PR Newswire | Oct 25, 2021 04:06PM EDT

10/25 15:05 CDT

Washington Trust Reports Third Quarter 2021 Earnings WESTERLY, R.I., Oct. 25, 2021

WESTERLY, R.I., Oct. 25, 2021 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced third quarter 2021 net income of $18.8 million, or $1.07 per diluted share, compared to net income of $17.5 million, or $1.00 per diluted share, for the second quarter of 2021.

"Washington Trust's third quarter results reflect the strength and stability of our balance sheet and solid contributions from all business lines," stated Edward O. Handy III, Chairman and Chief Executive Officer. "We posted increased quarterly earnings, reported a record $6 billion in assets, and reached an all-time high $5 billion in deposits. We recently announced our intent to open a new branch in Cumberland, RI in 2022, as we believe the key to future growth is providing customers with convenient in-person service and digital banking solutions."

Selected financial highlights for the third quarter of 2021 include:

* Returns on average equity and average assets for the third quarter were 13.37% and 1.26%, respectively, compared to 12.92% and 1.20%, respectively, in the preceding quarter. * For both the third quarter and the second quarter of 2021, there was no provision for credit losses recognized in earnings. * Wealth management revenues were $10.5 million for the third quarter, up by $27 thousand, from the preceding quarter, as higher quarterly asset-based revenues were partially offset by seasonal declines in transaction-based revenues. * Mortgage banking revenues were $6.4 million for the third quarter, up by $379 thousand, or 6%, from the preceding quarter. * Total loans amounted to $4.3 billion, down by $13 million, or 0.3%, from the end of the preceding quarter and up by $4 million, or 0.1%, from a year ago. Total loans excluding Paycheck Protection Program ("PPP") loans amounted to $4.2 billion, up by $56 million, or 1%, from the end of the preceding quarter and up by $144 million, or 4%, from a year ago. * In-market deposits (total deposits less out-of-market wholesale brokered deposits) amounted to a record $4.3 billion at September 30, 2021, up by $310 million, or 8%, from the end of the preceding quarter, and up by $602 million, or 16%, from a year ago.

Net Interest Income

Net interest income was $36.1 million for the third quarter of 2021, up by $1.3 million, or 4%, from the second quarter of 2021. The net interest margin was 2.58% for the third quarter, up by 3 basis points from the preceding quarter. Both net interest income and the net interest margin benefited from accelerated net deferred fee amortization associated with PPP loans that were forgiven by the Small Business Administration. In the third quarter of 2021, accelerated net deferred fee amortization on PPP loans amounted to $2.0 million, or 13 basis points, compared to $1.0 million, or 7 basis points, in the preceding quarter. Additionally, there was no commercial loan prepayment fee income in the third quarter of 2021, compared to $717 thousand, or 5 basis points, of commercial prepayment fee income in the preceding quarter. Excluding the impact of these items for both periods, the net interest margin was 2.45% in the third quarter of 2021, up from 2.42% in the preceding quarter. Linked quarter changes included:

* Average interest-earning assets increased by $69 million, with an increase of $42 million in average loans and an increase in average investment securities of $16 million. The yield on interest-earning assets for the third quarter was 2.85%, unchanged from the preceding quarter. Excluding the impact of accelerated net deferred fee amortization on PPP loans and commercial loan prepayment fee income for both periods, the yield on interest-earning assets for the third quarter was 2.57%, down by 2 basis points from 2.59% in the preceding quarter, mainly due to a lower yield on the average balances of residential real estate loans. * Average interest-bearing liabilities increased by $29 million, with an increase of $108 million in average in-market deposits, partially offset by a decrease of $79 million in average wholesale funding balances. The cost of interest-bearing liabilities for the third quarter of 2021 was 0.35%, down by 3 basis points from the preceding quarter, reflecting the impact of lower market interest rates.

Noninterest IncomeNoninterest income totaled $20.5 million for the third quarter of 2021, down by $73 thousand, or 0.4%, from the second quarter of 2021. Linked quarter changes included:

* Wealth management revenues amounted to $10.5 million in the third quarter of 2021, up by $27 thousand, or 0.3%, on a linked quarter basis. This included an increase in asset-based revenues of $233 thousand, or 2%, and a decrease in transaction-based revenues of $206 thousand, or 47%, from the preceding quarter. The linked quarter decline in transaction-based revenues was mainly due to tax reporting and preparation fees, which are generally concentrated in the first half of the year. Wealth management assets under administration ("AUA") amounted to $7.4 billion at September 30, 2021, up by $2 million from June 30, 2021. The increase reflected net client asset inflows of $7 million in the third quarter of 2021, partially offset by net investment depreciation of $5 million. The average balance of AUA for the third quarter of 2021 increased by approximately $249 million, or 3%, from the average balance for the preceding quarter. * Mortgage banking revenues totaled $6.4 million for the third quarter of 2021, up by $379 thousand, or 6%, from the second quarter of 2021, as changes in fair value of mortgage loan commitments were partially offset by a $2.8 million, or 33%, decrease in realized gains on sales of loans. The decrease in realized gains on sales of loans reflected a lower volume of loans sold to the secondary market, which was partially offset by a higher sales yield. Mortgage loans sold to the secondary market amounted to $174 million in the third quarter of 2021, down by $117 million, or 40%, from the preceding quarter. * Loan related derivative income was $728 thousand in the third quarter of 2021, down by $447 thousand from the preceding quarter, reflecting a lower volume of commercial borrower interest rate swap transactions.

Noninterest ExpenseNoninterest expense totaled $32.5 million for the third quarter of 2021, down by $492 thousand, or 1%, from the second quarter of 2021. In the second quarter of 2021, debt prepayment penalty expense of $895 thousand was recognized associated with paying off higher-yielding FHLB advances. There was no such debt prepayment penalty expense recognized in the third quarter of 2021. Excluding the impact of debt prepayment penalty expense, noninterest expense was up by $403 thousand, or 1%, including an increase of $108 thousand in FDIC deposit insurance costs and modest increases across a variety of expense categories. Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $22.2 million for the third quarter of 2021, up by $80 thousand, or 0.4%, from the preceding quarter as increases in performance-based compensation accruals were partially offset by volume-related decreases in mortgage originator compensation expense.

Income TaxIncome tax expense totaled $5.3 million for the third quarter of 2021, up by $444 thousand from the preceding quarter, reflecting a higher level of pre-tax income. The effective tax rate for the third quarter of 2021 was 22.1%, compared to 21.8% in the preceding quarter. Based on current federal and applicable state income statutes, the Corporation currently expects its full-year 2021 effective tax rate to be approximately 22.0%.

Investment SecuritiesThe securities portfolio totaled $1.0 billion at September 30, 2021, down by $7 million, or 1%, from June 30, 2021, reflecting routine pay-downs on mortgage-backed securities and calls of debt securities, partially offset by purchases of U.S. government agency and U.S. government-sponsored debt securities, including mortgage-backed securities. Purchases of debt securities in the third quarter 2021 totaled $117 million, with a weighted average yield of 1.58%. Securities represented 17% of total assets at September 30, 2021, compared to 18% of total assets at June 30, 2021.

LoansTotal loans amounted to $4.3 billion at September 30, 2021, down by $13 million, from the end of the preceding quarter. Linked quarter changes included:

* Commercial loans decreased by $90 million, or 3.7%, from June 30, 2021, which included a net reduction in PPP loans of $70 million. Excluding PPP loans, commercial loans decreased by $20 million, or 1%, from June 30, 2021, reflecting payoffs and pay-downs of $103 million and lower line utilization of $17 million, partially offset by commercial loan originations and advances totaling $100 million. * Residential real estate loans increased by $82 million, or 5%, from June 30, 2021, reflecting a higher proportion of loans originated for portfolio. * The consumer loan portfolio decreased by $6 million, or 2% from the balance at June 30, 2021.

Deposits and BorrowingsTotal deposits amounted to $5.1 billion at September 30, 2021, up by $332 million, or 7%, from the end of the preceding quarter. Included in total deposits are out-of-market wholesale brokered time deposits, which increased by $23 million, or 3%, from June 30, 2021. Excluding wholesale brokered time deposits, in-market deposits at September 30, 2021 were up by $310 million, or 8%, from the end of the preceding quarter. This increase included seasonal inflows of various institutional and governmental depositors based on their underlying business cycles, as well as growth in promotional time certificates of deposit.

FHLB advances totaled $223 million at September 30, 2021, down by $186 million from June 30, 2021.

Asset QualityTotal nonaccrual loans amounted to $11.0 million, or 0.26% of total loans, at September 30, 2021, compared to $10.5 million, or 0.24% of total loans, at June 30, 2021.

Total past due loans amounted to $9.5 million, or 0.22% of total loans, at September 30, 2021, compared to $8.5 million, or 0.20% of total loans, at June 30, 2021.

Total troubled debt restructured loans ("TDR") amounted to $9.7 million as of September 30, 2021, down by $1.1 million from June 30, 2021.

As of September 30, 2021, active loan payment deferral modifications, or "deferments", in response to the COVID-19 pandemic remain on 5 loans totaling $38.0 million, or 1% of the outstanding balance of total loans excluding PPP loan balances. This is down from active deferments on 22 loans totaling $93.4 million, or 2% of the outstanding balance of total loans excluding PPP loan balances, as of June 30, 2021.

The allowance for credit losses ("ACL") on loans amounted to $41.7 million, or 0.97% of total loans, at September 30, 2021, compared to $41.9 million, or 0.97% of total loans, at June 30, 2021. The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, amounted to $2.3 million at September 30, 2021, unchanged from the balance at June 30, 2021.

For both the third quarter and the second quarter of 2021, there was no provision for credit losses recognized in earnings. The provision for credit losses and the related ACL reflected our current estimate of forecasted economic conditions and continued stable asset quality metrics. In the third quarter of 2021, net charge-offs of $168 thousand were recognized, compared to $258 thousand in the preceding quarter.

Capital and DividendsTotal shareholders' equity was $555.3 million at September 30, 2021, up by $7.5 million from June 30, 2021. This increase included net income of $18.8 million, partially offset by $9.1 million in dividend declarations, as well as a decrease of $3.0 million in the accumulated other comprehensive income component of shareholders' equity, largely due to a temporary decrease in the fair value of available for sale debt securities.

Capital levels at September 30, 2021 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.83% at September 30, 2021, compared to 13.65% at June 30, 2021.

Book value per share was $32.06 at September 30, 2021, compared to $31.63 at June 30, 2021.

The Board of Directors declared a quarterly dividend of 52 cents per share for the quarter ended September 30, 2021. The dividend was paid on October 8, 2021 to shareholders of record on October 1, 2021.

Conference CallWashington Trust will host a conference call to discuss its third quarter results, business highlights and outlook on Tuesday, October 26, 2021 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-844-378-6480. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-877-344-7529 and entering the Replay PIN Number 10161085; the audio replay will be available through November 9, 2021. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's web site, http://ir.washtrust.com, and will be available through December 31, 2021.

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 web site at http://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 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: the negative impacts and disruptions of the COVID-19 pandemic and measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions or adverse economic developments; volatility in national and international financial markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits; reductions in the market value or outflows of wealth management assets under administration; decreases in the value of securities and other assets; reductions in loan demand; changes in loan collectability, increases in defaults and charge-off rates; changes related to the discontinuation and replacement of LIBOR; changes in the size and nature of our competition; changes in legislation or regulation and accounting principles, policies and guidelines; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; reputational risk relating to our participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; 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, 2020, 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, which consists of 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)



Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2021 2021 2021 2020 2020

Assets:

Cash and due from banks $297,039 $127,743 $166,960 $194,143 $204,113

Short-term investments 3,349 4,463 3,783 8,125 7,902

Mortgage loans held for sale, at fair value 48,705 31,492 77,450 61,614 68,095

Available for sale debt securities, at fair value1,045,833 1,052,577 948,094 894,571 913,850

Federal Home Loan Bank stock, at cost 15,094 22,757 24,772 30,285 37,469

Loans:

Total loans 4,286,404 4,299,800 4,194,666 4,195,990 4,282,047

Less: allowance for credit losses on loans 41,711 41,879 42,137 44,106 42,645

Net loans 4,244,693 4,257,921 4,152,529 4,151,884 4,239,402

Premises and equipment, net 28,488 29,031 28,953 28,870 27,711

Operating lease right-of-use assets 27,518 28,329 28,761 29,521 29,861

Investment in bank-owned life insurance 92,974 92,355 84,749 84,193 83,623

Goodwill 63,909 63,909 63,909 63,909 63,909

Identifiable intangible assets, net 5,631 5,853 6,079 6,305 6,530

Other assets 129,410 135,550 133,350 159,749 167,327

Total assets $6,002,643$5,851,980$5,719,389$5,713,169$5,849,792

Liabilities:

Deposits:

Noninterest-bearing deposits $950,974 $901,801 $932,999 $832,287 $840,444

Interest-bearing deposits 4,107,168 3,823,858 3,616,143 3,546,066 3,445,249

Total deposits 5,058,142 4,725,659 4,549,142 4,378,353 4,285,693

Federal Home Loan Bank advances 222,592 408,592 466,912 593,859 713,868

Payment Protection Program Lending Facility - - - - 105,746

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

Operating lease liabilities 29,810 30,558 30,974 31,717 32,012

Other liabilities 114,100 116,634 116,081 152,364 162,099

Total liabilities 5,447,325 5,304,124 5,185,790 5,178,974 5,322,099

Shareholders' Equity:

Common stock 1,085 1,085 1,085 1,085 1,085

Paid-in capital 126,265 125,442 124,882 125,610 124,768

Retained earnings 447,566 437,927 429,598 418,246 408,773

Accumulated other comprehensive (loss) income (18,128) (15,128) (20,006) (7,391) (3,403)

Treasury stock, at cost (1,470) (1,470) (1,960) (3,355) (3,530)

Total shareholders' equity 555,318 547,856 533,599 534,195 527,693

Total liabilities and shareholders' equity $6,002,643$5,851,980$5,719,389$5,713,169$5,849,792

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

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

For the Three Months Ended For the Nine Months Ended

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30, 2021 2021 2021 2020 2020 2021 2020

Interest income:

Interest and fees on loans $35,691$34,820$34,159$34,487$34,925$104,670 $110,938

Interest on mortgage loans held for sale 298 405 441 569 468 1,144 1,193

Taxable interest on debt securities 3,683 3,441 3,242 3,869 4,870 10,366 16,181

Dividends on Federal Home Loan Bank stock 95 110 133 414 532 338 1,826

Other interest income 56 32 33 35 39 121 424

Total interest and dividend income 39,823 38,808 38,008 39,374 40,834 116,639 130,562

Interest expense:

Deposits 2,789 2,961 3,663 4,632 5,532 9,413 21,180

Federal Home Loan Bank advances 872 1,001 1,380 2,305 3,354 3,253 13,501

Junior subordinated debentures 92 92 94 122 135 278 519

Other interest expense - - - 72 159 - 161

Total interest expense 3,753 4,054 5,137 7,131 9,180 12,944 35,361

Net interest income 36,070 34,754 32,871 32,243 31,654 103,695 95,201

Provision for credit losses - - (2,000)1,781 1,325 (2,000) 10,561

Net interest income after provision for credit losses36,070 34,754 34,871 30,462 30,329 105,695 84,640

Noninterest income:

Wealth management revenues 10,455 10,428 9,895 9,206 8,954 30,778 26,248

Mortgage banking revenues 6,373 5,994 11,927 14,077 12,353 24,294 33,300

Card interchange fees 1,265 1,316 1,133 1,148 1,161 3,714 3,139

Service charges on deposit accounts 673 635 609 767 598 1,917 1,975

Loan related derivative income 728 1,175 467 173 1,264 2,370 3,818

Income from bank-owned life insurance 618 607 556 569 567 1,781 1,922

Other income 408 438 1,387 1,787 571 2,233 1,313

Total noninterest income 20,520 20,593 25,974 27,727 25,468 67,087 71,715

Noninterest expense:

Salaries and employee benefits 22,162 22,082 21,527 22,075 21,892 65,771 60,824

Outsourced services 3,294 3,217 3,200 2,950 3,160 9,711 8,944

Net occupancy 2,134 2,042 2,128 2,083 2,012 6,304 5,940

Equipment 977 975 994 1,025 934 2,946 2,806

Legal, audit and professional fees 767 678 597 1,014 1,252 2,042 2,733

FDIC deposit insurance costs 482 374 345 330 392 1,201 1,488

Advertising and promotion 559 560 222 640 384 1,341 829

Amortization of intangibles 223 225 226 226 228 674 688

Debt prepayment penalties - 895 3,335 1,413 - 4,230 -

Other expenses 1,922 1,964 2,139 2,353 2,090 6,025 7,023

Total noninterest expense 32,520 33,012 34,713 34,109 32,344 100,245 91,275

Income before income taxes 24,070 22,335 26,132 24,080 23,453 72,537 65,080

Income tax expense 5,319 4,875 5,661 5,514 5,131 15,855 13,817

Net income $18,751$17,460$20,471$18,566$18,322$56,682 $51,263



Net income available to common shareholders $18,697$17,408$20,415$18,524$18,285$56,520 $51,154



Weighted average common shares outstanding:

Basic 17,320 17,314 17,275 17,264 17,260 17,303 17,287

Diluted 17,444 17,436 17,431 17,360 17,317 17,451 17,369

Earnings per common share:

Basic $1.08 $1.01 $1.18 $1.07 $1.06 $3.27 $2.96

Diluted $1.07 $1.00 $1.17 $1.07 $1.06 $3.24 $2.95



Cash dividends declared per share $0.52 $0.52 $0.52 $0.52 $0.51 $1.56 $1.53

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

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



Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2021 2021 2021 2020 2020

Share and Equity Related Data:

Book value per share $32.06 $31.63 $30.83 $30.94 $30.57

Tangible book value per share - Non-GAAP (1) $28.05 $27.60 $26.79 $26.87 $26.49

Market value per share $52.98 $51.35 $51.63 $44.80 $30.66

Shares issued at end of period 17,363 17,363 17,363 17,363 17,363

Shares outstanding at end of period 17,320 17,320 17,306 17,265 17,260



Capital Ratios (2):

Tier 1 risk-based capital 13.01 %12.82 %12.99 %12.61 %12.23 %

Total risk-based capital 13.83 %13.65 %13.85 %13.51 %13.09 %

Tier 1 leverage ratio 9.12 %9.07 %9.11 %8.95 %8.77 %

Common equity tier 1 12.47 %12.28 %12.43 %12.06 %11.69 %



Balance Sheet Ratios:

Equity to assets 9.25 %9.36 %9.33 %9.35 %9.02 %

Tangible equity to tangible assets - Non-GAAP (1)8.19 %8.27 %8.21 %8.22 %7.91 %

Loans to deposits (3) 84.9 %90.8 %93.0 %96.2 %100.5 %

For the Nine Months Ended For the Three Months Ended

Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30, Sep 30, 2021 2021 2021 2020 2020 2021 2020

Performance Ratios (4):

Net interest margin (5) 2.58 %2.55 %2.51 %2.39 %2.31 %2.55 % 2.41 %

Return on average assets (net income divided by 1.26 %1.20 %1.45 %1.28 %1.24 %1.30 % 1.20 % average assets)

Return on average tangible assets - Non-GAAP (1) 1.27 %1.22 %1.47 %1.30 %1.26 %1.32 % 1.22 %

Return on average equity (net income available for 13.37%12.92%15.55%13.96%13.99%13.93 % 13.36 % common shareholders divided by average equity)

Return on average tangible equity - Non-GAAP (1) 15.29%14.84%17.91%16.10%16.19%15.98 % 15.50 %

Efficiency ratio (6) 57.5 %59.6 %59.0 %56.9 %56.6 %58.7 % 54.7 %

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

(2) Estimated for September 30, 2021 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) 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 For the Nine Months Ended

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30, 2021 2021 2021 2020 2020 2021 2020

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues $10,224 $9,991 $9,583 $9,066 $8,786 $29,798 $25,297

Transaction-based revenues 231 437 312 140 168 980 951

Total wealth management revenues $10,455 $10,428 $9,895 $9,206 $8,954 $30,778 $26,248



Assets Under Administration (AUA):

Balance at beginning of period $7,441,519$7,049,226$6,866,737$6,395,652$6,138,845$6,866,737 $6,235,801

Net investment appreciation (depreciation) & income(4,830) 368,383 208,953 540,189 335,209 572,506 234,076

Net client asset inflows (outflows) 6,707 23,910 (26,464) (69,104) (78,402) 4,153 (74,225)

Balance at end of period $7,443,396$7,441,519$7,049,226$6,866,737$6,395,652$7,443,396 $6,395,652



Percentage of AUA that are managed assets 91% 92% 91% 91% 90% 91% 90%



Mortgage Banking Results

Mortgage Banking Revenues:

Realized gains on loan sales, net (1) $5,750 $8,562 $13,745 $13,394 $14,280 $28,057 $28,614

Changes in fair value, net (2) 467 (2,543) (1,888) 813 (1,555) (3,964) 5,185

Loan servicing fee income, net (3) 156 (25) 70 (130) (372) 201 (499)

Total mortgage banking revenues $6,373 $5,994 $11,927 $14,077 $12,353 $24,294 $33,300



Residential Mortgage Loan Originations:

Originations for retention in portfolio (4) $205,293 $244,821 $131,791 $134,002 $132,726 $581,905 $368,118

Originations for sale to secondary market (5) 190,702 244,562 309,325 312,226 377,137 744,589 859,680

Total mortgage loan originations $395,995 $489,383 $441,116 $446,228 $509,863 $1,326,494 $1,227,798



Residential Mortgage Loans Sold:

Sold with servicing rights retained $108,445 $235,280 $226,645 $240,104 $317,920 $570,370 $609,363

Sold with servicing rights released (5) 65,416 55,278 65,374 78,072 36,250 186,068 212,222

Total mortgage loans sold $173,861 $290,558 $292,019 $318,176 $354,170 $756,438 $821,585

Includes gains on loan sales, commission income on loans originated for(1) 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)



Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2021 2021 2021 2020 2020

Loans:

Commercial real estate (1) $1,661,785$1,669,624$1,618,540$1,633,024$1,665,745

Commercial & industrial 682,774 764,509 840,585 817,408 822,269

Total commercial 2,344,559 2,434,133 2,459,125 2,450,432 2,488,014



Residential real estate (2)1,672,364 1,590,389 1,457,490 1,467,312 1,506,726



Home equity 249,874 254,802 256,799 259,185 268,551

Other 19,607 20,476 21,252 19,061 18,756

Total consumer 269,481 275,278 278,051 278,246 287,307

Total loans $4,286,404$4,299,800$4,194,666$4,195,990$4,282,047

Commercial real estate loans consist of commercial mortgages and(1) 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.

September 30, 2021 December 31, 2020

Count Balance % of TotalCount Balance % of Total

Commercial Real Estate Portfolio Segmentation:

Multi-family dwelling 130 $488,500 29 % 137 $524,874 32 %

Retail 127 353,103 21 136 339,569 21

Office 62 229,846 14 73 290,756 18

Hospitality 39 199,379 12 40 157,720 10

Industrial and warehouse 37 143,597 9 28 97,055 6

Healthcare 15 136,615 8 15 109,321 7

Commercial mixed use 20 39,293 2 22 42,405 3

Other 36 71,452 5 38 71,324 3

Commercial real estate loans 466 $1,661,785100 % 489 $1,633,024100 %



Commercial & Industrial Portfolio Segmentation:

Healthcare and social assistance 138 $184,906 27 % 253 $200,217 24 %

Owner occupied and other real estate 193 76,104 11 268 74,309 9

Manufacturing 78 64,447 9 146 88,802 11

Accommodation and food services 162 57,513 8 271 47,020 6

Retail 92 49,741 7 192 63,895 8

Educational services 33 49,566 7 53 64,969 8

Entertainment and recreation 54 33,756 5 91 29,415 4

Finance and insurance 65 33,129 5 106 26,244 3

Information 18 25,536 4 32 28,394 3

Transportation and warehousing 32 20,637 3 42 24,061 3

Professional, scientific and technical 93 12,073 2 265 39,295 5

Public administration 19 6,308 1 26 23,319 3

Other 394 69,058 11 772 107,468 13

Commercial & industrial loans 1,371$682,774 100 % 2,517$817,408 100 %

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL LOAN PORTFOLIO INFORMATION

(Unaudited; Dollars in thousands)



September 30, 2021 December 31, 2020

CountBalance % of TotalCount Balance % of Total

PPP Loans By Industry:

Accommodation and food services 111 $24,56032 % 209 $23,678 12 %

Healthcare and social assistance 71 15,684 20 173 47,354 24

Professional, scientific and technical 61 6,078 8 220 20,031 10

Manufacturing 25 5,662 7 89 23,321 12

Entertainment and recreation 27 2,597 3 61 3,386 2

Educational services 15 2,512 3 32 9,681 5

Retail 37 2,222 3 134 12,107 6

Information 8 2,130 3 20 2,478 1

Owner occupied and other real estate 33 1,412 2 115 9,241 5

Public administration 3 417 1 4 483 -

Finance and insurance 11 405 1 55 2,000 1

Transportation and warehousing 10 360 - 21 2,059 1

Other 218 13,344 17 573 43,961 21

Total PPP loans (included in the commercial & industrial loan portfolio)630 $77,383100 % 1,706$199,780100 %



Average PPP loan size $123 $117

Net unamortized fees on PPP loans $2,618 $3,893



September 30, 2021 June 30, 2021

% of % of Outstanding Outstanding CountBalance Balance, CountBalance Balance, excl PPP excl PPP loans (1) loans (1)

Loan Deferments by Portfolio:

Commercial real estate deferments 5 $37,9552 % 14 $87,3635 %

Commercial & industrial deferments- - - - - -

Total commercial deferments 5 37,955 2 14 87,363 5



Residential real estate deferments- - - 8 6,027 -



Total consumer deferments - - - - - -

Total loan deferments 5 $37,9551 % 22 $93,3902 %

(1) Percent of respective outstanding portfolio segment balance excluding balance of PPP loans for each respective period.

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN AND DEPOSIT COMPOSITION

(Unaudited; Dollars in thousands)



September 30, 2021 December 31, 2020

Balance % of TotalBalance % of Total

Commercial Real Estate Loans by Property Location:

Connecticut $632,339 38 % $649,919 40 %

Rhode Island 467,182 28 431,133 26

Massachusetts 462,456 28 468,947 29

Subtotal 1,561,977 94 1,549,999 95

All other states 99,808 6 83,025 5

Total commercial real estate loans $1,661,785100 % $1,633,024100 %



Residential Real Estate Loans by Property Location:

Massachusetts $1,161,97769 % $994,800 68 %

Rhode Island 357,445 21 331,713 23

Connecticut 131,832 8 122,102 8

Subtotal 1,651,254 99 1,448,615 99

All other states 21,110 1 18,697 1

Total residential real estate loans $1,672,364100 % $1,467,312100 %

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2021 2021 2021 2020 2020

Deposits:

Noninterest-bearing demand deposits$950,974 $901,801 $932,999 $832,287 $840,444

Interest-bearing demand deposits 238,317 174,165 171,571 174,290 170,198

NOW accounts 817,937 774,693 745,376 698,706 644,909

Money market accounts 1,046,324 941,511 950,413 910,167 877,536

Savings accounts 540,306 524,155 511,759 466,507 439,383

Time deposits (in-market) 709,288 677,061 701,524 704,855 729,058

In-market deposits 4,303,146 3,993,386 4,013,642 3,786,812 3,701,528

Wholesale brokered time deposits 754,996 732,273 535,500 591,541 584,165

Total deposits $5,058,142$4,725,659$4,549,142$4,378,353$4,285,693

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)



Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2021 2021 2021 2020 2020

Asset Quality Ratios:

Nonperforming assets to total assets 0.18 %0.18 %0.23 %0.23 %0.25 %

Nonaccrual loans to total loans 0.26 %0.24 %0.31 %0.31 %0.34 %

Total past due loans to total loans 0.22 %0.20 %0.26 %0.30 %0.24 %

Allowance for credit losses on loans to nonaccrual loans380.02 %399.57 %324.56 %334.21 %289.31 %

Allowance for credit losses on loans to total loans 0.97 %0.97 %1.00 %1.05 %1.00 %



Nonperforming Assets:

Commercial real estate $- $- $- $- $431

Commercial & industrial - 539 - - -

Total commercial - 539 - - 431

Residential real estate 10,321 8,926 11,748 11,981 12,792

Home equity 655 1,016 1,147 1,128 1,429

Other consumer - - 88 88 88

Total consumer 655 1,016 1,235 1,216 1,517

Total nonaccrual loans 10,976 10,481 12,983 13,197 14,740

Other real estate owned - - - - -

Total nonperforming assets $10,976 $10,481 $12,983 $13,197 $14,740



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

Commercial real estate $- $- $- $265 $431

Commercial & industrial 2 540 1 3 21

Total commercial 2 540 1 268 452

Residential real estate 8,698 6,656 9,661 10,339 8,081

Home equity 824 1,231 1,131 1,667 1,753

Other consumer 24 28 119 118 108

Total consumer 848 1,259 1,250 1,785 1,861

Total past due loans $9,548 $8,455 $10,912 $12,392 $10,394



Accruing loans 90 days or more past due $- $- $- $- $-

Nonaccrual loans included in past due loans $6,930 $5,773 $8,356 $8,521 $8,799



Troubled Debt Restructurings:

Accruing TDRs $7,979 $8,541 $12,358 $13,340 $5,709

Nonaccrual TDRs 1,732 2,278 1,935 2,345 2,894

Total TDRs $9,711 $10,819 $14,293 $15,685 $8,603

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

For the Three Months Ended For the Nine Months Ended

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30, 2021 2021 2021 2020 2020 2021 2020

Nonaccrual Loan Activity:

Balance at beginning of period $10,481$12,983$13,197$14,740$16,017$13,197 $17,408

Additions to nonaccrual status 2,583 537 734 707 971 3,854 2,937

Loans returned to accruing status - (874) (3) (1,112)(1,623)(877) (2,170)

Loans charged-off (249) (317) (64) (246) (111) (630) (1,071)

Loans transferred to other real estate owned - - - (285) - - (28)

Payments, payoffs and other changes (1,839)(1,848)(881) (607) (514) (4,568) (2,336)

Balance at end of period $10,976$10,481$12,983$13,197$14,740$10,976 $14,740



Allowance for Credit Losses on Loans:

Balance at beginning of period $41,879$42,137$44,106$42,645$41,441$44,106 $27,014

Adoption of CECL accounting standard (Topic 326) - - - - - - 6,501

Provision for credit losses on loans (1) - - (1,951)1,579 1,300 (1,951) 10,157

Charge-offs (249) (317) (64) (245) (111) (630) (1,072)

Recoveries 81 59 46 127 15 186 45

Balance at end of period $41,711$41,879$42,137$44,106$42,645$41,711 $42,645



Allowance for Credit Losses on Unfunded Commitments:

Balance at beginning of period $2,333 $2,333 $2,382 $2,180 $2,155 $2,382 $293

Adoption of CECL accounting standard (Topic 326) - - - - - - 1,483

Provision for credit losses on unfunded commitments (1)- - (49) 202 25 (49) 404

Balance at end of period (2) $2,333 $2,333 $2,333 $2,382 $2,180 $2,333 $2,180

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

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

For the Three Months Ended For the Nine Months Ended

Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Sep 30,Sep 30, 2021 2021 2021 2020 2020 2021 2020

Net Loan Charge-Offs (Recoveries):

Commercial real estate $- $- $- $133 $- $- $172

Commercial & industrial (2) 302 1 (12) - 301 574

Total commercial (2) 302 1 121 - 301 746

Residential real estate 52 (47) 17 (20) 99 22 99

Home equity 110 (4) (2) 9 (4) 104 163

Other consumer 8 7 2 8 1 17 19

Total consumer 118 3 - 17 (3) 121 182

Total $168 $258 $18 $118 $96 $444 $1,027



Net charge-offs to average loans (annualized)0.02% 0.02% - % 0.01% 0.01% 0.01 %0.03 %

The following table presents average balance and interest rate information. Tax-exempt income is converted to a fully taxable equivalent 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 and changes in fair value on mortgage loans held for sale 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 September 30, 2021 June 30, 2021 Change

Average Yield/Average Yield/Average Yield/ Balance Interest Balance Interest Balance Interest Rate Rate Rate

Assets:

Cash, federal funds sold and short-term $179,574 $56 0.12%$146,313 $32 0.09%$33,261 $24 0.03 % investments

Mortgage loans held for sale 41,261 298 2.87 57,473 405 2.83 (16,212) (107) 0.04

Taxable debt securities 1,045,997 3,683 1.40 1,029,933 3,441 1.34 16,064 242 0.06

FHLB stock 18,909 95 1.99 25,128 110 1.76 (6,219) (15) 0.23

Commercial real estate 1,648,972 12,209 2.94 1,639,515 11,701 2.86 9,457 508 0.08

Commercial & industrial 736,073 7,886 4.25 807,598 8,113 4.03 (71,525) (227) 0.22

Total commercial 2,385,045 20,095 3.34 2,447,113 19,814 3.25 (62,068) 281 0.09

Residential real estate 1,623,913 13,511 3.30 1,514,487 12,920 3.42 109,426 591 (0.12)

Home equity 252,938 2,043 3.20 257,257 2,056 3.21 (4,319) (13) (0.01)

Other 19,822 247 4.94 20,979 253 4.84 (1,157) (6) 0.10

Total consumer 272,760 2,290 3.33 278,236 2,309 3.33 (5,476) (19) -

Total loans 4,281,718 35,896 3.33 4,239,836 35,043 3.32 41,882 853 0.01

Total interest-earning assets 5,567,459 40,028 2.85 5,498,683 39,031 2.85 68,776 997 -

Noninterest-earning assets 351,678 334,742 16,936

Total assets $5,919,137 $5,833,425 $85,712

Liabilities and Shareholders' Equity:

Interest-bearing demand deposits $206,237 $51 0.10%$182,465 $49 0.11%$23,772 $2 (0.01)%

NOW accounts 782,963 129 0.07 760,294 119 0.06 22,669 10 0.01

Money market accounts 1,014,204 586 0.23 951,194 552 0.23 63,010 34 -

Savings accounts 530,956 70 0.05 518,072 72 0.06 12,884 (2) (0.01)

Time deposits (in-market) 672,012 1,695 1.00 686,590 1,889 1.10 (14,578) (194) (0.10)

Total interest-bearing in-market deposits 3,206,372 2,531 0.31 3,098,615 2,681 0.35 107,757 (150) (0.04)

Wholesale brokered time deposits 722,233 258 0.14 662,541 280 0.17 59,692 (22) (0.03)

Total interest-bearing deposits 3,928,605 2,789 0.28 3,761,156 2,961 0.32 167,449 (172) (0.04)

FHLB advances 317,766 872 1.09 456,661 1,001 0.88 (138,895)(129) 0.21

Junior subordinated debentures 22,681 92 1.61 22,681 92 1.63 - - (0.02)

PPPLF borrowings - - - - - - - - -

Total interest-bearing liabilities 4,269,052 3,753 0.35 4,240,498 4,054 0.38 28,554 (301) (0.03)

Noninterest-bearing demand deposits 952,676 912,295 40,381

Other liabilities 142,562 140,108 2,454

Shareholders' equity 554,847 540,524 14,323

Total liabilities and shareholders' equity$5,919,137 $5,833,425 $85,712

Net interest income (FTE) $36,275 $34,977 $1,298

Interest rate spread 2.50% 2.47% 0.03 %

Net interest margin 2.58% 2.55% 0.03 %

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

For the Three Months EndedSep 30,Jun 30,Change 2021 2021

Commercial loans $205 $223 ($18)

Total $205 $223 ($18)



Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Nine Months Ended September 30, 2021 September 30, 2020 Change

Average Yield/Average Yield/Average Yield/ Balance Interest Balance Interest Balance Interest Rate Rate Rate

Assets:

Cash, federal funds sold and short-term $160,350 $121 0.10%$156,296 $424 0.36%$4,054 ($303) (0.26)% investments

Mortgage loans for sale 53,307 1,144 2.87 48,570 1,193 3.28 4,737 (49) (0.41)

Taxable debt securities 997,741 10,366 1.39 905,692 16,181 2.39 92,049 (5,815) (1.00)

FHLB stock 24,265 338 1.86 49,236 1,826 4.95 (24,971) (1,488) (3.09)

Commercial real estate 1,638,200 35,269 2.88 1,623,612 40,326 3.32 14,588 (5,057) (0.44)

Commercial & industrial 794,091 23,865 4.02 749,905 20,214 3.60 44,186 3,651 0.42

Total commercial 2,432,291 59,134 3.25 2,373,517 60,540 3.41 58,774 (1,406) (0.16)

Residential real estate 1,531,529 39,248 3.43 1,492,589 42,660 3.82 38,940 (3,412) (0.39)

Home equity 255,959 6,220 3.25 281,488 7,802 3.70 (25,529) (1,582) (0.45)

Other 20,301 742 4.89 19,171 716 4.99 1,130 26 (0.10)

Total consumer 276,260 6,962 3.37 300,659 8,518 3.78 (24,399) (1,556) (0.41)

Total loans 4,240,080 105,344 3.32 4,166,765 111,7183.58 73,315 (6,374) (0.26)

Total interest-earning assets 5,475,743 117,313 2.86 5,326,559 131,3423.29 149,184 (14,029)(0.43)

Noninterest-earning assets 346,514 357,133 (10,619)

Total assets $5,822,257 $5,683,692 $138,565

Liabilities and Shareholders' Equity:

Interest-bearing demand deposits $190,979 $196 0.14%$158,594 $725 0.61%$32,385 ($529) (0.47)%

NOW accounts 747,385 350 0.06 569,283 253 0.06 178,102 97 -

Money market accounts 958,812 1,852 0.26 818,530 4,439 0.72 140,282 (2,587) (0.46)

Savings accounts 513,110 211 0.05 402,243 195 0.06 110,867 16 (0.01)

Time deposits (in-market) 687,278 5,822 1.13 752,443 10,571 1.88 (65,165) (4,749) (0.75)

Total interest-bearing in-market deposits 3,097,564 8,431 0.36 2,701,093 16,183 0.80 396,471 (7,752) (0.44)

Wholesale brokered time deposits 655,165 982 0.20 471,771 4,997 1.41 183,394 (4,015) (1.21)

Total interest-bearing deposits 3,752,729 9,413 0.34 3,172,864 21,180 0.89 579,865 (11,767)(0.55)

FHLB advances 438,213 3,253 0.99 1,016,943 13,501 1.77 (578,730)(10,248)(0.78)

Junior subordinated debentures 22,681 278 1.64 22,681 519 3.06 - (241) (1.42)

PPPLF borrowings - - - 61,333 161 0.35 (61,333) (161) (0.35)

Total interest-bearing liabilities 4,213,623 12,944 0.41 4,273,821 35,361 1.11 (60,198) (22,417)(0.70)

Noninterest-bearing demand deposits 918,760 733,359 185,401

Other liabilities 147,244 164,928 (17,684)

Shareholders' equity 542,630 511,584 31,046

Total liabilities and shareholders' equity$5,822,257 $5,683,692 $138,565

Net interest income (FTE) $104,369 $95,981 $8,388

Interest rate spread 2.45% 2.18% 0.27 %

Net interest margin 2.55% 2.41% 0.14 %

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



For the Nine Months EndedSep 30,Sep 30,Change 2021 2020

Commercial loans $674 $780 ($106)

Total $674 $780 ($106)

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures

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



Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2021 2021 2021 2020 2020

Tangible Book Value per Share:

Total shareholders' equity, as reported $555,318 $547,856 $533,599 $534,195 $527,693

Less:

Goodwill 63,909 63,909 63,909 63,909 63,909

Identifiable intangible assets, net 5,631 5,853 6,079 6,305 6,530

Total tangible shareholders' equity $485,778 $478,094 $463,611 $463,981 $457,254



Shares outstanding, as reported 17,320 17,320 17,306 17,265 17,260



Book value per share - GAAP $32.06 $31.63 $30.83 $30.94 $30.57

Tangible book value per share - Non- $28.05 $27.60 $26.79 $26.87 $26.49 GAAP



Tangible Equity to Tangible Assets:

Total tangible shareholders' equity $485,778 $478,094 $463,611 $463,981 $457,254



Total assets, as reported $6,002,643 $5,851,980 $5,719,389 $5,713,169 $5,849,792

Less:

Goodwill 63,909 63,909 63,909 63,909 63,909

Identifiable intangible assets, net 5,631 5,853 6,079 6,305 6,530

Total tangible assets $5,933,103 $5,782,218 $5,649,401 $5,642,955 $5,779,353



Equity to assets - GAAP 9.25 %9.36 %9.33 %9.35 %9.02 %

Tangible equity to tangible assets - Non-8.19 %8.27 %8.21 %8.22 %7.91 % GAAP

For the Three Months Ended For the Nine Months Ended

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30, 2021 2021 2021 2020 2020 2021 2020

Return on Average Tangible Assets:

Net income, as reported $18,751 $17,460 $20,471 $18,566 $18,322 $56,682 $51,263



Total average assets, as reported $5,919,137 $5,833,425 $5,711,931 $5,768,263 $5,864,449 $5,822,257 $5,683,692

Less average balances of:

Goodwill 63,909 63,909 63,909 63,909 63,909 63,909 63,909

Identifiable intangible assets, net 5,739 5,963 6,189 6,414 6,641 5,962 6,870

Total average tangible assets $5,849,489 $5,763,553 $5,641,833 $5,697,940 $5,793,899 $5,752,386 $5,612,913



Return on average assets - GAAP 1.26 %1.20 %1.45 %1.28 %1.24 %1.30 %1.20 %

Return on average tangible assets - Non-1.27 %1.22 %1.47 %1.30 %1.26 %1.32 %1.22 % GAAP



Return on Average Tangible Equity:

Net income available to common $18,697 $17,408 $20,415 $18,524 $18,285 $56,520 $51,154 shareholders, as reported



Total average equity, as reported $554,847 $540,524 $532,271 $527,969 $519,785 $542,630 $511,584

Less average balances of:

Goodwill 63,909 63,909 63,909 63,909 63,909 63,909 63,909

Identifiable intangible assets, net 5,739 5,963 6,189 6,414 6,641 5,962 6,870

Total average tangible equity $485,199 $470,652 $462,173 $457,646 $449,235 $472,759 $440,805



Return on average equity - GAAP 13.37 %12.92 %15.55 %13.96 %13.99 %13.93 %13.36 %

Return on average tangible equity - Non-15.29 %14.84 %17.91 %16.10 %16.19 %15.98 %15.50 % GAAP

Category: Earnings

View original content to download multimedia: https://www.prnewswire.com/news-releases/washington-trust-reports-third-quarter-2021-earnings-301407879.html

SOURCE Washington Trust Bancorp, Inc.