Form 8-K

8-K — WASHINGTON TRUST BANCORP INC

Accession: 0000737468-26-000120

Filed: 2026-10-19

Period: 2026-10-19

CIK: 0000737468

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wash-20261019.htm (Primary)

EX-99.1 (exhibit9912026q3.htm)

GRAPHIC (bancorpflatbluehorizontalaa.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: wash-20261019.htm · Sequence: 1

wash-20261019

0000737468FALSE00007374682026-10-192026-10-19

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): October 19, 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 October 19, 2026, Washington Trust Bancorp, Inc. issued a press release in which it disclosed unaudited financial information related to third quarter 2026 consolidated earnings. A copy of the press release relating to such announcement, dated October 19, 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 October 19, 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: October 19, 2026 By: /s/ Ronald S. Ohsberg

Ronald S. Ohsberg

Senior Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: exhibit9912026q3.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: October 19, 2026

FOR IMMEDIATE RELEASE

Washington Trust Reports Third Quarter 2026 Results

WESTERLY, R.I., October 19, 2026 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq: WASH; “Washington Trust” or the “Corporation”), today reported third quarter 2026 net income of $19.4 million, up by $3.4 million, or 21%, from the preceding quarter. Diluted earnings per share was $1.01 for the third quarter of 2026, up by $0.18 from the preceding quarter. Compared to the third quarter of 2025, net income was up by $8.5 million, or $0.45 per diluted share.

“We delivered another strong quarter marked by growth in earnings and net interest income, continued margin expansion and improved operating efficiency,” said Washington Trust Chairman and Chief Executive Officer Edward O. “Ned” Handy III. “By combining personalized service and trusted advice with the capabilities of a regional bank, we are able to provide customers with a level of service, expertise and convenience that stands apart from other community banks our size. We continue to focus on leveraging these strengths to support prudent growth and deliver long-term value for our shareholders.”

THIRD QUARTER HIGHLIGHTS (Q3 2026 vs. Q2 2026, unless otherwise noted):

•Profitability metrics improved with returns on average equity and average assets of 13.89% and 1.17%, compared to 11.61% and 0.99%, respectively.

•Net interest margin ("NIM") expanded to 2.84%, up by 11 basis points.

•Asset quality metrics improved, reflecting the resolution of a commercial real estate office loan.

•The provision for credit losses was $1.8 million for the third quarter.

•Total noninterest income was up by 9%.

•Total noninterest expenses increased modestly by 0.5%.

•Loan balances were up by $61.8 million from June 30, 2026.

•Deposits reached an all-time high of $5.4 billion and were up by $77.1 million from June 30, 2026.

•Capital ratios remained strong, with a common equity tier 1 ratio of 11.93% at September 30, 2026.

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Washington Trust

October 19, 2026

RESULTS OF OPERATIONS (Q3 2026 vs. Q2 2026, unless otherwise noted):

Net Interest Income

Net interest income was up by $2.9 million, or 7%, and NIM was up by 11 basis points. Compared to the third quarter of 2025, net interest income was up by $5.9 million, or 15%, and NIM was up by 44 basis points.

•Net interest income for the third quarter of 2026 amounted to $44.7 million and included the receipt of previously unrecognized second quarter interest income of $283 thousand (equivalent to $0.01 per diluted share or a 2 basis points benefit to NIM) associated with the resolution of a commercial real estate office loan that returned to accruing status in the third quarter.

•Average interest-earning assets increased by $104 million, and the yield was up by 7 basis points.

•Average interest-bearing liabilities increased by $52 million, and the rate was down by 3 basis points.

Noninterest Income

Noninterest income was up by $1.6 million, or 9%. Compared to the third quarter of 2025, noninterest income was up by $2.6 million, or 15%.

•Wealth management revenues decreased by $112 thousand, or 1%, as increased asset-based revenues were offset by a seasonal decline in tax servicing fee income. Compared to the third quarter of 2025, wealth management revenues increased by $716 thousand, or 7%.

•Mortgage banking revenues were down by $318 thousand, or 9%, reflecting a decrease in the mortgage pipeline and rising market interest rates. Compared to the third quarter of 2025, mortgage banking revenues were down by 10%.

•Loan related derivative income totaled $1.5 million, up by $924 thousand, driven by increased commercial borrower demand for interest rate swap transactions.

•Income from bank-owned life insurance totaled $1.9 million, up by $959 thousand, due to the recognition of a non-taxable gain of $954 thousand (equivalent to $0.05 per diluted share).

Noninterest Expense

Noninterest expense was up by $200 thousand, or 0.5%. Compared to the third quarter of 2025, noninterest expense was up by $3.1 million, or 9%.

•Salaries and employee benefits expense decreased by $188 thousand, or 0.7%. Compared to the third quarter of 2025, salaries and employee benefits expense increased by $2.5 million, or 11%, reflecting annual merit and staffing increases.

•All other noninterest expenses increased by $388 thousand, or 3%, largely reflecting volume-related increases in outsourced services expense. Compared to the third quarter of 2025, all other noninterest expenses increased by $621 thousand, or 5%.

Income Tax

Income tax expense was up by $692 thousand. The effective tax rate was 20.4%, compared to 21.2%. The Corporation expects its full-year 2026 effective tax rate to be approximately 21.5%.

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Washington Trust

October 19, 2026

FINANCIAL CONDITION (Sep 30, 2026 vs. Jun 30, 2026, unless otherwise noted):

Investment Securities

The securities portfolio totaled $818 million, down by $68 million, or 8%, reflecting a decrease of $44 million in the fair value of available for sale securities, as well as routine pay-downs. The securities portfolio represented 13% of total assets, compared to 14%.

Loans

Total loans amounted to $5.2 billion, up by $62 million, or 1%.

•Commercial loans increased by $62 million, or 2%, driven by growth in the commercial real estate portfolio.

•Residential real estate loans decreased by $12 million, or 1%.

•Consumer loans increased by $12 million, or 3%.

Deposits and Borrowings

Total deposits amounted to $5.4 billion, and were up by $77 million, or 1%. Compared to September 30, 2025, deposits were up by $213 million, or 4%.

There were no wholesale brokered deposits at September 30, 2026, June 30, 2026, or September 30, 2025.

FHLB advances totaled $376 million, and were down by $80 million, or 18%. Compared to September 30, 2025, FHLB advances were down by $415 million, or 52%. This decline reflected increases in deposits and timing of liquidity management activities.

Contingent liquidity amounted to $2.1 billion at September 30, 2026 and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

Capital and Dividends

Total shareholders' equity was $530.8 million, down by $22.8 million, or 4%, as net income was offset by a decline in the accumulated other comprehensive income ("AOCI") component of shareholders' equity, as well as quarterly dividend declarations. The decrease in AOCI was driven by the reduction in fair value of available for sale debt securities due to changes in market interest rates.

•The Board of Directors declared a quarterly dividend of 56 cents per share for the third quarter. The dividend was paid on October 9, 2026 to shareholders of record on October 1, 2026.

•Capital levels exceeded the regulatory minimum levels to be considered well capitalized, with a common equity tier 1 ratio of 11.93%, compared to 11.89%.

•Book value per share was $27.82, compared to $29.02.

ASSET QUALITY (Sep 30, 2026 vs. Jun 30, 2026, unless otherwise noted):

Nonaccrual loans were $24.5 million, or 0.48% of total loans, down from $39.8 million, or 0.78%. Past due loans were $27.9 million, or 0.54% of total loans, down from $41.4 million, or 0.81%.

-3-

Washington Trust

October 19, 2026

The improvement in asset quality was driven by the resolution of one commercial real estate office loan for $22.3 million that was previously placed on nonaccrual status in the first quarter of 2026. In the third quarter, this loan was restructured and bifurcated, resulting in $18.5 million being returned to accruing status and $3.8 million being charged off.

The provision for credit losses totaled $1.8 million in the third quarter, compared to $1.6 million in the prior quarter.

The allowance for credit losses ("ACL") on loans amounted to $40.5 million, or 0.78% of total loans, compared to $42.6 million, or 0.83%. The ACL on loans to total loans (coverage ratio) is affected by the timing and extent of charge-offs. Net charge-offs totaled $3.9 million in the third quarter, compared to $55 thousand in the preceding quarter.

Conference Call

Washington Trust will host a conference call to discuss its third quarter results, business highlights, and outlook on October 20, 2026, at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-461-5787 and enter Meeting ID 797102163. A replay of the call will be available on Washington Trust's investor relations website, https://ir.washtrust.com, in the events section under “Q3 - 2026 Washington Trust Bancorp, Inc. Earnings Conference Call Webcast”.

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Washington Trust

October 19, 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, 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 assets under administration;

•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)

Sep 30, 2026 vs. Jun 30, 2026 Sep 30, 2026 vs. Sep 30, 2025

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025 $ % $ %

Assets:

Cash and due from banks $21,675 $26,443 $35,604 (4,768) (18.0 %) ($13,929) (39.1 %)

Interest-earning deposits with correspondent banks 63,892 89,069 143,886 (25,177) (28.3) (79,994) (55.6)

Short-term investments 9,924 11,883 12,841 (1,959) (16.5) (2,917) (22.7)

Mortgage loans held for sale, at fair value

31,530 33,608 31,318 (2,078) (6.2) 212 0.7

Available for sale debt securities, at fair value 817,801 885,321 962,466 (67,520) (7.6) (144,665) (15.0)

Federal Home Loan Bank stock, at cost 19,715 23,809 36,331 (4,094) (17.2) (16,616) (45.7)

Loans:

Total loans

5,164,852 5,103,069 5,122,582 61,783 1.2 42,270 0.8

Less: allowance for credit losses on loans

40,488 42,571 36,576 (2,083) (4.9) 3,912 10.7

Net loans

5,124,364 5,060,498 5,086,006 63,866 1.3 38,358 0.8

Premises and equipment, net 27,992 26,171 25,065 1,821 7.0 2,927 11.7

Operating lease right-of-use assets 34,130 35,029 35,968 (899) (2.6) (1,838) (5.1)

Investment in bank-owned life insurance 115,172 116,914 114,240 (1,742) (1.5) 932 0.8

Goodwill 63,909 63,909 63,909 — — — —

Identifiable intangible assets, net 3,837 3,992 4,458 (155) (3.9) (621) (13.9)

Other assets 204,550 171,258 165,829 33,292 19.4 38,721 23.3

Total assets

$6,538,491 $6,547,904 $6,717,921 ($9,413) (0.1 %) ($179,430) (2.7 %)

Liabilities:

Deposits:

Noninterest-bearing deposits

$690,665 $644,011 $671,309 $46,654 7.2 % $19,356 2.9 %

Interest-bearing deposits

4,745,351 4,714,862 4,551,527 30,489 0.6 193,824 4.3

Total deposits

5,436,016 5,358,873 5,222,836 77,143 1.4 213,180 4.1

Federal Home Loan Bank advances 376,000 456,000 791,000 (80,000) (17.5) (415,000) (52.5)

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

Operating lease liabilities 37,083 37,935 38,741 (852) (2.2) (1,658) (4.3)

Other liabilities 135,944 118,892 109,642 17,052 14.3 26,302 24.0

Total liabilities

6,007,724 5,994,381 6,184,900 13,343 0.2 (177,176) (2.9)

Shareholders’ Equity:

Common stock

1,223 1,223 1,223 — — — —

Paid-in capital 198,854 198,088 198,058 766 0.4 796 0.4

Retained earnings 458,174 449,650 437,545 8,524 1.9 20,629 4.7

Accumulated other comprehensive loss (109,797) (77,360) (84,828) (32,437) (41.9) (24,969) (29.4)

Treasury stock, at cost (17,687) (18,078) (18,977) 391 2.2 1,290 6.8

Total shareholders’ equity

530,767 553,523 533,021 (22,756) (4.1) (2,254) (0.4)

Total liabilities and shareholders’ equity

$6,538,491 $6,547,904 $6,717,921 ($9,413) (0.1 %) ($179,430) (2.7 %)

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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)

Q3 2026 vs. Q2 2026 Q3 2026 vs. Q3 2025

Q3 2026 Q2 2026 Q3 2025 $ % $ %

Interest income:

Interest and fees on loans

$68,066 $64,711 $68,785 $3,355 5.2 % ($719) (1.0 %)

Interest on mortgage loans held for sale

557 478 542 79 16.5 15 2.8

Taxable interest on debt securities

8,250 8,468 9,372 (218) (2.6) (1,122) (12.0)

Nontaxable interest on debt securities

7 8 7 (1) (12.5) — —

Dividends on Federal Home Loan Bank stock

425 506 764 (81) (16.0) (339) (44.4)

Other interest income

1,100 998 1,475 102 10.2 (375) (25.4)

Total interest and dividend income

78,405 75,169 80,945 3,236 4.3 (2,540) (3.1)

Interest expense:

Deposits

29,009 27,567 31,223 1,442 5.2 (2,214) (7.1)

Federal Home Loan Bank advances

4,392 5,491 10,542 (1,099) (20.0) (6,150) (58.3)

Junior subordinated debentures

312 308 347 4 1.3 (35) (10.1)

Total interest expense 33,713 33,366 42,112 347 1.0 (8,399) (19.9)

Net interest income 44,692 41,803 38,833 2,889 6.9 5,859 15.1

Provision for credit losses 1,800 1,600 6,800 200 12.5 (5,000) (73.5)

Net interest income after provision for credit losses 42,892 40,203 32,033 2,689 6.7 10,859 33.9

Noninterest income:

Wealth management revenues

11,089 11,201 10,373 (112) (1.0) 716 6.9

Mortgage banking revenues

3,155 3,473 3,501 (318) (9.2) (346) (9.9)

Card interchange fees

1,317 1,305 1,163 12 0.9 154 13.2

Service charges on deposit accounts

952 842 841 110 13.1 111 13.2

Loan related derivative income 1,507 583 271 924 158.5 1,236 456.1

Income from bank-owned life insurance

1,863 904 868 959 106.1 995 114.6

Other income

382 354 619 28 7.9 (237) (38.3)

Total noninterest income 20,265 18,662 17,636 1,603 8.6 2,629 14.9

Noninterest expense:

Salaries and employee benefits

25,124 25,312 22,674 (188) (0.7) 2,450 10.8

Outsourced services

4,605 4,266 4,120 339 7.9 485 11.8

Net occupancy

2,733 2,735 2,691 (2) (0.1) 42 1.6

Equipment

930 887 917 43 4.8 13 1.4

Legal, audit, and professional fees 802 824 719 (22) (2.7) 83 11.5

FDIC deposit insurance costs

794 952 1,055 (158) (16.6) (261) (24.7)

Advertising and promotion

703 771 763 (68) (8.8) (60) (7.9)

Amortization of intangibles

155 156 200 (1) (0.6) (45) (22.5)

Other expenses

2,951 2,694 2,587 257 9.5 364 14.1

Total noninterest expense

38,797 38,597 35,726 200 0.5 3,071 8.6

Income before income taxes 24,360 20,268 13,943 4,092 20.2 10,417 74.7

Income tax expense 4,979 4,287 3,097 692 16.1 1,882 60.8

Net income $19,381 $15,981 $10,846 $3,400 21.3 % $8,535 78.7 %

Weighted avg common shares outstanding - basic 19,076 19,064 19,128

Weighted avg common shares outstanding - diluted 19,264 19,204 19,243

Per share information:

Basic earnings per common share $1.02 $0.84 $0.57 $0.18 21.4 % $0.45 78.9 %

Diluted earnings per common share $1.01 $0.83 $0.56 $0.18 21.7 % $0.45 80.4 %

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

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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)

Change

For the Nine Months Ended Sep 30, 2026 2025 $ %

Interest income:

Interest and fees on loans

$197,115 $202,786 ($5,671) (2.8 %)

Interest on mortgage loans held for sale

1,410 1,942 (532) (27.4)

Taxable interest on debt securities

25,486 27,429 (1,943) (7.1)

Nontaxable interest on debt securities

22 22 — —

Dividends on Federal Home Loan Bank stock

1,516 2,578 (1,062) (41.2)

Other interest income

3,007 4,497 (1,490) (33.1)

Total interest and dividend income

228,556 239,254 (10,698) (4.5)

Interest expense:

Deposits

83,946 93,835 (9,889) (10.5)

Federal Home Loan Bank advances

16,660 31,939 (15,279) (47.8)

Junior subordinated debentures

930 1,040 (110) (10.6)

Total interest expense 101,536 126,814 (25,278) (19.9)

Net interest income 127,020 112,440 14,580 13.0

Provision for credit losses 7,400 8,600 (1,200) (14.0)

Net interest income after provision for credit losses 119,620 103,840 15,780 15.2

Noninterest income:

Wealth management revenues

32,937 30,384 2,553 8.4

Mortgage banking revenues

9,673 8,839 834 9.4

Card interchange fees

4,007 3,919 88 2.2

Service charges on deposit accounts

2,579 2,393 186 7.8

Loan related derivative income 2,317 1,048 1,269 121.1

Income from bank-owned life insurance

3,652 2,463 1,189 48.3

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

Other income

1,065 1,317 (252) (19.1)

Total noninterest income 56,230 57,357 (1,127) (2.0)

Noninterest expense:

Salaries and employee benefits

74,776 68,121 6,655 9.8

Outsourced services

13,254 12,870 384 3.0

Net occupancy

8,358 8,094 264 3.3

Equipment

2,720 2,738 (18) (0.7)

Legal, audit, and professional fees 2,562 2,195 367 16.7

FDIC deposit insurance costs

2,681 3,552 (871) (24.5)

Advertising and promotion

2,021 1,890 131 6.9

Amortization of intangibles

466 607 (141) (23.2)

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

Other expenses

8,321 7,949 372 4.7

Total noninterest expense

115,159 114,452 707 0.6

Income before income taxes 60,691 46,745 13,946 29.8

Income tax expense 12,729 10,475 2,254 21.5

Net income $47,962 $36,270 $11,692 32.2 %

Weighted avg common shares outstanding - basic 19,060 19,229

Weighted avg common shares outstanding - diluted 19,213 19,329

Per share information:

Basic earnings per common share $2.52 $1.89 $0.63 33.3 %

Diluted earnings per common share $2.50 $1.88 $0.62 33.0 %

Cash dividends declared $1.68 $1.68 $— — %

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Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

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

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025 Sep 30, 2026 vs. Jun 30, 2026 Sep 30, 2026 vs. Sep 30, 2025

Share and Equity Related Data:

Book value per share $27.82 $29.02 $27.98 ($1.20) (4.1 %) ($0.16) (0.6 %)

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

$24.27 $25.46 $24.39 ($1.19) (4.7 %) ($0.12) (0.5 %)

Market value per share $37.99 $36.48 $28.90 $1.51 4.1 % $9.09 31.5 %

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

Shares outstanding at end of period 19,081 19,071 19,050 10 shs 0.1 % 31 shs 0.2 %

Capital Ratios (2):

Tier 1 risk-based capital 12.38 % 12.36 % 12.11 % 2 bps 27 bps

Total risk-based capital 13.25 % 13.28 % 12.90 % (3) bps 35 bps

Tier 1 leverage ratio 9.01 % 9.02 % 8.43 % (1) bps 58 bps

Common equity tier 1 11.93 % 11.89 % 11.64 % 4 bps 29 bps

Balance Sheet Ratios:

Equity to assets 8.12 % 8.45 % 7.93 % (33) bps 19 bps

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

7.16 % 7.49 % 6.99 % (33) bps 17 bps

Loans to deposits (3)

94.8 % 95.1 % 98.0 % (30) bps (320) bps

Q3 2026 For the Nine Months Ended YTD 2026

Q3 2026 Q2 2026 Q3 2025 vs. Q2 2026 (bps) vs. Q3 2025 (bps) Sep 30, 2026 Sep 30, 2025 vs. 2025 (bps)

Performance Ratios (4):

Net interest margin (5)

2.84 % 2.73 % 2.40 % 11 44 2.73 % 2.35 % 38

Return on average assets (6)

1.17 % 0.99 % 0.64 % 18 53 0.98 % 0.72 % 26

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

1.17 % 0.99 % 0.64 % 18 53 0.98 % 0.71 % 27

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

1.18 % 1.00 % 0.65 % 18 53 0.99 % 0.72 % 27

Return on average equity (7)

13.89 % 11.61 % 8.14 % 228 575 11.60 % 9.29 % 231

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

13.89 % 11.61 % 8.14 % 228 575 11.60 % 9.19 % 241

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

15.84 % 13.24 % 9.34 % 260 650 13.22 % 10.54 % 268

Efficiency ratio (8)

59.7 % 63.8 % 63.3 % (410) (360) 62.8 % 67.4 % (460)

Adjusted efficiency ratio (non-GAAP) (1)

59.7 % 63.8 % 63.3 % (410) (360) 62.8 % 66.3 % (350)

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

(2)Estimated for Sep 30, 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).

-9-

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)

Q3 2026 vs. Q2 2026 Q3 2026 vs. Q3 2025

Q3 2026 Q2 2026 Q3 2025 $ % $ %

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues $11,030 $10,869 $10,307 $161 1.5 % $723 7.0 %

Transaction-based revenues 59 332 66 (273) (82.2) (7) (10.6)

Total wealth management revenues $11,089 $11,201 $10,373 ($112) (1.0 %) $716 6.9 %

Assets Under Administration (AUA):

Market value at the end of the period (1)

$7,917,811 $7,916,933 $7,682,440 $878 — % $235,371 3.1 %

Percentage of AUA that are managed assets

91 % 91 % 91 %

Mortgage Banking Results

Mortgage Banking Revenues:

Realized gains on loan sales, net (2)

$2,788 $2,733 $2,450 $55 2.0 % $338 13.8 %

Changes in fair value, net (3)

(188) 226 530 (414) (183.2) (718) (135.5)

Loan servicing fee income, net (4)

555 514 521 41 8.0 34 6.5

Total mortgage banking revenues $3,155 $3,473 $3,501 ($318) (9.2 %) ($346) (9.9 %)

Residential Mortgage Loan Originations:

Originations for retention in portfolio (5)

$49,169 $78,934 $50,852 ($29,765) (37.7 %) ($1,683) (3.3 %)

Originations for sale to secondary market (6)

143,712 137,134 122,300 6,578 4.8 21,412 17.5

Total mortgage loan originations $192,881 $216,068 $173,152 ($23,187) (10.7 %) $19,729 11.4 %

Percentage of originations for sale to total mortgage loan originations 75 % 63 % 71 %

Residential Mortgage Loans Sold:

Sold with servicing rights retained $8,832 $7,586 $9,774 $1,246 16.4 % ($942) (9.6 %)

Sold with servicing rights released (6)

136,051 128,535 116,713 7,516 5.8 19,338 16.6

Total mortgage loans sold $144,883 $136,121 $126,487 $8,762 6.4 % $18,396 14.5 %

(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).

-10-

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)

Change

For the Nine Months Ended Sep 30, 2026 2025 $ %

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues $32,479 $29,821 $2,658 8.9 %

Transaction-based revenues 458 563 (105) (18.7)

Total wealth management revenues $32,937 $30,384 $2,553 8.4 %

Assets Under Administration (AUA):

Market value at the end of the period (1)

$7,917,811 $7,682,440 $235,371 3.1 %

Percentage of AUA that are managed assets

91% 91%

Mortgage Banking Results

Mortgage Banking Revenues:

Realized gains on loan sales, net (2)

$7,891 $6,485 $1,406 21.7 %

Changes in fair value, net (3)

202 682 (480) (70.4)

Loan servicing fee income, net (4)

1,580 1,672 (92) (5.5)

Total mortgage banking revenues $9,673 $8,839 $834 9.4 %

Residential Mortgage Loan Originations:

Originations for retention in portfolio (5)

$164,916 $129,845 $35,071 27.0 %

Originations for sale to secondary market (6)

399,197 328,031 71,166 21.7

Total mortgage loan originations $564,113 $457,876 $106,237 23.2 %

Percentage of originations for sale to total mortgage loan originations 71 % 72 %

Residential Mortgage Loans Sold:

Sold with servicing rights retained $21,088 $34,355 ($13,267) (38.6 %)

Sold with servicing rights released (6)

381,439 284,406 97,033 34.1

Total mortgage loans sold $402,527 $318,761 $83,766 26.3 %

(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).

-11-

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Sep 30, 2026 vs. Jun 30, 2026 Sep 30, 2026 vs. Sep 30, 2025

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025 $ % $ %

Loans:

Commercial real estate (1)

$2,116,435 $2,050,249 $2,156,750 $66,186 3.2 % ($40,315) (1.9 %)

Commercial & industrial 661,617 665,855 568,317 (4,238) (0.6) 93,300 16.4

Total commercial 2,778,052 2,716,104 2,725,067 61,948 2.3 52,985 1.9

Residential real estate (2)

2,030,656 2,042,406 2,073,740 (11,750) (0.6) (43,084) (2.1)

Home equity 340,253 328,802 307,371 11,451 3.5 32,882 10.7

Other 15,891 15,757 16,404 134 0.9 (513) (3.1)

Total consumer 356,144 344,559 323,775 11,585 3.4 32,369 10.0

Total loans $5,164,852 $5,103,069 $5,122,582 $61,783 1.2 % $42,270 0.8 %

(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.

-12-

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Sep 30, 2026 Dec 31, 2025 Balance Change

Balance % of Total Balance % of Total $ %

Commercial Real Estate Portfolio Segmentation:

Multi-family $687,386 32 % $667,388 31 % $19,998 3.0 %

Retail 409,346 19 436,961 20 (27,615) (6.3)

Industrial and warehouse 373,870 18 380,403 17 (6,533) (1.7)

Hospitality 240,264 11 230,549 11 9,715 4.2

Office 208,059 10 237,706 11 (29,647) (12.5)

Healthcare facility 115,342 5 156,871 7 (41,529) (26.5)

Mixed-use 28,453 1 26,440 1 2,013 7.6

Other 53,715 4 47,667 2 6,048 12.7

Total commercial real estate loans

$2,116,435 100 % $2,183,985 100 % ($67,550) (3.1 %)

Commercial & Industrial Portfolio Segmentation:

Healthcare and social assistance $148,495 22 % $150,061 27 % ($1,566) (1.0 %)

Educational services 144,744 22 54,245 10 90,499 166.8

Retail trade 66,816 10 48,289 9 18,527 38.4

Transportation and warehousing

54,137 8 55,315 10 (1,178) (2.1)

Accommodation and food services 31,812 5 26,431 5 5,381 20.4

Finance and insurance 27,697 4 22,727 4 4,970 21.9

Manufacturing 26,379 4 23,714 4 2,665 11.2

Arts, entertainment, and recreation

23,705 4 22,043 4 1,662 7.5

Professional, scientific, and technical services

21,100 3 12,490 2 8,610 68.9

Information

21,090 3 21,843 4 (753) (3.4)

Real estate rental and leasing 20,363 3 57,113 10 (36,750) (64.3)

Public administration

5,929 1 1,448 — 4,481 309.5

Other

69,350 11 68,363 11 987 1.4

Total commercial & industrial loans

$661,617 100 % $564,082 100 % $97,535 17.3 %

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 $67,350 $9,811 54% 1.71x $61,319 $— $6,031 $6,031

Class B 69,893 3,679 54% 1.35x 66,166 3,727 — —

Class C 10,250 1,464 56% 1.35x 10,250 — — —

Medical Office 25,556 6,389 54% 1.68x 25,556 — — —

Lab Space 35,010 18,288 103% —x — 28,436 6,574 6,574

Total office at Sep 30, 2026 (1)

$208,059 $5,409 63% 1.27x $163,291 $32,163 $12,605 $12,605

Total office at Jun 30, 2026

$212,074 $5,500 64% 1.30x $145,402 $31,654 $35,018 $28,923

Sep 30, 2026 vs. Jun 30, 2026

($4,015) ($91) (1%) (0.03x) $17,889 $509 ($22,413) ($16,318)

(1)Approximately 61% of the total commercial real estate office balance of $208 million is secured by income producing properties located in suburban areas. Additionally, approximately 61% of the total commercial real estate office balance is scheduled to mature before Sep 30, 2028.

(2)Balance of commercial real estate office consists of 39 loans as of Sep 30, 2026.

(3)Does not include $2.9 million of unfunded commitments as of Sep 30, 2026.

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

-13-

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY

(Unaudited; Dollars in thousands)

Sep 30, 2026 vs. Jun 30, 2026 Sep 30, 2026 vs. Sep 30, 2025

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025 $ % $ %

Deposits:

Noninterest-bearing demand deposits $690,665 $644,011 $671,309 $46,654 7.2 % $19,356 2.9 %

Interest-bearing demand deposits (in-market) 720,603 745,273 703,848 (24,670) (3.3) 16,755 2.4

NOW accounts 703,672 701,615 684,689 2,057 0.3 18,983 2.8

Money market accounts 1,300,322 1,270,616 1,195,463 29,706 2.3 104,859 8.8

Savings accounts 877,455 863,856 733,529 13,599 1.6 143,926 19.6

Time deposits (in-market) 1,143,299 1,133,502 1,233,998 9,797 0.9 (90,699) (7.4)

In-market deposits 5,436,016 5,358,873 5,222,836 77,143 1.4 213,180 4.1

Wholesale brokered time deposits — — — — — — —

Total deposits

$5,436,016 $5,358,873 $5,222,836 $77,143 1.4 % $213,180 4.1 %

Sep 30,

2026 Dec 31,

2025 Sep 30, 2026 vs. Dec 31, 2025

Contingent Liquidity:

Federal Home Loan Bank of Boston $1,498,918 $1,356,005 $142,913 10.5 %

Federal Reserve Bank of Boston 111,760 104,379 7,381 7.1

Available cash liquidity (1)

21,716 17,460 4,256 24.4

Unencumbered securities 453,811 539,830 (86,019) (15.9)

Total $2,086,205 $2,017,674 $68,531 3.4 %

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

-14-

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Sep 30, 2026 vs.

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025 Jun 30,

2026 (bps) Sep 30,

2025 (bps)

Asset Quality Ratios:

Nonperforming assets to total assets 0.38 % 0.61 % 0.21 % (23) 17

Nonaccrual loans to total loans 0.48 % 0.78 % 0.27 % (30) 21

Total past due loans to total loans 0.54 % 0.81 % 0.16 % (27) 38

ACL on loans to nonaccrual loans 165.01 % 106.92 % 260.96 % 5,809 (9,595)

ACL on loans to total loans 0.78 % 0.83 % 0.71 % (5) 7

Sep 30, 2026 vs. Jun 30, 2026 Sep 30, 2026 vs. Sep 30, 2025

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025 $ % $ %

Nonperforming Assets:

Commercial real estate $12,605 $28,923 $— ($16,318) (56.4 %) $12,605 100.0 %

Commercial & industrial 489 126 1,010 363 288.1 (521) (51.6)

Total commercial 13,094 29,049 1,010 (15,955) (54.9) 12,084 1,196.4

Residential real estate 9,689 9,072 11,129 617 6.8 (1,440) (12.9)

Home equity 1,753 1,695 1,877 58 3.4 (124) (6.6)

Other consumer — — — — — — —

Total consumer 1,753 1,695 1,877 58 3.4 (124) (6.6)

Total nonaccrual loans 24,536 39,816 14,016 (15,280) (38.4) 10,520 75.1

Other real estate owned — — — — — — —

Total nonperforming assets $24,536 $39,816 $14,016 ($15,280) (38.4 %) $10,520 75.1 %

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

Commercial real estate $14,688 $28,923 $— ($14,235) (49.2 %) $14,688 100.0 %

Commercial & industrial 493 464 8 29 6.3 485 6,062.5

Total commercial 15,181 29,387 8 (14,206) (48.3) 15,173 189,662.5

Residential real estate 10,655 9,908 6,470 747 7.5 4,185 64.7

Home equity 2,002 2,086 1,583 (84) (4.0) 419 26.5

Other consumer 46 27 51 19 70.4 (5) (9.8)

Total consumer 2,048 2,113 1,634 (65) (3.1) 414 25.3

Total past due loans $27,884 $41,408 $8,112 ($13,524) (32.7 %) $19,772 243.7 %

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

Nonaccrual loans included in past due loans $14,965 $36,152 $5,925 ($21,187) (58.6 %) $9,040 152.6 %

-15-

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

For the Three Months Ended

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025

Nonaccrual Loan Activity:

Balance at beginning of period $39,816 $40,440 $26,108

Additions to nonaccrual status 7,832 2,457 1,068

Loans returned to accruing status (18,720) (2,318) —

Loans charged-off (3,910) (78) (11,459)

Loans transferred to other real estate owned — — —

Payments, payoffs, and other changes (482) (685) (1,701)

Balance at end of period $24,536 $39,816 $14,016

Allowance for Credit Losses on Loans:

Balance at beginning of period $42,571 $41,126 $41,059

Provision for credit losses on loans (1)

1,800 1,500 6,950

Charge-offs (3,910) (78) (11,459)

Recoveries 27 23 26

Balance at end of period $40,488 $42,571 $36,576

Allowance for Credit Losses on Unfunded Commitments:

Balance at beginning of period $1,340 $1,240 $1,190

Provision for credit losses on unfunded commitments (1)

— 100 (150)

Balance at end of period (2)

$1,340 $1,340 $1,040

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

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

-16-

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Q3 2026 vs. Q2 2026 Q3 2026 vs. Q3 2025

Q3 2026 Q2 2026 Q3 2025 $ % $ %

Provision for Credit Losses:

Provision for credit losses on loans $1,800 $1,500 $6,950 $300 20.0 % ($5,150) (74.1 %)

Provision for credit losses on unfunded commitments — 100 (150) (100) (100.0) 150 100.0

Provision for credit losses $1,800 $1,600 $6,800 $200 12.5 % ($5,000) (73.5 %)

Net Loan Charge-Offs (Recoveries):

Commercial real estate $3,830 $— $2,991 $3,830 100.0 % $839 28.1 %

Commercial & industrial (3) — 8,355 (3) — (8,358) (100.0)

Total commercial 3,827 — 11,346 3,827 100.0 (7,519) (66.3)

Residential real estate — — — — — — —

Home equity — — (15) — — 15 100.0

Other consumer 56 55 102 1 1.8 (46) (45.1)

Total consumer 56 55 87 1 1.8 (31) (35.6)

Total $3,883 $55 $11,433 $3,828 6,960.0 % ($7,550) (66.0 %)

-17-

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate. 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 Sep 30, 2026 Jun 30, 2026 Change

Average Balance Interest Yield/

Rate Average Balance Interest Yield/

Rate

Assets:

Cash, federal funds sold, and short-term investments $120,836 $1,100 3.61 % $111,434 $998 3.59 % $9,402 $102 0.02 %

Mortgage loans held for sale 33,802 557 6.54 31,413 478 6.10 2,389 79 0.44

Taxable debt securities 972,482 8,250 3.37 996,894 8,468 3.41 (24,412) (218) (0.04)

Nontaxable debt securities 650 8 4.88 650 8 4.94 — — (0.06)

Total securities

973,132 8,258 3.37 997,544 8,476 3.41 (24,412) (218) (0.04)

FHLB stock 21,215 425 7.95 25,557 506 7.94 (4,342) (81) 0.01

Commercial real estate 2,077,821 30,246 5.78 2,049,760 28,593 5.60 28,061 1,653 0.18

Commercial & industrial 664,500 9,591 5.73 592,347 8,346 5.65 72,153 1,245 0.08

Total commercial

2,742,321 39,837 5.76 2,642,107 36,939 5.61 100,214 2,898 0.15

Residential real estate

2,038,069 22,990 4.48 2,027,688 22,698 4.49 10,381 292 (0.01)

Home equity 332,723 5,255 6.27 322,709 5,052 6.28 10,014 203 (0.01)

Other 15,617 215 5.46 15,760 208 5.29 (143) 7 0.17

Total consumer 348,340 5,470 6.23 338,469 5,260 6.23 9,871 210 —

Total loans

5,128,730 68,297 5.28 5,008,264 64,897 5.20 120,466 3,400 0.08

Total interest-earning assets

6,277,715 78,637 4.97 6,174,212 75,355 4.90 103,503 3,282 0.07

Noninterest-earning assets 288,205 289,814 (1,609)

Total assets

$6,565,920 $6,464,026 $101,894

Liabilities and Shareholders' Equity:

Interest-bearing demand deposits (in-market) $743,369 $5,815 3.10 % $730,215 $5,751 3.16 % $13,154 $64 (0.06 %)

NOW accounts 687,920 292 0.17 685,098 265 0.16 2,822 27 0.01

Money market accounts 1,310,077 9,512 2.88 1,196,679 8,429 2.83 113,398 1,083 0.05

Savings accounts 868,065 3,920 1.79 833,804 3,656 1.76 34,261 264 0.03

Time deposits (in-market) 1,136,661 9,470 3.31 1,143,511 9,466 3.32 (6,850) 4 (0.01)

Interest-bearing in-market deposits 4,746,092 29,009 2.42 4,589,307 27,567 2.41 156,785 1,442 0.01

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

Total interest-bearing deposits 4,746,092 29,009 2.42 4,589,307 27,567 2.41 156,785 1,442 0.01

FHLB advances 431,924 4,392 4.03 536,879 5,491 4.10 (104,955) (1,099) (0.07)

Junior subordinated debentures 22,681 312 5.46 22,681 308 5.45 — 4 0.01

Total interest-bearing liabilities 5,200,697 33,713 2.57 5,148,867 33,366 2.60 51,830 347 (0.03)

Noninterest-bearing demand deposits 664,713 621,882 42,831

Other liabilities 147,120 141,165 5,955

Shareholders' equity 553,390 552,112 1,278

Total liabilities and shareholders' equity $6,565,920 $6,464,026 $101,894

Net interest income (FTE) $44,924 $41,989 $2,935

Interest rate spread 2.40 % 2.30 % 0.10 %

Net interest margin 2.84 % 2.73 % 0.11 %

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

For the Three Months Ended Sep 30, 2026 Jun 30, 2026 Change

Commercial loans $222 $180 $42

Nontaxable debt securities 1 — 1

Total $223 $180 $43

-18-

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Nine Months Ended Sep 30, 2026 Sep 30, 2025 Change

Average Balance Interest Yield/

Rate Average Balance Interest Yield/

Rate

Assets:

Cash, federal funds sold and short-term investments $111,192 $3,007 3.62 % $138,301 $4,497 4.35 % ($27,109) ($1,490) (0.73 %)

Mortgage loans for sale 30,025 1,410 6.28 54,624 1,942 4.75 (24,599) (532) 1.53

Taxable debt securities 997,146 25,486 3.42 1,061,852 27,429 3.45 (64,706) (1,943) (0.03)

Nontaxable debt securities 650 25 5.14 650 24 4.94 — 1 0.20

Total securities 997,796 25,511 3.42 1,062,502 27,453 3.45 (64,706) (1,942) (0.03)

FHLB stock 25,745 1,516 7.87 42,504 2,578 8.11 (16,759) (1,062) (0.24)

Commercial real estate 2,091,865 87,557 5.60 2,167,400 93,873 5.79 (75,535) (6,316) (0.19)

Commercial & industrial 609,788 25,858 5.67 547,558 24,044 5.87 62,230 1,814 (0.20)

Total commercial 2,701,653 113,415 5.61 2,714,958 117,917 5.81 (13,305) (4,502) (0.20)

Residential real estate 2,033,794 68,411 4.50 2,101,567 69,382 4.41 (67,773) (971) 0.09

Home equity 324,090 15,239 6.29 299,645 15,499 6.92 24,445 (260) (0.63)

Other 15,985 637 5.33 16,876 628 4.98 (891) 9 0.35

Total consumer 340,075 15,876 6.24 316,521 16,127 6.81 23,554 (251) (0.57)

Total loans 5,075,522 197,702 5.21 5,133,046 203,426 5.30 (57,524) (5,724) (0.09)

Total interest-earning assets 6,240,280 229,146 4.91 6,430,977 239,896 4.99 (190,697) (10,750) (0.08)

Noninterest-earning assets 291,928 284,668 7,260

Total assets $6,532,208 $6,715,645 ($183,437)

Liabilities and Shareholders' Equity:

Interest-bearing demand deposits (in-market) $740,588 $17,455 3.15 % $659,609 $18,630 3.78 % $80,979 ($1,175) (0.63 %)

NOW accounts 683,129 817 0.16 673,135 1,075 0.21 9,994 (258) (0.05)

Money market accounts 1,223,662 25,729 2.81 1,196,124 29,426 3.29 27,538 (3,697) (0.48)

Savings accounts 837,515 10,993 1.75 649,841 8,555 1.76 187,674 2,438 (0.01)

Time deposits (in-market) 1,156,665 28,952 3.35 1,209,618 33,692 3.72 (52,953) (4,740) (0.37)

Interest-bearing in-market deposits 4,641,559 83,946 2.42 4,388,327 91,378 2.78 253,232 (7,432) (0.36)

Wholesale brokered time deposits — — — 65,115 2,457 5.04 (65,115) (2,457) (5.04)

Total interest-bearing deposits 4,641,559 83,946 2.42 4,453,442 93,835 2.82 188,117 (9,889) (0.40)

FHLB advances 542,319 16,660 4.11 945,484 31,939 4.52 (403,165) (15,279) (0.41)

Junior subordinated debentures 22,681 930 5.48 22,681 1,040 6.13 — (110) (0.65)

Total interest-bearing liabilities 5,206,559 101,536 2.61 5,421,607 126,814 3.13 (215,048) (25,278) (0.52)

Noninterest-bearing demand deposits 630,520 628,448 2,072

Other liabilities 142,170 143,843 (1,673)

Shareholders' equity 552,959 521,747 31,212

Total liabilities and shareholders' equity $6,532,208 $6,715,645 ($183,437)

Net interest income (FTE) $127,610 $113,082 $14,528

Interest rate spread 2.30 % 1.86 % 0.44 %

Net interest margin 2.73 % 2.35 % 0.38 %

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

For the Nine Months Ended Sep 30, 2026 Sep 30, 2025 Change

Commercial loans $570 $644 ($74)

Nontaxable debt securities 3 2 1

Total $573 $646 ($73)

-19-

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, adjusted net income, adjusted diluted earnings per common share, and adjusted efficiency ratio:

For the Nine Months Ended Sep 30, 2026 2025 Change

Adjusted Noninterest Income:

Noninterest income, as reported $56,230 $57,357 ($1,127) (2.0 %)

Less adjustments:

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

Adjusted noninterest income (non-GAAP) $56,230 $50,363 $5,867 11.6 %

Adjusted Noninterest Expense:

Noninterest expense, as reported $115,159 $114,452 $707 0.6 %

Less adjustments:

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

Adjusted noninterest expense (non-GAAP) $115,159 $108,016 $7,143 6.6 %

Adjusted Income Before Income Taxes:

Income before income taxes $60,691 $46,745 $13,946 29.8 %

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

Adjusted income before income taxes (non-GAAP) $60,691 $46,187 $14,504 31.4 %

Adjusted Income Tax Expense:

Income tax expense, as reported $12,729 $10,475 $2,254 21.5 %

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

Adjusted income tax expense (non-GAAP) $12,729 $10,334 $2,395 23.2 %

Adjusted Net Income:

Net income, as reported $47,962 $36,270 $11,692 32.2 %

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

Adjusted net income (non-GAAP) $47,962 $35,853 $12,109 33.8 %

Adjusted Diluted Earnings per Common Share:

Diluted earnings (loss) per common share, as reported (1)

$2.50 $1.88 $0.62 33.0 %

Less: impact of total adjustments — 0.03 (0.03) (100.0)

Adjusted diluted earnings per common share (non-GAAP) (2)

$2.50 $1.85 $0.65 35.1 %

Adjusted Efficiency Ratio:

Efficiency ratio, as reported (3)

62.8 % 67.4 % (460) bps

Less: impact of total adjustments — 1.1 (110) bps

Adjusted efficiency ratio (non-GAAP) (4)

62.8 % 66.3 % (350) 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.

-20-

Washington Trust Bancorp, Inc. and Subsidiaries

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

(Unaudited; Dollars in thousands)

The following tables present return on average tangible assets and adjusted return on average assets:

Q3 2026 Q2 2026 Q3 2025 Q3 2026 vs. Q2 2026 Q3 2026 vs. Q3 2025

Return on Average Tangible Assets:

Net income, as reported $19,381 $15,981 $10,846 $3,400 21.3 % $8,535 78.7 %

Total average assets, as reported $6,565,920 $6,464,026 $6,738,796 $101,894 1.6 % ($172,876) (2.6 %)

Less average balances of:

Goodwill 63,909 63,909 63,909 — — — —

Identifiable intangible assets, net 3,913 4,068 3,821 (155) (3.8) 92 2.4

Total average tangible assets $6,498,098 $6,396,049 $6,671,066 $102,049 1.6 % ($172,968) (2.6 %)

Return on average assets (1)

1.17 % 0.99 % 0.64 % 18 bps 53 bps

Return on average tangible assets (non-GAAP) (2)

1.18 % 1.00 % 0.65 % 18 bps 53 bps

For the Nine Months Ended Sep 30, 2026 2025 Change

Adjusted Return on Average Assets:

Net income, as reported $47,962 $36,270 $11,692 32.2 %

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

Adjusted net income (non-GAAP) $47,962 $35,853 $12,109 33.8 %

Total average assets, as reported $6,532,208 $6,715,645 ($183,437) (2.7 %)

Return on average assets (1)

0.98 % 0.72 % 26 bps

Adjusted return on average assets (non-GAAP) (3)

0.98 % 0.71 % 27 bps

Return on Average Tangible Assets:

Adjusted net income (non-GAAP) $47,962 $35,853 $12,109 33.8 %

Total average assets, as reported $6,532,208 $6,715,645 ($183,437) (2.7 %)

Less average balances of:

Goodwill 63,909 63,909 — —

Identifiable intangible assets, net 4,067 3,064 1,003 32.7

Total average tangible assets $6,464,232 $6,648,672 ($184,440) (2.8 %)

Return on average assets (1)

0.98 % 0.72 % 26 bps

Return on average tangible assets (non-GAAP) (4)

0.99 % 0.72 % 27 bps

(1)Net income divided by total average assets.

(2)Net income divided by total average tangible assets.

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

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

-21-

Washington Trust Bancorp, Inc. and Subsidiaries

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

(Unaudited; Dollars in thousands)

The following tables present return on average tangible equity and adjusted return on average equity:

Q3 2026 Q2 2026 Q3 2025 Q3 2026 vs. Q2 2026 Q3 2026 vs. Q3 2025

Return on Average Tangible Equity:

Net income, as reported $19,381 $15,981 $10,846 $3,400 21.3 % $8,535 78.7 %

Total average equity, as reported $553,390 $552,112 $528,315 $1,278 0.2 % $25,075 4.7 %

Less average balances of:

Goodwill 63,909 63,909 63,909 — — — —

Identifiable intangible assets, net 3,913 4,068 3,821 (155) (3.8) 92 2.4

Total average tangible equity (non-GAAP) $485,568 $484,135 $460,585 $1,433 0.3 % $24,983 5.4 %

Return on average equity (1)

13.89 % 11.61 % 8.14 % 228 bps 575 bps

Return on average tangible equity

(non-GAAP) (2)

15.84 % 13.24 % 9.34 % 260 bps 650 bps

For the Nine Months Ended Sep 30,

2026 2025 Change

Adjusted Return on Average Equity:

Net income, as reported $47,962 $36,270 $11,692 32.2 %

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

Adjusted net income (non-GAAP) $47,962 $35,853 $12,109 33.8

Total average equity, as reported $552,959 $521,747 $31,212 6.0

Return on average equity (1)

11.60 % 9.29 % 231 bps

Adjusted return on average equity (non-GAAP) (3)

11.60 % 9.19 % 241 bps

Return on Average Tangible Equity:

Adjusted net income (non-GAAP) $47,962 $35,853 $12,109 33.8 %

Total average equity, as reported $552,959 $521,747 $31,212 6.0

Less average balances of:

Goodwill 63,909 63,909 — —

Identifiable intangible assets, net 4,067 3,064 1,003 32.7

Total average tangible equity (non-GAAP) $484,983 $454,774 $30,209 6.6

Return on average equity (1)

11.60 % 9.29 % 231 bps

Return on average tangible equity (non-GAAP) (4)

13.22 % 10.54 % 268 bps

(1)Net income divided by total average equity.

(2)Net income divided by total average tangible equity.

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

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

-22-

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:

Sep 30,

2026 Jun 30,

2026 Sep 30,

2025 Sep 30, 2026 vs. Jun 30, 2026 Sep 30, 2026 vs. Sep 30, 2025

Tangible Book Value per Share:

Total shareholders' equity, as reported $530,767 $553,523 $533,021 ($22,756) (4.1 %) ($2,254) (0.4 %)

Less end of period balances of:

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

Identifiable intangible assets, net 3,837 3,992 4,458 (155) (3.9 %) (621) (13.9 %)

Total tangible shareholders' equity (non-GAAP) $463,021 $485,622 $464,654 ($22,601) (4.7 %) ($1,633) (0.4 %)

Shares outstanding, as reported 19,081 19,071 19,050 10 0.1 % 31 0.2 %

Book value per share $27.82 $29.02 $27.98 ($1.20) (4.1 %) ($0.16) (0.6 %)

Tangible book value per share (non-GAAP) $24.27 $25.46 $24.39 ($1.19) (4.7 %) ($0.12) (0.5 %)

Tangible Equity to Tangible Assets:

Total tangible shareholders' equity $463,021 $485,622 $464,654 ($22,601) (4.7 %) ($1,633) (0.4 %)

Total assets, as reported $6,538,491 $6,547,904 $6,717,921 ($9,413) (0.1 %) ($179,430) (2.7 %)

Less end of period balances of:

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

Identifiable intangible assets, net 3,837 3,992 4,458 (155) (3.9 %) (621) (13.9 %)

Total tangible assets (non-GAAP) $6,470,745 $6,480,003 $6,649,554 ($9,258) (0.1 %) ($178,809) (2.7 %)

Equity to assets 8.12 % 8.45 % 7.93 % (33) bps 19 bps

Tangible equity to tangible assets (non-GAAP) 7.16 % 7.49 % 6.99 % (33) bps 17 bps

-23-

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