Washington Trust Reports Second Quarter 2025 Results

Washington Trust Bancorp, Inc. (the “Corporation”) (Nasdaq: WASH), parent company of The Washington Trust Company (the “Bank”), today reported second quarter 2025 net income of $13.2 million, or $0.68 per diluted share, up from $12.2 million, or $0.63 per diluted share, reported for the first quarter of 2025. In the preceding quarter there were two infrequent transactions that are described further below. Excluding these two items, adjusted net income (non-GAAP) totaled $11.8 million, or $0.61 per diluted share for the first quarter of 2025.

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“Washington Trust's second quarter results reflect our diversified business model performing positively. We realized growth in net interest income, wealth management revenue, and mortgage banking revenue, and we remained well-capitalized. We are pleased with these results,” said Washington Trust Chairman and Chief Executive Officer Edward O. Handy III. “As we reach our milestone 225th birthday next month, we remain focused on providing exceptional full-service banking to our customers for years to come.”

Selected financial highlights for the second quarter of 2025 include:

— The net interest margin was 2.36% in the second quarter, up by 7 basis points from the 2.29% reported in the preceding quarter.

— A provision for credit losses of $600 thousand was recognized for the second quarter, compared to $1.2 million in the first quarter.

— Wealth management revenues in the second quarter increased by 2% from the preceding quarter, reflecting a seasonal increase in transaction-based revenues.

— Mortgage banking revenues in the second quarter increased by 32% from the preceding quarter, reflecting a higher volume of loans sold to the secondary market.

— Total loans amounted to $5.1 billion, up by 1% from March 31, 2025.

— In-market deposits (total deposits less wholesale brokered deposits) amounted to $5.0 billion, up by 1% from March 31, 2025 and up by 9% from June 30, 2024.

Net Interest Income Net interest income was $37.2 million for the second quarter of 2025, up by $763 thousand, or 2%, from the first quarter of 2025. The net interest margin was 2.36% for the second quarter, an increase of 7basis points from the preceding quarter. Linked quarter changes included:

— Average interest-earning assets decreased by $134 million, largely reflecting declines in the average balance of deposits at correspondent banks and mortgage loans held for sale. The yield on interest-earning assets for the second quarter was 4.99%, up by 1 basis point from the preceding quarter.

— Average interest-bearing liabilities decreased by $117 million, as an increase of $89 million in the average balance of in-market deposits was offset by a decrease of $206 million in wholesale funding balances. The cost of interest-bearing liabilities for the second quarter of 2025 was 3.12%, down by 7 basis points from the preceding quarter.

Noninterest Income Noninterest income was $17.1 million for the second quarter of 2025, down by $5.6 million, or 24.6%, from the first quarter of 2025. In the preceding quarter, a sales leaseback pre-tax net gain of $7.0 million was recognized. Excluding this item, adjusted noninterest income (non-GAAP) was up by $1.4 million, or 9%. Linked quarter changes included:

— Wealth management revenues amounted to $10.1 million in the second quarter of 2025, up by $229 thousand, or 2%, from the preceding quarter. This included an increase of $253 thousand, or 207%, in transaction-based revenues, which was concentrated in seasonal tax servicing fee income. Asset-based revenues were down modestly by $24 thousand, or 0.2%, reflecting a decline in the average balance of wealth management AUA. The end of period AUA balance at June 30, 2025 amounted to $7.2 billion, up by $363 million, or 5%, from March 31, 2025.

— Mortgage banking revenues totaled $3.0 million for the second quarter of 2025, up by $730 thousand, or 32%, from the preceding quarter, reflecting a higher volume of loans sold to the secondary market. Loans sold amounted to $116.8 million in the second quarter of 2025, up by $41.3 million, or 55%, from the first quarter of 2025.

— Loan related derivative income from interest rate swap transactions with commercial borrowers totaled $676 thousand in the second quarter of 2025, up by $575 thousand, or 569%, from the preceding quarter.

Noninterest Expense Noninterest expense totaled $36.5 million for the second quarter of 2025, down by $5.7million, or 13%, from the first quarter of 2025. A pre-tax non-cash pension plan settlement charge of $6.4million associated with the termination of the Corporation's qualified pension plan was recognized in the first quarter of 2025. Excluding this item, adjusted noninterest expense (non-GAAP) was up by $770thousand, or 2%. Linked quarter changes included:

— Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $23.0 million, up by $603 thousand, or 3%, from the preceding quarter, largely reflecting volume-related increases in mortgage originator compensation expense.

— Advertising and promotion expense totaled $717 thousand, up by $307 thousand, or 75%, from the preceding quarter, reflecting the timing of such activities.

— The remaining linked quarter change in noninterest expense reflected modest decreases across a variety of other noninterest expense categories.

Income Tax For the second quarter of 2025, income tax expense of $3.9million was recognized, reflecting an effective tax rate of 22.7%. This compares to income tax expense of $3.5million and an effective tax rate of 22.3% in the first quarter of 2025. Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2025 effective tax rate to be approximately 22.4%.

Investment Securities The securities portfolio totaled $971million at June30, 2025, up by $54million, or 6%, from March31,2025, largely reflecting purchases of securities totaling $73 million, at a weighted average yield of 5.49%,which were partially offset by routine pay-downs on mortgage-backed debt securities in the quarter. The securities portfolio represented 14% of total assets at both June30, 2025 and March31, 2025.

Loans Total loans amounted to $5.1billion at June30, 2025, up by $44 million, or 1%, from the end of the preceding quarter. These changes included:

— Commercial loans increased by $57 million, or 2%, from March 31, 2025.

— Residential real estate loans decreased by $17 million, or 1%, from March 31, 2025.

— Consumer loans increased by $4 million, or 1%, from March 31, 2025.

Deposits and Borrowings Total deposits amounted to $5.0billion at June30, 2025, up by $5million, or 0.1%, from the end of the preceding quarter.

In-market deposits, which exclude wholesale brokered deposits, amounted to $5.0billion at June30, 2025, up by $30million, or 1%, from March31, 2025.

Wholesale brokered deposits amounted to $2million and were down by $25million, or 93%, from March31, 2025. FHLB advances totaled $1.0billion at June30, 2025, up by $151million, or 18%, from March31, 2025.

As of June30, 2025, contingent liquidity amounted to $1.8billion and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

Asset Quality Nonaccrual loans were $26.1million, or 0.51% of total loans, at June30,2025, compared to $21.6million, or 0.42% of total loans, at March31, 2025. The composition of nonaccrual loans at June30, 2025 was 54% commercial and 46% residential and consumer. The change in nonaccrual loans in the second quarter was largely attributable to one commercial & industrial relationship totaling $9.4 million that was placed on nonaccrual status, partially offset by the resolution of one commercial real estate loantotaling $3.2 million.

Past due loans were $14.0 million, or 0.27% of total loans, at June30, 2025, compared to $10.2million, or 0.20% of total loans, at March31, 2025. The composition of past due loans at June30, 2025 was 13% commercial and 87% residential and consumer.

The allowance for credit losses (“ACL”) on loans amounted to $41.1million, or 0.80% of total loans, at June30, 2025, compared to $41.1million, or 0.81% of total loans, at March31, 2025. The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $1.2million at both June30, 2025 and March31, 2025.

The provision for credit losses totaled $600thousand in the second quarter of 2025, compared to $1.2million in the preceding quarter. Net charge-offs amounted to $647thousand in the second quarter of 2025, compared to $2.3million in the preceding quarter.

Capital and Dividends Total shareholders' equity was $527.5million at June30, 2025, up by $5.8 million, or 1%, from March31, 2025. Net income of $13.2million and improvement of $3.2million in the accumulated other comprehensive loss component of shareholders' equity were partially offset by quarterly dividend declarations of $11.0 million.

The Board of Directors declared a quarterly dividend of 56cents per share for the quarter ended June30, 2025. The dividend was paid on July11, 2025 to shareholders of record on July1, 2025.

Capital levels at June30, 2025 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.06% at June30, 2025, compared to 13.13% at March31, 2025. Book value per share was $27.36 at June30, 2025, compared to $27.06 at March31, 2025.

Conference Call Washington Trust will host a conference call to discuss its second quarter results, business highlights, and outlook on Tuesday, July22,2025 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 177395. 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 643659. The audio replay will be available through August5, 2025. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through September30, 2025.

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

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

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

— changes in general business and economic conditions (including the impact of actual or threatened tariffs imposed by the U.S. and foreign governments, inflation and concerns about liquidity) on a national basis and in the local markets in which we operate;

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

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

— changes in loan demand and collectability;

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

— ongoing volatility in national and international financial markets;

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

— decreases in the value of securities and other assets;

— increases in defaults and charge-off rates;

— changes in the size and nature of our competition;

— changes in, and evolving interpretations of, existing and future laws, rules and regulations;

— changes in accounting principles, policies and guidelines;

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

— regulatory, litigation and reputational risks; and

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

In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

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

Washington Trust Bancorp, Inc. and SubsidiariesCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited; Dollars in thousands) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2025 2025 2024 2024 2024Assets:Cash and due from banks $43,997 $33,394 $21,534 $33,694 $28,211Interest-earning deposits with correspondent banks 119,582 82,804 88,368 173,277 75,666Short-term investments 4,145 4,041 3,987 3,772 3,654Mortgage loans held for sale, at fair value 35,681 21,953 21,708 20,864 26,116Mortgage loans held for sale, at lower of cost or market – – 281,706 – -Premises and equipment held for sale, lower of cost or market – – 4,788 – -Available for sale debt securities, at fair value 971,341 917,545 916,305 973,266 951,828Federal Home Loan Bank stock, at cost 45,273 38,899 49,817 57,439 66,166Loans:Total loans 5,140,260 5,096,210 5,137,838 5,514,870 5,629,102Less: allowance for credit losses on loans 41,059 41,056 41,960 42,630 42,378Net loans 5,099,201 5,055,154 5,095,878 5,472,240 5,586,724Premises and equipment, net 25,574 26,068 26,873 32,145 31,866Operating lease right-of-use assets 35,578 36,048 26,943 27,612 28,387Investment in bank-owned life insurance 113,372 107,546 106,777 105,998 105,228Goodwill 63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net 2,478 2,682 2,885 3,089 3,295Other assets 185,036 195,972 219,169 174,266 213,310Total assets $6,745,167 $6,586,015 $6,930,647 $7,141,571 $7,184,360Liabilities:Deposits:Noninterest-bearing deposits $646,584 $625,590 $661,776 $665,706 $645,661Interest-bearing deposits 4,398,664 4,414,991 4,454,024 4,506,184 4,330,465Total deposits 5,045,248 5,040,581 5,115,800 5,171,890 4,976,126Federal Home Loan Bank advances 1,001,000 850,000 1,125,000 1,300,000 1,550,000Junior subordinated debentures 22,681 22,681 22,681 22,681 22,681Operating lease liabilities 38,299 38,716 29,578 30,237 31,012Other liabilities 110,420 112,357 137,860 114,534 133,584Total liabilities 6,217,648 6,064,335 6,430,919 6,639,342 6,713,403Shareholders' Equity:Common stock 1,223 1,223 1,223 1,085 1,085Paid-in capital 197,392 197,570 196,947 126,698 125,898Retained earnings 437,520 435,233 434,014 505,654 504,350Accumulated other comprehensive loss (95,949) (99,179) (119,171) (117,158) (146,326)Treasury stock, at cost (12,667) (13,167) (13,285) (14,050) (14,050)Total shareholders' equity 527,519 521,680 499,728 502,229 470,957Total liabilities and shareholders' equity $6,745,167 $6,586,015 $6,930,647 $7,141,571 $7,184,360

Washington Trust Bancorp, Inc. and SubsidiariesCONDENSED CONSOLIDATED STATEMENTS OF INCOME(Unaudited; Dollars and shares in thousands, except per share amounts) For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Interest income:Interest and fees on loans $67,345 $66,656 $71,432 $75,989 $76,240 $134,001 $151,876Interest on mortgage loans held for sale 442 958 762 366 392 1,400 647Taxable interest on debt securities 9,230 8,827 7,015 6,795 6,944 18,057 14,040Nontaxable interest on debt securities 8 7 8 – – 15 -Dividends on Federal Home Loan Bank stock 792 1,022 1,312 1,262 1,124 1,814 2,197Other interest income 1,029 1,993 1,310 3,174 1,297 3,022 2,493Total interest and dividend income 78,846 79,463 81,839 87,586 85,997 158,309 171,253Interest expense:Deposits 30,864 31,748 34,135 37,203 36,713 62,612 74,760Federal Home Loan Bank advances 10,451 10,946 14,388 17,717 17,296 21,397 32,434Junior subordinated debentures 346 347 380 404 403 693 809Total interest expense 41,661 43,041 48,903 55,324 54,412 84,702 108,003Net interest income 37,185 36,422 32,936 32,262 31,585 73,607 63,250Provision for credit losses 600 1,200 1,000 200 500 1,800 1,200Net interest income after provision for credit losses 36,585 35,222 31,936 32,062 31,085 71,807 62,050Noninterest income (loss):Wealth management revenues 10,120 9,891 10,049 9,989 9,678 20,011 19,016Mortgage banking revenues 3,034 2,304 2,848 2,866 2,761 5,338 5,267Card interchange fees 1,247 1,509 1,255 1,321 1,275 2,756 2,420Service charges on deposit accounts 808 744 794 784 769 1,552 1,454Loan related derivative income 676 101 8 126 49 777 333Income from bank-owned life insurance 826 769 779 770 753 1,595 1,492Realized losses on securities, net – – (31,047) – – – -Losses on sale of portfolio loans, net – – (62,888) – – – -Gain on sale of bank-owned properties, net – 6,994 – – 988 6,994 988Other income 367 331 310 416 387 698 2,853Total noninterest income (loss) 17,078 22,643 (77,892) 16,272 16,660 39,721 33,823Noninterest expense:Salaries and employee benefits 23,025 22,422 21,875 21,350 21,260 45,447 43,035Outsourced services 4,404 4,346 4,197 4,185 4,096 8,750 7,876Net occupancy 2,662 2,741 2,428 2,399 2,397 5,403 4,958Equipment 930 891 936 924 958 1,821 1,978Legal, audit, and professional fees 726 750 845 836 741 1,476 1,447FDIC deposit insurance costs 1,235 1,262 1,266 1,402 1,404 2,497 2,845Advertising and promotion 717 410 560 857 661 1,127 1,209Amortization of intangibles 203 204 204 206 208 407 416Pension plan settlement charge – 6,436 – – – 6,436 -Other expenses 2,628 2,734 1,981 2,345 2,185 5,362 4,509Total noninterest expense 36,530 42,196 34,292 34,504 33,910 78,726 68,273Income (loss) before income taxes 17,133 15,669 (80,248) 13,830 13,835 32,802 27,600Income tax expense (benefit) 3,888 3,490 (19,457) 2,849 3,020 7,378 5,849Net income (loss) $13,245 $12,179 ($60,791) $10,981 $10,815 $25,424 $21,751Net income (loss) available to common shareholders $13,245 $12,179 ($60,776) $10,973 $10,807 $25,424 $21,731Weighted average common shares outstanding – basic 19,285 19,276 17,452 17,058 17,052 19,280 17,042Weighted average common shares outstanding – diluted 19,374 19,370 17,565 17,140 17,110 19,372 17,082Per share information:Basic earnings per common share $0.69 $0.63 ($3.48) $0.64 $0.63 $1.32 $1.28Diluted earnings per common share $0.68 $0.63 ($3.46) $0.64 $0.63 $1.31 $1.27Cash dividends declared $0.56 $0.56 $0.56 $0.56 $0.56 $1.12 $1.12

Washington Trust Bancorp, Inc. and SubsidiariesSELECTED FINANCIAL HIGHLIGHTS(Unaudited; Dollars and shares in thousands, except per share amounts) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2025 2025 2024 2024 2024Share and Equity Related Data:Book value per share $27.36 $27.06 $25.93 $29.44 $27.61Tangible book value per share (non-GAAP)(1) $23.91 $23.61 $22.46 $25.51 $23.67Market value per share $28.28 $30.86 $31.35 $32.21 $27.41Shares issued at end of period 19,562 19,562 19,562 17,363 17,363Shares outstanding at end of period 19,283 19,276 19,274 17,058 17,058Capital Ratios (2):Tier 1 risk-based capital 12.17% 12.23% 11.64% 11.39% 11.01%Total risk-based capital 13.06% 13.13% 12.47% 12.21% 11.81%Tier 1 leverage ratio 8.66% 8.45% 8.13% 7.85% 7.82%Common equity tier 1 11.71% 11.76% 11.20% 10.95% 10.59%Balance Sheet Ratios:Equity to assets 7.82% 7.92% 7.21% 7.03% 6.56%Tangible equity to tangible assets (non-GAAP)(1) 6.90% 6.98% 6.31% 6.15% 5.67%Loans to deposits (3) 101.8% 100.7% 105.5% 106.2% 112.8%

For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Performance Ratios (4):Net interest margin (5) 2.36% 2.29% 1.95% 1.85% 1.83% 2.32% 1.84%Return on average assets (6) 0.80% 0.73% (3.45%) 0.60% 0.60% 0.76% 0.61%Adjusted return on average assets (non-GAAP) (1) 0.80% 0.71% 0.59% 0.60% 0.56% 0.75% 0.54%Return on average tangible assets (non-GAAP) (1) 0.81% 0.71% 0.60% 0.61% 0.57% 0.76% 0.55%Return on average equity (7) 10.14% 9.63% (48.25%) 8.99% 9.43% 9.89% 9.38%Adjusted return on average equity (non-GAAP) (1) 10.14% 9.30% 8.29% 8.99% 8.79% 9.73% 8.38%Return on average tangible equity (non-GAAP) (1) 11.62% 10.69% 9.57% 10.43% 10.29% 11.16% 9.80%Efficiency ratio (8) 67.3% 71.4% (76.3%) 71.1% 70.3% 69.5% 70.3%Adjusted efficiency ratio (non-GAAP) (1) 67.3% 68.7% 70.0% 71.1% 71.8% 68.0% 72.6%

(1) See the section labeled “Supplemental Information – Calculation of Non-GAAP Financial Measures” at the end of this document.(2) Estimated for June 30, 2025 and actuals for prior periods.(3) Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.(4) Annualized based on the actual number of days in the period.(5) Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.(6) Net income divided by average assets.(7) Net income available for common shareholders divided by average equity.(8) Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

Washington Trust Bancorp, Inc. and SubsidiariesSELECTED FINANCIAL HIGHLIGHTS(Unaudited; Dollars in thousands) For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Wealth Management ResultsWealth Management Revenues:Asset-based revenues $9,745 $9,769 $9,910 $9,770 $9,239 $19,514 $18,328Transaction-based revenues 375 122 139 219 439 497 688Total wealth management revenues $10,120 $9,891 $10,049 $9,989 $9,678 $20,011 $19,016Assets Under Administration (AUA):Balance at beginning of period $6,818,390 $7,077,802 $7,052,408 $6,803,491 $6,858,322 $7,077,802 $6,588,406Net investment appreciation (depreciation) 466,541 (148,748) 57,706 372,027 108,529 317,793 472,773& incomeNet client asset outflows (103,216) (110,664) (32,312) (123,110) (163,360) (213,880) (257,688)Balance at end of period $7,181,715 $6,818,390 $7,077,802 $7,052,408 $6,803,491 $7,181,715 $6,803,491Percentage of AUA that are managed assets 91% 91% 91% 91% 91% 91% 91%Mortgage Banking ResultsMortgage Banking Revenues:Realized gains on loan sales, net (1) $2,460 $1,575 $2,493 $2,492 $2,205 $4,035 $3,791Changes in fair value, net (2) 19 133 (317) (28) 20 152 344Loan servicing fee income, net (3) 555 596 672 402 536 1,151 1,132Total mortgage banking revenues $3,034 $2,304 $2,848 $2,866 $2,761 $5,338 $5,267Residential Mortgage Loan Originations:Originations for retention in portfolio (4) $51,331 $27,662 $15,155 $26,317 $26,520 $78,993 $50,994Originations for sale to secondary market (5) 130,212 75,519 114,137 115,117 110,728 205,731 188,826Total mortgage loan originations $181,543 $103,181 $129,292 $141,434 $137,248 $284,724 $239,820Percentage of originations for sale to total 72% 73% 88% 81% 81% 72% 79%mortgage loan originationsResidential Mortgage Loans Sold:Sold with servicing rights retained $7,762 $16,819 $62,410 $17,881 $24,570 $24,581 $48,627Sold with servicing rights released (5) 109,013 58,680 50,697 102,457 85,482 167,693 134,069Total mortgage loans sold $116,775 $75,499 $113,107 $120,338 $110,052 $192,274 $182,696

(1) Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.(2) Represents fair value changes on mortgage loans held for sale and forward loan commitments.(3) Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.(4) Includes the full commitment amount of homeowner construction loans.(5) Includes brokered loans (loans originated for others).

Washington Trust Bancorp, Inc. and SubsidiariesEND OF PERIOD LOAN COMPOSITION(Unaudited; Dollars in thousands) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2025 2025 2024 2024 2024Loans:Commercial real estate (1) $2,178,925 $2,134,107 $2,154,504 $2,102,091 $2,191,996Commercial & industrial 547,318 535,030 542,474 566,279 558,075Total commercial 2,726,243 2,669,137 2,696,978 2,668,370 2,750,071Residential real estate (2) 2,096,250 2,113,307 2,126,171 2,529,397 2,558,533Home equity 300,917 296,563 297,119 299,379 302,027Other 16,850 17,203 17,570 17,724 18,471Total consumer 317,767 313,766 314,689 317,103 320,498Total loans $5,140,260 $5,096,210 $5,137,838 $5,514,870 $5,629,102

(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.

June 30, 2025 December 31, 2024 Balance % of Total Balance % of TotalCommercial Real Estate Loans by Property Location:Connecticut $850,350 39% $839,079 39%Massachusetts 650,834 30 663,026 31Rhode Island 429,385 20 434,244 20Subtotal 1,930,569 89 1,936,349 90All other states 248,356 11 218,155 10Total commercial real estate loans $2,178,925 100% $2,154,504 100%Residential Real Estate Loans by Property Location:Massachusetts $1,489,658 71% $1,530,847 72%Rhode Island 459,486 22 443,237 21Connecticut 124,623 6 128,933 6Subtotal 2,073,767 99 2,103,017 99All other states 22,483 1 23,154 1Total residential real estate loans $2,096,250 100% $2,126,171 100%

Washington Trust Bancorp, Inc. and SubsidiariesEND OF PERIOD LOAN COMPOSITION(Unaudited; Dollars in thousands) June 30, 2025 December 31, 2024 Balance % of Total Balance % of TotalCommercial Real Estate Portfolio Segmentation:Multi-family $629,184 29% $567,243 26%Retail 407,039 19 433,146 20Industrial and warehouse 370,839 17 358,425 17Office 274,657 13 289,853 13Hospitality 222,715 10 213,585 10Healthcare Facility 193,791 9 205,858 10Mixed-use 26,379 1 29,023 1Other 54,321 2 57,371 3Total commercial real estate loans $2,178,925 100% $2,154,504 100%Commercial & Industrial Portfolio Segmentation:Healthcare and social assistance $118,747 22% $126,547 23%Real estate rental and leasing 56,715 10 63,992 12Educational services 55,174 10 47,092 9Transportation and warehousing 52,698 10 55,784 10Retail trade 50,207 9 41,132 8Finance and insurance 24,779 5 26,557 5Accommodation and food services 24,752 5 12,368 2Information 21,858 4 22,265 4Manufacturing 21,536 4 32,140 6Arts, entertainment, and recreation 19,129 3 19,861 4Professional, scientific, and technical services 11,990 2 10,845 2Public administration 2,036 – 2,186 -Other 87,697 16 81,705 15Total commercial & industrial loans $547,318 100% $542,474 100%

Weighted Average Asset Quality Balance Average Loan to Debt Pass Special Classified Nonaccrual (2) (3) Loan Value Service Mention (included in Size (4) Coverage Classified)Non-Owner Occupied Commercial RealEstate Office (inclusive of Construction):Class A $102,923 $9,406 58% 1.76x $96,710 $- $6,213 $-Class B 74,536 3,405 55% 1.34x 70,260 – 4,276 4,276Class C 14,757 1,845 54% 1.25x 12,560 2,197 – -Medical Office 53,102 7,586 69% 1.40x 53,102 – – -Lab Space 29,339 23,480 91% 0.38x – 6,509 22,830 -Total office at June30, 2025 (1) $274,657 $5,864 64% 1.34x $232,632 $8,706 $33,319 $4,276Total office at March31, 2025 $275,787 $6,305 65% 1.48x $231,961 $8,536 $35,290 $7,605Total office linked quarter change ($1,130) ($441) (1%) (0.14x) $671 $170 ($1,971) ($3,329)

(1) Approximately 66% of the total commercial real estate office balance of $275 million is secured by income producing properties located in suburban areas. Additionally, approximately 49% of the total commercial real estate office balance is scheduled to mature before June 30, 2027.(2) Balance of commercial real estate office consists of 50 loans as of June 30, 2025.(3) Does not include $18.5 million of unfunded commitments as of June 30, 2025.(4) Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

Washington Trust Bancorp, Inc. and SubsidiariesEND OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY(Unaudited; Dollars in thousands) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2025 2025 2024 2024 2024Deposits:Noninterest-bearing demand deposits $646,584 $625,590 $661,776 $665,706 $645,661Interest-bearing demand deposits (in-market) 668,483 654,599 592,904 596,319 532,316NOW accounts 680,246 686,666 692,812 685,531 722,797Money market accounts 1,147,792 1,202,703 1,154,745 1,146,426 1,086,088Savings accounts 693,055 630,413 523,915 490,285 485,208Time deposits (in-market) (1) 1,207,255 1,213,382 1,192,110 1,207,626 1,164,839In-market deposits 5,043,415 5,013,353 4,818,262 4,791,893 4,636,909Wholesale brokered time deposits 1,833 27,228 297,538 379,997 339,217Total deposits $5,045,248 $5,040,581 $5,115,800 $5,171,890 $4,976,126

(1) As of June 30, 2025, in-market deposits were approximately 60% retail and 40% commercial and the average size was approximately $37 thousand.

June 30, 2025 December 31, 2024 Balance % of Total Balance % of Total Deposits DepositsUninsured Deposits:Uninsured deposits (1) $1,365,590 27% $1,363,689 27%Less: affiliate deposits (2) 76,352 1 94,740 2Uninsured deposits, excluding affiliate deposits 1,289,238 26 1,268,949 25Less: fully-collateralized preferred deposits (3) 207,695 5 197,638 4Uninsured deposits, after exclusions $1,081,543 21% $1,071,311 21%

(1) Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits.(2) Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation.(3) Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law.

Jun 30, Dec 31, 2025 2024Contingent Liquidity:Federal Home Loan Bank of Boston $987,119 $752,951Federal Reserve Bank of Boston 111,454 70,286Available cash liquidity (1) 87,662 36,647Unencumbered securities 596,906 597,771Total $1,783,141 $1,457,655Percentage of total contingent liquidity to uninsured deposits 130.6% 106.9%Percentage of total contingent liquidity to uninsured deposits, after exclusions 164.9% 136.1%

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

Washington Trust Bancorp, Inc. and SubsidiariesCREDIT & ASSET QUALITY DATA(Unaudited; Dollars in thousands) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2025 2025 2024 2024 2024Asset Quality Ratios:Nonperforming assets to total assets 0.39% 0.33% 0.34% 0.44% 0.43%Nonaccrual loans to total loans 0.51% 0.42% 0.45% 0.56% 0.54%Total past due loans to total loans 0.27% 0.20% 0.23% 0.37% 0.21%Allowance for credit losses on loans to nonaccrual loans 157.27% 189.85% 180.03% 136.89% 139.04%Allowance for credit losses on loans to total loans 0.80% 0.81% 0.82% 0.77% 0.75%Nonperforming Assets:Commercial real estate $4,276 $7,605 $10,053 $18,259 $18,390Commercial & industrial 9,711 1,140 515 616 642Total commercial 13,987 8,745 10,568 18,875 19,032Residential real estate 10,614 11,102 10,767 10,517 9,744Home equity 1,507 1,779 1,972 1,750 1,703Other consumer – – – – -Total consumer 1,507 1,779 1,972 1,750 1,703Total nonaccrual loans 26,108 21,626 23,307 31,142 30,479Other real estate owned – – – – 683Total nonperforming assets $26,108 $21,626 $23,307 $31,142 $31,162Past Due Loans (30 days or more past due):Commercial real estate $- $- $- $10,476 $-Commercial & industrial 1,799 1,146 900 3 2Total commercial 1,799 1,146 900 10,479 2Residential real estate 9,772 6,439 7,741 6,947 8,534Home equity 2,430 2,578 2,947 2,800 3,324Other consumer 34 32 394 75 20Total consumer 2,464 2,610 3,341 2,875 3,344Total past due loans $14,035 $10,195 $11,982 $20,301 $11,880Accruing loans 90 days or more past due $- $- $- $- $-Nonaccrual loans included in past due loans $8,186 $7,354 $6,447 $18,119 $8,409

Washington Trust Bancorp, Inc. and SubsidiariesCREDIT & ASSET QUALITY DATA(Unaudited; Dollars in thousands) For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Nonaccrual Loan Activity:Balance at beginning of period $21,626 $23,307 $31,142 $30,479 $30,710 $23,307 $44,618Additions to nonaccrual status 10,454 2,142 5,417 1,880 556 12,596 988Loans returned to accruing status (1,493) (4) (9) (268) (369) (1,497) (14,133)Loans charged-off (667) (2,522) (2,231) (59) (53) (3,189) (123)Loans transferred to other real estate owned – – – – – – -Payments, payoffs, and other changes (3,812) (1,297) (11,012) (890) (365) (5,109) (871)Balance at end of period $26,108 $21,626 $23,307 $31,142 $30,479 $26,108 $30,479Allowance for Credit Losses on Loans:Balance at beginning of period $41,056 $41,960 $42,630 $42,378 $41,905 $41,960 $41,057Provision for credit losses on loans (1) 650 1,400 1,200 300 500 2,050 1,400Charge-offs (667) (2,522) (2,231) (59) (53) (3,189) (123)Recoveries 20 218 361 11 26 238 44Balance at end of period $41,059 $41,056 $41,960 $42,630 $42,378 $41,059 $42,378Allowance for Credit Losses on Unfunded Commitments:Balance at beginning of period $1,240 $1,440 $1,640 $1,740 $1,740 $1,440 $1,940Provision for credit losses on unfunded commitments (1) (50) (200) (200) (100) – (250) (200)Balance at end of period (2) $1,190 $1,240 $1,440 $1,640 $1,740 $1,190 $1,740

(1) Included in provision for credit losses in the Consolidated Statements of Income.(2) Included in other liabilities in the Consolidated Balance Sheets.

For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Net Loan Charge-Offs (Recoveries):Commercial real estate $274 $2,250 $1,961 $- $- $2,524 $-Commercial & industrial 307 3 181 2 4 310 3Total commercial 581 2,253 2,142 2 4 2,834 3Residential real estate – – (160) – – – -Home equity (1) (1) (189) (1) (6) (2) (7)Other consumer 67 52 77 47 29 119 83Total consumer 66 51 (112) 46 23 117 76Total $647 $2,304 $1,870 $48 $27 $2,951 $79Net charge-offs to average loans – annualized 0.05% 0.18% 0.14% -% -% 0.12% -%

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

Washington Trust Bancorp, Inc. and SubsidiariesCONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)(Unaudited; Dollars in thousands)For the Three Months Ended June 30, 2025 March 31, 2025 Change Average Interest Yield/ Average Interest Yield/ Average Interest Yield/ Balance Rate Balance Rate Balance RateAssets:Cash, federal funds sold, and short-term $92,692 $1,029 4.45% $185,724 $1,993 4.35% ($93,032) ($964) 0.10%investmentsMortgage loans held for sale 27,466 442 6.45 105,253 958 3.69 (77,787) (516) 2.76Taxable debt securities 1,067,394 9,230 3.47 1,042,687 8,827 3.43 24,707 403 0.04Nontaxable debt securities 650 8 4.94 650 8 4.99 – – (0.05)Total securities 1,068,044 9,238 3.47 1,043,337 8,835 3.43 24,707 403 0.04FHLB stock 41,484 792 7.66 43,491 1,022 9.53 (2,007) (230) (1.87)Commercial real estate 2,161,987 31,225 5.79 2,138,301 30,354 5.76 23,686 871 0.03Commercial & industrial 550,550 7,967 5.80 538,083 7,874 5.93 12,467 93 (0.13)Total commercial 2,712,537 39,192 5.80 2,676,384 38,228 5.79 36,153 964 0.01Residential real estate 2,096,538 22,996 4.40 2,120,452 23,354 4.47 (23,914) (358) (0.07)Home equity 298,645 5,167 6.94 296,735 5,061 6.92 1,910 106 0.02Other 17,001 207 4.88 17,349 217 5.07 (348) (10) (0.19)Total consumer 315,646 5,374 6.83 314,084 5,278 6.82 1,562 96 0.01Total loans 5,124,721 67,562 5.29 5,110,920 66,860 5.31 13,801 702 (0.02)Total interest-earning assets 6,354,407 79,063 4.99 6,488,725 79,668 4.98 (134,318) (605) 0.01Noninterest-earning assets 288,963 276,332 12,631Total assets $6,643,370 $6,765,057 ($121,687)Liabilities and Shareholders' Equity:Interest-bearing demand deposits (in- $664,290 $6,251 3.77% $628,490 $5,876 3.79% $35,800 $375 (0.02%)market)NOW accounts 670,878 341 0.20 679,138 343 0.20 (8,260) (2) -Money market accounts 1,182,377 9,779 3.32 1,232,042 10,028 3.30 (49,665) (249) 0.02Savings accounts 664,590 3,080 1.86 564,002 1,851 1.33 100,588 1,229 0.53Time deposits (in-market) 1,215,018 11,308 3.73 1,204,779 11,304 3.81 10,239 4 (0.08)Interest-bearing in-market deposits 4,397,153 30,759 2.81 4,308,451 29,402 2.77 88,702 1,357 0.04Wholesale brokered time deposits 8,485 105 4.96 188,386 2,346 5.05 (179,901) (2,241) (0.09)Total interest-bearing deposits 4,405,638 30,864 2.81 4,496,837 31,748 2.86 (91,199) (884) (0.05)FHLB advances 934,066 10,451 4.49 959,889 10,946 4.62 (25,823) (495) (0.13)Junior subordinated debentures 22,681 346 6.12 22,681 347 6.20 – (1) (0.08)Total interest-bearing liabilities 5,362,385 41,661 3.12 5,479,407 43,041 3.19 (117,022) (1,380) (0.07)Noninterest-bearing demand deposits 615,926 620,849 (4,923)Other liabilities 141,350 151,753 (10,403)Shareholders' equity 523,709 513,048 10,661Total liabilities and shareholders' equity $6,643,370 $6,765,057 ($121,687)Net interest income (FTE) $37,402 $36,627 $775Interest rate spread 1.87% 1.79% 0.08%Net interest margin 2.36% 2.29% 0.07%

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

For the Three Months Ended Jun 30, 2025 Mar 31, 2025 ChangeCommercial loans $219 $206 $13Nontaxable debt securities – 1 (1)Total $219 $207 $12

Washington Trust Bancorp, Inc. and SubsidiariesCONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)(Unaudited; Dollars in thousands)For the Six Months Ended June 30, 2025 June 30, 2024 Change Average Interest Yield/ Average Interest Yield/ Average Interest Yield/ Balance Rate Balance Rate alance RateAssets:Cash, federal funds sold and short-term investments $138,950 $3,022 4.39% $87,964 $2,493 5.70% $50,986 $529 (1.31%)Mortgage loans for sale 66,145 1,400 4.27 19,103 647 6.81 47,042 753 (2.54)Taxable debt securities 1,055,109 18,057 3.45 1,138,013 14,040 2.48 (82,904) 4,017 0.97Nontaxable debt securities 650 16 4.96 – – – 650 16 4.96Total securities 1,055,759 18,073 3.45 1,138,013 14,040 2.48 (82,254) 4,033 0.97FHLB stock 42,482 1,814 8.61 57,106 2,197 7.74 (14,624) (383) 0.87Commercial real estate 2,150,209 61,579 5.78 2,154,336 68,927 6.43 (4,127) (7,348) (0.65)Commercial & industrial 544,352 15,841 5.87 606,766 19,728 6.54 (62,414) (3,887) (0.67)Total commercial 2,694,561 77,420 5.79 2,761,102 88,655 6.46 (66,541) (11,235) (0.67)Residential real estate 2,108,429 46,350 4.43 2,581,357 53,004 4.13 (472,928) (6,654) 0.30Home equity 297,695 10,229 6.93 308,467 10,215 6.66 (10,772) 14 0.27Other 17,174 423 4.97 18,744 451 4.84 (1,570) (28) 0.13Total consumer 314,869 10,652 6.82 327,211 10,666 6.56 (12,342) (14) 0.26Total loans 5,117,859 134,422 5.30 5,669,670 152,325 5.40 (551,811) (17,903) (0.10)Total interest-earning assets 6,421,195 158,731 4.98 6,971,856 171,702 4.95 (550,661) (12,971) 0.03Noninterest-earning assets 282,682 257,800 24,882Total assets $6,703,877 $7,229,656 ($525,779)Liabilities and Shareholders' Equity:Interest-bearing demand deposits (in-market) $646,489 $12,126 3.78% $521,495 $11,770 4.54% $124,994 $356 (0.76%)NOW accounts 674,985 685 0.20 716,896 764 0.21 (41,911) (79) (0.01)Money market accounts 1,207,072 19,806 3.31 1,113,962 21,351 3.85 93,110 (1,545) (0.54)Savings accounts 614,573 4,932 1.62 486,472 1,554 0.64 128,101 3,378 0.98Time deposits (in-market) 1,209,927 22,611 3.77 1,153,702 23,522 4.10 56,225 (911) (0.33)Interest-bearing in-market deposits 4,353,046 60,160 2.79 3,992,527 58,961 2.97 360,519 1,199 (0.18)Wholesale brokered time deposits 97,939 2,452 5.05 608,514 15,799 5.22 (510,575) (13,347) (0.17)Total interest-bearing deposits 4,450,985 62,612 2.84 4,601,041 74,760 3.27 (150,056) (12,148) (0.43)FHLB advances 946,906 21,397 4.56 1,318,544 32,434 4.95 (371,638) (11,037) (0.39)Junior subordinated debentures 22,681 693 6.16 22,681 809 7.17 – (116) (1.01)Total interest-bearing liabilities 5,420,572 84,702 3.15 5,942,266 108,003 3.66 (521,694) (23,301) (0.51)Noninterest-bearing demand deposits 618,373 658,423 (40,050)Other liabilities 146,524 162,939 (16,415)Shareholders' equity 518,408 466,028 52,380Total liabilities and shareholders' equity $6,703,877 $7,229,656 ($525,779)Net interest income (FTE) $74,029 $63,699 $10,330Interest rate spread 1.83% 1.29% 0.54%Net interest margin 2.32% 1.84% 0.48%

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

For the Six Months Ended Jun 30, 2025 Jun 30, 2024 ChangeCommercial loans $425 $449 ($24)Nontaxable debt securities 1 – 1Total $426 $449 ($23)

Washington Trust Bancorp, Inc. and SubsidiariesSUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures(Unaudited; Dollars in thousands, except per share amounts)The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Adjusted Noninterest Income:Noninterest income (loss), as reported $17,078 $22,643 ($77,892) $16,272 $16,660 $39,721 $33,823Less adjustments:Realized losses on securities, net – – (31,047) – – – -Losses on sale of portfolio loans, net – – (62,888) – – – -Gain on sale of bank-owned properties, net – 6,994 – – 988 6,994 988Litigation settlement income – – – – – – 2,100Total adjustments, pre-tax – 6,994 (93,935) – 988 6,994 3,088Adjusted noninterest income (non-GAAP) $17,078 $15,649 $16,043 $16,272 $15,672 $32,727 $30,735Adjusted Noninterest Expense:Noninterest expense, as reported $36,530 $42,196 $34,292 $34,504 $33,910 $78,726 $68,273Less adjustments:Pension plan settlement charge – 6,436 – – – 6,436 -Total adjustments, pre-tax – 6,436 – – – 6,436 -Adjusted noninterest expense (non-GAAP) $36,530 $35,760 $34,292 $34,504 $33,910 $72,290 $68,273Adjusted Income Before Income Taxes:Income (loss) before income taxes $17,133 $15,669 ($80,248) $13,830 $13,835 $32,802 $27,600Less: total adjustments, pre-tax – 558 (93,935) – 988 558 3,088Adjusted income before income taxes (non-GAAP) $17,133 $15,111 $13,687 $13,830 $12,847 $32,244 $24,512Adjusted Income Tax Expense:Income tax expense (benefit), as reported $3,888 $3,490 ($19,457) $2,849 $3,020 $7,378 $5,849Less: tax on total adjustments – 141 (22,699) – 249 141 779Adjusted income tax expense (non-GAAP) $3,888 $3,349 $3,242 $2,849 $2,771 $7,237 $5,070Adjusted Effective Tax Rate:Effective tax rate (1) 22.7% 22.3% 24.2% 20.6% 21.8% 22.5% 21.2%Less: impact of total adjustments – 0.1 0.5 – 0.2 0.1 0.5Adjusted effective tax rate (non-GAAP)(2) 22.7% 22.2% 23.7% 20.6% 21.6% 22.4% 20.7%Adjusted Net Income:Net income (loss), as reported $13,245 $12,179 ($60,791) $10,981 $10,815 $25,424 $21,751Less: total adjustments, after-tax – 417 (71,236) – 739 417 2,309Adjusted net income (non-GAAP) $13,245 $11,762 $10,445 $10,981 $10,076 $25,007 $19,442Adjusted Net Income Available to Common Shareholders:Net income (loss) available to common shareholders, as $13,245 $12,179 ($60,776) $10,973 $10,807 $25,424 $21,731reportedLess: total adjustments available to common – 417 (71,221) – 738 417 2,306shareholders, after-taxAdjusted net income available to common shareholders $13,245 $11,762 $10,445 $10,973 $10,069 $25,007 $19,425(non-GAAP)

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

(1) Net income (loss) available to common shareholders divided by weighted average diluted common and potential shares outstanding.(2) Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding.(3) Total noninterest expense as percentage of total revenues (net interest income and noninterest income).(4) Total noninterest expense as percentage of total revenues (net interest income and noninterest income), each adjusted for the pre-tax impact of adjustments as outlined in the table above.

The following table presents adjusted return on average assets and return on average tangible assets: For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Adjusted Return on Average Assets:Net income (loss), as reported $13,245 $12,179 ($60,791) $10,981 $10,815 $25,424 $21,751Less: total adjustments, after-tax – 417 (71,236) – 739 417 2,309Adjusted net income (non-GAAP) 13,245 11,762 10,445 10,981 10,076 25,007 19,442Total average assets, as reported 6,643,370 6,765,057 7,011,839 7,254,566 7,227,478 6,703,877 7,229,656Return on average assets (1) 0.80% 0.73% (3.45%) 0.60% 0.60% 0.76% 0.61%Adjusted return on average assets (non-GAAP) (2) 0.80% 0.71% 0.59% 0.60% 0.56% 0.75% 0.54%Return on Average Tangible Assets:Adjusted net income (non-GAAP) $13,245 $11,762 $10,445 $10,981 $10,076 $25,007 $19,442Total average assets, as reported 6,643,370 6,765,057 7,011,839 7,254,566 7,227,478 6,703,877 7,229,656Less average balances of:Goodwill 63,909 63,909 63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net 2,577 2,781 2,984 3,189 3,397 2,679 3,500Total average tangible assets 6,576,884 6,698,367 6,944,946 7,187,468 7,160,172 6,637,289 7,162,247Return on average assets (1) 0.80% 0.73% (3.45%) 0.60% 0.60% 0.76% 0.61%Return on average tangible assets (non-GAAP)(3) 0.81% 0.71% 0.60% 0.61% 0.57% 0.76% 0.55%

(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.

Washington Trust Bancorp, Inc. and SubsidiariesSUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)(Unaudited; Dollars in thousands, except per share amounts)The following table presents adjusted return on average equity and return on average tangible equity: For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, Jun 30, 2025 2025 2024 2024 2024 2025 2024Adjusted Return on Average Equity:Net income (loss) available to common $13,245 $12,179 ($60,776) $10,973 $10,807 $25,424 $21,731shareholders, as reportedLess: total adjustments, after-tax – 417 (71,221) – 738 417 2,306Adjusted net income available to common 13,245 11,762 10,445 10,973 10,069 25,007 19,425shareholders (non-GAAP)Total average equity, as reported 523,709 513,048 501,099 485,654 460,959 518,408 466,028Return on average equity(1) 10.14% 9.63% (48.25%) 8.99% 9.43% 9.89% 9.38%Adjusted return on average equity (non-GAAP) (2) 10.14% 9.30% 8.29% 8.99% 8.79% 9.73% 8.38%Return on Average Tangible Equity:Adjusted net income available to common $13,245 $11,762 $10,445 $10,973 $10,069 $25,007 $19,425shareholders (non-GAAP)Total average equity, as reported 523,709 513,048 501,099 485,654 460,959 518,408 466,028Less average balances of:Goodwill 63,909 63,909 63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net 2,577 2,781 2,984 3,189 3,397 2,679 3,500Total average tangible equity (non-GAAP) 457,223 446,358 434,206 418,556 393,653 451,820 398,619Return on average equity (1) 10.14% 9.63% (48.25%) 8.99% 9.43% 9.89% 9.38%Return on average tangible equity (non-GAAP) (3) 11.62% 10.69% 9.57% 10.43% 10.29% 11.16% 9.80%

(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.

Washington Trust Bancorp, Inc. and SubsidiariesSUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)(Unaudited; Dollars in thousands, except per share amounts)The following table presents tangible book value per share and the ratio of tangible equity to tangible assets: Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2025 2025 2024 2024 2024Tangible Book Value per Share:Total shareholders' equity, as reported $527,519 $521,680 $499,728 $502,229 $470,957Less end of period balances of:Goodwill 63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net 2,478 2,682 2,885 3,089 3,295Total tangible shareholders' equity (non-GAAP) 461,132 455,089 432,934 435,231 403,753Shares outstanding, as reported 19,283 19,276 19,274 17,058 17,058Book value per share $27.36 $27.06 $25.93 $29.44 $27.61Tangible book value per share (non-GAAP) $23.91 $23.61 $22.46 $25.51 $23.67Tangible Equity to Tangible Assets:Total tangible shareholders' equity $461,132 $455,089 $432,934 $435,231 $403,753Total assets, as reported 6,745,167 6,586,015 6,930,647 7,141,571 7,184,360Less end of period balances of:Goodwill 63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net 2,478 2,682 2,885 3,089 3,295Total tangible assets (non-GAAP) 6,678,780 6,519,424 6,863,853 7,074,573 7,117,156Equity to assets 7.82% 7.92% 7.21% 7.03% 6.56%Tangible equity to tangible assets (non-GAAP) 6.90% 6.98% 6.31% 6.15% 5.67%

Category: Earnings

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SOURCE Washington Trust Bancorp, Inc.

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