Form 8-K

8-K — WASHINGTON TRUST BANCORP INC

Accession: 0000737468-26-000064

Filed: 2026-04-20

Period: 2026-04-20

CIK: 0000737468

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wash-20260420.htm (Primary)

EX-99.1 (exhibit9912026q1.htm)

GRAPHIC (bancorpflatbluehorizontalaa.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: wash-20260420.htm · Sequence: 1

wash-20260420

0000737468FALSE00007374682026-04-202026-04-20

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): April 20, 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.)

23 Broad Street

Westerly, Rhode Island 02891

(Address of principal executive offices) (Zip Code)

(401) 348-1200

(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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

COMMON STOCK, $.0625 PAR VALUE PER SHARE

WASH

Nasdaq Global Select Market

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 ☐

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

Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 20, 2026, Washington Trust Bancorp, Inc. issued a press release in which it disclosed unaudited financial information related to first quarter 2026 consolidated earnings. A copy of the press release relating to such announcement, dated April 20, 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.

Exhibit No. Exhibit

99.1

Press release dated April 20, 2026*

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Furnished herewith

SIGNATURES

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.

Date: April 20, 2026 By: /s/ Ronald S. Ohsberg

Ronald S. Ohsberg

Senior Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: exhibit9912026q1.htm · Sequence: 2

Document

Exhibit 99.1

NASDAQ: WASH

Media Contact: Kathleen Hart

VP, Public Relations Manager

Telephone: (401) 348-1495

E-mail: kahart@washtrust.com

Date: April 20, 2026

FOR IMMEDIATE RELEASE

Washington Trust Reports First Quarter 2026 Results

WESTERLY, R.I., April 20, 2026 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq: WASH; “Washington Trust” or the “Corporation”), today reported first quarter 2026 net income of $12.6 million, or $0.66 per diluted share, compared to $16.0 million, or $0.83 per diluted share, for the preceding quarter. Compared to the first quarter of 2025, net income was up by $421 thousand, or $0.03 per diluted share, on a GAAP basis, and was up by $838 thousand, or $0.05 per diluted share, on an adjusted (non-GAAP) basis.

“Washington Trust delivered solid first quarter 2026 results, led by an increase in net interest margin, which reflects the strength of our core banking business and continued benefits from the December 2024 balance sheet repositioning transactions,” said Washington Trust Chairman and Chief Executive Officer Edward O. “Ned” Handy III. “Our balance sheet remains strong, and as we move through 2026, Washington Trust is focused on delivering long‑term shareholder value while providing customers with personalized service, local decision‑making, and a comprehensive suite of financial products and services.”

FIRST QUARTER HIGHLIGHTS (Q1 2026 vs. Q4 2025, unless otherwise noted):

•Returns on average equity and average assets were 9.23% and 0.78% for the first quarter.

•Net interest margin ("NIM") was 2.63%, up by 7 basis points and up by 34 basis points from the first quarter of 2025.

•The provision for credit losses was $4.0 million for the first quarter.

•Wealth management revenues decreased by 2% and were up by 8% from the first quarter of 2025.

•Mortgage banking revenues were seasonally down by 6%, and were up by 32% from the first quarter of 2025.

•Loan balances were down by 2% from both December 31, 2025 and March 31, 2025.

•In-market deposits (total deposits less wholesale brokered deposits) were down by 2% from December 31, 2025 and up by 3% from March 31, 2025.

•Capital ratios remained strong, with a total risk-based capital ratio of 13.38% at March 31, 2026.

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Washington Trust

April 20, 2026

RESULTS OF OPERATIONS (Q1 2026 vs. Q4 2025, unless otherwise noted):

Net Interest Income

Net interest income was down by $223 thousand, or 1%, and as noted above NIM was up by 7 basis points. Compared to the first quarter of 2025, net interest income was up by $4.1 million, or 11%, and NIM was up by 34 basis points.

•Commercial loan prepayment fee income was $116 thousand (a 1 basis point benefit to NIM), compared to $516 thousand (a 3 basis point benefit to NIM) in the prior quarter.

•Average interest-earning assets decreased by $88 million, and the yield was down by 7 basis points.

•Average interest-bearing liabilities decreased by $49 million, and the rate was down by 19 basis points.

Noninterest Income

Noninterest income was down by $1.2 million, or 6%. Adjusted noninterest income (non-GAAP) was up by $1.7 million, or 11%, from the first quarter of 2025.

•Wealth management revenues decreased by $205 thousand, or 2%, and average assets under administration ("AUA") decreased by 1%. Compared to the first quarter of 2025, wealth management revenues increased by $756 thousand, or 8%, and average AUA increased by 10%.

•Mortgage banking revenues were down by $205 thousand, or 6%, largely driven by a seasonal decline in loan sales volume. Mortgage banking revenues increased by 32% compared to the first quarter of 2025.

•Loan related derivative income totaled $227 thousand, down by $854 thousand, reflecting lower transaction volume.

Noninterest Expense

Noninterest expense was down by $218 thousand, or 1%. Adjusted noninterest expense (non-GAAP) was up by $2.0 million, or 6%, from the first quarter of 2025.

•Salaries and employee benefits expense increased by $693 thousand, or 3%, largely reflecting higher payroll taxes associated with the start of a new calendar year. Compared to the first quarter of 2025, salaries and employee benefits expense increased by $1.9 million, or 9%, reflecting staffing increases, including the addition of resources in our commercial banking and wealth management business lines.

•Other noninterest expenses were down by $1.2 million, or 31%, largely due to a $1.0 million contribution made by Washington Trust to its charitable foundation in the prior quarter.

Income Tax

Income tax expense was down by $1.2 million. The effective tax rate was 21.6%, compared to 22.7%. The Corporation expects its full-year 2026 effective tax rate to be approximately 21.5%.

FINANCIAL CONDITION (Mar 31, 2026 vs. Dec 31, 2025, unless otherwise noted):

Investment Securities

The securities portfolio totaled $912 million, down by $28 million, or 3%, and remained at 14% of total assets.

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Washington Trust

April 20, 2026

Loans

Total loans amounted to $5.0 billion, down by $120 million, or 2%.

•Commercial loans decreased by $95 million, or 3%.

•Residential real estate loans decreased by $21 million, or 1%.

•Consumer loans decreased by $3 million, or 1%.

Deposits and Borrowings

Total deposits amounted to $5.2 billion, and were down by $105 million, or 2%. Compared to March 31, 2025, deposits were up by $124 million, or 2%. In-market deposits, which exclude wholesale brokered deposits, decreased by $105 million, or 2%. Compared to March 31, 2025, in-market deposits were up by $151 million, or 3%.

FHLB advances totaled $576 million, and were down by $50 million, or 8%. Compared to March 31, 2025, FHLB advances were down by $274 million, or 32%.

Contingent liquidity amounted to $2.0 billion at March 31, 2026 and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

Capital and Dividends

Total shareholders' equity was $546.8 million, up by $3.2 million, or 1%.

•The Board of Directors declared a quarterly dividend of 56 cents per share for the first quarter. The dividend was paid on April 10, 2026 to shareholders of record on April 1, 2026.

•Capital levels exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.38%, compared to 12.95%.

•Book value per share was $28.72, compared to $28.56.

ASSET QUALITY (Mar 31, 2026 vs. Dec 31, 2025, unless otherwise noted):

Nonaccrual loans were $40.4 million, or 0.81% of total loans, up from $12.9 million, or 0.25%. The increase was largely due to two commercial real estate office loans that were placed on nonaccrual status.

Past due loans were $16.4 million, or 0.33% of total loans, up from $11.4 million, or 0.22%, and included $7.0 million of commercial loans and $9.4 million of residential and consumer loans.

The provision for credit losses totaled $4.0 million in the first quarter, compared to $600 thousand in the prior quarter. The first quarter provision largely reflected an increase in specific reserves, partially offset by a decline in loan portfolio balances. The Corporation recorded $10 thousand of net charge-offs in the first quarter, compared to net recoveries of $160 thousand in the preceding quarter.

The allowance for credit losses ("ACL") on loans amounted to $41.1 million, or 0.82% of total loans, compared to $37.2 million, or 0.73%.

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Washington Trust

April 20, 2026

Conference Call

Washington Trust will host a conference call to discuss its first quarter results, business highlights, and outlook on April 21, 2026, at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 948138. 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 238648. The audio replay will be available through May 5, 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 June 30, 2026.

-4-

Washington Trust

April 20, 2026

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 ongoing armed conflicts, tariffs, inflation, current or future U.S government shutdowns, and concerns about liquidity) on a national basis and in the local markets in which we operate;

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

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

•changes in loan demand and collectability;

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

•ongoing volatility in national and international financial markets;

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

•decreases in the value of securities and other assets;

•increases in defaults and charge-off rates;

•changes in the size and nature of our competition;

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

•changes in accounting principles, policies and guidelines;

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

•regulatory, litigation and reputational risks; and

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

In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, 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.

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 net income, 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

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Dollars in thousands)

Mar 31, 2026 vs. Dec 31, 2025 Mar 31, 2026 vs. Mar 31, 2025

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025 $ % $ %

Assets:

Cash and due from banks $27,781 $29,481 $33,394 (1,700) (5.8 %) ($5,613) (16.8 %)

Interest-earning deposits with correspondent banks 60,090 61,375 82,804 (1,285) (2.1) (22,714) (27.4)

Short-term investments 12,313 12,878 4,041 (565) (4.4) 8,272 204.7

Mortgage loans held for sale, at fair value

32,127 35,833 21,953 (3,706) (10.3) 10,174 46.3

Available for sale debt securities, at fair value 911,958 940,342 917,545 (28,384) (3.0) (5,587) (0.6)

Federal Home Loan Bank stock, at cost 28,273 29,473 38,899 (1,200) (4.1) (10,626) (27.3)

Loans:

Total loans

5,014,885 5,134,388 5,096,210 (119,503) (2.3) (81,325) (1.6)

Less: allowance for credit losses on loans

41,126 37,236 41,056 3,890 10.4 70 0.2

Net loans

4,973,759 5,097,152 5,055,154 (123,393) (2.4) (81,395) (1.6)

Premises and equipment, net 25,900 25,402 26,068 498 2.0 (168) (0.6)

Operating lease right-of-use assets 35,855 35,904 36,048 (49) (0.1) (193) (0.5)

Investment in bank-owned life insurance 116,010 115,126 107,546 884 0.8 8,464 7.9

Goodwill 63,909 63,909 63,909 — — — —

Identifiable intangible assets, net 4,148 4,303 2,682 (155) (3.6) 1,466 54.7

Other assets 167,073 170,516 195,972 (3,443) (2.0) (28,899) (14.7)

Total assets

$6,459,196 $6,621,694 $6,586,015 ($162,498) (2.5 %) ($126,819) (1.9 %)

Liabilities:

Deposits:

Noninterest-bearing deposits

$585,415 $595,092 $625,590 ($9,677) (1.6 %) ($40,175) (6.4 %)

Interest-bearing deposits

4,579,218 4,674,898 4,414,991 (95,680) (2.0) 164,227 3.7

Total deposits

5,164,633 5,269,990 5,040,581 (105,357) (2.0) 124,052 2.5

Federal Home Loan Bank advances 576,000 626,000 850,000 (50,000) (8.0) (274,000) (32.2)

Junior subordinated debentures 22,681 22,681 22,681 — — — —

Operating lease liabilities 38,724 38,726 38,716 (2) — 8 —

Other liabilities 110,385 120,713 112,357 (10,328) (8.6) (1,972) (1.8)

Total liabilities

5,912,423 6,078,110 6,064,335 (165,687) (2.7) (151,912) (2.5)

Shareholders’ Equity:

Common stock

1,223 1,223 1,223 — — — —

Paid-in capital 198,654 198,323 197,570 331 0.2 1,084 0.5

Retained earnings 444,508 442,741 435,233 1,767 0.4 9,275 2.1

Accumulated other comprehensive loss (78,435) (79,309) (99,179) 874 (1.1) 20,744 20.9

Treasury stock, at cost (19,177) (19,394) (13,167) 217 (1.1) (6,010) (45.6)

Total shareholders’ equity

546,773 543,584 521,680 3,189 0.6 25,093 4.8

Total liabilities and shareholders’ equity

$6,459,196 $6,621,694 $6,586,015 ($162,498) (2.5 %) ($126,819) (1.9 %)

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Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; Dollars and shares in thousands, except per share amounts)

Q1 2026 vs. Q4 2025 Q1 2026 vs. Q1 2025

Q1 2026 Q4 2025 Q1 2025 $ % $ %

Interest income:

Interest and fees on loans

$64,338 $67,040 $66,656 ($2,702) (4.0 %) ($2,318) (3.5 %)

Interest on mortgage loans held for sale

375 606 958 (231) (38.1) (583) (60.9)

Taxable interest on debt securities

8,768 9,100 8,827 (332) (3.6) (59) (0.7)

Nontaxable interest on debt securities

7 8 7 (1) (12.5) — —

Dividends on Federal Home Loan Bank stock

585 792 1,022 (207) (26.1) (437) (42.8)

Other interest income

909 1,291 1,993 (382) (29.6) (1,084) (54.4)

Total interest and dividend income

74,982 78,837 79,463 (3,855) (4.9) (4,481) (5.6)

Interest expense:

Deposits

27,370 30,060 31,748 (2,690) (8.9) (4,378) (13.8)

Federal Home Loan Bank advances

6,777 7,696 10,946 (919) (11.9) (4,169) (38.1)

Junior subordinated debentures

310 333 347 (23) (6.9) (37) (10.7)

Total interest expense 34,457 38,089 43,041 (3,632) (9.5) (8,584) (19.9)

Net interest income 40,525 40,748 36,422 (223) (0.5) 4,103 11.3

Provision for credit losses 4,000 600 1,200 3,400 566.7 2,800 233.3

Net interest income after provision for credit losses 36,525 40,148 35,222 (3,623) (9.0) 1,303 3.7

Noninterest income:

Wealth management revenues

10,647 10,852 9,891 (205) (1.9) 756 7.6

Mortgage banking revenues

3,045 3,250 2,304 (205) (6.3) 741 32.2

Card interchange fees

1,385 1,217 1,509 168 13.8 (124) (8.2)

Service charges on deposit accounts

785 843 744 (58) (6.9) 41 5.5

Loan related derivative income 227 1,081 101 (854) (79.0) 126 124.8

Income from bank-owned life insurance

885 886 769 (1) (0.1) 116 15.1

Gain on sale of bank-owned properties, net — — 6,994 — — (6,994) (100.0)

Other income

329 374 331 (45) (12.0) (2) (0.6)

Total noninterest income 17,303 18,503 22,643 (1,200) (6.5) (5,340) (23.6)

Noninterest expense:

Salaries and employee benefits

24,340 23,647 22,422 693 2.9 1,918 8.6

Outsourced services

4,383 4,067 4,346 316 7.8 37 0.9

Net occupancy

2,890 2,642 2,741 248 9.4 149 5.4

Equipment

903 852 891 51 6.0 12 1.3

Legal, audit, and professional fees 936 667 750 269 40.3 186 24.8

FDIC deposit insurance costs

935 1,028 1,262 (93) (9.0) (327) (25.9)

Advertising and promotion

547 1,029 410 (482) (46.8) 137 33.4

Amortization of intangibles

155 155 204 — — (49) (24.0)

Pension plan settlement charge — — 6,436 — — (6,436) (100.0)

Other expenses

2,676 3,896 2,734 (1,220) (31.3) (58) (2.1)

Total noninterest expense

37,765 37,983 42,196 (218) (0.6) (4,431) (10.5)

Income before income taxes 16,063 20,668 15,669 (4,605) (22.3) 394 2.5

Income tax expense 3,463 4,694 3,490 (1,231) (26.2) (27) (0.8)

Net income $12,600 $15,974 $12,179 ($3,374) (21.1 %) $421 3.5 %

Weighted avg common shares outstanding - basic 19,039 19,034 19,276

Weighted avg common shares outstanding - diluted 19,173 19,159 19,370

Per share information:

Basic earnings per common share $0.66 $0.84 $0.63 ($0.18) (21.4 %) $0.03 4.8 %

Diluted earnings per common share $0.66 $0.83 $0.63 ($0.17) (20.5 %) $0.03 4.8 %

Cash dividends declared $0.56 $0.56 $0.56 $— — % $— — %

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Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars and shares in thousands, except per share amounts)

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025 Mar 31, 2026 vs. Dec 31, 2025 Mar 31, 2026 vs. Mar 31, 2025

Share and Equity Related Data:

Book value per share $28.72 $28.56 $27.06 $0.16 0.6 % $1.66 6.1 %

Tangible book value per share (non-GAAP) (1)

$25.14 $24.97 $23.61 $0.17 0.7 % $1.53 6.5 %

Market value per share $33.46 $29.55 $30.86 $3.91 13.2 % $2.60 8.4 %

Shares issued at end of period 19,562 19,562 19,562 — shs — % — shs — %

Shares outstanding at end of period 19,041 19,035 19,276 6 shs — % (235) shs (1.2 %)

Capital Ratios (2):

Tier 1 risk-based capital 12.46 % 12.14 % 12.23 % 32 bps 23 bps

Total risk-based capital 13.38 % 12.95 % 13.13 % 43 bps 25 bps

Tier 1 leverage ratio 8.80 % 8.65 % 8.45 % 15 bps 35 bps

Common equity tier 1 11.99 % 11.68 % 11.76 % 31 bps 23 bps

Balance Sheet Ratios:

Equity to assets 8.47 % 8.21 % 7.92 % 26 bps 55 bps

Tangible equity to tangible assets (non-GAAP) (1)

7.49 % 7.25 % 6.98 % 24 bps 51 bps

Loans to deposits (3)

96.9 % 97.4 % 100.7 % (50) bps (380) bps

Q1 2026

Q1 2026 Q4 2025 Q1 2025 vs. Q4 2025 (bps) vs. Q1 2025 (bps)

Performance Ratios (4):

Net interest margin (5)

2.63 % 2.56 % 2.29 % 7 34

Return on average assets (6)

0.78 % 0.95 % 0.73 % (17) 5

Adjusted return on average assets (non-GAAP) (1)

0.78 % 0.95 % 0.71 % (17) 7

Return on average tangible assets (non-GAAP) (1)

0.79 % 0.96 % 0.71 % (17) 8

Return on average equity (7)

9.23 % 11.70 % 9.63 % (247) (40)

Adjusted return on average equity (non-GAAP) (1)

9.23 % 11.70 % 9.30 % (247) (7)

Return on average tangible equity (non-GAAP) (1)

10.53 % 13.39 % 10.69 % (286) (16)

Efficiency ratio (8)

65.3 % 64.1 % 71.4 % 120 (610)

Adjusted efficiency ratio (non-GAAP) (1)

65.3 % 64.1 % 68.7 % 120 (340)

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

(2)Estimated for Mar 31, 2026 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 divided by average equity.

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

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Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)

Q1 2026 vs. Q4 2025 Q1 2026 vs. Q1 2025

Q1 2026 Q4 2025 Q1 2025 $ % $ %

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues $10,580 $10,749 $9,769 ($169) (1.6 %) $811 8.3 %

Transaction-based revenues 67 103 122 (36) (35.0) (55) (45.1)

Total wealth management revenues $10,647 $10,852 $9,891 ($205) (1.9 %) $756 7.6 %

Assets Under Administration (AUA):

Spot balance at end of period (1)

$7,495,602 $7,777,250 $6,818,390 ($281,648) (3.6 %) $677,212 9.9 %

Percentage of AUA that are managed assets

91 % 91 % 91 %

Mortgage Banking Results

Mortgage Banking Revenues:

Realized gains on loan sales, net (2)

$2,370 $3,424 $1,575 ($1,054) (30.8 %) $795 50.5 %

Changes in fair value, net (3)

164 (610) 133 774 126.9 31 23.3

Loan servicing fee income, net (4)

511 436 596 75 17.2 (85) (14.3)

Total mortgage banking revenues $3,045 $3,250 $2,304 ($205) (6.3 %) $741 32.2 %

Residential Mortgage Loan Originations:

Originations for retention in portfolio (5)

$36,813 $46,912 $27,662 ($10,099) (21.5 %) $9,151 33.1 %

Originations for sale to secondary market (6)

118,351 162,410 75,519 (44,059) (27.1) 42,832 56.7

Total mortgage loan originations $155,164 $209,322 $103,181 ($54,158) (25.9 %) $51,983 50.4 %

Percentage of originations for sale to total mortgage loan originations 76 % 78 % 73 %

Residential Mortgage Loans Sold:

Sold with servicing rights retained $4,670 $7,461 $16,819 ($2,791) (37.4 %) ($12,149) (72.2 %)

Sold with servicing rights released (6)

116,853 150,507 58,680 (33,654) (22.4) 58,173 99.1

Total mortgage loans sold $121,523 $157,968 $75,499 ($36,445) (23.1 %) $46,024 61.0 %

(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).

-9-

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Mar 31, 2026 vs. Dec 31, 2025 Mar 31, 2026 vs. Mar 31, 2025

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025 $ % $ %

Loans:

Commercial real estate (1)

$2,084,804 $2,183,985 $2,134,107 ($99,181) (4.5 %) ($49,303) (2.3 %)

Commercial & industrial 568,177 564,082 535,030 4,095 0.7 33,147 6.2

Total commercial 2,652,981 2,748,067 2,669,137 (95,086) (3.5) (16,156) (0.6)

Residential real estate (2)

2,029,092 2,050,399 2,113,307 (21,307) (1.0) (84,215) (4.0)

Home equity 316,353 318,862 296,563 (2,509) (0.8) 19,790 6.7

Other 16,459 17,060 17,203 (601) (3.5) (744) (4.3)

Total consumer 332,812 335,922 313,766 (3,110) (0.9) 19,046 6.1

Total loans $5,014,885 $5,134,388 $5,096,210 ($119,503) (2.3 %) ($81,325) (1.6 %)

(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.

-10-

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Mar 31, 2026 Dec 31, 2025 Balance Change

Balance % of Total Balance % of Total $ %

Commercial Real Estate Portfolio Segmentation:

Multi-family $639,976 31 % $667,388 31 % ($27,412) (4.1 %)

Retail 407,029 20 436,961 20 (29,932) (6.9)

Industrial and warehouse 339,839 16 380,403 17 (40,564) (10.7)

Hospitality 242,229 12 230,549 11 11,680 5.1

Office 231,007 11 237,706 11 (6,699) (2.8)

Healthcare Facility 156,138 7 156,871 7 (733) (0.5)

Mixed-use 27,459 1 26,440 1 1,019 3.9

Other 41,127 2 47,667 2 (6,540) (13.7)

Total commercial real estate loans

$2,084,804 100 % $2,183,985 100 % ($99,181) (4.5 %)

Commercial & Industrial Portfolio Segmentation:

Healthcare and social assistance $149,292 26 % $150,061 27 % ($769) (0.5 %)

Retail trade 62,866 11 48,289 9 14,577 30.2

Transportation and warehousing

55,864 10 55,315 10 549 1.0

Educational services 53,831 9 54,245 10 (414) (0.8)

Accommodation and food services 32,982 6 26,431 5 6,551 24.8

Finance and insurance 26,834 5 22,727 4 4,107 18.1

Manufacturing 25,540 4 23,714 4 1,826 7.7

Arts, entertainment, and recreation

24,947 4 22,043 4 2,904 13.2

Information

21,681 4 21,843 4 (162) (0.7)

Real estate rental and leasing 20,009 4 57,113 10 (37,104) (65.0)

Professional, scientific, and technical services

19,625 3 12,490 2 7,135 57.1

Public administration

6,163 1 1,448 — 4,715 325.6

Other

68,543 13 68,363 11 180 0.3

Total commercial & industrial loans

$568,177 100 % $564,082 100 % $4,095 0.7 %

Weighted Average Asset Quality

Supplemental - Nonaccrual (included in Classified)

Balance (2) (3)

Average

Loan

Size (4)

Loan to Value Debt

Service Coverage Pass Special Mention Classified

Non-Owner Occupied Commercial Real Estate Office (inclusive of Construction):

Class A $85,054 $10,673 59% 1.59x $56,580 $— $28,474 $22,349

Class B 70,776 3,539 54% 1.48x 67,003 3,773 — —

Class C 10,416 1,488 56% 1.35x 10,416 — — —

Medical Office 30,666 6,133 56% 1.54x 30,666 — — —

Lab Space 34,095 18,289 103% —x — 27,521 6,574 6,574

Total office at Mar 31, 2026 (1)

$231,007 $5,567 64% 1.29x $164,665 $31,294 $35,048 $28,923

Total office at Dec 31, 2025

$237,706 $5,611 60% 1.27x $173,837 $57,712 $6,157 $—

Mar 31, 2026 vs. Dec 31, 2025

($6,699) ($44) 4% 0.02x ($9,172) ($26,418) $28,891 $28,923

(1)Approximately 65% of the total commercial real estate office balance of $231 million is secured by income producing properties located in suburban areas. Additionally, approximately 59% of the total commercial real estate office balance is scheduled to mature before Mar 31, 2028.

(2)Balance of commercial real estate office consists of 42 loans as of Mar 31, 2026.

(3)Does not include $2.8 million of unfunded commitments as of Mar 31, 2026.

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

-11-

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY

(Unaudited; Dollars in thousands)

Mar 31, 2026 vs. Dec 31, 2025 Mar 31, 2026 vs. Mar 31, 2025

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025 $ % $ %

Deposits:

Noninterest-bearing demand deposits $585,415 $595,092 $625,590 ($9,677) (1.6 %) ($40,175) (6.4 %)

Interest-bearing demand deposits (in-market) 758,524 756,794 654,599 1,730 0.2 103,925 15.9

NOW accounts 690,987 715,114 686,666 (24,127) (3.4) 4,321 0.6

Money market accounts 1,132,421 1,185,420 1,202,703 (52,999) (4.5) (70,282) (5.8)

Savings accounts 830,855 796,887 630,413 33,968 4.3 200,442 31.8

Time deposits (in-market) 1,166,431 1,220,683 1,213,382 (54,252) (4.4) (46,951) (3.9)

In-market deposits 5,164,633 5,269,990 5,013,353 (105,357) (2.0) 151,280 3.0

Wholesale brokered time deposits — — 27,228 — — (27,228) (100.0)

Total deposits

$5,164,633 $5,269,990 $5,040,581 ($105,357) (2.0 %) $124,052 2.5 %

Mar 31,

2026 Dec 31,

2025 Mar 31, 2026 vs. Dec 31, 2025

Contingent Liquidity:

Federal Home Loan Bank of Boston $1,392,049 $1,356,005 $36,044 2.7 %

Federal Reserve Bank of Boston 99,775 104,379 (4,604) (4.4)

Available cash liquidity (1)

16,088 17,460 (1,372) (7.9)

Unencumbered securities 528,317 539,830 (11,513) (2.1)

Total $2,036,229 $2,017,674 $18,555 0.9 %

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

-12-

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Mar 31, 2026 vs.

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025 Dec 31,

2025 (bps) Mar 31,

2025 (bps)

Asset Quality Ratios:

Nonperforming assets to total assets 0.63 % 0.20 % 0.33 % 43 30

Nonaccrual loans to total loans 0.81 % 0.25 % 0.42 % 56 39

Total past due loans to total loans 0.33 % 0.22 % 0.20 % 11 13

ACL on loans to nonaccrual loans 101.70 % 288.14 % 189.85 % (18,644) (8,815)

ACL on loans to total loans 0.82 % 0.73 % 0.81 % 9 1

Mar 31, 2026 vs. Dec 31, 2025 Mar 31, 2026 vs. Mar 31, 2025

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025 $ % $ %

Nonperforming Assets:

Commercial real estate $28,923 $— $7,605 $28,923 — % $21,318 280.3 %

Commercial & industrial 126 — 1,140 126 — (1,014) (88.9)

Total commercial 29,049 — 8,745 29,049 — 20,304 232.2

Residential real estate 9,631 11,099 11,102 (1,468) (13.2) (1,471) (13.2)

Home equity 1,757 1,824 1,779 (67) (3.7) (22) (1.2)

Other consumer 3 — — 3 — 3 —

Total consumer 1,760 1,824 1,779 (64) (3.5) (19) (1.1)

Total nonaccrual loans 40,440 12,923 21,626 27,517 212.9 18,814 87.0

Other real estate owned — — — — — — —

Total nonperforming assets $40,440 $12,923 $21,626 $27,517 212.9 % $18,814 87.0 %

Past Due Loans (30 days or more past due):

Commercial real estate $6,574 $648 $— $5,926 914.5 % $6,574 100.0 %

Commercial & industrial 470 7 1,146 463 6,614.3 (676) (59.0)

Total commercial 7,044 655 1,146 6,389 975.4 5,898 514.7

Residential real estate 6,627 9,095 6,439 (2,468) (27.1) 188 2.9

Home equity 2,746 1,607 2,578 1,139 70.9 168 6.5

Other consumer 31 26 32 5 19.2 (1) (3.1)

Total consumer 2,777 1,633 2,610 1,144 70.1 167 6.4

Total past due loans $16,448 $11,383 $10,195 $5,065 44.5 % $6,253 61.3 %

Accruing loans 90 days or more past due $— $— $— $— — % $— — %

Nonaccrual loans included in past due loans $12,297 $8,348 $7,354 $3,949 47.3 % $4,943 67.2 %

-13-

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

For the Three Months Ended

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025

Nonaccrual Loan Activity:

Balance at beginning of period $12,923 $14,016 $23,307

Additions to nonaccrual status 29,064 1,851 2,142

Loans returned to accruing status (69) (1,229) (4)

Loans charged-off (84) (87) (2,522)

Loans transferred to other real estate owned — — —

Payments, payoffs, and other changes (1,394) (1,628) (1,297)

Balance at end of period $40,440 $12,923 $21,626

Allowance for Credit Losses on Loans:

Balance at beginning of period $37,236 $36,576 $41,960

Provision for credit losses on loans (1)

3,900 500 1,400

Charge-offs (84) (87) (2,522)

Recoveries 74 247 218

Balance at end of period $41,126 $37,236 $41,056

Allowance for Credit Losses on Unfunded Commitments:

Balance at beginning of period $1,140 $1,040 $1,440

Provision for credit losses on unfunded commitments (1)

100 100 (200)

Balance at end of period (2)

$1,240 $1,140 $1,240

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

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

-14-

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Q1 2026 vs. Q4 2025 Q1 2026 vs. Q1 2025

Q1 2026 Q4 2025 Q1 2025 $ % $ %

Provision for Credit Losses:

Provision for credit losses on loans $3,900 $500 $1,400 $3,400 680.0 % $2,500 178.6 %

Provision for credit losses on unfunded commitments 100 100 (200) — — 300 150.0

Provision for credit losses $4,000 $600 $1,200 $3,400 566.7 % $2,800 233.3 %

Net Loan Charge-Offs (Recoveries):

Commercial real estate $— ($118) $2,250 $118 100.0 % ($2,250) (100.0 %)

Commercial & industrial (42) (111) 3 69 62.2 (45) (1500.0)

Total commercial (42) (229) 2,253 187 81.7 (2,295) (101.9)

Residential real estate (1) — — (1) — (1) —

Home equity (1) (1) (1) — — — —

Other consumer 54 70 52 (16) (22.9) 2 3.8

Total consumer 53 69 51 (16) (23.2) 2 3.9

Total $10 ($160) $2,304 $170 106.3 % ($2,294) (99.6 %)

-15-

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

The following table presents 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. 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 are included in amounts presented for loans. Interest income attributable to nonaccrual loans is included in accordance with accounting policy as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

For the Three Months Ended Mar 31, 2026 Dec 31, 2025 Change

Average Balance Interest Yield/

Rate Average Balance Interest Yield/

Rate

Assets:

Cash, federal funds sold, and short-term investments $101,091 $909 3.65 % $131,215 $1,291 3.90 % ($30,124) ($382) (0.25 %)

Mortgage loans held for sale 24,760 375 6.14 38,696 606 6.21 (13,936) (231) (0.07)

Taxable debt securities 1,022,612 8,768 3.48 1,051,549 9,100 3.43 (28,937) (332) 0.05

Nontaxable debt securities 650 8 4.99 650 8 4.88 — — 0.11

Total securities

1,023,262 8,776 3.48 1,052,199 9,108 3.43 (28,937) (332) 0.05

FHLB stock 30,566 585 7.76 32,918 792 9.55 (2,352) (207) (1.79)

Commercial real estate 2,148,792 28,718 5.42 2,148,052 30,724 5.67 740 (2,006) (0.25)

Commercial & industrial 571,498 7,921 5.62 561,035 8,292 5.86 10,463 (371) (0.24)

Total commercial

2,720,290 36,639 5.46 2,709,087 39,016 5.71 11,203 (2,377) (0.25)

Residential real estate

2,035,597 22,723 4.53 2,062,589 22,829 4.39 (26,992) (106) 0.14

Home equity 316,660 4,931 6.32 313,759 5,194 6.57 2,901 (263) (0.25)

Other 16,589 215 5.26 16,764 216 5.11 (175) (1) 0.15

Total consumer 333,249 5,146 6.26 330,523 5,410 6.49 2,726 (264) (0.23)

Total loans

5,089,136 64,508 5.14 5,102,199 67,255 5.23 (13,063) (2,747) (0.09)

Total interest-earning assets

6,268,815 75,153 4.86 6,357,227 79,052 4.93 (88,412) (3,899) (0.07)

Noninterest-earning assets 297,871 290,006 7,865

Total assets

$6,566,686 $6,647,233 ($80,547)

Liabilities and Shareholders' Equity:

Interest-bearing demand deposits (in-market) $748,233 $5,889 3.19 % $734,617 $6,375 3.44 % $13,616 ($486) (0.25 %)

NOW accounts 676,240 259 0.16 671,840 348 0.21 4,400 (89) (0.05)

Money market accounts 1,162,609 7,788 2.72 1,198,818 8,846 2.93 (36,209) (1,058) (0.21)

Savings accounts 810,040 3,418 1.71 757,843 3,456 1.81 52,197 (38) (0.10)

Time deposits (in-market) 1,190,414 10,016 3.41 1,225,779 11,035 3.57 (35,365) (1,019) (0.16)

Interest-bearing in-market deposits 4,587,536 27,370 2.42 4,588,897 30,060 2.60 (1,361) (2,690) (0.18)

Wholesale brokered time deposits — — — — — — — — —

Total interest-bearing deposits 4,587,536 27,370 2.42 4,588,897 30,060 2.60 (1,361) (2,690) (0.18)

FHLB advances 660,667 6,777 4.16 708,174 7,696 4.31 (47,507) (919) (0.15)

Junior subordinated debentures 22,681 310 5.54 22,681 333 5.82 — (23) (0.28)

Total interest-bearing liabilities 5,270,884 34,457 2.65 5,319,752 38,089 2.84 (48,868) (3,632) (0.19)

Noninterest-bearing demand deposits 604,302 647,274 (42,972)

Other liabilities 138,126 138,742 (616)

Shareholders' equity 553,374 541,465 11,909

Total liabilities and shareholders' equity $6,566,686 $6,647,233 ($80,547)

Net interest income (FTE) $40,696 $40,963 ($267)

Interest rate spread 2.21 % 2.09 % 0.12 %

Net interest margin 2.63 % 2.56 % 0.07 %

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

For the Three Months Ended Mar 31, 2026 Dec 31, 2025 Change

Commercial loans $168 $214 ($46)

Nontaxable debt securities 1 — 1

Total $169 $214 ($45)

-16-

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures

(Unaudited; Dollars in thousands, except per share amounts)

The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, and adjusted net income:

Q1 2026 vs. Q4 2025 Q1 2026 vs. Q1 2025

Q1 2026 Q4 2025 Q1 2025 $ % $ %

Adjusted Noninterest Income:

Noninterest income, as reported $17,303 $18,503 $22,643 ($1,200) (6.5 %) ($5,340) (23.6 %)

Less adjustments:

Gain on sale of bank-owned properties, net — — 6,994 — — (6,994) (100.0)

Adjusted noninterest income (non-GAAP) $17,303 $18,503 $15,649 ($1,200) (6.5 %) $1,654 10.6 %

Adjusted Noninterest Expense:

Noninterest expense, as reported $37,765 $37,983 $42,196 ($218) (0.6 %) ($4,431) (10.5 %)

Less adjustments:

Pension plan settlement charge — — 6,436 — — (6,436) (100.0)

Adjusted noninterest expense (non-GAAP) $37,765 $37,983 $35,760 ($218) (0.6 %) $2,005 5.6 %

Adjusted Income Before Income Taxes:

Income before income taxes $16,063 $20,668 $15,669 ($4,605) (22.3 %) $394 2.5 %

Less: total adjustments, pre-tax — — 558 — — (558) (100.0)

Adjusted income before income taxes (non-GAAP) $16,063 $20,668 $15,111 ($4,605) (22.3 %) $952 6.3 %

Adjusted Income Tax Expense:

Income tax expense, as reported $3,463 $4,694 $3,490 ($1,231) (26.2 %) ($27) (0.8 %)

Less: tax on total adjustments — — 141 — — (141) (100.0)

Adjusted income tax expense (non-GAAP) $3,463 $4,694 $3,349 ($1,231) (26.2 %) $114 3.4 %

Adjusted Net Income:

Net income, as reported $12,600 $15,974 $12,179 ($3,374) (21.1 %) $421 3.5 %

Less: total adjustments, after-tax — — 417 — — (417) (100.0)

Adjusted net income (non-GAAP) $12,600 $15,974 $11,762 ($3,374) (21.1 %) $838 7.1 %

-17-

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)

(Unaudited; Dollars in thousands, except per share amounts)

The following table presents adjusted diluted earnings per common share and adjusted efficiency ratio:

Q1 2026 Q4 2025 Q1 2025 Q1 2026 vs. Q4 2025 Q1 2026 vs. Q1 2025

Adjusted Diluted Earnings per Common Share:

Diluted earnings per common share, as reported (1)

$0.66 $0.83 $0.63 ($0.17) (20.5 %) $0.03 4.8 %

Less: impact of total adjustments — — 0.02 — — (0.02) (100.0)

Adjusted diluted earnings per common share

(non-GAAP) (2)

$0.66 $0.83 $0.61 ($0.17) (20.5 %) $0.05 8.2 %

Adjusted Efficiency Ratio:

Efficiency ratio, as reported (3)

65.3 % 64.1 % 71.4 % 120 bps (610) bps

Less: impact of total adjustments — — 2.7 — bps (270) bps

Adjusted efficiency ratio (non-GAAP) (4)

65.3 % 64.1 % 68.7 % 120 bps (340) bps

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

(2)Net income, 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:

Q1 2026 Q4 2025 Q1 2025 Q1 2026 vs. Q4 2025 Q1 2026 vs. Q1 2025

Adjusted Return on Average Assets:

Net income, as reported $12,600 $15,974 $12,179 ($3,374) (21.1 %) $421 3.5 %

Less: total adjustments, after-tax — — 417 — — (417) (100.0)

Adjusted net income (non-GAAP) $12,600 $15,974 $11,762 ($3,374) (21.1 %) $838 7.1 %

Total average assets, as reported $6,566,686 $6,647,233 $6,765,057 ($80,547) (1.2 %) ($198,371) (2.9 %)

Return on average assets (1)

0.78 % 0.95 % 0.73 % (17) bps 5 bps

Adjusted return on average assets (non-GAAP) (2)

0.78 % 0.95 % 0.71 % (17) bps 7 bps

Return on Average Tangible Assets:

Adjusted net income (non-GAAP) $12,600 $15,974 $11,762 ($3,374) (21.1 %) $838 7.1 %

Total average assets, as reported $6,566,686 $6,647,233 $6,765,057 ($80,547) (1.2 %) ($198,371) (2.9 %)

Less average balances of:

Goodwill 63,909 63,909 63,909 — — — —

Identifiable intangible assets, net 4,224 4,378 2,781 (154) (3.5) 1,443 51.9

Total average tangible assets $6,498,553 $6,578,946 $6,698,367 ($80,393) (1.2 %) ($199,814) (3.0 %)

Return on average assets (1)

0.78 % 0.95 % 0.73 % (17) bps 5 bps

Return on average tangible assets (non-GAAP) (3)

0.79 % 0.96 % 0.71 % (17) bps 8 bps

(1)Net income divided by total average assets.

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

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

-18-

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)

(Unaudited; Dollars in thousands, except per share amounts)

The following table presents adjusted return on average equity and return on average tangible equity:

Q1 2026 Q4 2025 Q1 2025 Q1 2026 vs. Q4 2025 Q1 2026 vs. Q1 2025

Adjusted Return on Average Equity:

Net income, as reported $12,600 $15,974 $12,179 ($3,374) (21.1 %) $421 3.5 %

Less: total adjustments, after-tax — — 417 — — (417) (100.0)

Adjusted net income (non-GAAP) $12,600 $15,974 $11,762 ($3,374) (21.1 %) $838 7.1 %

Total average equity, as reported $553,374 $541,465 $513,048 $11,909 2.2 % $40,326 7.9 %

Return on average equity (1)

9.23 % 11.70 % 9.63 % (247) bps (40) bps

Adjusted return on average equity

(non-GAAP) (2)

9.23 % 11.70 % 9.30 % (247) bps (7) bps

Return on Average Tangible Equity:

Adjusted net income (non-GAAP) $12,600 $15,974 $11,762 ($3,374) (21.1 %) $838 7.1 %

Total average equity, as reported $553,374 $541,465 $513,048 $11,909 2.2 % $40,326 7.9 %

Less average balances of:

Goodwill 63,909 63,909 63,909 — — — —

Identifiable intangible assets, net 4,224 4,378 2,781 (154) (3.5) 1,443 51.9

Total average tangible equity (non-GAAP) $485,241 $473,178 $446,358 $12,063 2.5 % $38,883 8.7 %

Return on average equity (1)

9.23 % 11.70 % 9.63 % (247) bps (40) bps

Return on average tangible equity

(non-GAAP) (3)

10.53 % 13.39 % 10.69 % (286) bps (16) bps

(1)Net income divided by total average equity.

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

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

-19-

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures (continued)

(Unaudited; Dollars in thousands, except per share amounts)

The following table presents tangible book value per share and the ratio of tangible equity to tangible assets:

Mar 31,

2026 Dec 31,

2025 Mar 31,

2025 Mar 31, 2026 vs. Dec 31, 2025 Mar 31, 2026 vs. Mar 31, 2025

Tangible Book Value per Share:

Total shareholders' equity, as reported $546,773 $543,584 $521,680 $3,189 0.6 % $25,093 4.8 %

Less end of period balances of:

Goodwill 63,909 63,909 63,909 — — % — — %

Identifiable intangible assets, net 4,148 4,303 2,682 (155) (3.6) % 1,466 54.7 %

Total tangible shareholders' equity (non-GAAP) $478,716 $475,372 $455,089 $3,344 0.7 % $23,627 5.2 %

Shares outstanding, as reported 19,041 19,035 19,276 6 — % (235) (1.2 %)

Book value per share $28.72 $28.56 $27.06 $0.16 0.6 % $1.66 6.1 %

Tangible book value per share (non-GAAP) $25.14 $24.97 $23.61 $0.17 0.7 % $1.53 6.5 %

Tangible Equity to Tangible Assets:

Total tangible shareholders' equity $478,716 $475,372 $455,089 $3,344 0.7 % $23,627 5.2 %

Total assets, as reported $6,459,196 $6,621,694 $6,586,015 ($162,498) (2.5 %) ($126,819) (1.9 %)

Less end of period balances of:

Goodwill 63,909 63,909 63,909 — — % — — %

Identifiable intangible assets, net 4,148 4,303 2,682 (155) (3.6 %) 1,466 54.7 %

Total tangible assets (non-GAAP) $6,391,139 $6,553,482 $6,519,424 ($162,343) (2.5 %) ($128,285) (2.0 %)

Equity to assets 8.47 % 8.21 % 7.92 % 26 bps 55 bps

Tangible equity to tangible assets (non-GAAP) 7.49 % 7.25 % 6.98 % 24 bps 51 bps

-20-

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05-0404671

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23 Broad Street

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