# EDGAR Filing Document

**Accession Number:** 0000737468
**File Stem:** 0000737468-26-000026
**Filing Date:** 2026-1
**Character Count:** 110519
**Document Hash:** 33fe7a0413589193f1076bbfdb3be348
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000737468-26-000026.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000737468-26-000026

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260128

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WASHINGTON TRUST BANCORP INC
- **CENTRAL INDEX KEY:** 0000737468
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 050404671
- **STATE OF INCORPORATION:** RI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32991
- **FILM NUMBER:** 26572540

**BUSINESS ADDRESS:**
- **STREET 1:** 23 BROAD ST
- **CITY:** WESTERLY
- **STATE:** RI
- **ZIP:** 02891
- **BUSINESS PHONE:** 4013481200

**MAIL ADDRESS:**
- **STREET 1:** 23 BROAD STREET
- **CITY:** WESTERLY
- **STATE:** RI
- **ZIP:** 02891

?xml version='1.0' encoding='ASCII'? wash-20260128

---

| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

---

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of** 

**the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 28, 2026** 

**WASHINGTON TRUST BANCORP, INC.**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Rhode Island** | **001-32991** | **05-0404671** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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

---

---

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

---

---

| |
|:---|
| **N/A** |
| **(Former name or address, if changed from last report)** |

---

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **COMMON STOCK, $.0625 PAR VALUE PER SHARE** | **WASH** | **The NASDAQ Stock Market LLC** |

---

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

Emerging growth company ☐

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

---

------

**Item 2.02 Results of Operations and Financial Condition.**

On January 28, 2026, Washington Trust Bancorp, Inc. issued a press release in which it disclosed unaudited financial information related to fourth quarter 2025 consolidated earnings. A copy of the press release relating to such announcement, dated January 28, 2026, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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

**Item 9.01 Financial Statements and Exhibits.**

---

| | | |
|:---|:---|:---|
| (d) | Exhibits. | |
| | <u>Exhibit No.</u> | <u>Exhibit</u> |
| | <u>[99.1](exhibit9912025q4.htm)</u> | Press release dated January 28, 2026\* |
| | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| | \*Furnished herewith | |

---

------

SIGNATURES

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

---

| | | | |
|:---|:---|:---|:---|
| | | WASHINGTON TRUST BANCORP, INC. | WASHINGTON TRUST BANCORP, INC. |
| Date: | January 28, 2026 | By: | /s/ Ronald S. Ohsberg |
|  |  |  | Ronald S. Ohsberg |
|  |  |  | Senior Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![bancorpflatbluehorizontala.jpg](bancorpflatbluehorizontala.jpg)

**&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ: WASH**

Media Contact: Kathleen Hart

VP, Public Relations Manager

Telephone: (401) 348-1495

E-mail: kahart@washtrust.com

Date: January 28, 2026

**FOR IMMEDIATE RELEASE**

**Washington Trust Reports Strong Fourth Quarter and Full-Year 2025 Results**

WESTERLY, R.I., January 28, 2026 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq: WASH; "Washington Trust" or the "Corporation"), today reported fourth quarter 2025 net income of $16.0 million, or $0.83 per diluted share, up from $10.8 million, or $0.56 per diluted share, for the preceding quarter. Full-year 2025 net income totaled $52.2 million, or $2.71 per diluted share, compared to a net loss of $28.1 million, or a $1.63 loss per diluted share, for 2024. Excluding the impact of previously disclosed infrequent transactions from both periods, full-year 2025 adjusted net income (non-GAAP) totaled $51.8 million, or $2.69 per diluted share, compared to adjusted net income (non-GAAP) of $40.9 million, or $2.37 per diluted share, for 2024.

"Our fourth quarter results reflect continued earnings momentum and improving profitability, with year-over-year performance supported by margin expansion, strong in-market deposit growth, and increases in wealth management and mortgage banking revenues," said Washington Trust Chairman and Chief Executive Officer Edward O. "Ned" Handy III. "As we enter 2026, the addition of resources in our commercial and wealth management business lines, including the recently announced dedicated institutional banking team, positions us well for sustainable growth."

<u>FOURTH QUARTER HIGHLIGHTS (Q4 2025 vs. Q3 2025, unless otherwise noted):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The net interest margin was 2.56%, up by 16 basis points. Full-year 2025 net interest margin was 2.40%, up by 53 basis points from 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The provision for credit losses normalized to $600 thousand, and asset quality metrics improved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wealth management revenues increased by 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage loan originations and sales increased 21% and 25%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan balances were stable at $5.1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In-market deposits (total deposits less wholesale brokered deposits) were up by 1% from September 30, 2025 and 9% from December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital ratios remained strong, with a total risk-based capital ratio of 12.95% at December 31, 2025.

------

Washington Trust

January 28, 2026

<u>RESULTS OF OPERATIONS (Q4 2025 vs. Q3 2025, unless otherwise noted):</u>

<u>Net Interest Income</u>

Net interest income was $40.7 million, up by $1.9 million, or 5%, and the net interest margin was 2.56%, up by 16 basis points. This was supported by lower funding costs and included an increase in loan prepayment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial loan prepayment fee income was $516 thousand (a 3 basis point benefit to net interest margin).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-earning assets decreased by $93 million, due to decreases in loans and securities. The yield was 4.93%, down by 6 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing liabilities decreased by $104 million, due to decreases in wholesale funding balances, partially offset by growth in in-market deposits. The rate was 2.84%, down by 24 basis points.

<u>Noninterest Income</u>

Noninterest income was $18.5 million, up by $867 thousand, or 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wealth management revenues amounted to $10.9 million, up by $479 thousand, or 5%. Average assets under administration ("AUA") increased by 4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage banking revenues totaled $3.3 million, down by $251 thousand, or 7%, as increases in gains on sales were offset by changes in fair value on mortgage loans held for sale and forward loan commitments. The change in fair value reflects seasonality in the loan pipeline. Mortgage banking revenues increased by 14% compared to the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan related derivative income totaled $1.1 million, up by $810 thousand.

<u>Noninterest Expense</u>

Noninterest expense totaled $38.0 million, up by $2.3 million, or 6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salaries and employee benefits expense amounted to $23.6 million, up by $973 thousand, or 4%, reflecting higher levels of performance- and volume-based compensation, as well as increased staffing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other noninterest expenses totaled $3.9 million, up by $1.3 million, or 51%, largely due to a $1.0 million contribution made by Washington Trust to its charitable foundation.

<u>Income Tax</u>

Income tax expense totaled $4.7 million, up by $1.6 million. The effective tax rate was 22.7%, compared to 22.2%. The Corporation expects its full-year 2026 effective tax rate to be approximately 22.0%.

<u>FINANCIAL CONDITION (Dec 31, 2025 vs. Sep 30, 2025, unless otherwise noted):</u>

<u>Investment Securities</u>

The securities portfolio totaled $940 million, down by $22 million, or 2%, and remained at 14% of total assets.

<u>Loans</u>

Total loans amounted to $5.1 billion, up by $12 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial loans increased by $23 million, or 1%.

------

Washington Trust

January 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Residential real estate loans decreased by $23 million, or 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer loans increased by $12 million, or 4%.

<u>Deposits and Borrowings</u>

Total deposits amounted to $5.3 billion, up by $47 million, or 1%. There were no wholesale brokered deposits at the end of either period. FHLB advances totaled $626 million, down by $165 million, or 21%.

Contingent liquidity amounted to $2.0 billion at the end of 2025 and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

<u>Capital and Dividends</u>

Total shareholders' equity was $543.6 million, up by $10.6 million, or 2%, reflecting net income and improvement in accumulated other comprehensive loss, which were offset, in part, by quarterly dividend declarations and a net increase in treasury stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the fourth quarter, the Corporation repurchased 20,855 shares of its common stock, at an average price of $27.03 and a total cost of $564 thousand, under its stock repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Directors declared a quarterly dividend of 56 cents per share for fourth quarter. The dividend was paid on January 14, 2026 to shareholders of record on January 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital levels exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.95%, compared to 12.90%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per share was $28.56, compared to $27.98.

<u>ASSET QUALITY (Dec 31, 2025 vs. Sep 30, 2025, unless otherwise noted):</u>

Credit quality metrics improved in the fourth quarter, with reductions in nonaccrual loans and net charge-offs.

Nonaccrual loans were $12.9 million, or 0.25% of total loans, down from $14.0 million, or 0.27%, and consisted entirely of residential and consumer loans.

Past due loans were $11.4 million, or 0.22% of total loans, up from $8.1 million, or 0.16%, and included $655 thousand of commercial loans and $10.7 million of residential and consumer loans.

The Corporation recorded $160 thousand of net recoveries in the fourth quarter, compared to net charge-offs of $11.4 million in the preceding quarter. The provision for credit losses normalized and totaled $600 thousand in the fourth quarter, compared to $6.8 million in the third quarter.

The allowance for credit losses ("ACL") on loans amounted to $37.2 million, or 0.73% of total loans, compared to $36.6 million, or 0.71%.

------

Washington Trust

January 28, 2026

<u>Conference Call</u>

Washington Trust will host a conference call to discuss its fourth quarter results, business highlights, and outlook on Thursday, January 29, 2026 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 58400. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 478781. The audio replay will be available through February 12, 2026. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through March 31, 2026.

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Washington Trust

January 28, 2026

<u>Background</u>

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

<u>Forward-Looking Statements</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in general business and economic conditions (including the impact of tariffs, inflation, potential U.S government shutdowns, and concerns about liquidity) on a national basis and in the local markets in which we operate;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in loan demand and collectability;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing volatility in national and international financial markets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreases in the value of securities and other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in defaults and charge-off rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the size and nature of our competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, and evolving interpretations of, existing and future laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles, policies and guidelines;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory, litigation and reputational risks; and

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

In addition, the factors described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. The forward-looking statements in this report were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

<u>Supplemental Information - Explanation of Non-GAAP Financial Measures</u>

In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures. Washington Trust's management believes that the supplemental non-GAAP information, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well as measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  |  |  |  | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Dec 31, 2024 |
|  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | $% | $% |
| **Assets:** |  |  |  |  |  |
| Cash and due from banks | $29481 | $35604 | $21534 | (17.2%) | 36.9% |
| Interest-earning deposits with correspondent banks | 61375 | 143886 | 88368 | (57.3) | (30.5) |
| Short-term investments | 12878 | 12841 | 3987 | 0.3 | 223.0 |
| Mortgage loans held for sale, at fair value | 35833 | 31318 | 21708 | 14.4 | 65.1 |
| Mortgage loans held for sale, at lower of cost or market |  |  | 281706 |  | (100.0) |
| Premises and equipment held for sale, lower of cost or market |  |  | 4788 |  | (100.0) |
| Available for sale debt securities, at fair value | 940342 | 962466 | 916305 | (2.3) | 2.6 |
| Federal Home Loan Bank stock, at cost | 29473 | 36331 | 49817 | (18.9) | (40.8) |
| Loans: |  |  |  |  |  |
| &nbsp;&nbsp;Total loans | 5134388 | 5122582 | 5137838 | 0.2 | (0.1) |
| &nbsp;&nbsp;Less: allowance for credit losses on loans | 37236 | 36576 | 41960 | 1.8 | (11.3) |
| &nbsp;&nbsp;Net loans | 5097152 | 5086006 | 5095878 | 0.2 |  |
| Premises and equipment, net | 25402 | 25065 | 26873 | 1.3 | (5.5) |
| Operating lease right-of-use assets | 35904 | 35968 | 26943 | (0.2) | 33.3 |
| Investment in bank-owned life insurance | 115126 | 114240 | 106777 | 0.8 | 7.8 |
| Goodwill | 63909 | 63909 | 63909 |  |  |
| Identifiable intangible assets, net | 4303 | 4458 | 2885 | (3.5) | 49.2 |
| Other assets | 170516 | 165829 | 219169 | 2.8 | (22.2) |
| &nbsp;&nbsp;Total assets | $6621694 | $6717921 | $6930647 | (1.4%) | (4.5%) |
| **Liabilities:** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;Noninterest-bearing deposits | $595092 | $671309 | $661776 | (11.4%) | (10.1%) |
| &nbsp;&nbsp;Interest-bearing deposits | 4674898 | 4551527 | 4454024 | 2.7 | 5.0 |
| &nbsp;&nbsp;Total deposits | 5269990 | 5222836 | 5115800 | 0.9 | 3.0 |
| Federal Home Loan Bank advances | 626000 | 791000 | 1125000 | (20.9) | (44.4) |
| Junior subordinated debentures | 22681 | 22681 | 22681 |  |  |
| Operating lease liabilities | 38726 | 38741 | 29578 |  | 30.9 |
| Other liabilities | 120713 | 109642 | 137860 | 10.1 | (12.4) |
| &nbsp;&nbsp;Total liabilities | 6078110 | 6184900 | 6430919 | (1.7) | (5.5) |
| **Shareholders' Equity:** |  |  |  |  |  |
| Common stock | 1223 | 1223 | 1223 |  |  |
| Paid-in capital | 198323 | 198058 | 196947 | 0.1 | 0.7 |
| Retained earnings | 442741 | 437545 | 434014 | 1.2 | 2.0 |
| Accumulated other comprehensive loss | (79309) | (84828) | (119171) | (6.5) | 33.4 |
| Treasury stock, at cost | (19394) | (18977) | (13285) | 2.2 | (46.0) |
| &nbsp;&nbsp;Total shareholders' equity | 543584 | 533021 | 499728 | 2.0 | 8.8 |
| &nbsp;&nbsp;Total liabilities and shareholders' equity | $6621694 | $6717921 | $6930647 | (1.4%) | (4.5%) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** |
| (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) |
|  |  |  |  | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q4 2024 |
|  | Q4 2025 | Q3 2025 | Q4 2024 | $% | $% |
| Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;Interest and fees on loans | $67040 | $68785 | $71432 | (2.5%) | (6.1%) |
| &nbsp;&nbsp;Interest on mortgage loans held for sale | 606 | 542 | 762 | 11.8 | (20.5) |
| &nbsp;&nbsp;Taxable interest on debt securities | 9100 | 9372 | 7015 | (2.9) | 29.7 |
| &nbsp;&nbsp;Nontaxable interest on debt securities | 8 | 7 | 8 | 14.3 |  |
| &nbsp;&nbsp;Dividends on Federal Home Loan Bank stock | 792 | 764 | 1312 | 3.7 | (39.6) |
| &nbsp;&nbsp;Other interest income | 1291 | 1475 | 1310 | (12.5) | (1.5) |
| &nbsp;&nbsp;Total interest and dividend income | 78837 | 80945 | 81839 | (2.6) | (3.7) |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | 30060 | 31223 | 34135 | (3.7) | (11.9) |
| &nbsp;&nbsp;Federal Home Loan Bank advances | 7696 | 10542 | 14388 | (27.0) | (46.5) |
| &nbsp;&nbsp;Junior subordinated debentures | 333 | 347 | 380 | (4.0) | (12.4) |
| &nbsp;&nbsp;Total interest expense | 38089 | 42112 | 48903 | (9.6) | (22.1) |
| Net interest income | 40748 | 38833 | 32936 | 4.9 | 23.7 |
| Provision for credit losses | 600 | 6800 | 1000 | (91.2) | (40.0) |
| Net interest income after provision for credit losses | 40148 | 32033 | 31936 | 25.3 | 25.7 |
| Noninterest income (loss): |  |  |  |  |  |
| &nbsp;&nbsp;Wealth management revenues | 10852 | 10373 | 10049 | 4.6 | 8.0 |
| &nbsp;&nbsp;Mortgage banking revenues | 3250 | 3501 | 2848 | (7.2) | 14.1 |
| &nbsp;&nbsp;Card interchange fees | 1217 | 1163 | 1255 | 4.6 | (3.0) |
| &nbsp;&nbsp;Service charges on deposit accounts | 843 | 841 | 794 | 0.2 | 6.2 |
| &nbsp;&nbsp;Loan related derivative income | 1081 | 271 | 8 | 298.9 | 13412.5 |
| &nbsp;&nbsp;Income from bank-owned life insurance | 886 | 868 | 779 | 2.1 | 13.7 |
| &nbsp;&nbsp;Realized losses on securities, net |  |  | (31047) |  | 100.0 |
| &nbsp;&nbsp;Losses on sale of portfolio loans, net |  |  | (62888) |  | 100.0 |
| &nbsp;&nbsp;Other income  | 374 | 619 | 310 | (39.6) | 20.6 |
| &nbsp;&nbsp;Total noninterest income (loss) | 18503 | 17636 | (77892) | 4.9 | 123.8 |
| Noninterest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Salaries and employee benefits | 23647 | 22674 | 21875 | 4.3 | 8.1 |
| &nbsp;&nbsp;Outsourced services | 4067 | 4120 | 4197 | (1.3) | (3.1) |
| &nbsp;&nbsp;Net occupancy | 2642 | 2691 | 2428 | (1.8) | 8.8 |
| &nbsp;&nbsp;Equipment | 852 | 917 | 936 | (7.1) | (9.0) |
| &nbsp;&nbsp;Legal, audit, and professional fees | 667 | 719 | 845 | (7.2) | (21.1) |
| &nbsp;&nbsp;FDIC deposit insurance costs | 1028 | 1055 | 1266 | (2.6) | (18.8) |
| &nbsp;&nbsp;Advertising and promotion | 1029 | 763 | 560 | 34.9 | 83.8 |
| &nbsp;&nbsp;Amortization of intangibles | 155 | 200 | 204 | (22.5) | (24.0) |
| &nbsp;&nbsp;Other expenses | 3896 | 2587 | 1981 | 50.6 | 96.7 |
| &nbsp;&nbsp;Total noninterest expense | 37983 | 35726 | 34292 | 6.3 | 10.8 |
| Income (loss) before income taxes | 20668 | 13943 | (80248) | 48.2 | 125.8 |
| Income tax expense (benefit) | 4694 | 3097 | (19457) | 51.6 | 124.1 |
| &nbsp;&nbsp;Net income (loss) | $15974 | $10846 | ($60791) | 47.3% | 126.3% |
| Net income (loss) available to common shareholders | $15974 | $10846 | ($60776) |  |  |
| Weighted avg common shares outstanding - basic | 19034 | 19128 | 17452 |  |  |
| Weighted avg common shares outstanding - diluted | 19159 | 19243 | 17452 |  |  |
| Per share information: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic earnings per common share | $0.84 | $0.57 | ($3.48) | 47.4% | (124.1%) |
| &nbsp;&nbsp;&nbsp;Diluted earnings per common share | $0.83 | $0.56 | ($3.48) | 48.2% | (123.9%) |
| &nbsp;&nbsp;&nbsp;Cash dividends declared | $0.56 | $0.56 | $0.56 | —% | —% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** |
| (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) |
|  |  |  | Change |
| For the Year Ended Dec 31, | 2025 | 2024 | $% |
| Interest income: |  |  |  |
| &nbsp;&nbsp;Interest and fees on loans | $269826 | $299297 | (9.8%) |
| &nbsp;&nbsp;Interest on mortgage loans held for sale | 2548 | 1775 | 43.5 |
| &nbsp;&nbsp;Taxable interest on debt securities | 36529 | 27850 | 31.2 |
| &nbsp;&nbsp;Nontaxable interest on debt securities | 30 | 8 | 275.0 |
| &nbsp;&nbsp;Dividends on Federal Home Loan Bank stock | 3370 | 4771 | (29.4) |
| &nbsp;&nbsp;Other interest income | 5788 | 6977 | (17.0) |
| &nbsp;&nbsp;Total interest and dividend income | 318091 | 340678 | (6.6) |
| Interest expense: |  |  |  |
| &nbsp;&nbsp;Deposits | 123895 | 146098 | (15.2) |
| &nbsp;&nbsp;Federal Home Loan Bank advances | 39635 | 64539 | (38.6) |
| &nbsp;&nbsp;Junior subordinated debentures | 1373 | 1593 | (13.8) |
| &nbsp;&nbsp;Total interest expense | 164903 | 212230 | (22.3) |
| Net interest income | 153188 | 128448 | 19.3 |
| Provision for credit losses | 9200 | 2400 | 283.3 |
| Net interest income after provision for credit losses | 143988 | 126048 | 14.2 |
| Noninterest income (loss): |  |  |  |
| &nbsp;&nbsp;Wealth management revenues | 41236 | 39054 | 5.6 |
| &nbsp;&nbsp;Mortgage banking revenues | 12089 | 10981 | 10.1 |
| &nbsp;&nbsp;Card interchange fees | 5136 | 4996 | 2.8 |
| &nbsp;&nbsp;Service charges on deposit accounts | 3236 | 3032 | 6.7 |
| &nbsp;&nbsp;Loan related derivative income | 2129 | 467 | 355.9 |
| &nbsp;&nbsp;Income from bank-owned life insurance | 3349 | 3041 | 10.1 |
| &nbsp;&nbsp;Realized losses on securities, net |  | (31047) | 100.0 |
| &nbsp;&nbsp;Losses on sale of portfolio loans, net |  | (62888) | 100.0 |
| &nbsp;&nbsp;Gain on sale of bank-owned properties, net | 6994 | 988 | 607.9 |
| &nbsp;&nbsp;Other income  | 1691 | 3579 | (52.8) |
| &nbsp;&nbsp;Total noninterest income (loss) | 75860 | (27797) | 372.9 |
| Noninterest expense: |  |  |  |
| &nbsp;&nbsp;Salaries and employee benefits | 91768 | 86260 | 6.4 |
| &nbsp;&nbsp;Outsourced services | 16937 | 16258 | 4.2 |
| &nbsp;&nbsp;Net occupancy | 10736 | 9785 | 9.7 |
| &nbsp;&nbsp;Equipment | 3590 | 3838 | (6.5) |
| &nbsp;&nbsp;Legal, audit, and professional fees | 2862 | 3128 | (8.5) |
| &nbsp;&nbsp;FDIC deposit insurance costs | 4580 | 5513 | (16.9) |
| &nbsp;&nbsp;Advertising and promotion | 2919 | 2626 | 11.2 |
| &nbsp;&nbsp;Amortization of intangibles | 762 | 826 | (7.7) |
| &nbsp;&nbsp;Pension plan settlement charge | 6436 |  | 100.0 |
| &nbsp;&nbsp;Other expenses | 11845 | 8835 | 34.1 |
| &nbsp;&nbsp;Total noninterest expense | 152435 | 137069 | 11.2 |
| Income (loss) before income taxes | 67413 | (38818) | 273.7 |
| Income tax expense (benefit) | 15169 | (10759) | 241.0 |
| &nbsp;&nbsp;Net income (loss) | $52244 | ($28059) | 286.2% |
| Net income (loss) available to common shareholders | $52244 | ($28038) |  |
| Weighted avg common shares outstanding - basic | 19180 | 17149 |  |
| Weighted avg common shares outstanding - diluted | 19281 | 17149 |  |
| Per share information: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic earnings per common share | $2.72 | ($1.63) | (266.9%) |
| &nbsp;&nbsp;&nbsp;Diluted earnings per common share | $2.71 | ($1.63) | (266.3%) |
| &nbsp;&nbsp;&nbsp;Cash dividends declared | $2.24 | $2.24 | —% |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** |
| (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) | (Unaudited; Dollars and shares in thousands, except per share amounts) |
|  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Dec 31, 2024 | Dec 31, 2025 vs. Dec 31, 2024 |
| **Share and Equity Related Data:** |  |  |  |  |  |  |  |
| Book value per share | $28.56 | $27.98 | $25.93 | $0.58 | 2.1% | $2.63 | 10.1% |
| Tangible book value per share (non-GAAP) (1) | $24.97 | $24.39 | $22.46 | $0.58 | 2.4% | $2.51 | 11.2% |
| Market value per share | $29.55 | $28.90 | $31.35 | $0.65 | 2.2% | ($1.80) | (5.7%) |
| Shares issued at end of period | 19562 | 19562 | 19562 | — shs | —% | — shs | —% |
| Shares outstanding at end of period | 19035 | 19050 | 19274 | (15) shs | (0.1%) | (239) shs | (1.2%) |
| **Capital Ratios (2):** |  |  |  |  |  |  |  |
| Tier 1 risk-based capital | 12.14% | 12.11% | 11.64% | 3 bps |  | 50 bps |  |
| Total risk-based capital | 12.95% | 12.90% | 12.47% | 5 bps |  | 48 bps |  |
| Tier 1 leverage ratio | 8.65% | 8.43% | 8.13% | 22 bps |  | 52 bps |  |
| Common equity tier 1 | 11.68% | 11.64% | 11.20% | 4 bps |  | 48 bps |  |
| **Balance Sheet Ratios:** |  |  |  |  |  |  |  |
| Equity to assets | 8.21% | 7.93% | 7.21% | 28 bps |  | 100 bps |  |
| Tangible equity to tangible assets (non-GAAP) (1) | 7.25% | 6.99% | 6.31% | 26 bps |  | 94 bps |  |
| Loans to deposits (3) | 97.4% | 98.0% | 105.5% | (60) bps |  | (810) bps |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | Q4 2025 | Q4 2025 | For the Year Ended | For the Year Ended | YTD 2025 |
| |<br>Q4 2025 |<br>Q3 2025 |<br>Q4 2024 | vs. Q3 2025 (bps) | vs. Q4 2024 (bps) | Dec 31, 2025 | Dec 31, 2024 | vs. 2024 (bps) |
| **Performance Ratios (4):** |  |  |  |  |  |  |  |  |
| Net interest margin (5) | 2.56% | 2.40% | 1.95% | 16 | 61 | 2.40% | 1.87% | 53 |
| Return on average assets (6) | 0.95% | 0.64% | (3.45%) | 31 | 440 | 0.78% | (0.39%) | 117 |
| Adjusted return on average assets (non-GAAP) (1) | 0.95% | 0.64% | 0.59% | 31 | 36 | 0.77% | 0.57% | 20 |
| Return on average tangible assets (non-GAAP) (1) | 0.96% | 0.65% | 0.60% | 31 | 36 | 0.78% | 0.57% | 21 |
| Return on average equity (7) | 11.70% | 8.14% | (48.25%) | 356 | 5995 | 9.92% | (5.84%) | 1576 |
| Adjusted return on average equity (non-GAAP) (1) | 11.70% | 8.14% | 8.29% | 356 | 341 | 9.84% | 8.52% | 132 |
| Return on average tangible equity (non-GAAP) (1) | 13.39% | 9.34% | 9.57% | 405 | 382 | 11.28% | 9.91% | 137 |
| Efficiency ratio (8) | 64.1% | 63.3% | (76.3%) | 80 | 14040 | 66.6% | 136.2% | (6960) |
| Adjusted efficiency ratio (non-GAAP) (1) | 64.1% | 63.3% | 70.0% | 80 | (590) | 65.7% | 71.6% | (590) |

---

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

(2)Estimated for Dec 31, 2025 and actuals for prior periods.

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

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

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

(6)Net income divided by average assets.

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  |  |  |  | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q4 2024 |
|  | Q4 2025 | Q3 2025 | Q4 2024 | $% | $% |
| **<u>Wealth Management Results</u>** |  |  |  |  |  |
| **Wealth Management Revenues:** |  |  |  |  |  |
| Asset-based revenues | $10749 | $10307 | $9910 | 4.3% | 8.5% |
| Transaction-based revenues | 103 | 66 | 139 | 56.1 | (25.9) |
| Total wealth management revenues | $10852 | $10373 | $10049 | 4.6% | 8.0% |
| **Assets Under Administration (AUA):** |  |  |  |  |  |
| Balance at end of period (1) | $7777250 | $7682440 | $7077802 | 1.2% | 9.9% |
| Percentage of AUA that are managed assets | 91% | 91% | 91% |  |  |
| **<u>Mortgage Banking Results</u>** |  |  |  |  |  |
| **Mortgage Banking Revenues:** |  |  |  |  |  |
| Realized gains on loan sales, net (2) | $3424 | $2450 | $2493 | 39.8% | 37.3% |
| Changes in fair value, net (3) | (610) | 530 | (317) | (215.1) | 92.4 |
| Loan servicing fee income, net (4) | 436 | 521 | 672 | (16.3) | (35.1) |
| Total mortgage banking revenues | $3250 | $3501 | $2848 | (7.2%) | 14.1% |
| **Residential Mortgage Loan Originations:** |  |  |  |  |  |
| Originations for retention in portfolio (5) | $46912 | $50852 | $15155 | (7.7%) | 209.5% |
| Originations for sale to secondary market (6) | 162410 | 122300 | 114137 | 32.8 | 42.3 |
| Total mortgage loan originations | $209322 | $173152 | $129292 | 20.9% | 61.9% |
| Percentage of originations for sale to total mortgage loan originations | 78% | 71% | 88% |  |  |
| **Residential Mortgage Loans Sold:** |  |  |  |  |  |
| Sold with servicing rights retained | $7461 | $9774 | $62410 | (23.7%) | (88.0%) |
| Sold with servicing rights released (6) | 150507 | 116713 | 50697 | 29.0 | 196.9 |
| Total mortgage loans sold | $157968 | $126487 | $113107 | 24.9% | 39.7% |

---

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

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

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

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

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** | **SELECTED FINANCIAL HIGHLIGHTS** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  |  |  | Change |
| For the Year Ended Dec 31, | 2025 | 2024 | $% |
| **<u>Wealth Management Results</u>** |  |  |  |
| **Wealth Management Revenues:** |  |  |  |
| Asset-based revenues | $40570 | $38008 | 6.7% |
| Transaction-based revenues | 666 | 1046 | (36.3) |
| Total wealth management revenues | $41236 | $39054 | 5.6% |
| **Assets Under Administration (AUA):** |  |  |  |
| Balance at end of period (1) | $7777250 | $7077802 | 9.9% |
| Percentage of AUA that are managed assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91% |  |
| **<u>Mortgage Banking Results</u>** |  |  |  |
| **Mortgage Banking Revenues:** |  |  |  |
| Realized gains on loan sales, net (2) | $9909 | $8776 | 12.9% |
| Changes in fair value, net (3) | 72 | (1) | 7300.0 |
| Loan servicing fee income, net (4) | 2108 | 2206 | (4.4) |
| Total mortgage banking revenues | $12089 | $10981 | 10.1% |
| **Residential Mortgage Loan Originations:** |  |  |  |
| Originations for retention in portfolio (5) | $176757 | $92466 | 91.2% |
| Originations for sale to secondary market (6) | 490441 | 418080 | 17.3 |
| Total mortgage loan originations | $667198 | $510546 | 30.7% |
| Percentage of originations for sale to total mortgage loan originations | 74% | 82% |  |
| **Residential Mortgage Loans Sold:** |  |  |  |
| Sold with servicing rights retained | $41816 | $128918 | (67.6%) |
| Sold with servicing rights released (6) | 434913 | 287223 | 51.4 |
| Total mortgage loans sold | $476729 | $416141 | 14.6% |

---

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

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

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

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

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  |  |  |  | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Dec 31, 2024 |
|  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | $% | $% |
| **Loans:** |  |  |  |  |  |
| Commercial real estate (1) | $2183985 | $2156750 | $2154504 | 1.3% | 1.4% |
| Commercial & industrial | 564082 | 568317 | 542474 | (0.7) | 4.0 |
| Total commercial | 2748067 | 2725067 | 2696978 | 0.8 | 1.9 |
| Residential real estate (2) | 2050399 | 2073740 | 2126171 | (1.1) | (3.6) |
| Home equity | 318862 | 307371 | 297119 | 3.7 | 7.3 |
| Other | 17060 | 16404 | 17570 | 4.0 | (2.9) |
| Total consumer | 335922 | 323775 | 314689 | 3.8 | 6.7 |
| Total loans | $5134388 | $5122582 | $5137838 | 0.2% | (0.1%) |

---

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** | **END OF PERIOD LOAN COMPOSITION** |
| **(Unaudited; Dollars in thousands)** | **(Unaudited; Dollars in thousands)** | **(Unaudited; Dollars in thousands)** | **(Unaudited; Dollars in thousands)** | **(Unaudited; Dollars in thousands)** | **(Unaudited; Dollars in thousands)** |
|  | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2024 | Balance Change |
|  | Balance | % of Total | Balance | % of Total | $% |
| **Commercial Real Estate Portfolio Segmentation:** |  |  |  |  |  |
| Multi-family | $667388 | 31% | $567243 | 26% | 17.7% |
| Retail | 436961 | 20 | 433146 | 20 | 0.9 |
| Industrial and warehouse | 380403 | 17 | 358425 | 17 | 6.1 |
| Office | 237706 | 11 | 289853 | 13 | (18.0) |
| Hospitality | 230549 | 11 | 213585 | 10 | 7.9 |
| Healthcare Facility | 156871 | 7 | 205858 | 10 | (23.8) |
| Mixed-use | 26440 | 1 | 29023 | 1 | (8.9) |
| Other | 47667 | 2 | 57371 | 3 | (16.9) |
| Total commercial real estate loans | $2183985 | 100% | $2154504 | 100% | 1.4% |
| **Commercial & Industrial Portfolio Segmentation:** |  |  |  |  |  |
| Healthcare and social assistance | $150061 | 27% | $126547 | 23% | 18.6% |
| Real estate rental and leasing | 57113 | 10 | 63992 | 12 | (10.7) |
| Transportation and warehousing | 55315 | 10 | 55784 | 10 | (0.8) |
| Educational services | 54245 | 10 | 47092 | 9 | 15.2 |
| Retail trade | 48289 | 9 | 41132 | 8 | 17.4 |
| Accommodation and food services | 26431 | 5 | 12368 | 2 | 113.7 |
| Manufacturing | 23714 | 4 | 32140 | 6 | (26.2) |
| Finance and insurance | 22727 | 4 | 26557 | 5 | (14.4) |
| Arts, entertainment, and recreation | 22043 | 4 | 19861 | 4 | 11.0 |
| Information  | 21843 | 4 | 22265 | 4 | (1.9) |
| Professional, scientific, and technical services | 12490 | 2 | 10845 | 2 | 15.2 |
| Public administration  | 1448 |  | 2186 |  | (33.8) |
| Other | 68363 | 11 | 81705 | 15 | (16.3) |
| Total commercial & industrial loans | $564082 | 100% | $542474 | 100% | 4.0% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Weighted Average | Weighted Average | Asset Quality | Asset Quality | Asset Quality | Asset Quality |
| |<br>Balance (2) (3) |<br>Average<br> Loan <br>Size (4) | Loan to Value | Debt<br> Service Coverage | Pass | Special Mention | Classified | Nonaccrual (included in Classified) |
| **Non-Owner Occupied Commercial Real Estate Office (inclusive of Construction):** |  |  |  |  |  |  |  |  |
| Class A | $85190 | $10716 | 57% | 1.45x | $56894 | $22139 | $6157 | $— |
| Class B | 71232 | 3562 | 53% | 1.58x | 71232 |  |  |  |
| Class C | 10500 | 1500 | 57% | 1.30x | 8343 | 2157 |  |  |
| Medical Office | 37368 | 6228 | 58% | 1.49x | 37368 |  |  |  |
| Lab Space | 33416 | 18226 | 84% | —x |  | 33416 |  |  |
| Total office at Dec 31, 2025 (1) | $237706 | $5611 | 60% | 1.27x | $173837 | $57712 | $6157 | $— |
| Total office at Sep 30, 2025 | $242165 | $5487 | 60% | 1.36x | $179227 | $30996 | $31942 | $— |
| Dec 31, 2025 vs. Sep 30, 2025 | ($4459) | $124 | —% | (0.09x) | ($5390) | $26716 | ($25785) | $— |

---

(1)Approximately 66% of the total commercial real estate office balance of $238 million is secured by income producing properties located in suburban areas. Additionally, approximately 51% of the total commercial real estate office balance is scheduled to mature before Dec 31, 2027.

(2)Balance of commercial real estate office consists of 43 loans as of Dec 31, 2025.

(3)Does not include $3.6 million of unfunded commitments as of Dec 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY** | **END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY** | **END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY** | **END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY** | **END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY** | **END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  |  |  |  | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Dec 31, 2024 |
|  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | $% | $% |
| **Deposits:** |  |  |  |  |  |
| Noninterest-bearing demand deposits | $595092 | $671309 | $661776 | (11.4%) | (10.1%) |
| Interest-bearing demand deposits (in-market) | 756794 | 703848 | 592904 | 7.5 | 27.6 |
| NOW accounts | 715114 | 684689 | 692812 | 4.4 | 3.2 |
| Money market accounts | 1185420 | 1195463 | 1154745 | (0.8) | 2.7 |
| Savings accounts | 796887 | 733529 | 523915 | 8.6 | 52.1 |
| Time deposits (in-market) | 1220683 | 1233998 | 1192110 | (1.1) | 2.4 |
| &nbsp;&nbsp;In-market deposits (1) | 5269990 | 5222836 | 4818262 | 0.9 | 9.4 |
| Wholesale brokered time deposits |  |  | 297538 |  | (100.0) |
| &nbsp;&nbsp;Total deposits | $5269990 | $5222836 | $5115800 | 0.9% | 3.0% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;As of Dec 31, 2025, in-market deposits were approximately 60% retail and 40% commercial and the average size was approximately $39 thousand.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Dec 31,<br>2025 | Dec 31,<br>2024 | Dec 31, 2025 vs. Dec 31, 2024 | Dec 31, 2025 vs. Dec 31, 2024 |
| **Contingent Liquidity:** |  |  |  |  |
| Federal Home Loan Bank of Boston | $1356005 | $752951 | $603054 | 80.1% |
| Federal Reserve Bank of Boston | 104379 | 70286 | 34093 | 48.5 |
| Available cash liquidity (1) | 17460 | 36647 | (19187) | (52.4) |
| Unencumbered securities | 539830 | 597771 | (57941) | (9.7) |
| Total | $2017674 | $1457655 | $560019 | 38.4% |

---

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  |  |  |  |  |  | Dec 31, 2025 vs. |
|  |  |  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2024 (bps) |
| **Asset Quality Ratios:** |  |  |  |  |  |  |
| Nonperforming assets to total assets |  |  | 0.20% | 0.21 | 0.34% | (14) |
| Nonaccrual loans to total loans |  |  | 0.25% | 0.27 | 0.45% | (20) |
| Total past due loans to total loans |  |  | 0.22% | 0.16 | 0.23% | (1) |
| ACL on loans to nonaccrual loans |  |  | 288.14% | 260.96 | 180.03% | 10811 |
| ACL on loans to total loans |  |  | 0.73% | 0.71 | 0.82% | (9) |
|  |  |  |  | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Dec 31, 2024 |
|  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | $ | $% | $% |
| **Nonperforming Assets:** |  |  |  |  |  |  |
| Commercial real estate | $— | $— | $10053 | $— | —% | (100.0%) |
| Commercial & industrial |  | 1010 | 515 | (1010) | (100.0) | (100.0) |
| &nbsp;&nbsp;&nbsp;Total commercial |  | 1010 | 10568 | (1010) | (100.0) | (100.0) |
| Residential real estate | 11099 | 11129 | 10767 | (30) | (0.3) | 3.1 |
| Home equity | 1824 | 1877 | 1972 | (53) | (2.8) | (7.5) |
| Other consumer |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total consumer | 1824 | 1877 | 1972 | (53) | (2.8) | (7.5) |
| Total nonaccrual loans | 12923 | 14016 | 23307 | (1093) | (7.8) | (44.6) |
| Other real estate owned |  |  |  |  |  |  |
| Total nonperforming assets | $12923 | $14016 | $23307 | ($1093) | (7.8%) | (44.6%) |
| **Past Due Loans (30 days or more past due):** |  |  |  |  |  |  |
| Commercial real estate | $648 | $— | $— | $648 | 100.0% | 100.0% |
| Commercial & industrial | 7 | 8 | 900 | (1) | (12.5) | (99.2) |
| &nbsp;&nbsp;&nbsp;Total commercial | 655 | 8 | 900 | 647 | 8087.5 | (27.2) |
| Residential real estate | 9095 | 6470 | 7741 | 2625 | 40.6 | 17.5 |
| Home equity | 1607 | 1583 | 2947 | 24 | 1.5 | (45.5) |
| Other consumer | 26 | 51 | 394 | (25) | (49.0) | (93.4) |
| &nbsp;&nbsp;&nbsp;Total consumer | 1633 | 1634 | 3341 | (1) | (0.1) | (51.1) |
| Total past due loans | $11383 | $8112 | $11982 | $3271 | 40.3% | (5.0%) |
| Accruing loans 90 days or more past due | $— | $— | $— | $— | —% | —% |
| Nonaccrual loans included in past due loans | $8348 | $5925 | $6447 | $2423 | 40.9% | 29.5% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Year Ended Dec 31, | For the Year Ended Dec 31, |
|  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **Nonaccrual Loan Activity:** |  |  |  |  |  |
| Balance at beginning of period | $14016 | $26108 | $31142 | $23307 | $44618 |
| Additions to nonaccrual status | 1851 | 1068 | 5417 | 15515 | 8284 |
| Loans returned to accruing status | (1229) |  | (9) | (2726) | (14410) |
| Loans charged-off | (87) | (11459) | (2231) | (14735) | (2413) |
| Loans transferred to other real estate owned |  |  |  |  |  |
| Payments, payoffs, and other changes | (1628) | (1701) | (11012) | (8438) | (12772) |
| Balance at end of period | $12923 | $14016 | $23307 | $12923 | $23307 |
| **Allowance for Credit Losses on Loans:** |  |  |  |  |  |
| Balance at beginning of period | $36576 | $41059 | $42630 | $41960 | $41057 |
| Provision for credit losses on loans (1) | 500 | 6950 | 1200 | 9500 | 2900 |
| Charge-offs | (87) | (11459) | (2231) | (14735) | (2413) |
| Recoveries | 247 | 26 | 361 | 511 | 416 |
| Balance at end of period | $37236 | $36576 | $41960 | $37236 | $41960 |
| **Allowance for Credit Losses on Unfunded Commitments:** | **Allowance for Credit Losses on Unfunded Commitments:** |  |  |  |  |
| Balance at beginning of period | $1040 | $1190 | $1640 | $1440 | $1940 |
| Provision for credit losses on unfunded commitments (1) | 100 | (150) | (200) | (300) | (500) |
| Balance at end of period (2) | $1140 | $1040 | $1440 | $1140 | $1440 |

---

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** | **CREDIT & ASSET QUALITY DATA** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
|  |  |  |  | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q4 2024 |
|  | Q4 2025 | Q3 2025 | Q4 2024 | $% | $% |
| **Provision for Credit Losses:** | **Provision for Credit Losses:** | **Provision for Credit Losses:** | **Provision for Credit Losses:** |  |  |
| Provision for credit losses on loans | $500 | $6950 | $1200 | (92.8%) | (58.3%) |
| Provision for credit losses on unfunded commitments | 100 | (150) | (200) | 166.7 | 150.0 |
| Provision for credit losses | $600 | $6800 | $1000 | (91.2%) | (40.0%) |
| **Net Loan Charge-Offs (Recoveries):** | **Net Loan Charge-Offs (Recoveries):** | **Net Loan Charge-Offs (Recoveries):** | **Net Loan Charge-Offs (Recoveries):** |  |  |
| Commercial real estate | ($118) | $2991 | $1961 | (103.9%) | (106.0%) |
| Commercial & industrial | (111) | 8355 | 181 | (101.3) | (161.3) |
| &nbsp;&nbsp;&nbsp;Total commercial | (229) | 11346 | 2142 | (102.0) | (110.7) |
| Residential real estate |  |  | (160) |  | 100.0 |
| Home equity | (1) | (15) | (189) | 93.3 | 99.5 |
| Other consumer | 70 | 102 | 77 | (31.4) | (9.1) |
| &nbsp;&nbsp;&nbsp;Total consumer | 69 | 87 | (112) | (20.7) | 161.6 |
| Total | ($160) | $11433 | $1870 | (101.4%) | (108.6%) |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | Change |
| For the Year Ended Dec 31, | 2025 | 2024 | $% |
| **Provision for Credit Losses:** |  |  |  |
| Provision for credit losses on loans | $9500 | $2900 | 227.6% |
| Provision for credit losses on unfunded commitments | (300) | (500) | 40.0 |
| Provision for credit losses | $9200 | $2400 | 283.3% |
| **Net Loan Charge-Offs (Recoveries):** |  |  |  |
| Commercial real estate | $5397 | $1961 | 175.2% |
| Commercial & industrial | 8554 | 186 | 4498.9 |
| &nbsp;&nbsp;&nbsp;Total commercial | 13951 | 2147 | 549.8 |
| Residential real estate |  | (160) | 100.0 |
| Home equity | (18) | (197) | 90.9 |
| Other consumer | 291 | 207 | 40.6 |
| &nbsp;&nbsp;&nbsp;Total consumer | 273 | 10 | 2630.0 |
| Total | $14224 | $1997 | 612.3% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
| The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. | The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. |
| For the Three Months Ended | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 | Sep 30, 2025 | Sep 30, 2025 | Sep 30, 2025 | Change | Change | Change |
|  | Average Balance | Interest | Yield/<br>Rate | Average Balance | Interest | Yield/<br>Rate | Average Balance | Interest | Yield/<br>Rate |
|  | Average Balance | Interest | Yield/<br>Rate | Average Balance | Interest | Yield/<br>Rate | Average Balance | Interest | Yield/<br>Rate |
| **Assets:** |  |  |  |  |  |  |  |  |  |
| Cash, federal funds sold, and short-term investments | $131215 | $1291 | 3.90% | $137021 | $1475 | 4.27% | ($5806) | ($184) | (0.37%) |
| Mortgage loans held for sale | 38696 | 606 | 6.21 | 31957 | 542 | 6.73 | 6739 | 64 | (0.52) |
| Taxable debt securities | 1051549 | 9100 | 3.43 | 1075119 | 9372 | 3.46 | (23570) | (272) | (0.03) |
| Nontaxable debt securities | 650 | 8 | 4.88 | 650 | 8 | 4.88 |  |  |  |
| &nbsp;&nbsp;Total securities | 1052199 | 9108 | 3.43 | 1075769 | 9380 | 3.46 | (23570) | (272) | (0.03) |
| FHLB stock | 32918 | 792 | 9.55 | 42549 | 764 | 7.12 | (9631) | 28 | 2.43 |
| Commercial real estate | 2148052 | 30724 | 5.67 | 2201220 | 32293 | 5.82 | (53168) | (1569) | (0.15) |
| Commercial & industrial | 561035 | 8292 | 5.86 | 553867 | 8203 | 5.88 | 7168 | 89 | (0.02) |
| &nbsp;&nbsp;Total commercial | 2709087 | 39016 | 5.71 | 2755087 | 40496 | 5.83 | (46000) | (1480) | (0.12) |
| Residential real estate | 2062589 | 22829 | 4.39 | 2088066 | 23032 | 4.38 | (25477) | (203) | 0.01 |
| Home equity | 313759 | 5194 | 6.57 | 303480 | 5270 | 6.89 | 10279 | (76) | (0.32) |
| Other | 16764 | 216 | 5.11 | 16292 | 205 | 4.99 | 472 | 11 | 0.12 |
| &nbsp;&nbsp;Total consumer | 330523 | 5410 | 6.49 | 319772 | 5475 | 6.79 | 10751 | (65) | (0.30) |
| &nbsp;&nbsp;Total loans | 5102199 | 67255 | 5.23 | 5162925 | 69003 | 5.30 | (60726) | (1748) | (0.07) |
| &nbsp;&nbsp;Total interest-earning assets | 6357227 | 79052 | 4.93 | 6450221 | 81164 | 4.99 | (92994) | (2112) | (0.06) |
| Noninterest-earning assets | 290006 |  |  | 288575 |  |  | 1431 |  |  |
| &nbsp;&nbsp;Total assets | $6647233 |  |  | $6738796 |  |  | ($91563) |  |  |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing demand deposits (in-market) | $734617 | $6375 | 3.44% | $685422 | $6503 | 3.76% | $49195 | ($128) | (0.32%) |
| NOW accounts | 671840 | 348 | 0.21 | 669493 | 390 | 0.23 | 2347 | (42) | (0.02) |
| Money market accounts | 1198818 | 8846 | 2.93 | 1174584 | 9620 | 3.25 | 24234 | (774) | (0.32) |
| Savings accounts | 757843 | 3456 | 1.81 | 719229 | 3624 | 2.00 | 38614 | (168) | (0.19) |
| Time deposits (in-market) | 1225779 | 11035 | 3.57 | 1209011 | 11080 | 3.64 | 16768 | (45) | (0.07) |
| &nbsp;&nbsp;&nbsp;Interest-bearing in-market deposits | 4588897 | 30060 | 2.60 | 4457739 | 31217 | 2.78 | 131158 | (1157) | (0.18) |
| Wholesale brokered time deposits |  |  |  | 539 | 6 | 4.42 | (539) | (6) | (4.42) |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4588897 | 30060 | 2.60 | 4458278 | 31223 | 2.78 | 130619 | (1163) | (0.18) |
| FHLB advances | 708174 | 7696 | 4.31 | 942685 | 10542 | 4.44 | (234511) | (2846) | (0.13) |
| Junior subordinated debentures | 22681 | 333 | 5.82 | 22681 | 347 | 6.07 |  | (14) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5319752 | 38089 | 2.84 | 5423644 | 42112 | 3.08 | (103892) | (4023) | (0.24) |
| Noninterest-bearing demand deposits | 647274 |  |  | 648268 |  |  | (994) |  |  |
| Other liabilities | 138742 |  |  | 138569 |  |  | 173 |  |  |
| Shareholders' equity | 541465 |  |  | 528315 |  |  | 13150 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $6647233 |  |  | $6738796 |  |  | ($91563) |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income (FTE) |  | $40963 |  |  | $39052 |  |  | $1911 |  |
| Interest rate spread |  |  | 2.09% |  |  | 1.91% |  |  | 0.18% |
| Net interest margin |  |  | 2.56% |  |  | 2.40% |  |  | 0.16% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| For the Three Months Ended | Dec 31, 2025 | Sep 30, 2025 | Change |
| Commercial loans | $214 | $218 | ($4) |
| Nontaxable debt securities |  | 1 | (1) |
| Total | $214 | $219 | ($5) |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** | **CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)** |
| (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) | (Unaudited; Dollars in thousands) |
| For the Year Ended | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2024 | Dec 31, 2024 | Change | Change | Change |
|  | Average Balance | Interest | Yield/<br>Rate | Average Balance | Interest | Yield/<br> Rate | Average Balance | &nbsp;&nbsp;&nbsp;Interest | Yield/<br> Rate |
|  | Average Balance | Interest | Yield/<br>Rate | Average Balance | Interest | Yield/<br> Rate | Average Balance | &nbsp;&nbsp;&nbsp;Interest | Yield/<br> Rate |
| **Assets:** |  |  |  |  |  |  |  |  |  |
| Cash, federal funds sold and short-term investments | $136515 | $5788 | 4.24% | $129119 | $6977 | 5.40% | $7396 | ($1189) | (1.16%) |
| Mortgage loans for sale | 50609 | 2548 | 5.03 | 34040 | 1775 | 5.21 | 16569 | 773 | (0.18) |
| Taxable debt securities | 1059255 | 36529 | 3.45 | 1118092 | 27850 | 2.49 | (58837) | 8679 | 0.96 |
| Nontaxable debt securities | 650 | 32 | 4.92 | 185 | 9 | 4.86 | 465 | 23 | 0.06 |
| &nbsp;&nbsp;Total securities | 1059905 | 36561 | 3.45 | 1118277 | 27859 | 2.49 | (58372) | 8702 | 0.96 |
| FHLB stock | 40088 | 3370 | 8.41 | 57286 | 4771 | 8.33 | (17198) | (1401) | 0.08 |
| Commercial real estate | 2162523 | 124597 | 5.76 | 2145496 | 135323 | 6.31 | 17027 | (10726) | (0.55) |
| Commercial & industrial | 550955 | 32336 | 5.87 | 583827 | 37623 | 6.44 | (32872) | (5287) | (0.57) |
| &nbsp;&nbsp;Total commercial | 2713478 | 156933 | 5.78 | 2729323 | 172946 | 6.34 | (15845) | (16013) | (0.56) |
| &nbsp;&nbsp;Residential real estate | 2091742 | 92211 | 4.41 | 2537903 | 105253 | 4.15 | (446161) | (13042) | 0.26 |
| Home equity | 303202 | 20693 | 6.82 | 302980 | 21136 | 6.98 | 222 | (443) | (0.16) |
| Other | 16849 | 844 | 5.01 | 18277 | 882 | 4.83 | (1428) | (38) | 0.18 |
| &nbsp;&nbsp;Total consumer | 320051 | 21537 | 6.73 | 321257 | 22018 | 6.85 | (1206) | (481) | (0.12) |
| &nbsp;&nbsp;Total loans | 5125271 | 270681 | 5.28 | 5588483 | 300217 | 5.37 | (463212) | (29536) | (0.09) |
| &nbsp;&nbsp;Total interest-earning assets | 6412388 | 318948 | 4.97 | 6927205 | 341599 | 4.93 | (514817) | (22651) | 0.04 |
| Noninterest-earning assets | 286013 |  |  | 253957 |  |  | 32056 |  |  |
| &nbsp;&nbsp;Total assets | $6698401 |  |  | $7181162 |  |  | ($482761) |  |  |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing demand deposits (in-market) | $678515 | $25005 | 3.69% | $550652 | $24156 | 4.39% | $127863 | $849 | (0.70%) |
| NOW accounts | 672808 | 1423 | 0.21 | 701989 | 1572 | 0.22 | (29181) | (149) | (0.01) |
| Money market accounts | 1196803 | 38273 | 3.20 | 1127960 | 42710 | 3.79 | 68843 | (4437) | (0.59) |
| Savings accounts | 677064 | 12010 | 1.77 | 489998 | 3704 | 0.76 | 187066 | 8306 | 1.01 |
| Time deposits (in-market) | 1213692 | 44727 | 3.69 | 1172500 | 47595 | 4.06 | 41192 | (2868) | (0.37) |
| &nbsp;&nbsp;&nbsp;Interest-bearing in-market deposits | 4438882 | 121438 | 2.74 | 4043099 | 119737 | 2.96 | 395783 | 1701 | (0.22) |
| Wholesale brokered time deposits | 48703 | 2457 | 5.04 | 504638 | 26361 | 5.22 | (455935) | (23904) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 4487585 | 123895 | 2.76 | 4547737 | 146098 | 3.21 | (60152) | (22203) | (0.45) |
| FHLB advances | 885668 | 39635 | 4.48 | 1312391 | 64539 | 4.92 | (426723) | (24904) | (0.44) |
| Junior subordinated debentures | 22681 | 1373 | 6.05 | 22681 | 1593 | 7.02 |  | (220) | (0.97) |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5395934 | 164903 | 3.06 | 5882809 | 212230 | 3.61 | (486875) | (47327) | (0.55) |
| Noninterest-bearing demand deposits | 633193 |  |  | 664557 |  |  | (31364) |  |  |
| Other liabilities | 142557 |  |  | 154019 |  |  | (11462) |  |  |
| Shareholders' equity | 526717 |  |  | 479777 |  |  | 46940 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $6698401 |  |  | $7181162 |  |  | ($482761) |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income (FTE) |  | $154045 |  |  | $129369 |  |  | $24676 |  |
| Interest rate spread |  |  | 1.91% |  |  | 1.32% |  |  | 0.59% |
| Net interest margin |  |  | 2.40% |  |  | 1.87% |  |  | 0.53% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| For the Year Ended | Dec 31, 2025 | Dec 31, 2024 | Change |
| Commercial loans | $858 | $916 | ($58) |
| Nontaxable debt securities | 2 | 1 | 1 |
| Total | $860 | $917 | ($57) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** |
| (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) |
| The following tables present adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: | The following tables present adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: | The following tables present adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: | The following tables present adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: | The following tables present adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: | The following tables present adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: |
|  |  |  |  | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q4 2024 |
|  | Q4 2025 | Q3 2025 | Q4 2024 | $% | $% |
| **Adjusted Noninterest Income:** |  |  |  |  |  |
| Noninterest income (loss), as reported | $18503 | $17636 | ($77892) | 4.9% | 123.8% |
| Less adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Realized losses on securities, net (1) |  |  | (31047) |  | 100.0 |
| &nbsp;&nbsp;Losses on sale of portfolio loans, net (1) |  |  | (62888) |  | 100.0 |
| &nbsp;&nbsp;&nbsp;Total adjustments, pre-tax |  |  | (93935) |  | 100.0 |
| Adjusted noninterest income (non-GAAP) | $18503 | $17636 | $16043 | 4.9% | 15.3% |
| **Adjusted Income Before Income Taxes:** |  |  |  |  |  |
| Income (loss) before income taxes | $20668 | $13943 | ($80248) | 48.2% | 125.8% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, pre-tax |  |  | (93935) |  | 100.0 |
| Adjusted income before income taxes (non-GAAP) | $20668 | $13943 | $13687 | 48.2% | 51.0% |
| **Adjusted Income Tax Expense:** |  |  |  |  |  |
| Income tax expense (benefit), as reported | $4694 | $3097 | ($19457) | 51.6% | 124.1% |
| &nbsp;&nbsp;&nbsp;Less: tax on total adjustments |  |  | (22699) |  | 100.0 |
| Adjusted income tax expense (non-GAAP) | $4694 | $3097 | $3242 | 51.6% | 44.8% |
| **Adjusted Net Income:** |  |  |  |  |  |
| Net income (loss), as reported | $15974 | $10846 | ($60791) | 47.3% | 126.3% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, after-tax |  |  | (71236) |  | 100.0 |
| Adjusted net income (non-GAAP) | $15974 | $10846 | $10445 | 47.3% | 52.9% |
| **Adjusted Net Income Available to Common Shareholders:** | **Adjusted Net Income Available to Common Shareholders:** |  |  |  |  |
| Net income (loss) available to common shareholders, as reported | $15974 | $10846 | ($60776) | 47.3% | 126.3% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments available to common shareholders, after-tax |  |  | (71221) |  | 100.0 |
| Adjusted net income available to common shareholders (non-GAAP) | $15974 | $10846 | $10445 | 47.3% | 52.9% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Associated with the balance sheet repositioning transactions executed in December 2024.

------

---

| | | | |
|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures** |
| (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) |
|  |  |  | Change |
| For the Year Ended Dec 31, | 2025 | 2024 | $% |
| **Adjusted Noninterest Income:** |  |  |  |
| Noninterest income (loss), as reported | $75860 | ($27797) | 372.9% |
| Less adjustments: |  |  |  |
| &nbsp;&nbsp;Realized losses on securities, net (1) |  | (31047) | 100.0 |
| &nbsp;&nbsp;Losses on sale of portfolio loans, net (1) |  | (62888) | 100.0 |
| &nbsp;&nbsp;&nbsp;Gain on sale of bank-owned properties, net | 6994 | 988 | 607.9 |
| &nbsp;&nbsp;&nbsp;Litigation settlement income |  | 2100 | (100.0) |
| &nbsp;&nbsp;&nbsp;Total adjustments, pre-tax | 6994 | (90847) | 107.7 |
| Adjusted noninterest income (non-GAAP) | $68866 | $63050 | 9.2% |
| **Adjusted Noninterest Expense:** |  |  |  |
| Noninterest expense, as reported | $152435 | $137069 | 11.2% |
| Less adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Pension plan settlement charge | 6436 |  | 100.0 |
| &nbsp;&nbsp;&nbsp;Total adjustments, pre-tax | 6436 |  | 100.0 |
| Adjusted noninterest expense (non-GAAP) | $145999 | $137069 | 6.5% |
| **Adjusted Income Before Income Taxes:** |  |  |  |
| Income (loss) before income taxes | $67413 | ($38818) | 273.7% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, pre-tax | 558 | (90847) | 100.6 |
| Adjusted income before income taxes (non-GAAP) | $66855 | $52029 | 28.5% |
| **Adjusted Income Tax Expense:** |  |  |  |
| Income tax expense (benefit), as reported | $15169 | ($10759) | 241.0% |
| &nbsp;&nbsp;&nbsp;Less: tax on total adjustments | 141 | (21920) | 100.6 |
| Adjusted income tax expense (non-GAAP) | $15028 | $11161 | 34.6% |
| **Adjusted Net Income:** |  |  |  |
| Net income (loss), as reported | $52244 | ($28059) | 286.2% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, after-tax | 417 | (68927) | 100.6 |
| Adjusted net income (non-GAAP) | $51827 | $40868 | 26.8% |
| **Adjusted Net Income Available to Common Shareholders:** |  |  |  |
| Net income (loss) available to common shareholders, as reported | $52244 | ($28038) | 286.3% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments available to common shareholders, after-tax | 417 | (68906) | 100.6 |
| Adjusted net income available to common shareholders (non-GAAP) | $51827 | $40868 | 26.8% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Associated with the balance sheet repositioning transactions executed in December 2024.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** |
| (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) |
| The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: | The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: | The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: | The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: | The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: | The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: | The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: | The following tables present adjusted diluted earnings per common share and adjusted efficiency ratio: |
|  | Q4 2025 | Q3 2025 | Q4 2024 | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q4 2024 | Q4 2025 vs. Q4 2024 |
| **Adjusted Diluted Earnings per Common Share:** | **Adjusted Diluted Earnings per Common Share:** |  |  |  |  |  |  |
| Diluted earnings (loss) per common share, as reported (1) | $0.83 | $0.56 | ($3.48) | $0.27 | 48.2% | $4.31 | 123.9% |
| &nbsp;&nbsp;&nbsp;Less: impact of total adjustments |  |  | (4.07) |  |  | 4.07 | 100.0 |
| Adjusted diluted earnings per common share <br>&nbsp;&nbsp;&nbsp;&nbsp;(non-GAAP) (2) | $0.83 | $0.56 | $0.59 | $0.27 | 48.2% | $0.24 | 40.7% |
| **Adjusted Efficiency Ratio:** |  |  |  |  |  |  |  |
| Efficiency ratio, as reported (3) | 64.1% | 63.3% | (76.3%) | 80 bps |  | 14,040 bps |  |
| &nbsp;&nbsp;&nbsp;Less: impact of total adjustments |  |  | (146.3) | — bps |  | 14,630 bps |  |
| Adjusted efficiency ratio (non-GAAP) (4) | 64.1% | 63.3% | 70.0% | 80 bps |  | (590) bps |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the Year Ended Dec 31, | 2025 | 2024 | Change | Change |
| **Adjusted Diluted Earnings per Common Share:** |  |  |  |  |
| Diluted earnings (loss) per common share, as reported (1) | $2.71 | ($1.63) | $4.34 | 266.3% |
| &nbsp;&nbsp;&nbsp;Less: impact of total adjustments | 0.02 | (4.00) | 4.02 | 100.5 |
| Adjusted diluted earnings per common share (non-GAAP) (2) | $2.69 | $2.37 | $0.32 | 13.5% |
| **Adjusted Efficiency Ratio:** |  |  |  |  |
| Efficiency ratio, as reported (3) | 66.6% | 136.2% | (6960) bps |  |
| &nbsp;&nbsp;&nbsp;Less: impact of total adjustments | 0.9 | 64.6 | (6370) bps |  |
| Adjusted efficiency ratio (non-GAAP) (4) | 65.7% | 71.6% | (590) bps |  |

---

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

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

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** |
| (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) |
| The following tables present adjusted return on average assets and return on average tangible assets: | The following tables present adjusted return on average assets and return on average tangible assets: | The following tables present adjusted return on average assets and return on average tangible assets: | The following tables present adjusted return on average assets and return on average tangible assets: | The following tables present adjusted return on average assets and return on average tangible assets: | The following tables present adjusted return on average assets and return on average tangible assets: | The following tables present adjusted return on average assets and return on average tangible assets: | The following tables present adjusted return on average assets and return on average tangible assets: |
|  | Q4 2025 | Q3 2025 | Q4 2024 | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q4 2024 | Q4 2025 vs. Q4 2024 |
| **Adjusted Return on Average Assets:** |  |  |  |  |  |  |  |
| Net income (loss), as reported | $15974 | $10846 | ($60791) | $5128 | 47.3% | $76765 | 126.3% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, after-tax |  |  | (71236) |  |  | 71236 | 100.0 |
| Adjusted net income (non-GAAP) | $15974 | $10846 | $10445 | $5128 | 47.3% | $5529 | 52.9% |
| Total average assets, as reported | $6647233 | $6738796 | $7011839 | ($91563) | (1.4%) | ($364606) | (5.2%) |
| Return on average assets (1) | 0.95% | 0.64% | (3.45%) | 31 bps |  | 440 bps |  |
| Adjusted return on average assets (non-GAAP) (2) | 0.95% | 0.64% | 0.59% | 31 bps |  | 36 bps |  |
| **Return on Average Tangible Assets:** |  |  |  |  |  |  |  |
| Adjusted net income (non-GAAP) | $15974 | $10846 | $10445 | $5128 | 47.3% | $5529 | 52.9% |
| Total average assets, as reported | $6647233 | $6738796 | $7011839 | ($91563) | (1.4%) | ($364606) | (5.2%) |
| Less average balances of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 63909 | 63909 | 63909 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets, net | 4378 | 3821 | 2984 | 557 | 14.6 | 1394 | 46.7 |
| Total average tangible assets | $6578946 | $6671066 | $6944946 | ($92120) | (1.4%) | ($366000) | (5.3%) |
| Return on average assets (1) | 0.95% | 0.64% | (3.45%) | 31 bps |  | 440 bps |  |
| Return on average tangible assets (non-GAAP) (3) | 0.96% | 0.65% | 0.60% | 31 bps |  | 36 bps |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| For the Year Ended Dec 31, | 2025 | 2024 | Change | Change |
| **Adjusted Return on Average Assets:** |  |  |  |  |
| Net income (loss), as reported | $52244 | ($28059) | $80303 | 286.2% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, after-tax | 417 | (68927) | 69344 | 100.6 |
| Adjusted net income (non-GAAP) | $51827 | $40868 | $10959 | 26.8% |
| Total average assets, as reported | $6698401 | $7181162 | ($482761) | (6.7%) |
| Return on average assets (1) | 0.78% | (0.39%) | 117 bps |  |
| Adjusted return on average assets (non-GAAP) (2) | 0.77% | 0.57% | 20 bps |  |
| **Return on Average Tangible Assets:** |  |  |  |  |
| Adjusted net income (non-GAAP) | $51827 | $40868 | $10959 | 26.8% |
| Total average assets, as reported | $6698401 | $7181162 | ($482761) | (6.7%) |
| Less average balances of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 63909 | 63909 |  |  |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets, net | 3395 | 3292 | 103 | 3.1 |
| Total average tangible assets | $6631097 | $7113961 | ($482864) | (6.8%) |
| Return on average assets (1) | 0.78% | (0.39%) | 117 bps |  |
| Return on average tangible assets (non-GAAP) (3) | 0.78% | 0.57% | 21 bps |  |

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

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** |
| (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) |
| The following tables present adjusted return on average equity and return on average tangible equity: | The following tables present adjusted return on average equity and return on average tangible equity: | The following tables present adjusted return on average equity and return on average tangible equity: | The following tables present adjusted return on average equity and return on average tangible equity: | The following tables present adjusted return on average equity and return on average tangible equity: | The following tables present adjusted return on average equity and return on average tangible equity: | The following tables present adjusted return on average equity and return on average tangible equity: | The following tables present adjusted return on average equity and return on average tangible equity: |
|  | Q4 2025 | Q3 2025 | Q4 2024 | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q3 2025 | Q4 2025 vs. Q4 2024 | Q4 2025 vs. Q4 2024 |
| **Adjusted Return on Average Equity:** |  |  |  |  |  |  |  |
| Net income (loss) available to common shareholders, as reported | $15974 | $10846 | ($60776) | $5128 | 47.3% | $76750 | 126.3% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, after-tax |  |  | (71221) |  |  | 71221 | 100.0 |
| Adjusted net income available to common shareholders (non-GAAP) | $15974 | $10846 | $10445 | $5128 | 47.3% | $5529 | 52.9% |
| Total average equity, as reported | $541465 | $528315 | $501099 | $13150 | 2.5% | $40366 | 8.1% |
| Return on average equity (1) | 11.70% | 8.14% | (48.25%) | 356 bps |  | 5,995 bps |  |
| Adjusted return on average equity <br>&nbsp;&nbsp;&nbsp;&nbsp;(non-GAAP) (2) | 11.70% | 8.14% | 8.29% | 356 bps |  | 341 bps |  |
| **Return on Average Tangible Equity:** |  |  |  |  |  |  |  |
| Adjusted net income available to common shareholders (non-GAAP) | $15974 | $10846 | $10445 | $5128 | 47.3% | $5529 | 52.9% |
| Total average equity, as reported | $541465 | $528315 | $501099 | $13150 | 2.5% | $40366 | 8.1% |
| Less average balances of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 63909 | 63909 | 63909 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets, net | 4378 | 3821 | 2984 | 557 | 14.6 | 1394 | 46.7 |
| Total average tangible equity (non-GAAP) | $473178 | $460585 | $434206 | $12593 | 2.7% | $38972 | 9.0% |
| Return on average equity (1) | 11.70% | 8.14% | (48.25%) | 356 bps |  | 5,995 bps |  |
| Return on average tangible equity <br>&nbsp;&nbsp;&nbsp;&nbsp;(non-GAAP) (3) | 13.39% | 9.34% | 9.57% | 405 bps |  | 382 bps |  |

---

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

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

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

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** |
| (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) |
| For the Year Ended Dec 31, | 2025 | 2024 | Change | Change |
| **Adjusted Return on Average Equity:** |  |  |  |  |
| Net income (loss) available to common shareholders, as reported | $52244 | ($28038) | $80282 | 286.3% |
| &nbsp;&nbsp;&nbsp;Less: total adjustments, after-tax | 417 | (68906) | 69323 | 100.6 |
| Adjusted net income available to common shareholders (non-GAAP) | $51827 | $40868 | $10959 | 26.8 |
| Total average equity, as reported | $526717 | $479777 | $46940 | 9.8 |
| Return on average equity (1) | 9.92% | (5.84%) | 1,576 bps |  |
| Adjusted return on average equity (non-GAAP) (2) | 9.84% | 8.52% | 132 bps |  |
| **Return on Average Tangible Equity:** |  |  |  |  |
| Adjusted net income available to common shareholders (non-GAAP) | $51827 | $40868 | $10959 | 26.8% |
| Total average equity, as reported | $526717 | $479777 | $46940 | 9.8 |
| Less average balances of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 63909 | 63909 |  |  |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets, net | 3395 | 3292 | 103 | 3.1 |
| Total average tangible equity (non-GAAP) | $459413 | $412576 | $46837 | 11.4 |
| Return on average equity (1) | 9.92% | (5.84%) | 1,576 bps |  |
| Return on average tangible equity (non-GAAP) (3) | 11.28% | 9.91% | 137 bps |  |

---

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

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

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

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** | **Washington Trust Bancorp, Inc. and Subsidiaries** |
| **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** | **SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)** |
| (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) | (Unaudited; Dollars in thousands, except per share amounts) |
| The following table presents tangible book value per share and the ratio of tangible equity to tangible assets: | The following table presents tangible book value per share and the ratio of tangible equity to tangible assets: | The following table presents tangible book value per share and the ratio of tangible equity to tangible assets: | The following table presents tangible book value per share and the ratio of tangible equity to tangible assets: | The following table presents tangible book value per share and the ratio of tangible equity to tangible assets: | The following table presents tangible book value per share and the ratio of tangible equity to tangible assets: |  |  |
|  | Dec 31,<br>2025 | Sep 30,<br>2025 | Dec 31,<br>2024 | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Sep 30, 2025 | Dec 31, 2025 vs. Dec 31, 2024 | Dec 31, 2025 vs. Dec 31, 2024 |
| **Tangible Book Value per Share:** |  |  |  |  |  |  |  |
| Total shareholders' equity, as reported | $543584 | $533021 | $499728 | $10563 | 2.0% | $43856 | 8.8% |
| Less end of period balances of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 63909 | 63909 | 63909 |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets, net | 4303 | 4458 | 2885 | (155) | (3.5)% | 1418 | 49.2% |
| Total tangible shareholders' equity (non-GAAP) | $475372 | $464654 | $432934 | $10718 | 2.3% | $42438 | 9.8% |
| Shares outstanding, as reported | 19035 | 19050 | 19274 | (15) | (0.1%) | (239) | (1.2%) |
| Book value per share | $28.56 | $27.98 | $25.93 | $0.58 | 2.1% | $2.63 | 10.1% |
| Tangible book value per share (non-GAAP) | $24.97 | $24.39 | $22.46 | $0.58 | 2.4% | $2.51 | 11.2% |
| **Tangible Equity to Tangible Assets:** |  |  |  |  |  |  |  |
| Total tangible shareholders' equity | $475372 | $464654 | $432934 | $10718 | 2.3% | $42438 | 9.8% |
| Total assets, as reported | $6621694 | $6717921 | $6930647 | ($96227) | (1.4%) | ($308953) | (4.5%) |
| Less end of period balances of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 63909 | 63909 | 63909 |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;Identifiable intangible assets, net | 4303 | 4458 | 2885 | (155) | (3.5%) | 1418 | 49.2% |
| Total tangible assets (non-GAAP) | $6553482 | $6649554 | $6863853 | ($96072) | (1.4%) | ($310371) | (4.5%) |
| Equity to assets | 8.21% | 7.93% | 7.21% | 28 bps |  | 100 bps |  |
| Tangible equity to tangible assets (non-GAAP) | 7.25% | 6.99% | 6.31% | 26 bps |  | 94 bps |  |

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