   | $ | 6,370 |   |   | $ | 4,913 |   |
|                                          |   |              |      |   |                       |   |      |      |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets at period end                    |   |              | 2,116,747 |   |                       |   | 1,979,463 |      |   |   | 50,178            |   |   |   | 50,512 |   |   |   | 742,078 |   |   |   | 858,090 |   |   |   | 2,909,003 |   |   |   | 2,888,065 |   |
| Expenditures for  long-lived assets |   |              | 127       |   |                       |   | 1,506     |      |   |   | 7                 |   |   |   | 321 |   |   |   | 21 |   |   |   | 82 |   |   |   | 155 |   |   |   | 1,909 |   |

| (Dollars in thousands)                        |   |              |      |   |                       |   |      |      |   |   |              |   |
|-----------------------------------------------|--------|-------------------|-----------|--------|----------------------------|--------|-----------|-----------|--------|--------|-------------------|--------|
|                                          |   | CommercialBanking |      |   | Wealth Management Services |   |      | Corporate |   |   | ConsolidatedTotal |   |
| Nine months ended Sept. 30,              |   | 2010              |      |   | 2009                       |   |      | 2010      |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Net interest income (expense)                 |   | $                 | 55,375    |   |                       | $      | 47,828    |      |   | $      | (45               | )      |   | $ | (60 | ) |   | $ | 1,608 |   |   | $ | 1,178 |   |   | $ | 56,938 |   |   | $ | 48,946 |   |
| Noninterest income (expense)                  |   |              | 13,640    |   |                       |   | 14,331    |      |   |   | 19,554            |   |   |   | 17,416 |   |   |   | 1,786 |   |   |   | (499 | ) |   |   | 34,980 |   |   |   | 31,248 |   |
| Total income                                  |   |              | 69,015    |   |                       |   | 62,159    |      |   |   | 19,509            |   |   |   | 17,356 |   |   |   | 3,394 |   |   |   | 679 |   |   |   | 91,918 |   |   |   | 80,194 |   |
|                                          |   |              |      |   |                       |   |      |      |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for loan losses                     |   |              | 4,500     |   |                       |   | 6,500     |      |   |   | –           |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 4,500 |   |   |   | 6,500 |   |
| Depreciation and amortization expense    |   |              | 1,776     |   |                       |   | 1,889     |      |   |   | 1,124             |   |   |   | 1,260 |   |   |   | 270 |   |   |   | 114 |   |   |   | 3,170 |   |   |   | 3,263 |   |
| Other noninterest expenses                    |   |              | 37,510    |   |                       |   | 35,196    |      |   |   | 14,005            |   |   |   | 12,902 |   |   |   | 8,745 |   |   |   | 6,550 |   |   |   | 60,260 |   |   |   | 54,648 |   |
| Total noninterest expenses                    |   |              | 43,786    |   |                       |   | 43,585    |      |   |   | 15,129            |   |   |   | 14,162 |   |   |   | 9,015 |   |   |   | 6,664 |   |   |   | 67,930 |   |   |   | 64,411 |   |
| Income (loss) before income taxes             |   |              | 25,229    |   |                       |   | 18,574    |      |   |   | 4,380             |   |   |   | 3,194 |   |   |   | (5,621 | ) |   |   | (5,985 | ) |   |   | 23,988 |   |   |   | 15,783 |   |
| Income tax expense (benefit)                  |   |              | 8,628     |   |                       |   | 6,478     |      |   |   | 1,548             |   |   |   | 1,132 |   |   |   | (3,028 | ) |   |   | (3,175 | ) |   |   | 7,148 |   |   |   | 4,435 |   |
| Net income (loss)                             |   | $                 | 16,601    |   |                       | $      | 12,096    |      |   | $      | 2,832             |   |   | $ | 2,062 |   |   | $ | (2,593 | ) |   | $ | (2,810 | ) |   | $ | 16,840 |   |   | $ | 11,348 |   |
|                                          |   |              |      |   |                       |   |      |      |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets at period end                    |   |              | 2,116,747 |   |                       |   | 1,979,463 |      |   |   | 50,178            |   |   |   | 50,512 |   |   |   | 742,078 |   |   |   | 858,090 |   |   |   | 2,909,003 |   |   |   | 2,888,065 |   |
| Expenditures for  long-lived assets |   |              | 837       |   |                       |   | 2,493     |      |   |   | 112               |   |   |   | 784 |   |   |   | 459 |   |   |   | 177 |   |   |   | 1,408 |   |   |   | 3,454 |   |

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

| (Dollars in thousands)                                                                                                                                               |   |   |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
|                                                                                                                                                                 |   |   |    |
| Three months ended September 30,                                                                                                                                |   | 2010   |    |   | 2009 |   |
| Net income                                                                                                                                                           |   | $      | 6,370   |   |   | $ | 4,913 |   |
| Unrealized holding (losses) gains on securities available for sale, net of income tax benefit   of $414 in 2010 and net of income tax expense of $4,142 in 2009 |   |   | (750    | ) |   |   | 7,479 |   |
| Noncredit-related losses on securities not expected to be sold, net of income tax benefit   of $651 in 2009.                                                    |   |   | – |   |   |   | (1,175 | ) |
| Unrealized (losses) on cash flow hedge derivative instruments, net of income tax benefit   of $337 in 2010 and $46 in 2009                                      |   |   | (611    | ) |   |   | (84 | ) |
| Less reclassification adjustments:                                                                                                                                   |   |   |    |   |   |   |   |   |
|   (Gains) losses on securities, net of income tax expense of $262 in 2010 and net of   income tax benefit of $817 in 2009                             |   |   | (475    | ) |   |   | 1,476 |   |
|   Gains on derivative instruments, net of income tax expense of $19 in 2010 and   $11 in 2009                                                         |   |   | 35      |   |   |   | 19 |   |
|   Net periodic pension cost, net of income tax expense of $28 in 2010 and $29 in 2009                                                                      |   |   | 51      |   |   |   | 53 |   |
| Total comprehensive income                                                                                                                                           |   | $      | 4,620   |   |   | $ | 12,681 |   |

| (Dollars in thousands)                                                                                                                                       |   |   |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
|                                                                                                                                                         |   |   |    |
| Nine months ended September 30,                                                                                                                         |   | 2010   |    |   | 2009 |   |
| Net income                                                                                                                                                   |   | $      | 16,840  |   |   | $ | 11,348 |   |
| Unrealized holding gains on securities available for sale, net of income tax expense   of $2,669 in 2010 and $6,833 in 2009                             |   |   | 4,646   |   |   |   | 12,336 |   |
| Noncredit-related losses on securities not expected to be sold, net of income tax benefit   of $1,454 in 2009                                           |   |   | – |   |   |   | (2,625 | ) |
| Unrealized losses on cash flow hedge derivative instruments, net of income tax benefit   of $708 in 2010 and $16 in 2009                                |   |   | (1,284  | ) |   |   | (30 | ) |
| Less reclassification adjustments:                                                                                                                           |   |   |    |   |   |   |   |   |
|   (Gains) losses on securities, net of income tax expense of $175 in 2010 and net of   income tax benefit of $2,218 in 2009                   |   |   | (317    | ) |   |   | 4,005 |   |
|   Credit-related other than temporary realized loss transferred out of other   comprehensive income, net of income tax benefit of $61 in 2010 |   |   | 111     |   |   |   | – |   |
|   Gains on derivative instruments, net of income tax expense of $90 in 2010                                                                        |   |   | 164     |   |   |   | – |   |
|   Net periodic pension cost, net of income tax expense of $84 in 2010 and $87 in 2009                                                              |   |   | 152     |   |   |   | 157 |   |
| Total comprehensive income                                                                                                                                   |   | $      | 20,312  |   |   | $ | 25,191 |   |

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

| (Dollars and shares in thousands, except per share amounts)                                 |   |         |     |   |
|---------------------------------------------------------------------------------------------|--------|--------------|----------|--------|
|                                                                                        |   | Three Months |     |   | Nine Months |   |
| Periods ended September 30,                                                            |   | 2010         |     |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Net income                                                                                  |   | $            | 6,370    |   |   | $ | 4,913 |   |   | $ | 16,840 |   |   | $ | 11,348 |   |
| Less: Dividends and undistributed earnings  allocated to participating securities |   |         | (19      | )      |   |   | (8 | ) |   |   | (45 | ) |   |   | (26 | ) |
| Net income applicable to common shareholders                                                |   |         | 6,351    |   |   |   | 4,905 |   |   |   | 16,795 |   |   |   | 11,322 |   |
|                                                                                        |   |         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average basic common shares                                                        |   |         | 16,131.4 |   |   |   | 16,016.8 |   |   |   | 16,098.2 |   |   |   | 15,981.3 |   |
| Dilutive effect of:                                                                         |   |         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options                                                                                     |   |         | 4.9      |   |   |   | 14.2 |   |   |   | 5.7 |   |   |   | 11.6 |   |
| Other                                                                                       |   |         | 34.3     |   |   |   | 43.5 |   |   |   | 26.5 |   |   |   | 36.6 |   |
| Weighted average diluted common shares                                                      |   |         | 16,170.6 |   |   |   | 16,074.5 |   |   |   | 16,130.4 |   |   |   | 16,029.5 |   |
|                                                                                        |   |         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per common share:                                                                  |   |         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                       |   | $            | 0.39     |   |   | $ | 0.31 |   |   | $ | 1.04 |   |   | $ | 0.71 |   |
| Diluted                                                                                     |   | $            | 0.39     |   |   | $ | 0.31 |   |   | $ | 1.04 |   |   | $ | 0.71 |   |

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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 September 30,            |   | 2010    |      |   | 2009     |   |
|--------------------------------------------------|--------|---------|-----------|--------|----------|--------|
|                                             |   | Average |      |   |     |   |   | Yield/ |   |   | Average |   |   |   |   |   | Yield/ |   |
| (Dollars in thousands)                           |   | Balance |      |   | Interest |   |   | Rate |   |   | Balance |   |   | Interest |   |   | Rate |   |
| Assets:                                          |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial and other loans                       |   | $       | 1,038,146 |   |     | $      | 13,834 |   |   |   | 5.29 | % |   | $ | 969,215 |   |   | $ | 12,850 |   |   |   | 5.26 | % |
| Residential real estate loans                    |   |    | 642,829   |   |     |   | 8,009 |   |   |   | 4.94 | % |   |   | 616,825 |   |   |   | 8,113 |   |   |   | 5.22 | % |
| Consumer loans                                   |   |    | 327,554   |   |     |   | 3,295 |   |   |   | 3.99 | % |   |   | 324,306 |   |   |   | 3,390 |   |   |   | 4.15 | % |
| Total loans                                      |   |    | 2,008,529 |   |     |   | 25,138 |   |   |   | 4.97 | % |   |   | 1,910,346 |   |   |   | 24,353 |   |   |   | 5.06 | % |
| Cash, federal funds sold                         |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and other short-term investments                 |   |    | 49,578    |   |     |   | 25 |   |   |   | 0.20 | % |   |   | 18,962 |   |   |   | 13 |   |   |   | 0.28 | % |
| FHLBB stock                                      |   |    | 42,008    |   |     |   | – |   |   |   | – | % |   |   | 42,008 |   |   |   | – |   |   |   | – | % |
|                                             |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable debt securities                          |   |    | 528,196   |   |     |   | 5,227 |   |   |   | 3.93 | % |   |   | 665,937 |   |   |   | 7,028 |   |   |   | 4.19 | % |
| Nontaxable debt securities                       |   |    | 79,462    |   |     |   | 1,154 |   |   |   | 5.76 | % |   |   | 80,667 |   |   |   | 1,166 |   |   |   | 5.73 | % |
| Corporate stocks                                 |   |    | 3,852     |   |     |   | 75 |   |   |   | 7.56 | % |   |   | 4,013 |   |   |   | 89 |   |   |   | 8.79 | % |
| Total securities                                 |   |    | 611,510   |   |     |   | 6,456 |   |   |   | 4.19 | % |   |   | 750,617 |   |   |   | 8,283 |   |   |   | 4.38 | % |
| Total interest-earning assets                    |   |    | 2,711,625 |   |     |   | 31,619 |   |   |   | 4.63 | % |   |   | 2,721,933 |   |   |   | 32,649 |   |   |   | 4.76 | % |
| Non interest-earning assets                      |   |    | 220,191   |   |     |   |   |   |   |   |   |   |   |   | 189,177 |   |   |   |   |   |   |   |   |   |
| Total assets                                     |   | $       | 2,931,816 |   |     |   |   |   |   |   |   |   |   | $ | 2,911,110 |   |   |   |   |   |   |   |   |   |
| Liabilities and Shareholders’ Equity:      |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW accounts                                     |   | $       | 229,468   |   |     | $      | 68 |   |   |   | 0.12 | % |   | $ | 184,253 |   |   | $ | 88 |   |   |   | 0.19 | % |
| Money market accounts                            |   |    | 397,634   |   |     |   | 397 |   |   |   | 0.40 | % |   |   | 366,712 |   |   |   | 840 |   |   |   | 0.91 | % |
| Savings accounts                                 |   |    | 208,892   |   |     |   | 75 |   |   |   | 0.14 | % |   |   | 194,116 |   |   |   | 122 |   |   |   | 0.25 | % |
| Time deposits                                    |   |    | 960,521   |   |     |   | 4,207 |   |   |   | 1.74 | % |   |   | 944,874 |   |   |   | 6,527 |   |   |   | 2.74 | % |
| FHLB advances                                    |   |    | 532,053   |   |     |   | 5,574 |   |   |   | 4.16 | % |   |   | 672,746 |   |   |   | 7,094 |   |   |   | 4.18 | % |
| Junior subordinated debentures                   |   |    | 32,991    |   |     |   | 484 |   |   |   | 5.82 | % |   |   | 32,991 |   |   |   | 545 |   |   |   | 6.56 | % |
| Other                                            |   |    | 21,250    |   |     |   | 246 |   |   |   | 4.59 | % |   |   | 20,742 |   |   |   | 246 |   |   |   | 4.71 | % |
| Total interest-bearing liabilities               |   |    | 2,382,809 |   |     |   | 11,051 |   |   |   | 1.84 | % |   |   | 2,416,434 |   |   |   | 15,462 |   |   |   | 2.54 | % |
| Demand deposits                                  |   |    | 238,212   |   |     |   |   |   |   |   |   |   |   |   | 201,678 |   |   |   |   |   |   |   |   |   |
| Other liabilities                                |   |    | 43,364    |   |     |   |   |   |   |   |   |   |   |   | 45,413 |   |   |   |   |   |   |   |   |   |
| Shareholders’ equity                       |   |    | 267,431   |   |     |   |   |   |   |   |   |   |   |   | 247,585 |   |   |   |   |   |   |   |   |   |
| Total liabilities and shareholders’ equity |   | $       | 2,931,816 |   |     |   |   |   |   |   |   |   |   | $ | 2,911,110 |   |   |   |   |   |   |   |   |   |
| Net interest income (FTE)                        |   |    |      |   |     | $      | 20,568 |   |   |   |   |   |   |   |   |   |   | $ | 17,187 |   |   |   |   |   |
| Interest rate spread                             |   |    |      |   |     |   |   |   |   |   | 2.79 | % |   |   |   |   |   |   |   |   |   |   | 2.22 | % |
| Net interest margin                              |   |    |      |   |     |   |   |   |   |   | 3.01 | % |   |   |   |   |   |   |   |   |   |   | 2.51 | % |

| (Dollars in thousands)                |   |   |   |   |   |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|
|                                  |   |   |   |   |   |   |
| Three months ended September 30, |   | 2010   |   |   | 2009   |   |
| Commercial and other loans            |   | $      | 62     |   |   | $      | 50 |   |
| Nontaxable debt securities            |   |   | 385    |   |   |   | 385 |   |
| Corporate stocks                      |   |   | 20     |   |   |   | 26 |   |
| Total                                 |   | $      | 467    |   |   | $      | 461 |   |

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| Nine months ended September 30,             |   | 2010    |      |   | 2009     |   |
|--------------------------------------------------|--------|---------|-----------|--------|----------|--------|
|                                             |   | Average |      |   |     |   |   | Yield/ |   |   | Average |   |   |   |   |   | Yield/ |   |
| (Dollars in thousands)                           |   | Balance |      |   | Interest |   |   | Rate |   |   | Balance |   |   | Interest |   |   | Rate |   |
| Assets:                                          |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial and other loans                       |   | $       | 1,010,893 |   |     | $      | 39,887 |   |   |   | 5.28 | % |   | $ | 927,931 |   |   | $ | 37,231 |   |   |   | 5.36 | % |
| Residential real estate loans                    |   |    | 625,848   |   |     |   | 23,673 |   |   |   | 5.06 | % |   |   | 633,365 |   |   |   | 25,375 |   |   |   | 5.36 | % |
| Consumer loans                                   |   |    | 328,803   |   |     |   | 9,823 |   |   |   | 3.99 | % |   |   | 322,078 |   |   |   | 10,135 |   |   |   | 4.21 | % |
| Total loans                                      |   |    | 1,965,544 |   |     |   | 73,383 |   |   |   | 4.99 | % |   |   | 1,883,374 |   |   |   | 72,741 |   |   |   | 5.16 | % |
| Cash, federal funds sold                         |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and other short-term investments                 |   |    | 38,720    |   |     |   | 59 |   |   |   | 0.20 | % |   |   | 19,520 |   |   |   | 39 |   |   |   | 0.27 | % |
| FHLBB stock                                      |   |    | 42,008    |   |     |   | – |   |   |   | – | % |   |   | 42,008 |   |   |   | – |   |   |   | – | % |
|                                             |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable debt securities                          |   |    | 574,037   |   |     |   | 17,115 |   |   |   | 3.99 | % |   |   | 720,547 |   |   |   | 23,065 |   |   |   | 4.28 | % |
| Nontaxable debt securities                       |   |    | 79,503    |   |     |   | 3,464 |   |   |   | 5.83 | % |   |   | 80,672 |   |   |   | 3,498 |   |   |   | 5.80 | % |
| Corporate stocks                                 |   |    | 3,959     |   |     |   | 227 |   |   |   | 7.61 | % |   |   | 4,558 |   |   |   | 262 |   |   |   | 7.72 | % |
| Total securities                                 |   |    | 657,499   |   |     |   | 20,806 |   |   |   | 4.23 | % |   |   | 805,777 |   |   |   | 26,825 |   |   |   | 4.45 | % |
| Total interest-earning assets                    |   |    | 2,703,771 |   |     |   | 94,248 |   |   |   | 4.66 | % |   |   | 2,750,679 |   |   |   | 99,605 |   |   |   | 4.84 | % |
| Non interest-earning assets                      |   |    | 212,629   |   |     |   |   |   |   |   |   |   |   |   | 182,160 |   |   |   |   |   |   |   |   |   |
| Total assets                                     |   | $       | 2,916,400 |   |     |   |   |   |   |   |   |   |   | $ | 2,932,839 |   |   |   |   |   |   |   |   |   |
| Liabilities and Shareholders’ Equity:      |   |    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW accounts                                     |   | $       | 212,456   |   |     | $      | 195 |   |   |   | 0.12 | % |   | $ | 178,470 |   |   | $ | 242 |   |   |   | 0.18 | % |
| Money market accounts                            |   |    | 399,804   |   |     |   | 1,561 |   |   |   | 0.52 | % |   |   | 369,453 |   |   |   | 3,154 |   |   |   | 1.14 | % |
| Savings accounts                                 |   |    | 203,829   |   |     |   | 245 |   |   |   | 0.16 | % |   |   | 186,881 |   |   |   | 422 |   |   |   | 0.30 | % |
| Time deposits                                    |   |    | 956,461   |   |     |   | 13,846 |   |   |   | 1.94 | % |   |   | 960,450 |   |   |   | 21,787 |   |   |   | 3.03 | % |
| FHLB advances                                    |   |    | 570,982   |   |     |   | 17,793 |   |   |   | 4.17 | % |   |   | 711,575 |   |   |   | 21,433 |   |   |   | 4.03 | % |
| Junior subordinated debentures                   |   |    | 32,991    |   |     |   | 1,561 |   |   |   | 6.33 | % |   |   | 32,991 |   |   |   | 1,503 |   |   |   | 6.09 | % |
| Other                                            |   |    | 21,104    |   |     |   | 731 |   |   |   | 4.63 | % |   |   | 21,678 |   |   |   | 735 |   |   |   | 4.53 | % |
| Total interest-bearing liabilities               |   |    | 2,397,627 |   |     |   | 35,932 |   |   |   | 2.00 | % |   |   | 2,461,498 |   |   |   | 49,276 |   |   |   | 2.68 | % |
| Demand deposits                                  |   |    | 215,368   |   |     |   |   |   |   |   |   |   |   |   | 184,590 |   |   |   |   |   |   |   |   |   |
| Other liabilities                                |   |    | 40,356    |   |     |   |   |   |   |   |   |   |   |   | 44,255 |   |   |   |   |   |   |   |   |   |
| Shareholders’ equity                       |   |    | 263,049   |   |     |   |   |   |   |   |   |   |   |   | 242,496 |   |   |   |   |   |   |   |   |   |
| Total liabilities and shareholders’ equity |   | $       | 2,916,400 |   |     |   |   |   |   |   |   |   |   | $ | 2,932,839 |   |   |   |   |   |   |   |   |   |
| Net interest income (FTE)                        |   |    |      |   |     | $      | 58,316 |   |   |   |   |   |   |   |   |   |   | $ | 50,329 |   |   |   |   |   |
| Interest rate spread                             |   |    |      |   |     |   |   |   |   |   | 2.66 | % |   |   |   |   |   |   |   |   |   |   | 2.16 | % |
| Net interest margin                              |   |    |      |   |     |   |   |   |   |   | 2.88 | % |   |   |   |   |   |   |   |   |   |   | 2.45 | % |

| (Dollars in thousands)               |   |   |   |   |   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
|                                 |   |   |   |   |   |   |
| Nine months ended September 30, |   | 2010   |   |   | 2009   |   |
| Commercial and other loans           |   | $      | 159    |   |   | $      | 152 |   |
| Nontaxable debt securities           |   |   | 1,156  |   |   |   | 1,159 |   |
| Corporate stocks                     |   |   | 63     |   |   |   | 72 |   |
| Total                                |   | $      | 1,378  |   |   | $      | 1,383 |   |

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|                                                |   | Three months ended               |    |   | Nine months ended                |   |
|-----------------------------------------------------|--------|----------------------------------|---------|--------|----------------------------------|--------|
|                                                |   | September 30, 2010 vs. 2009 |    |   | September 30, 2010 vs. 2009 |   |
|                                                |   | Increase (decrease) due to       |    |   | Increase (decrease) due to       |   |
| (Dollars in thousands)                              |   | Volume                           |    |   | Rate                             |   |   | Net Chg |   |   | Volume |   |   | Rate |   |   | Net Chg |   |
| Interest on interest-earning assets:                |   |                             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial and other loans                          |   | $                                | 913     |   |                             | $      | 71 |   |   | $ | 984 |   |   | $ | 3,228 |   |   | $ | (572 | ) |   | $ | 2,656 |   |
| Residential real estate loans, including            |   |                             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| mortgage loans held for sale                        |   |                             | 337     |   |                             |   | (441 | ) |   |   | (104 | ) |   |   | (298 | ) |   |   | (1,404 | ) |   |   | (1,702 | ) |
| Consumer loans                                      |   |                             | 34      |   |                             |   | (129 | ) |   |   | (95 | ) |   |   | 213 |   |   |   | (525 | ) |   |   | (312 | ) |
| Cash, federal funds sold and short-term investments |   |                             | 17      |   |                             |   | (5 | ) |   |   | 12 |   |   |   | 32 |   |   |   | (12 | ) |   |   | 20 |   |
| FHLBB stock                                         |   |                             | – |   |                             |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Taxable debt securities                             |   |                             | (1,385  | )      |                             |   | (416 | ) |   |   | (1,801 | ) |   |   | (4,463 | ) |   |   | (1,487 | ) |   |   | (5,950 | ) |
| Nontaxable debt securities                          |   |                             | (18     | )      |                             |   | 6 |   |   |   | (12 | ) |   |   | (52 | ) |   |   | 18 |   |   |   | (34 | ) |
| Corporate stocks                                    |   |                             | (3      | )      |                             |   | (11 | ) |   |   | (14 | ) |   |   | (32 | ) |   |   | (3 | ) |   |   | (35 | ) |
| Total interest income                               |   |                             | (105    | )      |                             |   | (925 | ) |   |   | (1,030 | ) |   |   | (1,372 | ) |   |   | (3,985 | ) |   |   | (5,357 | ) |
| Interest on interest-bearing liabilities:           |   |                             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW accounts                                        |   |                             | 18      |   |                             |   | (38 | ) |   |   | (20 | ) |   |   | 41 |   |   |   | (88 | ) |   |   | (47 | ) |
| Money market accounts                               |   |                             | 65      |   |                             |   | (508 | ) |   |   | (443 | ) |   |   | 241 |   |   |   | (1,834 | ) |   |   | (1,593 | ) |
| Savings accounts                                    |   |                             | 10      |   |                             |   | (57 | ) |   |   | (47 | ) |   |   | 35 |   |   |   | (212 | ) |   |   | (177 | ) |
| Time deposits                                       |   |                             | 106     |   |                             |   | (2,426 | ) |   |   | (2,320 | ) |   |   | (91 | ) |   |   | (7,850 | ) |   |   | (7,941 | ) |
| FHLBB advances                                      |   |                             | (1,486  | )      |                             |   | (34 | ) |   |   | (1,520 | ) |   |   | (4,363 | ) |   |   | 723 |   |   |   | (3,640 | ) |
| Junior subordinated debentures                      |   |                             | – |   |                             |   | (61 | ) |   |   | (61 | ) |   |   | – |   |   |   | 58 |   |   |   | 58 |   |
| Other                                               |   |                             | 6       |   |                             |   | (6 | ) |   |   | - |   |   |   | (20 | ) |   |   | 16 |   |   |   | (4 | ) |
| Total interest expense                              |   |                             | (1,281  | )      |                             |   | (3,130 | ) |   |   | (4,411 | ) |   |   | (4,157 | ) |   |   | (9,187 | ) |   |   | (13,344 | ) |
| Net interest income                                 |   | $                                | 1,176   |   |                             | $      | 2,205 |   |   | $ | 3,381 |   |   | $ | 2,785 |   |   | $ | 5,202 |   |   | $ | 7,987 |   |

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| (Dollars in thousands)                                                                                |   | Three Months |    |   | Nine Months |   |
|-------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|-------------|--------|
|                                                                                                  |   |         |    |   |        |   |   |  $ |   |   |   | % |   |   |   |   |   |   |   |   |  $ |   |   |   | % |   |
| Periods ended September 30,                                                                           |   | 2010         |    |   | 2009        |   |   | Chg |   |   | Chg |   |   |   | 2010 |   |   |   | 2009 |   |   | Chg |   |   | Chg |   |
| Noninterest income:                                                                                   |   |         |    |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wealth management services:                                                                           |   |         |    |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trust and investment advisory fees                                                                    |   | $            | 5,052   |   |        | $      | 4,717 |   |   | $ | 335 |   |   |   | 7 | % |   | $ | 15,222 |   |   | $ | 13,241 |   |   | $ | 1,981 |   |   |   | 15 | % |
| Mutual fund fees                                                                                      |   |         | 1,084   |   |        |   | 1,089 |   |   |   | (5 | ) |   |   | – |   |   |   | 3,299 |   |   |   | 2,997 |   |   |   | 302 |   |   |   | 10 |   |
| Financial planning, commissions and     other service fees                             |   |         | 349     |   |        |   | 243 |   |   |   | 106 |   |   |   | 44 |   |   |   | 1,033 |   |   |   | 1,178 |   |   |   | (145 | ) |   |   | (12 | ) |
| Wealth management services                                                                            |   |         | 6,485   |   |        |   | 6,049 |   |   |   | 436 |   |   |   | 7 |   |   |   | 19,554 |   |   |   | 17,416 |   |   |   | 2,138 |   |   |   | 12 |   |
| Service charges on deposit accounts                                                                   |   |         | 1,411   |   |        |   | 1,257 |   |   |   | 154 |   |   |   | 12 |   |   |   | 3,964 |   |   |   | 3,571 |   |   |   | 393 |   |   |   | 11 |   |
| Merchant processing fees                                                                              |   |         | 3,050   |   |        |   | 2,619 |   |   |   | 431 |   |   |   | 16 |   |   |   | 7,062 |   |   |   | 6,054 |   |   |   | 1,008 |   |   |   | 17 |   |
| Income from bank-owned life insurance                                                                 |   |         | 486     |   |        |   | 451 |   |   |   | 35 |   |   |   | 8 |   |   |   | 1,399 |   |   |   | 1,342 |   |   |   | 57 |   |   |   | 4 |   |
| Net gains on loan sales and commissions       on loans originated for others |   |         | 1,011   |   |        |   | 591 |   |   |   | 420 |   |   |   | 71 |   |   |   | 1,889 |   |   |   | 3,187 |   |   |   | (1,298 | ) |   |   | (41 | ) |
| Net realized gains on securities                                                                      |   |         | 737     |   |        |   | – |   |   |   | 737 |   |   |   | – |   |   |   | 737 |   |   |   | 314 |   |   |   | 423 |   |   |   | 135 |   |
| Net (losses) gains on interest rate swap contracts                                                    |   |         | (60     | )      |        |   | 92 |   |   |   | (152 | ) |   |   | (165 | ) |   |   | (113 | ) |   |   | 493 |   |   |   | (606 | ) |   |   | (123 | ) |
| Other income                                                                                          |   |         | 319     |   |        |   | 445 |   |   |   | (126 | ) |   |   | (28 | ) |   |   | 905 |   |   |   | 1,329 |   |   |   | (424 | ) |   |   | (32 | ) |
| Noninterest income, excluding other-than-     temporary impairment losses         |   |         | 13,439  |   |        |   | 11,504 |   |   |   | 1,935 |   |   |   | 17 |   |   |   | 35,397 |   |   |   | 33,706 |   |   |   | 1,691 |   |   |   | 5 |   |
| Total other-than-temporary impairment      losses on securities                   |   |         | – |   |        |   | (2,293 | ) |   |   | 2,293 |   |   |   | 100 |   |   |   | (245 | ) |   |   | (6,537 | ) |   |   | 6,292 |   |   |   | 96 |   |
| Portion of loss recognized in other     comprehensive income (before taxes)            |   |         | – |   |        |   | 1,826 |   |   |   | (1,826 | ) |   |   | (100 | ) |   |   | (172 | ) |   |   | 4,079 |   |   |   | (4,251 | ) |   |   | (104 | ) |
| Net impairment losses recognized     in earnings                                       |   |         | – |   |        |   | (467 | ) |   |   | 467 |   |   |   | 100 |   |   |   | (417 | ) |   |   | (2,458 | ) |   |   | 2,041 |   |   |   | 83 |   |
| Total noninterest income                                                                              |   | $            | 13,439  |   |        | $      | 11,037 |   |   | $ | 2,402 |   |   |   | 22 | % |   | $ | 34,980 |   |   | $ | 31,248 |   |   | $ | 3,732 |   |   |   | 12 | % |

| (Dollars in thousands)             |   |         |      |   |        |   |
|------------------------------------|--------|--------------|-----------|--------|-------------|--------|
|                               |   | Three Months |      |   | Nine Months |   |
| Periods ended September 30,   |   | 2010         |      |   | 2009        |   |   | 2010 |   |   | 2009 |   |
| Balance at the beginning of period |   | $            | 3,659,383 |   |        | $      | 3,316,308 |   |   | $ | 3,770,193 |   |   | $ | 3,147,649 |   |
| Net market appreciation and income |   |         | 253,372   |   |        |   | 295,257 |   |   |   | 100,013 |   |   |   | 458,401 |   |
| Net client cash flows              |   |         | (19,611   | )      |        |   | (8,141 | ) |   |   | 22,938 |   |   |   | (2,626 | ) |
| Balance at the end of period       |   | $            | 3,893,144 |   |        | $      | 3,603,424 |   |   | $ | 3,893,144 |   |   | $ | 3,603,424 |   |

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| (Dollars in thousands)             |   | Three Months |   |   | Nine Months |   |
|------------------------------------|--------|--------------|--------|--------|-------------|--------|
|                               |   |         |   |   |        |   |   |  $ |   |   |   | % |   |   |   |   |   |   |   |   |  $ |   |   |   | % |   |
| Periods ended September 30,   |   | 2010         |   |   | 2009        |   |   | Chg |   |   | Chg |   |   |   | 2010 |   |   |   | 2009 |   |   | Chg |   |   | Chg |   |
| Noninterest expense:               |   |         |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and employee benefits     |   | $            | 12,067 |   |        | $      | 10,416 |   |   | $ | 1,651 |   |   |   | 16 | % |   | $ | 35,294 |   |   | $ | 31,250 |   |   | $ | 4,044 |   |   |   | 13 | % |
| Net occupancy                      |   |         | 1,202  |   |        |   | 1,232 |   |   |   | (30 | ) |   |   | (2 | ) |   |   | 3,663 |   |   |   | 3,580 |   |   |   | 83 |   |   |   | 2 |   |
| Equipment                          |   |         | 1,037  |   |        |   | 916 |   |   |   | 121 |   |   |   | 13 |   |   |   | 3,048 |   |   |   | 2,927 |   |   |   | 121 |   |   |   | 4 |   |
| Merchant processing costs          |   |         | 2,606  |   |        |   | 2,213 |   |   |   | 393 |   |   |   | 18 |   |   |   | 6,020 |   |   |   | 5,136 |   |   |   | 884 |   |   |   | 17 |   |
| Outsourced services                |   |         | 769    |   |        |   | 683 |   |   |   | 86 |   |   |   | 13 |   |   |   | 2,379 |   |   |   | 2,037 |   |   |   | 342 |   |   |   | 17 |   |
| FDIC deposit insurance costs       |   |         | 861    |   |        |   | 808 |   |   |   | 53 |   |   |   | 7 |   |   |   | 2,439 |   |   |   | 3,602 |   |   |   | (1,163 | ) |   |   | (32 | ) |
| Legal, audit and professional fees |   |         | 438    |   |        |   | 546 |   |   |   | (108 | ) |   |   | (20 | ) |   |   | 1,364 |   |   |   | 1,885 |   |   |   | (521 | ) |   |   | (28 | ) |
| Advertising and promotion          |   |         | 467    |   |        |   | 422 |   |   |   | 45 |   |   |   | 11 |   |   |   | 1,250 |   |   |   | 1,214 |   |   |   | 36 |   |   |   | 3 |   |
| Amortization of intangibles        |   |         | 273    |   |        |   | 303 |   |   |   | (30 | ) |   |   | (10 | ) |   |   | 854 |   |   |   | 919 |   |   |   | (65 | ) |   |   | (7 | ) |
| Debt prepayment penalties          |   |         | 752    |   |        |   | – |   |   |   | 752 |   |   |   | – |   |   |   | 752 |   |   |   | – |   |   |   | 752 |   |   |   | – |   |
| Other expenses                     |   |         | 2,383  |   |        |   | 1,653 |   |   |   | 730 |   |   |   | 44 |   |   |   | 6,367 |   |   |   | 5,361 |   |   |   | 1,006 |   |   |   | 19 |   |
| Total noninterest expense          |   | $            | 22,855 |   |        | $      | 19,192 |   |   | $ | 3,663 |   |   |   | 19 | % |   | $ | 63,430 |   |   | $ | 57,911 |   |   | $ | 5,519 |   |   |   | 10 | % |

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| (Dollars in thousands)             |                    |
|------------------------------------|-------------------------|
|                               | September 30, 2010 | Credit Ratings |
| Named Issuer                       |                    | Amortized | Fair | Unrealized | September 30, 2010 |   | 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                       | $9,722 | 7,242 | (2,480) | A2 | BBB+ |   | A2 | BBB+ |
| Bank of America Corporation        | 3                       | 5,732 | 4,132 | (1,600) | Baa3 | BB   (c) |   | Baa3 | BB   (c) |
| Wells Fargo & Company          | 2                       | 5,106 | 4,066 | (1,040) | Baa1 / Baa2 | A- |   | Baa1 / Baa2 | A- |
| SunTrust Banks, Inc.               | 1                       | 4,165 | 3,102 | (1,063) | Baa3 | BB   (c) |   | Baa3 | BB   (c) |
| Northern Trust Corporation         | 1                       | 1,980 | 1,621 | (359) | A3 | A- |   | A3 | A- |
| State Street Corporation           | 1                       | 1,969 | 1,539 | (430) | A3 | BBB+ |   | A3 | BBB+ |
| Huntington Bancshares Incorporated | 1                       | 1,917 | 1,128 | (789) | Ba1    (c) | B     (c) |   | Ba1    (c) | B     (c) |
| Totals                             | 11                      | $30,591 | 22,830 | (7,761) |   |   |   |   |   |

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

| (b) | Net of other-than-temporary impairment losses recognized in earnings, other than such noncredit-related amounts reversed on January 1, 2009. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (Dollars in thousands)                                 | September 30, 2010 |   |
|--------------------------------------------------------|-------------------------|--------|
|                                                   |                    |   |   |   | Deferrals | Credit Ratings |
|                                                   | Amortized               | Fair   | Unrealized | No. ofCos. in | andDefaults | September 30,2010 |   | 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)                           | $3,200                  | 678    | (2,522) | 38 | 38.8% | Ca   (c) | (b) |   | Ca (c) | (b) |
| Preferred Term Securities [PreTSL] XXV, tranche C1 (e) | 1,283                   | 163    | (1,120) | 73 | 32.6% | C     (c) | (b) |   | C  (c) | (b) |
| Totals                                                 | $4,483                  | 841    | (3,642) |   |   |   |   |   |   |   |

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

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

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

| (d) | The instrument was downgraded to a below investment grade rating of “Caa3” by Moody’s on March 27, 2009 and was placed on nonaccrual status as of March 31, 2009.  On October 30, 2009, Moody’s downgraded this security to a rating of “Ca.”  This credit rating status has been considered by management in its assessment of the impairment status of this security.  During the quarter ended March 31, 2009, an adverse change occurred in the expected cash |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | flows for this instrument indicating that, based on cash flow forecasts with regard to timing of deferrals and potential future recovery of deferred payments, default rates, and other matters, the Corporation would not receive all contractual amounts due under the instrument and would not recover the entire cost basis of the security.  The Corporation had concluded that these conditions warranted a conclusion of other-than-temporary impairment for this holding as of March 31, 2009 and recognized an other-than-temporary impairment charge of $3.6 million pursuant to the provisions of ASC 320.  The credit loss portion of the impairment charge, representing the amount by which the present value of cash flows expected to be collected is less than the amortized cost basis of the debt security, was $1.4 million. In April 2010, the tranche instrument held by the Corporation began deferring a portion of interest payments.  During the quarter ended June 30, 2010 an adverse change occurred in the expected cash flows for this security and resulted in an additional credit-related impairment loss of $354 thousand charged to earnings in the second quarter of 2010.  The analysis of the expected cash flows for this security did not result in further credit-related impairment loss for the quarter ended September 30, 2010.  Based on information available as of the filing date of this report, 17 of the 38 pooled institutions have invoked their original contractual right to defer interest payments.  A total of $116.5 million of the underlying collateral pool was in deferral or default status, or 38.8% of the total original collateral balance of $300 million. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | In December 2008, this security began deferring interest payments until future periods and the Corporation placed this security on nonaccrual status and recognized an other-than-temporary impairment charge in the amount of $1.9 million.  Pursuant to the provisions of ASC 320 adopted effective January 1, 2009 and based on Washington Trust’s assessment of the facts associated with this instrument, the Corporation concluded that there was no credit loss portion of the other-than-temporary impairment charge as of December 31, 2008.  Washington Trust reclassified this noncredit-related other-than-temporary impairment loss for this security previously recognized in earnings in the fourth quarter of 2008 as a cumulative effect adjustment as of January 1, 2009 in the amount of $1.2 million after taxes ($1.9 million before taxes) with an increase in retained earnings and a decrease in accumulated other comprehensive loss.  In addition, the amortized cost basis of this security was increased by the amount of the cumulative effect adjustment before taxes.  The instrument was downgraded to a below investment grade rating of “Ca” by Moody’s on March 27, 2009.  During the quarter ended September 30, 2009, an adverse change occurred in the expected cash flows for this instrument indicating that, based on cash flow forecasts with regard to timing of deferrals and potential future recovery of deferred payments, default rates, and other matters, the Corporation would not receive all contractual amounts due under the instrument and would not recover the entire cost basis of the security.  The Corporation had concluded that these conditions warranted a conclusion of other-than-temporary impairment for this holding as of September 30, 2009 and recognized an other-than-temporary impairment charge of $2.3 million pursuant to the provisions of ASC 320.  The credit loss portion of the impairment charge, representing the amount by which the present value of cash flows expected to be collected is less than the amortized cost basis of the debt security, was $467 thousand.  The analysis of the expected cash flows for this security as of December 31, 2009 resulted in an additional credit-related impairment loss of $679 thousand being recognized in earnings in the fourth quarter of 2009.  In the first quarter of 2010, an additional credit-related impairment loss of $63 thousand was recognized in earnings based on the analysis of expected cash flows for this security as of March 31, 2010.  This security was downgraded to a rating of “C” by Moody’s on June 24, 2010.  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. The analysis of the expected cash flows for this security as of September 30, 2010 did not result in further credit-related impairment loss for the quarter ended September 30, 2010.  Based on information available as of the filing date of this report, 22 of the 73 pooled institutions have invoked their original contractual right to defer interest payments.  A total of $285.6 million of the underlying collateral pool was in deferral or default status, or 32.6% of the total original collateral pool of $877.4 million. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (Dollars in thousands)                   |   | September 30, 2010 |    |   | December 31, 2009 |   |
|------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                     |   | Amount                  |    |   | % of Total             |   |   | Amount |   |   | % of Total |   |
| Rhode Island, Connecticut, Massachusetts |   | $                       | 529,904 |   |                   |   | 91 | % |   | $ | 512,748 |   |   |   | 90 | % |
| New York, New Jersey, Pennsylvania       |   |                    | 41,672  |   |                   |   | 7 | % |   |   | 40,485 |   |   |   | 7 | % |
| New Hampshire                            |   |                    | 11,890  |   |                   |   | 2 | % |   |   | 14,342 |   |   |   | 3 | % |
| Other                                    |   |                    | 1,709   |   |                   |   | – | % |   |   | 1,714 |   |   |   | – | % |
| Total                                    |   | $                       | 585,175 |   |                   |   | 100 | % |   | $ | 569,289 |   |   |   | 100 | % |

| (Dollars in thousands)                    |   | September 30, 2010 |    |   | December 31, 2009 |   |
|-------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                      |   | Amount                  |    |   | % of Total             |   |   | Amount |   |   | % of Total |   |
| Rhode Island, Connecticut, Massachusetts  |   | $                       | 594,058 |   |                   |   | 94 | % |   | $ | 555,455 |   |   |   | 92 | % |
| New York, Virginia, New Jersey, Maryland, |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Pennsylvania, District of Columbia        |   |                    | 14,479  |   |                   |   | 2 | % |   |   | 18,908 |   |   |   | 3 | % |
| Ohio                                      |   |                    | 10,285  |   |                   |   | 2 | % |   |   | 13,700 |   |   |   | 2 | % |
| California, Washington, Oregon            |   |                    | 6,744   |   |                   |   | 1 | % |   |   | 8,140 |   |   |   | 1 | % |
| Colorado, Texas, New Mexico, Utah         |   |                    | 4,012   |   |                   |   | 1 | % |   |   | 5,038 |   |   |   | 1 | % |
| Georgia                                   |   |                    | 2,231   |   |                   |   | – | % |   |   | 2,519 |   |   |   | 1 | % |
| New Hampshire                             |   |                    | 1,281   |   |                   |   | – | % |   |   | 1,333 |   |   |   | – | % |
| Other                                     |   |                    | 478     |   |                   |   | – | % |   |   | 482 |   |   |   | – | % |
| Total                                     |   | $                       | 633,568 |   |                   |   | 100 | % |   | $ | 605,575 |   |   |   | 100 | % |

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| (Dollars in thousands)                                     |   | September 30, |    |   | December 31, |   |
|------------------------------------------------------------|--------|--------------------|---------|--------|-------------------|--------|
|                                                       |   | 2010               |    |   | 2009              |   |
| Nonaccrual loans:                                          |   |               |    |   |              |   |
| Commercial mortgages                                       |   | $                  | 6,426   |   |              | $      | 11,588 |   |
| Commercial construction and development                    |   |               | – |   |              |   | – |   |
| Other commercial                                           |   |               | 6,256   |   |              |   | 9,075 |   |
| Residential real estate mortgages                          |   |               | 6,080   |   |              |   | 6,038 |   |
| Consumer                                                   |   |               | 824     |   |              |   | 769 |   |
| Total nonaccrual loans                                     |   |               | 19,586  |   |              |   | 27,470 |   |
| Nonaccrual investment securities                           |   |               | 841     |   |              |   | 1,065 |   |
| Property acquired through foreclosure or repossession, net |   |               | 2,612   |   |              |   | 1,974 |   |
| Total nonperforming assets                                 |   | $                  | 23,039  |   |              | $      | 30,509 |   |
|                                                       |   |               |    |   |              |   |   |   |
| Nonperforming assets to total assets                       |   |               | 0.79    | %      |              |   | 1.06 | % |
| Nonperforming loans to total loans                         |   |               | 0.97    | %      |              |   | 1.43 | % |
| Total past due loans to total loans                        |   |               | 1.24    | %      |              |   | 1.64 | % |
| Accruing loans 90 days or more past due                    |   | $                  | – |   |              | $      | – |   |

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| (Dollars in thousands)            |   | September 30, 2010 |    |   | December 31, 2009 |   |
|-----------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                              |   | Days Past Due           |    |   |                   |   |   | Days Past Due |   |   |   |   |
|                              |   | Over 90                 |    |   | Under 90               |   |   | Total |   |   | Over 90 |   |   | Under 90 |   |   | Total |   |
| Commercial:                       |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgages                         |   | $                       | 4,952   |   |                   | $      | 1,474 |   |   | $ | 6,426 |   |   | $ | 11,227 |   |   | $ | 361 |   |   | $ | 11,588 |   |
| Construction and development      |   |                    | – |   |                   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Other                             |   |                    | 4,240   |   |                   |   | 2,016 |   |   |   | 6,256 |   |   |   | 4,829 |   |   |   | 4,246 |   |   |   | 9,075 |   |
|                              |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential real estate mortgages |   |                    | 4,696   |   |                   |   | 1,384 |   |   |   | 6,080 |   |   |   | 4,028 |   |   |   | 2,010 |   |   |   | 6,038 |   |
|                              |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                          |   |                    | 277     |   |                   |   | 547 |   |   |   | 824 |   |   |   | 164 |   |   |   | 605 |   |   |   | 769 |   |
| Total nonaccrual loans            |   | $                       | 14,165  |   |                   | $      | 5,421 |   |   | $ | 19,586 |   |   | $ | 20,248 |   |   | $ | 7,222 |   |   | $ | 27,470 |   |

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| (Dollars in thousands)             |   |               |   |   |              |   |
|------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                               |   | September 30, 2010 |   |   | December 31, 2009 |   |
|                               |   | Amount             |   |   |              | %      | (1) |   | Amount |   |   |   | % | (1) |
| Loans 30 – 59 days past due: |   |               |   |   |              |   |   |   |   |   |   |   |   |   |
| Commercial real estate             |   | $                  | 1,685  |   |              |   |   |   |   | $ | 1,909 |   |   |   |   |   |
| Other commercial loans             |   |               | 2,632  |   |              |   |   |   |   |   | 1,831 |   |   |   |   |   |
| Residential real estate mortgages  |   |               | 2,828  |   |              |   |   |   |   |   | 2,409 |   |   |   |   |   |
| Consumer loans                     |   |               | 2,218  |   |              |   |   |   |   |   | 1,258 |   |   |   |   |   |
| Loans 30 – 59 days past due  |   | $                  | 9,363  |   |              |   |   |   |   | $ | 7,407 |   |   |   |   |   |
| Loans 60 – 89 days past due: |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Commercial real estate             |   | $                  | -      |   |              |   |   |   |   | $ | 1,648 |   |   |   |   |   |
| Other commercial loans             |   |               | 492    |   |              |   |   |   |   |   | 292 |   |   |   |   |   |
| Residential real estate mortgages  |   |               | 430    |   |              |   |   |   |   |   | 1,383 |   |   |   |   |   |
| Consumer loans                     |   |               | 420    |   |              |   |   |   |   |   | 591 |   |   |   |   |   |
| Loans 60 – 89 days past due  |   | $                  | 1,342  |   |              |   |   |   |   | $ | 3,914 |   |   |   |   |   |
| Loans 90 days or more past due:    |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Commercial real estate             |   | $                  | 4,952  |   |              |   |   |   |   | $ | 11,227 |   |   |   |   |   |
| Other commercial loans             |   |               | 4,240  |   |              |   |   |   |   |   | 4,829 |   |   |   |   |   |
| Residential real estate mortgages  |   |               | 4,696  |   |              |   |   |   |   |   | 4,028 |   |   |   |   |   |
| Consumer loans                     |   |               | 277    |   |              |   |   |   |   |   | 164 |   |   |   |   |   |
| Loans 90 days or more past due     |   | $                  | 14,165 |   |              |   |   |   |   | $ | 20,248 |   |   |   |   |   |
| Total past due loans:              |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Commercial real estate             |   | $                  | 6,637  |   |              |   | 1.13 | % |   | $ | 14,784 |   |   |   | 2.60 | % |
| Other commercial loans             |   |               | 7,364  |   |              |   | 1.35 | % |   |   | 6,952 |   |   |   | 1.67 | % |
| Residential real estate mortgages  |   |               | 7,954  |   |              |   | 1.26 | % |   |   | 7,820 |   |   |   | 1.29 | % |
| Consumer loans                     |   |               | 2,915  |   |              |   | 0.89 | % |   |   | 2,013 |   |   |   | 0.61 | % |
| Total past due loans               |   | $                  | 24,870 |   |              |   | 1.24 | % |   | $ | 31,569 |   |   |   | 1.64 | % |

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

| (Dollars in thousands)            |   | September 30, |   |   | December 31, |   |
|-----------------------------------|--------|---------------|--------|--------|--------------|--------|
|                              |   | 2010          |   |   | 2009         |   |
| Loans 30 – 59 days past due |   | $             | 692    |   |         | $      | 759 |   |
| Loans 60 – 89 days past due |   |          | 1,013  |   |         |   | 1,744 |   |
| Loans 90 days or more past due    |   |          | 14,165 |   |         |   | 20,248 |   |

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| (Dollars in thousands)                       |   | September 30, |   |   | December 31, |   |
|----------------------------------------------|--------|--------------------|--------|--------|--------------|--------|
|                                         |   | 2010               |   |   | 2009         |   |
| Accruing troubled debt restructured loans:   |   |               |   |   |         |   |
| Commercial mortgages                         |   | $                  | 11,812 |   |         | $      | 5,566 |   |
| Other commercial                             |   |               | 2,498  |   |         |   | 540 |   |
| Residential real estate mortgages            |   |               | 2,870  |   |         |   | 2,736 |   |
| Consumer                                     |   |               | 817    |   |         |   | 858 |   |
| Accruing troubled debt restructured loans    |   |               | 17,997 |   |         |   | 9,700 |   |
| Nonaccrual troubled debt restructured loans: |   |               |   |   |         |   |   |   |
| Commercial mortgages                         |   |               | 1,473  |   |         |   | – |   |
| Other commercial                             |   |               | 213    |   |         |   | 228 |   |
| Residential real estate mortgages            |   |               | 823    |   |         |   | 336 |   |
| Consumer                                     |   |               | 43     |   |         |   | 45 |   |
| Nonaccrual troubled debt restructured loans  |   |               | 2,552  |   |         |   | 609 |   |
| Total troubled debt restructured loans       |   | $                  | 20,549 |   |         | $      | 10,309 |   |

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| (Dollars in thousands)                                     |   | September 30, |   |   | December 31, |   |
|------------------------------------------------------------|--------|--------------------|--------|--------|--------------|--------|
|                                                       |   | 2010               |   |   | 2009         |   |
| Collateral dependent impaired loans  (1)         |   | $                  | 10,994 |   |         | $      | 15,640 |   |
| Impaired loans measured on discounted cash flow method (2) |   |               | 22,747 |   |         |   | 15,914 |   |
| Total impaired loans                                       |   | $                  | 33,741 |   |         | $      | 31,554 |   |

| (1)   | Net of partial charge-offs of $2.3 million at September 30, 2010 and $3.3 million at December 31, 2009. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| (2)   | Net of partial charge-offs of $1.0 million at September 30, 2010 and $503 thousand at December 31, 2009. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

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| (Dollars in thousands)        |   |               |   |   |              |   |
|-------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                          |   | September 30, |   |   | December 31, |   |
|                          |   | 2010               |   |   | 2009              |   |
| Commercial:                   |   |               |   |   |              |   |
| Mortgages                     |   | $                  | 7,207  |   |              | $      | 7,360 |   |
| % of these loans to all loans |   |               | 26.0   | %      |              |   | 25.9 | % |
|                          |   |               |   |   |              |   |   |   |
| Construction and development  |   |               | 886    |   |              |   | 874 |   |
| % of these loans to all loans |   |               | 3.1    | %      |              |   | 3.8 | % |
|                          |   |               |   |   |              |   |   |   |
| Other                         |   |               | 7,420  |   |              |   | 6,423 |   |
| % of these loans to all loans |   |               | 23.1   | %      |              |   | 21.6 | % |
|                          |   |               |   |   |              |   |   |   |
| Residential:                  |   |               |   |   |              |   |   |   |
| Mortgages                     |   |               | 3,840  |   |              |   | 3,638 |   |
| % of these loans to all loans |   |               | 31.0   | %      |              |   | 30.9 | % |
|                          |   |               |   |   |              |   |   |   |
| Homeowner construction        |   |               | 50     |   |              |   | 43 |   |
| % of these loans to all loans |   |               | 0.5    | %      |              |   | 0.6 | % |
|                          |   |               |   |   |              |   |   |   |
| Consumer                      |   |               | 1,638  |   |              |   | 1,346 |   |
| % of these loans to all loans |   |               | 16.3   | %      |              |   | 17.2 | % |
|                          |   |               |   |   |              |   |   |   |
| Unallocated                   |   |               | 7,124  |   |              |   | 7,716 |   |
| Balance at end of period      |   | $                  | 28,165 |   |              | $      | 27,400 |   |
|                          |   |               | 100.0  | %      |              |   | 100.0 | % |

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| (Dollars in thousands)             |   | Payments Due by Period |    |
|------------------------------------|--------|------------------------|---------|
|                               |   | Total                  |    |   | Less Than1 Year (1) |   |   | 1-3 Years |   |   | 4-5 Years |   |   | After5 Years |   |
| Contractual Obligations:           |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| FHLBB advances (2)                 |   | $                      | 480,358 |   |   | $ | 27,065 |   |   | $ | 248,336 |   |   | $ | 139,182 |   |   | $ | 65,775 |   |
| Junior subordinated debentures     |   |                   | 32,991  |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 32,991 |   |
| Operating lease obligations        |   |                   | 5,833   |   |   |   | 1,400 |   |   |   | 1,617 |   |   |   | 1,240 |   |   |   | 1,576 |   |
| Software licensing arrangements    |   |                   | 1,179   |   |   |   | 1,068 |   |   |   | 111 |   |   |   | – |   |   |   | – |   |
| Treasury, tax and loan demand note |   |                   | 1,084   |   |   |   | 1,084 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Other borrowed funds               |   |                   | 20,840  |   |   |   | 1,074 |   |   |   | 19,578 |   |   |   | 91 |   |   |   | 97 |   |
| Total contractual obligations      |   | $                      | 542,285 |   |   | $ | 31,691 |   |   | $ | 269,642 |   |   | $ | 140,513 |   |   | $ | 100,439 |   |

| (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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

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| (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                                                |   | $                                                  | 172,833 |   |   | $ | 123,718 |   |   | $ | 27,254 |   |   | $ | 2,769 |   |   | $ | 19,092 |   |
| Home equity lines                                               |   |                                               | 179,613 |   |   |   | 177 |   |   |   | – |   |   |   | – |   |   |   | 179,436 |   |
| Other loans                                                     |   |                                               | 18,894  |   |   |   | 15,619 |   |   |   | 50 |   |   |   | 3,225 |   |   |   | – |   |
| Standby letters of credit                                       |   |                                               | 9,164   |   |   |   | 2,425 |   |   |   | 6,739 |   |   |   | – |   |   |   | – |   |
| Forward loan commitments to:                                    |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Originate loans                                                 |   |                                               | 42,481  |   |   |   | 42,481 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Sell loans                                                      |   |                                               | 63,431  |   |   |   | 63,431 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Customer related derivative contracts:                          |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps with customers                              |   |                                               | 60,056  |   |   |   | – |   |   |   | 9,818 |   |   |   | 40,480 |   |   |   | 9,758 |   |
| Mirror swaps with counterparties                                |   |                                               | 60,056  |   |   |   | – |   |   |   | 9,818 |   |   |   | 40,480 |   |   |   | 9,758 |   |
| Interest rate risk management contract:                         |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts                                    |   |                                               | 32,991  |   |   |   | – |   |   |   | 10,310 |   |   |   | 8,248 |   |   |   | 14,433 |   |
| Equity commitment to affordable housing limited partnership (1) |   |                                               | 1,228   |   |   |   | 1,228 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Total commitments                                               |   | $                                                  | 640,747 |   |   | $ | 249,079 |   |   | $ | 63,989 |   |   | $ | 95,202 |   |   | $ | 232,477 |   |

| (1)   | The funding of this commitment is generally contingent upon substantial completion of the project.  See Note 9 to the Consolidated Financial Statements for additional information. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                          | September 30, 2010 | December 31, 2009 |
|-------------------------------|-------------------------|------------------------|
|                          | Months 1 - 12           | Months 13 - 24         | Months 1 - 12 | Months 13 - 24 |
| 100 basis point rate decrease | -2.82%                  | -8.90%                 | -2.09% | -7.08% |
| 100 basis point rate increase | 2.60%                   | 4.16%                  | 1.85% | 2.89% |
| 200 basis point rate increase | 5.42%                   | 8.02%                  | 4.11% | 6.45% |
| 300 basis point rate increase | 9.17%                   | 10.18%                 | 9.14% | 11.12% |

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| (Dollars in thousands)                                        |   | Down 100 |   |   | Up 200 |   |
|---------------------------------------------------------------|--------|----------|--------|--------|--------|--------|
|                                                          |   | Basis    |   |   | Basis  |   |
| Security Type                                                 |   | Points   |   |   | Points |   |
| U.S. government-sponsored enterprise securities (noncallable) |   | $        | 1,172  |   |   | $      | (2,206 | ) |
| U.S. government-sponsored enterprise securities (callable)    |   |     | 34     |   |   |   | (172 | ) |
| States and political subdivision                              |   |     | 3,443  |   |   |   | (7,009 | ) |
| Mortgage-backed securities issued by U.S. government agencies |   |     |   |   |   |   |   |   |
| and U.S. government-sponsored enterprises                     |   |     | 5,457  |   |   |   | (15,675 | ) |
| Trust preferred debt and other corporate debt securities      |   |     | 362    |   |   |   | 839 |   |
| Total change in market value as of September 30, 2010    |   | $        | 10,468 |   |   | $      | (24,223 | ) |
|                                                          |   |     |   |   |   |   |   |   |
| Total change in market value as of December 31, 2009     |   | $        | 12,251 |   |   | $      | (33,802 | ) |

ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk

ITEM 4.  Controls and Procedures

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PART II

Item 1.  Legal Proceedings

Item 1A.  Risk Factors

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

|                                 |   | Total number of shares purchased |    |   | Average price paid per share |   |    | Total number of shares purchased as part of publicly announced plan(s) |   |   | Maximum number of shares that may yet be purchased under the plan(s) |    |
|--------------------------------------|--------|----------------------------------|---------|--------|------------------------------|--------|---------|------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------|---------|
| 2006 Stock Repurchase Plan (1)       |   |                             |    |   |                         |   |    |                                                                   |   |   |                                                                 |    |
| Balance at beginning of period       |   |                             |    |   |                         |   |    |                                                                   |   |   |                                                                 | 214,600 |   |
| 7/1/2010 to 7/31/2010                |   |                             | – |   |                         |   | – |                                                                   |   |   | –                                                              |    |   |   | 214,600 |   |
| 8/1/2010 to 8/31/2010                |   |                             | – |   |                         |   | – |                                                                   |   |   | –                                                              |    |   |   | 214,600 |   |
| 9/1/2010 to 9/30/2010                |   |                             | – |   |                         |   | – |                                                                   |   |   | –                                                              |    |   |   | 214,600 |   |
| Total 2006 Stock Repurchase Plan     |   |                             | – |   |                         |   | – |                                                                   |   |   | –                                                              |    |   |   | 214,600 |   |
|                                 |   |                             |    |   |                         |   |    |                                                                   |   |   |                                                                 |    |   |   |   |   |
| Other (2)                            |   |                             |    |   |                         |   |    |                                                                   |   |   |                                                                 |    |   |   |   |   |
| Balance at beginning of period       |   |                             |    |   |                         |   |    |                                                                   |   |   |                                                                 |    |   |   | N/A |   |
| 7/1/2010 to 7/31/2010                |   |                             | – |   |                         |   | – |                                                                   |   |   | –                                                              |    |   |   | N/A |   |
| 8/1/2010 to 8/31/2010                |   |                             | 1,672   |   |                         | $      | 17.87   |                                                                   |   |   | 1,672                                                                |    |   |   | N/A |   |
| 9/1/2010 to 9/30/2010                |   |                             | – |   |                         |   | – |                                                                   |   |   | –                                                              |    |   |   | N/A |   |
| Total Other                          |   |                             | 1,672   |   |                         |   | 17.87   |                                                                   |   |   | 1,672                                                                |    |   |   | N/A |   |
| Total Purchases of Equity Securities |   |                             | 1,672   |   |                         | $      | 17.87   |                                                                   |   |   | 1,672                                                                |    |   |   |   |   |

| (1)  | The 2006 Stock Repurchase Plan was established in December 2006.  A maximum of 400,000 shares were authorized under the plan.  The Bancorp plans to hold the repurchased shares as treasury stock for general corporate purposes. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | Pursuant to the Corporation’s share-based compensation plans, employees may deliver back shares of stock previously issued in payment of the exercise price of stock options.  While required to be reported in this table, such transactions are not reported as share repurchases in the Corporation’s Consolidated Financial Statements.  The Corporation’s share-based compensation plans (the 1997 Plan and the 2003 Plan) have expiration dates of April 29, 2017 and February 19, 2029, respectively. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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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 – Filed herewith. (1) |
|           |                                                                                                                                                                                                       |
|           |                                                                                                                                                                                                       |
| (1)            | These certifications are not “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Exchange Act.                 |

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SIGNATURES

|                                   |   |   | WASHINGTON TRUST BANCORP, INC.                                  |
|----------------------------------------|--------|--------|-----------------------------------------------------------------|
|                                   |   |   | (Registrant)                                                    |
|                                   |   |   |                                                            |
|                                   |   |   |                                                            |
| Date:  November 8, 2010 |   | By:    | /s/ Joseph J. MarcAurele                                        |
|                                   |   |   | Joseph J. MarcAurele                                            |
|                                   |   |   | Chairman, President and Chief Executive Officer                 |
|                                   |   |   | (principal executive officer)                                   |
|                                   |   |   |                                                            |
|                                   |   |   |                                                            |
| Date:  November 8, 2010 |   | By:    | /s/ David V. Devault                                            |
|                                   |   |   | David V. Devault                                                |
|                                   |   |   | Executive Vice President, Chief Financial Officer and Secretary |
|                                   |   |   | (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 – Filed herewith. (1) |
|           |                                                                                                                                                                                                       |
|           |                                                                                                                                                                                                       |
| (1)            | These certifications are not “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Exchange Act.                 |