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Washington Trust Reports First Quarter 2025 Results

1. WASH reported Q1 2025 net income of $12.2 million, $0.63 per share. 2. Net interest margin increased to 2.29%, up 34 basis points. 3. Wealth management revenues decreased 2% while AUA fell 4%. 4. Total loans decreased by 1%, totaling $5.1 billion. 5. In-market deposits rose 4% to $5.0 billion; total deposits fell 1%.

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Why Bullish?

Despite a mixed performance, the increase in net interest margin and deposits shows improved profitability, akin to historical trends where margin improvements often correlate with bullish price action.

How important is it?

Earnings results and future outlook directly impact investor sentiment and market valuation; significant fluctuations in income and margins can influence stock performance.

Why Short Term?

The effects of Q1 results are likely to be immediate as investors react to the quarterly figures and guidance provided in the upcoming conference call.

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, /PRNewswire/ -- Washington Trust Bancorp, Inc. (the "Corporation") (Nasdaq: WASH), parent company of The Washington Trust Company (the "Bank"), today reported first quarter 2025 net income of $12.2 million, or $0.63 per diluted share. In the first quarter of 2025, sales leaseback transactions were completed for five branch locations and a pre-tax net gain on the sale of the bank-owned properties totaling $7.0 million was recognized within noninterest income.  Additionally, in connection with the termination of the Corporation's qualified pension plan, a pre-tax non-cash pension plan settlement charge of $6.4 million was recognized within noninterest expenses.  Excluding the impact of these items, adjusted net income (non-GAAP) totaled $11.8 million, or $0.61 per diluted share, in the first quarter of 2025.  In the fourth quarter of 2024, a net loss of $60.8 million, or a loss of $3.46 per diluted share, was recognized.  Excluding the impact of the previously disclosed balance sheet repositioning sale transactions in the preceding quarter, adjusted net income (non-GAAP) was $10.4 million, or $0.59 per diluted share for the fourth quarter of 2024. "Washington Trust's first quarter results reflected our effective focus on our balance sheet, resulting in expansion of net interest margin and in-market deposit growth," stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer.  "In our 225th year, we remain steadfast in our commitment to our customers and the communities we serve." Other selected financial highlights for the first quarter 2025 include: The net interest margin was 2.29% in the first quarter, up by 34 basis points from the 1.95% reported in the preceding quarter, reflecting benefits from the balance sheet repositioning transactions. A provision for credit losses of $1.2 million was recognized for the first quarter, up by $200 thousand from the fourth quarter of 2024. Wealth management revenues in the first quarter decreased by 2% from the preceding quarter. End of period assets under administration ("AUA") totaled $6.8 billion, down by 4% from December 31, 2024. Mortgage banking revenues in the first quarter decreased by 19% from the preceding quarter, reflecting a lower volume of loans sold to the secondary market. Total loans amounted to $5.1 billion, down by 1% from December 31, 2024. In-market deposits (total deposits less wholesale brokered deposits) amounted to $5.0 billion, up by 4% from December 31, 2024. Net Interest IncomeNet interest income was $36.4 million for the first quarter of 2025, up by $3.5 million, or 11%, from the fourth quarter of 2024.  The net interest margin was 2.29% for the first quarter, an increase of 34 basis points from the preceding quarter.  This improvement reflected benefits from the balance sheet repositioning transactions executed in the latter portion of the preceding quarter, which included the sale of lower-yielding securities and loans, reinvestment into higher-yielding securities, and pay-down of higher-cost wholesale funding.  Linked quarter changes included: Average interest-earning assets decreased by $277 million, largely reflecting a decrease in loans, partially offset by an increase in average balance of deposits at correspondent banks. The yield on interest-earning assets for the first quarter was 4.98%, up by 15 basis points from the preceding quarter. Average interest-bearing liabilities decreased by $219 million, as in-market deposits increased by $167 million while wholesale funding balances decreased by $386 million. The cost of interest-bearing liabilities for the first quarter of 2025 was 3.19%, down by 22 basis points from the preceding quarter. Noninterest IncomeNoninterest income was $22.6 million for the first quarter of 2025, compared to a loss of $77.9 million in the fourth quarter of 2024.  Adjusted noninterest income (non-GAAP) was $15.6 million for the first quarter, down by $394 thousand, or 2%, from the preceding quarter.  Our two largest sources of noninterest income are discussed below: Wealth management revenues amounted to $9.9 million in the first quarter of 2025, down by $158 thousand, or 2%, from the preceding quarter, reflecting a decrease in asset-based revenues. The end of period AUA balance at March 31, 2025 amounted to $6.8 billion, down by $259 million, or 4%, from December 31, 2024. Mortgage banking revenues totaled $2.3 million for the first quarter of 2025, down by $544 thousand, or 19%, from the preceding quarter. Loans sold amounted to $75.5 million in the first quarter of 2025, down by $37.6 million, or 33%, from the fourth quarter of 2024. Noninterest ExpenseNoninterest expense totaled $42.2 million for the first quarter of 2025, up by $7.9 million, or 23%, from the fourth quarter of 2024.  Adjusted noninterest expense (non-GAAP) was $35.8 million for the first quarter, up by $1.5 million, or 4%, from the preceding quarter.  Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $22.4 million, up by $547 thousand, or 3%, from the preceding quarter, which includes higher payroll taxes associated with the start of a new calendar year.  The remaining increase in noninterest expense included higher net occupancy costs and modest changes across a variety of expense categories. Income TaxFor the first quarter of 2025, income tax expense of $3.5 million was recognized, reflecting an effective tax rate of 22.3%.  Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2025 effective tax rate to be approximately 22.4%. Investment SecuritiesThe securities portfolio totaled $918 million at March 31, 2025, up by $1 million, or 0.1%, from December 31, 2024.  An increase in the fair value of available for sale securities was essentially offset by routine pay-downs on mortgage-backed debt securities in the quarter.  The securities portfolio represented 14% of total assets at March 31, 2025, compared to 13% of total assets at December 31, 2024. LoansTotal loans amounted to $5.1 billion at March 31, 2025, down by $42 million, or 1%, from the end of the preceding quarter.  These changes included: Commercial loans decreased by $28 million, or 1%, from December 31, 2024. Residential real estate loans decreased by $13 million, or 1%, from December 31, 2024. Consumer loans decreased by $1 million, or 0.3%, from December 31, 2024. Deposits and BorrowingsTotal deposits amounted to $5.0 billion at March 31, 2025, down by $75 million, or 1%, from the end of the preceding quarter. In-market deposits, which exclude wholesale brokered deposits, amounted to $5.0 billion at March 31, 2025, up by $195 million, or 4%, from December 31, 2024, largely due to increases in high-rate savings account balances. Wholesale brokered deposits amounted to $27 million and were down by $270 million, or 91%, from December 31, 2024.  FHLB advances totaled $850 million at March 31, 2025, down by $275 million, or 24%, from December 31, 2024.  These decreases reflected less need for wholesale funding and the use of net proceeds from the aforementioned balance sheet repositioning transactions. As of March 31, 2025, contingent liquidity amounted to $1.8 billion and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity. Asset QualityNonaccrual loans were $21.6 million, or 0.42% of total loans, at March 31, 2025, compared to $23.3 million, or 0.45% of total loans, at December 31, 2024.  The composition of nonaccrual loans at March 31, 2025 was 40% commercial and 60% residential and consumer. Past due loans were $10.2 million, or 0.20% of total loans, at March 31, 2025, compared to $12.0 million, or 0.23% of total loans, at December 31, 2024.  The composition of past due loans at March 31, 2025 was 11% commercial and 89% residential and consumer. The allowance for credit losses ("ACL") on loans amounted to $41.1 million, or 0.81% of total loans, at March 31, 2025, compared to $42.0 million, or 0.82% of total loans, at December 31, 2024.  The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $1.2 million at March 31, 2025, compared to $1.4 million at December 31, 2024. The provision for credit losses totaled $1.2 million in the first quarter of 2025, up by $200 thousand from the preceding quarter, including loss allocations on individually analyzed nonaccrual commercial loans and reflecting our estimate of forecasted economic conditions.  Net charge-offs amounted to $2.3 million in the first quarter of 2025, compared to $1.9 million in the preceding quarter.  The charge-offs recognized in both the first quarter of 2025 and fourth quarter of 2024 were concentrated in the commercial real estate office portfolio segment. Capital and DividendsTotal shareholders' equity was $521.7 million at March 31, 2025, up by $22.0 million, or 4%, from December 31, 2024.  Net income of $12.2 million and improvement of $20.0 million in the accumulated other comprehensive loss ("AOCL") component of shareholders' equity were partially offset by quarterly dividend declarations of $11.0 million.  The improvement in AOCL included an increase in fair value of available for sale debt securities, as well as the effects of the remeasurement of the qualified pension plan upon settlement and the reclassification of the after-tax pension plan settlement charge to noninterest expenses. The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended March 31, 2025.  The dividend was paid on April 11, 2025 to shareholders of record on April 1, 2025. Capital levels at March 31, 2025 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.13% at March 31, 2025, compared to 12.47% at December 31, 2024.  Book value per share was $27.06 at March 31, 2025, compared to $25.93 at December 31, 2024. Conference CallWashington Trust will host a conference call to discuss its first quarter results, business highlights, and outlook on Monday, April 21, 2025 at 10:00 a.m. (Eastern Time).  Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 572620.  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 256173.  The audio replay will be available through May 5, 2025.  Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through June 30, 2025. BackgroundWashington 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 StatementsThis 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 recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) on a national basis and in the local markets in which we operate; interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits; changes in customer behavior due to political, business and economic conditions; changes in loan demand and collectability; the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments; ongoing volatility in national and international financial markets; reductions in the market value or outflows of wealth management AUA; decreases in the value of securities and other assets; increases in defaults and charge-off rates; changes in the size and nature of our competition; changes in, and evolving interpretations of, existing and future laws, rules and regulations; changes in accounting principles, policies and guidelines; operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics; regulatory, litigation and reputational risks; and changes in the assumptions used in making such forward-looking statements. In addition, the factors described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. Supplemental Information - Explanation of Non-GAAP Financial MeasuresIn addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures.  Washington Trust's management believes that the supplemental non-GAAP information, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well as measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors.  These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies.  Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Washington Trust Bancorp, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; Dollars in thousands) Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Assets: Cash and due from banks $33,394 $21,534 $33,694 $28,211 $52,544 Interest-earning deposits with correspondent banks 82,804 88,368 173,277 75,666 49,592 Short-term investments 4,041 3,987 3,772 3,654 3,452 Mortgage loans held for sale, at fair value 21,953 21,708 20,864 26,116 25,462 Mortgage loans held for sale, at lower of cost or market — 281,706 — — — Premises and equipment held for sale, lower of cost or market — 4,788 — — — Available for sale debt securities, at fair value 917,545 916,305 973,266 951,828 970,060 Federal Home Loan Bank stock, at cost 38,899 49,817 57,439 66,166 55,512 Loans: Total loans 5,096,210 5,137,838 5,514,870 5,629,102 5,685,232 Less: allowance for credit losses on loans 41,056 41,960 42,630 42,378 41,905 Net loans 5,055,154 5,095,878 5,472,240 5,586,724 5,643,327 Premises and equipment, net 26,068 26,873 32,145 31,866 31,914 Operating lease right-of-use assets 36,048 26,943 27,612 28,387 29,216 Investment in bank-owned life insurance 107,546 106,777 105,998 105,228 104,475 Goodwill 63,909 63,909 63,909 63,909 63,909 Identifiable intangible assets, net 2,682 2,885 3,089 3,295 3,503 Other assets 195,972 219,169 174,266 213,310 216,158 Total assets $6,586,015 $6,930,647 $7,141,571 $7,184,360 $7,249,124 Liabilities: Deposits: Noninterest-bearing deposits $625,590 $661,776 $665,706 $645,661 $648,929 Interest-bearing deposits 4,414,991 4,454,024 4,506,184 4,330,465 4,698,964 Total deposits 5,040,581 5,115,800 5,171,890 4,976,126 5,347,893 Federal Home Loan Bank advances 850,000 1,125,000 1,300,000 1,550,000 1,240,000 Junior subordinated debentures 22,681 22,681 22,681 22,681 22,681 Operating lease liabilities 38,716 29,578 30,237 31,012 31,837 Other liabilities 112,357 137,860 114,534 133,584 139,793 Total liabilities 6,064,335 6,430,919 6,639,342 6,713,403 6,782,204 Shareholders' Equity: Common stock 1,223 1,223 1,085 1,085 1,085 Paid-in capital 197,570 196,947 126,698 125,898 126,785 Retained earnings 435,233 434,014 505,654 504,350 503,175 Accumulated other comprehensive loss (99,179) (119,171) (117,158) (146,326) (148,913) Treasury stock, at cost (13,167) (13,285) (14,050) (14,050) (15,212) Total shareholders' equity 521,680 499,728 502,229 470,957 466,920 Total liabilities and shareholders' equity $6,586,015 $6,930,647 $7,141,571 $7,184,360 $7,249,124 Washington Trust Bancorp, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited; Dollars and shares in thousands, except per share amounts) For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Interest income: Interest and fees on loans $66,656 $71,432 $75,989 $76,240 $75,636 Interest on mortgage loans held for sale 958 762 366 392 255 Taxable interest on debt securities 8,827 7,015 6,795 6,944 7,096 Nontaxable interest on debt securities 7 8 — — — Dividends on Federal Home Loan Bank stock 1,022 1,312 1,262 1,124 1,073 Other interest income 1,993 1,310 3,174 1,297 1,196 Total interest and dividend income 79,463 81,839 87,586 85,997 85,256 Interest expense: Deposits 31,748 34,135 37,203 36,713 38,047 Federal Home Loan Bank advances 10,946 14,388 17,717 17,296 15,138 Junior subordinated debentures 347 380 404 403 406 Total interest expense 43,041 48,903 55,324 54,412 53,591 Net interest income 36,422 32,936 32,262 31,585 31,665 Provision for credit losses 1,200 1,000 200 500 700 Net interest income after provision for credit losses 35,222 31,936 32,062 31,085 30,965 Noninterest income (loss): Wealth management revenues 9,891 10,049 9,989 9,678 9,338 Mortgage banking revenues 2,304 2,848 2,866 2,761 2,506 Card interchange fees 1,509 1,255 1,321 1,275 1,145 Service charges on deposit accounts 744 794 784 769 685 Loan related derivative income 101 8 126 49 284 Income from bank-owned life insurance 769 779 770 753 739 Realized losses on securities, net — (31,047) — — — Losses on sale of portfolio loans, net — (62,888) — — — Gain on sale of bank-owned properties, net 6,994 — — 988 — Other income 331 310 416 387 2,466 Total noninterest income (loss) 22,643 (77,892) 16,272 16,660 17,163 Noninterest expense: Salaries and employee benefits 22,422 21,875 21,350 21,260 21,775 Outsourced services 4,346 4,197 4,185 4,096 3,780 Net occupancy 2,741 2,428 2,399 2,397 2,561 Equipment 891 936 924 958 1,020 Legal, audit, and professional fees 750 845 836 741 706 FDIC deposit insurance costs 1,262 1,266 1,402 1,404 1,441 Advertising and promotion 410 560 857 661 548 Amortization of intangibles 204 204 206 208 208 Pension plan settlement charge 6,436 — — — — Other expenses 2,734 1,981 2,345 2,185 2,324 Total noninterest expense 42,196 34,292 34,504 33,910 34,363 Income (loss) before income taxes 15,669 (80,248) 13,830 13,835 13,765 Income tax expense (benefit) 3,490 (19,457) 2,849 3,020 2,829 Net income (loss) $12,179 ($60,791) $10,981 $10,815 $10,936 Net income (loss) available to common shareholders $12,179 ($60,776) $10,973 $10,807 $10,924 Weighted average common shares outstanding - basic 19,276 17,452 17,058 17,052 17,033 Weighted average common shares outstanding - diluted 19,370 17,565 17,140 17,110 17,074 Per share information: Basic earnings per common share $0.63 ($3.48) $0.64 $0.63 $0.64 Diluted earnings per common share $0.63 ($3.46) $0.64 $0.63 $0.64 Cash dividends declared $0.56 $0.56 $0.56 $0.56 $0.56 Washington Trust Bancorp, Inc. and Subsidiaries SELECTED FINANCIAL HIGHLIGHTS (Unaudited; Dollars and shares in thousands, except per share amounts) Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Share and Equity Related Data: Book value per share $27.06 $25.93 $29.44 $27.61 $27.41 Tangible book value per share (non-GAAP) (1) $23.61 $22.46 $25.51 $23.67 $23.45 Market value per share $30.86 $31.35 $32.21 $27.41 $26.88 Shares issued at end of period 19,562 19,562 17,363 17,363 17,363 Shares outstanding at end of period 19,276 19,274 17,058 17,058 17,033 Capital Ratios (2): Tier 1 risk-based capital 12.23 % 11.64 % 11.39 % 11.01 % 10.84 % Total risk-based capital 13.13 % 12.47 % 12.21 % 11.81 % 11.62 % Tier 1 leverage ratio 8.45 % 8.13 % 7.85 % 7.82 % 7.81 % Common equity tier 1 11.76 % 11.20 % 10.95 % 10.59 % 10.42 % Balance Sheet Ratios: Equity to assets 7.92 % 7.21 % 7.03 % 6.56 % 6.44 % Tangible equity to tangible assets (non-GAAP) (1) 6.98 % 6.31 % 6.15 % 5.67 % 5.56 % Loans to deposits (3) 100.7 % 105.5 % 106.2 % 112.8 % 106.0 % For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Performance Ratios (4): Net interest margin (5) 2.29 % 1.95 % 1.85 % 1.83 % 1.84 % Return on average assets (6) 0.73 % (3.45 %) 0.60 % 0.60 % 0.61 % Adjusted return on average assets (non-GAAP) (1) 0.71 % 0.59 % 0.60 % 0.56 % 0.52 % Return on average tangible assets (non-GAAP) (1) 0.71 % 0.60 % 0.61 % 0.57 % 0.53 % Return on average equity (7) 9.63 % (48.25 %) 8.99 % 9.43 % 9.33 % Adjusted return on average equity (non-GAAP) (1) 9.30 % 8.29 % 8.99 % 8.79 % 7.99 % Return on average tangible equity (non-GAAP) (1) 10.69 % 9.57 % 10.43 % 10.29 % 9.32 % Efficiency ratio (8) 71.4 % (76.3 %) 71.1 % 70.3 % 70.4 % Adjusted efficiency ratio (non-GAAP) (1) 68.7 % 70.0 % 71.1 % 71.8 % 73.5 % (1) See the section labeled "Supplemental Information - Calculation of Non-GAAP Financial Measures" at the end of this document. (2) Estimated for March 31, 2025 and actuals for prior periods. (3) Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits. (4) Annualized based on the actual number of days in the period. (5) Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets. (6) Net income divided by average assets. (7) Net income available for common shareholders divided by average equity. (8) Total noninterest expense as percentage of total revenues (net interest income and noninterest income). Washington Trust Bancorp, Inc. and Subsidiaries SELECTED FINANCIAL HIGHLIGHTS (Unaudited; Dollars in thousands) For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Wealth Management Results Wealth Management Revenues: Asset-based revenues $9,769 $9,910 $9,770 $9,239 $9,089 Transaction-based revenues 122 139 219 439 249 Total wealth management revenues $9,891 $10,049 $9,989 $9,678 $9,338 Assets Under Administration (AUA): Balance at beginning of period $7,077,802 $7,052,408 $6,803,491 $6,858,322 $6,588,406 Net investment (depreciation) appreciation & income (148,748) 57,706 372,027 108,529 364,244 Net client asset outflows (110,664) (32,312) (123,110) (163,360) (94,328) Balance at end of period $6,818,390 $7,077,802 $7,052,408 $6,803,491 $6,858,322 Percentage of AUA that are managed assets 91 % 91 % 91 % 91 % 91 % Mortgage Banking Results Mortgage Banking Revenues: Realized gains on loan sales, net (1) $1,575 $2,493 $2,492 $2,205 $1,586 Changes in fair value, net (2) 133 (317) (28) 20 324 Loan servicing fee income, net (3) 596 672 402 536 596 Total mortgage banking revenues $2,304 $2,848 $2,866 $2,761 $2,506 Residential Mortgage Loan Originations: Originations for retention in portfolio (4) $27,662 $15,155 $26,317 $26,520 $24,474 Originations for sale to secondary market (5) 75,519 114,137 115,117 110,728 78,098 Total mortgage loan originations $103,181 $129,292 $141,434 $137,248 $102,572 Percentage of originations for sale to total mortgage loan originations 73 % 88 % 81 % 81 % 76 % Residential Mortgage Loans Sold: Sold with servicing rights retained $16,819 $62,410 $17,881 $24,570 $24,057 Sold with servicing rights released (5) 58,680 50,697 102,457 85,482 48,587 Total mortgage loans sold $75,499 $113,107 $120,338 $110,052 $72,644 (1) Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments. (2) Represents fair value changes on mortgage loans held for sale and forward loan commitments. (3) Represents loan servicing fee income, net of servicing right amortization and valuation adjustments. (4) Includes the full commitment amount of homeowner construction loans. (5) Includes brokered loans (loans originated for others). Washington Trust Bancorp, Inc. and Subsidiaries END OF PERIOD LOAN COMPOSITION (Unaudited; Dollars in thousands) Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Loans: Commercial real estate (1) $2,134,107 $2,154,504 $2,102,091 $2,191,996 $2,158,518 Commercial & industrial 535,030 542,474 566,279 558,075 613,376 Total commercial 2,669,137 2,696,978 2,668,370 2,750,071 2,771,894 Residential real estate (2) 2,113,307 2,126,171 2,529,397 2,558,533 2,585,524 Home equity 296,563 297,119 299,379 302,027 309,302 Other 17,203 17,570 17,724 18,471 18,512 Total consumer 313,766 314,689 317,103 320,498 327,814 Total loans $5,096,210 $5,137,838 $5,514,870 $5,629,102 $5,685,232 (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. March 31, 2025 December 31, 2024 Balance % of Total Balance % of Total Commercial Real Estate Loans by Property Location: Connecticut $840,620 39 % $839,079 39 % Massachusetts 633,123 30 663,026 31 Rhode Island 439,382 21 434,244 20 Subtotal 1,913,125 90 1,936,349 90 All other states 220,982 10 218,155 10 Total commercial real estate loans $2,134,107 100 % $2,154,504 100 % Residential Real Estate Loans by Property Location: Massachusetts $1,508,640 71 % $1,530,847 72 % Rhode Island 455,372 22 443,237 21 Connecticut 126,336 6 128,933 6 Subtotal 2,090,348 99 2,103,017 99 All other states 22,959 1 23,154 1 Total residential real estate loans $2,113,307 100 % $2,126,171 100 % Washington Trust Bancorp, Inc. and Subsidiaries END OF PERIOD LOAN COMPOSITION (Unaudited; Dollars in thousands) March 31, 2025 December 31, 2024 Balance % of Total Balance % of Total Commercial Real Estate Portfolio Segmentation: Multi-family $580,191 27 % $567,243 26 % Retail 422,039 20 433,146 20 Industrial and warehouse 361,910 17 358,425 17 Office 275,787 13 289,853 13 Hospitality 221,921 10 213,585 10 Healthcare Facility 191,546 9 205,858 10 Mixed-use 22,281 1 29,023 1 Other 58,432 3 57,371 3 Total commercial real estate loans $2,134,107 100 % $2,154,504 100 % Commercial & Industrial Portfolio Segmentation: Healthcare and social assistance $120,963 23 % $126,547 23 % Real estate rental and leasing 61,208 11 63,992 12 Transportation and warehousing 53,849 10 55,784 10 Retail trade 52,928 10 41,132 8 Educational services 49,432 9 47,092 9 Manufacturing 22,741 4 32,140 6 Information 22,088 4 22,265 4 Finance and insurance 19,735 4 26,557 5 Arts, entertainment, and recreation 19,600 4 19,861 4 Accommodation and food services 14,958 3 12,368 2 Professional, scientific, and technical services 11,043 2 10,845 2 Public administration 2,152 — 2,186 — Other 84,333 16 81,705 15 Total commercial & industrial loans $535,030 100 % $542,474 100 % Weighted Average Asset Quality Balance (2) (3) Average  Loan Size (4) Loan to Value Debt  Service Coverage Pass Special Mention Classified Nonaccrual (included in Classified) Non-Owner Occupied Commercial Real Estate Office (inclusive of Construction): Class A $102,953 $9,436 58 % 1.76x $96,714 $— $6,239 $— Class B 76,848 4,072 57 % 1.53x 69,243 — 7,605 7,605 Class C 14,887 1,861 54 % 1.57x 12,670 2,217 — — Medical Office 53,334 7,619 69 % 1.39x 53,334 — — — Lab Space 27,765 23,473 91 % 0.81x — 6,319 21,446 — Total office at March 31, 2025 (1) $275,787 $6,305 65 % 1.48x $231,961 $8,536 $35,290 $7,605 Total office at December 31, 2024 $289,853 $6,566 65 % 1.51x $244,223 $8,353 $37,277 $10,053 Total office linked quarter change ($14,066) ($261) — % (0.03x) ($12,262) $183 ($1,987) ($2,448) (1) Approximately 67% of the total commercial real estate office balance of $276 million is secured by income producing properties located in suburban areas.  Additionally, approximately 50% of the total commercial real estate office balance is scheduled to mature before March 31, 2027. (2) Balance of commercial real estate office consists of 47 loans as of March 31, 2025. (3) Does not include $20.5 million of unfunded commitments as of March 31, 2025. (4) Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans. Washington Trust Bancorp, Inc. and Subsidiaries END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY (Unaudited; Dollars in thousands) Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Deposits: Noninterest-bearing demand deposits $625,590 $661,776 $665,706 $645,661 $648,929 Interest-bearing demand deposits (in-market) 654,599 592,904 596,319 532,316 536,923 NOW accounts 686,666 692,812 685,531 722,797 735,617 Money market accounts 1,202,703 1,154,745 1,146,426 1,086,088 1,111,510 Savings accounts 630,413 523,915 490,285 485,208 484,678 Time deposits (in-market) (1) 1,213,382 1,192,110 1,207,626 1,164,839 1,156,516 In-market deposits 5,013,353 4,818,262 4,791,893 4,636,909 4,674,173 Wholesale brokered time deposits 27,228 297,538 379,997 339,217 673,720 Total deposits $5,040,581 $5,115,800 $5,171,890 $4,976,126 $5,347,893 (1) As of March 31, 2025, in-market deposits were approximately 60% retail and 40% commercial and the average size was approximately $38 thousand. March 31, 2025 December 31, 2024 Balance % of Total Deposits Balance % of Total Deposits Uninsured Deposits: Uninsured deposits (1) $1,378,312 27 % $1,363,689 27 % Less: affiliate deposits (2) 96,644 2 94,740 2 Uninsured deposits, excluding affiliate deposits 1,281,668 25 1,268,949 25 Less: fully-collateralized preferred deposits (3) 195,771 3 197,638 4 Uninsured deposits, after exclusions $1,085,897 22 % $1,071,311 21 % (1) Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits. (2) Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation. (3) Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law. Mar 31,2025 Dec 31,2024 Contingent Liquidity: Federal Home Loan Bank of Boston $1,047,209 $752,951 Federal Reserve Bank of Boston 113,746 70,286 Available cash liquidity (1) 43,350 36,647 Unencumbered securities 548,483 597,771 Total $1,752,788 $1,457,655 Percentage of total contingent liquidity to uninsured deposits 127.2 % 106.9 % Percentage of total contingent liquidity to uninsured deposits, after exclusions 161.4 % 136.1 % (1) Available cash liquidity excludes amounts restricted for collateral purposes and designated for operating needs. Washington Trust Bancorp, Inc. and Subsidiaries CREDIT & ASSET QUALITY DATA (Unaudited; Dollars in thousands) Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Asset Quality Ratios: Nonperforming assets to total assets 0.33 % 0.34 % 0.44 % 0.43 % 0.43 % Nonaccrual loans to total loans 0.42 % 0.45 % 0.56 % 0.54 % 0.54 % Total past due loans to total loans 0.20 % 0.23 % 0.37 % 0.21 % 0.18 % Allowance for credit losses on loans to nonaccrual loans 189.85 % 180.03 % 136.89 % 139.04 % 136.45 % Allowance for credit losses on loans to total loans 0.81 % 0.82 % 0.77 % 0.75 % 0.74 % Nonperforming Assets: Commercial real estate $7,605 $10,053 $18,259 $18,390 $18,729 Commercial & industrial 1,140 515 616 642 668 Total commercial 8,745 10,568 18,875 19,032 19,397 Residential real estate 11,102 10,767 10,517 9,744 9,722 Home equity 1,779 1,972 1,750 1,703 1,591 Other consumer — — — — — Total consumer 1,779 1,972 1,750 1,703 1,591 Total nonaccrual loans 21,626 23,307 31,142 30,479 30,710 Other real estate owned — — — 683 683 Total nonperforming assets $21,626 $23,307 $31,142 $31,162 $31,393 Past Due Loans (30 days or more past due): Commercial real estate $— $— $10,476 $— $— Commercial & industrial 1,146 900 3 2 270 Total commercial 1,146 900 10,479 2 270 Residential real estate 6,439 7,741 6,947 8,534 6,858 Home equity 2,578 2,947 2,800 3,324 2,879 Other consumer 32 394 75 20 32 Total consumer 2,610 3,341 2,875 3,344 2,911 Total past due loans $10,195 $11,982 $20,301 $11,880 $10,039 Accruing loans 90 days or more past due $— $— $— $— $— Nonaccrual loans included in past due loans $7,534 $6,447 $18,119 $8,409 $5,111 Washington Trust Bancorp, Inc. and Subsidiaries CREDIT & ASSET QUALITY DATA (Unaudited; Dollars in thousands) For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Nonaccrual Loan Activity: Balance at beginning of period $23,307 $31,142 $30,479 $30,710 $44,618 Additions to nonaccrual status 2,142 5,417 1,880 556 431 Loans returned to accruing status (4) (9) (268) (369) (13,764) Loans charged-off (2,522) (2,231) (59) (53) (70) Loans transferred to other real estate owned — — — — — Payments, payoffs, and other changes (1,297) (11,012) (890) (365) (505) Balance at end of period $21,626 $23,307 $31,142 $30,479 $30,710 Allowance for Credit Losses on Loans: Balance at beginning of period $41,960 $42,630 $42,378 $41,905 $41,057 Provision for credit losses on loans (1) 1,400 1,200 300 500 900 Charge-offs (2,522) (2,231) (59) (53) (70) Recoveries 218 361 11 26 18 Balance at end of period $41,056 $41,960 $42,630 $42,378 $41,905 Allowance for Credit Losses on Unfunded Commitments: Balance at beginning of period $1,440 $1,640 $1,740 $1,740 $1,940 Provision for credit losses on unfunded commitments (1) (200) (200) (100) — (200) Balance at end of period (2) $1,240 $1,440 $1,640 $1,740 $1,740 (1) Included in provision for credit losses in the Consolidated Statements of Income. (2) Included in other liabilities in the Consolidated Balance Sheets. For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Net Loan Charge-Offs (Recoveries): Commercial real estate $2,250 $1,961 $— $— $— Commercial & industrial 3 181 2 4 (1) Total commercial 2,253 2,142 2 4 (1) Residential real estate — (160) — — — Home equity (1) (189) (1) (6) (1) Other consumer 52 77 47 29 54 Total consumer 51 (112) 46 23 53 Total $2,304 $1,870 $48 $27 $52 Net charge-offs to average loans - annualized 0.18 % 0.14 % — % — % — % 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 adjusted for applicable state income taxes net of the related federal tax benefit.  Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations.  Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans. Washington Trust Bancorp, Inc. and Subsidiaries CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) (Unaudited; Dollars in thousands) For the Three Months Ended March 31, 2025 December 31, 2024 Change Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Assets: Cash, federal funds sold, and short-term      investments $185,724 $1,993 4.35 % $110,327 $1,310 4.72 % $75,397 $683 (0.37 %) Mortgage loans held for sale 105,253 958 3.69 75,731 762 4.00 29,522 196 (0.31) Taxable debt securities 1,042,687 8,827 3.43 1,087,076 7,016 2.57 (44,389) 1,811 0.86 Nontaxable debt securities 650 8 4.99 650 8 4.90 — — 0.09 Total securities 1,043,337 8,835 3.43 1,087,726 7,024 2.57 (44,389) 1,811 0.86 FHLB stock 43,491 1,022 9.53 52,508 1,312 9.94 (9,017) (290) (0.41) Commercial real estate 2,138,301 30,354 5.76 2,130,040 31,878 5.95 8,261 (1,524) (0.19) Commercial & industrial 538,083 7,874 5.93 548,871 8,528 6.18 (10,788) (654) (0.25) Total commercial 2,676,384 38,228 5.79 2,678,911 40,406 6.00 (2,527) (2,178) (0.21) Residential real estate 2,120,452 23,354 4.47 2,446,905 25,681 4.18 (326,453) (2,327) 0.29 Home equity 296,735 5,061 6.92 295,879 5,366 7.21 856 (305) (0.29) Other 17,349 217 5.07 17,534 217 4.92 (185) — 0.15 Total consumer 314,084 5,278 6.82 313,413 5,583 7.09 671 (305) (0.27) Total loans 5,110,920 66,860 5.31 5,439,229 71,670 5.24 (328,309) (4,810) 0.07 Total interest-earning assets 6,488,725 79,668 4.98 6,765,521 82,078 4.83 (276,796) (2,410) 0.15 Noninterest-earning assets 276,332 246,318 30,014 Total assets $6,765,057 $7,011,839 ($246,782) Liabilities and Shareholders' Equity: Interest-bearing demand deposits (in-     market) $628,490 $5,876 3.79 % $602,737 $6,098 4.02 % $25,753 ($222) (0.23 %) NOW accounts 679,138 343 0.20 680,763 404 0.24 (1,625) (61) (0.04) Money market accounts 1,232,042 10,028 3.30 1,160,962 10,139 3.47 71,080 (111) (0.17) Savings accounts 564,002 1,851 1.33 502,910 1,164 0.92 61,092 687 0.41 Time deposits (in-market) 1,204,779 11,304 3.81 1,193,733 11,840 3.95 11,046 (536) (0.14) Interest-bearing in-market deposits 4,308,451 29,402 2.77 4,141,105 29,645 2.85 167,346 (243) (0.08) Wholesale brokered time deposits 188,386 2,346 5.05 345,668 4,490 5.17 (157,282) (2,144) (0.12) Total interest-bearing deposits 4,496,837 31,748 2.86 4,486,773 34,135 3.03 10,064 (2,387) (0.17) FHLB advances 959,889 10,946 4.62 1,188,804 14,388 4.81 (228,915) (3,442) (0.19) Junior subordinated debentures 22,681 347 6.20 22,681 380 6.67 — (33) (0.47) Total interest-bearing liabilities 5,479,407 43,041 3.19 5,698,258 48,903 3.41 (218,851) (5,862) (0.22) Noninterest-bearing demand deposits 620,849 668,138 (47,289) Other liabilities 151,753 144,344 7,409 Shareholders' equity 513,048 501,099 11,949 Total liabilities and shareholders' equity $6,765,057 $7,011,839 ($246,782) Net interest income (FTE) $36,627 $33,175 $3,452 Interest rate spread 1.79 % 1.42 % 0.37 % Net interest margin 2.29 % 1.95 % 0.34 % Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency: For the Three Months Ended Mar 31, 2025 Dec 31, 2024 Change Commercial loans $206 $234 ($28) Nontaxable debt securities 1 1 — Total $207 $235 ($28) 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 effective tax rate, adjusted net income, and adjusted net income available to common shareholders: For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Adjusted Noninterest Income: Noninterest income (loss), as reported $22,643 ($77,892) $16,272 $16,660 $17,163 Less adjustments: Realized losses on securities, net — (31,047) — — — Losses on sale of portfolio loans, net — (62,888) — — — Gain on sale of bank-owned properties, net 6,994 — — 988 — Litigation settlement income — — — — 2,100 Total adjustments, pre-tax 6,994 (93,935) — 988 2,100 Adjusted noninterest income (non-GAAP) $15,649 $16,043 $16,272 $15,672 $15,063 Adjusted Noninterest Expense: Noninterest expense, as reported $42,196 $34,292 $34,504 $33,910 $34,363 Less adjustments: Pension plan settlement charge 6,436 — — — — Total adjustments, pre-tax 6,436 — — — — Adjusted noninterest expense (non-GAAP) $35,760 $34,292 $34,504 $33,910 $34,363 Adjusted Income Before Income Taxes: Income (loss) before income taxes $15,669 ($80,248) $13,830 $13,835 $13,765 Less: total adjustments, pre-tax 558 (93,935) — 988 2,100 Adjusted income before income taxes (non-GAAP) $15,111 $13,687 $13,830 $12,847 $11,665 Adjusted Income Tax Expense: Income tax expense (benefit), as reported $3,490 ($19,457) $2,849 $3,020 $2,829 Less: tax on total adjustments 141 (22,699) — 249 530 Adjusted income tax expense (non-GAAP) $3,349 $3,242 $2,849 $2,771 $2,299 Adjusted Effective Tax Rate: Effective tax rate (1) 22.3 % 24.2 % 20.6 % 21.8 % 20.6 % Less: impact of total adjustments 0.1 0.5 — 0.2 0.9 Adjusted effective tax rate (non-GAAP) (2) 22.2 % 23.7 % 20.6 % 21.6 % 19.7 % Adjusted Net Income: Net income (loss), as reported $12,179 ($60,791) $10,981 $10,815 $10,936 Less: total adjustments, after-tax 417 (71,236) — 739 1,570 Adjusted net income (non-GAAP) $11,762 $10,445 $10,981 $10,076 $9,366 Adjusted Net Income Available to Common Shareholders: Net income (loss) available to common shareholders, as reported $12,179 ($60,776) $10,973 $10,807 $10,924 Less: total adjustments available to common shareholders, after-tax 417 (71,221) — 738 1,568 Adjusted net income available to common shareholders (non-GAAP) $11,762 $10,445 $10,973 $10,069 $9,356 (1) Calculated as income tax expense (benefit) divided by income (loss) before income taxes. (2) Calculated as income tax expense (benefit), adjusted for the tax impact of the adjustments as outlined in the table above, divided by income (loss) before income taxes, adjusted for the pre-tax impact of the adjustments as outlined in the table above. 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: For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Adjusted Diluted Earnings per Common Share: Diluted earnings (loss) per common share, as reported (1) $0.63 ($3.46) $0.64 $0.63 $0.64 Less: impact of total adjustments 0.02 (4.05) — 0.04 0.09 Adjusted diluted earnings per common share (non-GAAP) (2) $0.61 $0.59 $0.64 $0.59 $0.55 Adjusted Efficiency Ratio: Efficiency ratio, as reported (3) 71.4 % (76.3 %) 71.1 % 70.3 % 70.4 % Less: impact of total adjustments 2.7 (146.3) — (1.5) (3.1) Adjusted efficiency ratio (non-GAAP) (4) 68.7 % 70.0 % 71.1 % 71.8 % 73.5 % (1) Net income (loss) available to common shareholders divided by weighted average diluted common and potential shares outstanding. (2) Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding. (3) Total noninterest expense as percentage of total revenues (net interest income and noninterest income). (4) Total noninterest expense as percentage of total revenues (net interest income and noninterest income), each adjusted for the pre-tax impact of adjustments as outlined in the table above. The following table presents adjusted return on average assets and return on average tangible assets: For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Adjusted Return on Average Assets: Net income (loss), as reported $12,179 ($60,791) $10,981 $10,815 $10,936 Less: total adjustments, after-tax 417 (71,236) — 739 1,570 Adjusted net income (non-GAAP) 11,762 10,445 10,981 10,076 9,366 Total average assets, as reported 6,765,057 7,011,839 7,254,566 7,227,478 7,231,835 Return on average assets (1) 0.73 % (3.45 %) 0.60 % 0.60 % 0.61 % Adjusted return on average assets (non-GAAP) (2) 0.71 % 0.59 % 0.60 % 0.56 % 0.52 % Return on Average Tangible Assets: Adjusted net income (non-GAAP) $11,762 $10,445 $10,981 $10,076 $9,366 Total average assets, as reported 6,765,057 7,011,839 7,254,566 7,227,478 7,231,835 Less average balances of: Goodwill 63,909 63,909 63,909 63,909 63,909 Identifiable intangible assets, net 2,781 2,984 3,189 3,397 3,604 Total average tangible assets 6,698,367 6,944,946 7,187,468 7,160,172 7,164,322 Return on average assets 0.73 % (3.45 %) 0.60 % 0.60 % 0.61 % Return on average tangible assets (non-GAAP) (3) 0.71 % 0.60 % 0.61 % 0.57 % 0.53 % (1) Net income (income) loss divided by total average assets. (2) Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average assets. (3) Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible assets. Washington Trust Bancorp, Inc. and 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: For the Three Months Ended Mar 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Adjusted Return on Average Equity: Net income (loss) available to common shareholders, as reported $12,179 ($60,776) $10,973 $10,807 $10,924 Less: total adjustments, after-tax 417 (71,221) — 738 1,568 Adjusted net income available to common shareholders (non-GAAP) 11,762 10,445 10,973 10,069 9,356 Total average equity, as reported 513,048 501,099 485,654 460,959 471,096 Return on average equity (1) 9.63 % (48.25 %) 8.99 % 9.43 % 9.33 % Adjusted return on average equity (non-GAAP) (2) 9.30 % 8.29 % 8.99 % 8.79 % 7.99 % Return on Average Tangible Equity: Adjusted net income available to common shareholders (non-GAAP) $11,762 $10,445 $10,973 $10,069 $9,356 Total average equity, as reported 513,048 501,099 485,654 460,959 471,096 Less average balances of: Goodwill 63,909 63,909 63,909 63,909 63,909 Identifiable intangible assets, net 2,781 2,984 3,189 3,397 3,604 Total average tangible equity (non-GAAP) 446,358 434,206 418,556 393,653 403,583 Return on average equity 9.63 % (48.25 %) 8.99 % 9.43 % 9.33 % Return on average tangible equity (non-GAAP) (3) 10.69 % 9.57 % 10.43 % 10.29 % 9.32 % (1) Net income (loss) available to common shareholders divided by total average equity. (2) Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average equity. (3) Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible equity. Washington Trust Bancorp, Inc. and 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 31,2025 Dec 31,2024 Sep 30,2024 Jun 30,2024 Mar 31,2024 Tangible Book Value per Share: Total shareholders' equity, as reported $521,680 $499,728 $502,229 $470,957 $466,920 Less end of period balances of: Goodwill 63,909 63,909 63,909 63,909 63,909 Identifiable intangible assets, net 2,682 2,885 3,089 3,295 3,503 Total tangible shareholders' equity (non-GAAP) 455,089 432,934 435,231 403,753 399,508 Shares outstanding, as reported 19,276 19,274 17,058 17,058 17,033 Book value per share $27.06 $25.93 $29.44 $27.61 $27.41 Tangible book value per share (non-GAAP) $23.61 $22.46 $25.51 $23.67 $23.45 Tangible Equity to Tangible Assets: Total tangible shareholders' equity $455,089 $432,934 $435,231 $403,753 $399,508 Total assets, as reported 6,586,015 6,930,647 7,141,571 7,184,360 7,249,124 Less end of period balances of: Goodwill 63,909 63,909 63,909 63,909 63,909 Identifiable intangible assets, net 2,682 2,885 3,089 3,295 3,503 Total tangible assets (non-GAAP) 6,519,424 6,863,853 7,074,573 7,117,156 7,181,712 Equity to assets 7.92 % 7.21 % 7.03 % 6.56 % 6.44 % Tangible equity to tangible assets (non-GAAP) 6.98 % 6.31 % 6.15 % 5.67 % 5.56 % Category: Earnings SOURCE Washington Trust Bancorp, Inc. 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